Translation of "policy on the bond markets " (English → French) :

Amendments to the Delegated Regulation supplementing Solvency II in 2018 to review the prudential treatment of private equity and privately placed debt; Recommendation on private placements (building on the experience of well-functioning national regimes) – in the fourth quarter of 2017; Communication on a roadmap for removing barriers to post-trade market infrastructure (building on the recommendations of the EPTF – the European Post Trade Forum) – in the fourth quarter of 2017; Communication on corporate bond markets ...[+++] (building on the recommendations of the Expert Group on Corporate Bond Market Liquidity) – in the fourth quarter of 2017; Code of Conduct to simplify withholding tax procedures, with a focus on refunds – by end 2017.

C. whereas, without overlooking the broader Union perspective, the eurozone is in a unique situation, with participating Member States sharing a single currency but no common budgetary policy or common bond market; whereas, therefore, there are grounds for welcoming the draft proposals in the two reports entitled ‘Towards a Genuine Economic and Monetary Union’ presented by the President of the European Council, which represents a good starting point for working towards a sound and genuine EMU;

C. whereas, without overlooking the broader Union perspective, the eurozone is in a unique situation, with participating Member States sharing a single currency but no common budgetary policy or common bond market; whereas, therefore, there are grounds for welcoming the draft proposals in the two reports entitled ‘Towards a Genuine Economic and Monetary Union’ presented by the President of the European Council, which represents a good starting point for working towards a sound and genuine EMU;

We need a common economic policy, a single bond market and joint coordination.

4. Notes in particular that the US Treasury market and the total euro area sovereign bond market are comparable in size but not in terms of liquidity, diversity, and pricing; points out that it could be in the interests of the eurozone to develop a common liquid and diversified bond market, and that a stability bond market would offer a viable alternative to the US dollar bond market and establish the euro as a global ‘safe haven’;

It is very important to establish effective instruments to support SME finance, paying particular attention to mezzanine financial instruments in the next programming period, which would remove obstacles to financing and would promote the creation and growth of new innovative enterprises, providing greater access to European venture capital and bond markets, while at the same time removing the barriers to the development of these markets. I agree with the proposal aiming to create better conditions for start-ups and innovative enterprises to have access to private equity.