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Eurobond, the appeal to European leaders by Mario Mauro and Gianni Pittella

03.18.2020 – 18.56 – “We are living”, wrote former Vice-Presidents of the European Parliament Mario Mauro and Gianni Pittella in their letter today, March 18, addressed to European leaders, “a severe economic and social health emergency that demands a common strong European response.
“Years ago, coinciding with the financial crisis of 2008, we presented a written declaration to the European Parliament entitled ‘Eurobonds, a new strategy for growth‘, in which we asked the European institutions to give new means, and therefore new impetus, to European strategic investments with priority to those addressed to the field of alternative energy, in research and development, innovation, human capital, trans-European transport networks, broadband.
Such a tool would have even more advantages today.

The proposal to use Eurobonds as an additional financial device to support public infrastructure investment policy has its roots in the historic ‘Delors Plan’ conceived between 1993 and 1994.
A proposal put forward on several occasions, albeit with different formulations, by the ministers of many member countries.
We have all thought of Eurobonds as additional sources of funding outside the Member States’ budgets that could finance strategic European initiatives.
First, unlike other sources of Community funding such as VAT or gross national product, Eurobonds do not have a clear ‘national’ link.

This is a characteristic that excludes them from the battles between European countries on net balances.
Considering that the subscription of Eurobonds is voluntary, their use would allow for a sort of ‘market test’ of the European initiative they finance.
In practice, they would also serve as a ‘litmus test’ with respect to the quality of the projects proposed by the European Union”.
“It would not be a question,” Mauro and Pittella continue, “of introducing a new ‘European tax‘.
It would not be taxpayers who would be affected, but savers.
The harshness of the new crisis must give us pause for thought.
Without courage and leadership, the European horizon appears hopeless, destined to fuel resentment and misunderstanding.
We trust in your vision, which is based on common values, to relaunch the European
integration project today, creating a real political community.
There is no Europe without solidarity.
Without the defense of our economies, the reasons of the European Union are lost.

Traduzione di Michael Guggenbichler 

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