EU's Barroso defends eurobonds proposals

 　　BRUSSELS, Nov. 23 (Xinhua) -- European Commission chief on Wednesday firmly defended the proposals for jointly² issuing "Stability Bonds," otherwise known as eurobonds.

　　The bonds are "an example of reinforced governance, of a strong will to live together in the euro area, and a good example of discipline and convergence," European Commission President Jose Manuel Barroso said.

　　With Germany strongly opposed to the plan amid worries that the eurozone's leading economy would end up being the financial backer of the bonds, Barroso said the "Stability Bonds will not solve our immediate³ problems and cannot replace the reforms that are needed in countries currently under pressure."

　　"But it is also important to show to public opinion and to international investors⁴ that we are serious about stronger governance in the euro area, both in discipline and in convergence," he added at a press conference after unveiling the three options for jointly issuing the eurobonds in a Green Paper on Stability Bonds.

　　The first option suggest the full replacement⁵ of all 17 national euro area bond markets with common obligations, backed jointly by all eurozone governments.

　　The second option would also involve common eurozone bonds, but only up to an agreed-upon level. Countries with debt beyond that level would have to resort to their own national bonds.

　　The third, and the most limited, option would see joint¹ eurozone bonds, but with individual governments guaranteeing only their own share of the issuance, meaning, for example, that Germany could not be responsible for a Greek default.

　　"We believe it is better to put those different options, in what I believe is a very objective way, based on sound analysis, to public consultation⁶, including of course all our member states, but also the citizens of Europe, the experts and the different elements of our civil society," he said.

　　In response to a question as to whether the proposals were intended to go against Germany, Barroso said, "I think that it would be absolutely completely inappropriate to consider a debate, a serious debate, on very important issues as something against a specific member state... and the most important economy."

　　"So, certainly our intention is not to go against anybody and certainly not against the member state that is the biggest economy in the euro area and in the EU, but we have the duty to produce element for this rational debate," he added.

　　On any possibility of the idea of "Stability Bonds" be realized, Barroso said, "I absolutely don't agree that there is absolute opposition⁷ of any country. On the contrary, I get the exactly the opposite impression, that the idea of having stability bonds is making its way."

　　He added, "If you look at those comments made by people from Germany, they are in fact most of all about the timing⁸ of the options we are now putting (forward)."

　　Barroso appealed to all member states to be "open-minded and free of dogma," citing the approval of enhancing the firepower of and adding flexibility⁹ to the European Financial Stability Facility (EFSF) as an example of what proposals can lead to.

　　"When we first proposed, we had a situation where some eurozone member states said they would never accept the enhancement of the EFSF, adding flexibility to it and allowing it to intervene in the secondary market, but they have agreed on what they said they would never agree on," he said.

1 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

2 jointly   

ad.联合地，共同地

参考例句：

• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
• She owns the house jointly with her husband. 她和丈夫共同拥有这所房子。

3 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 replacement   

n.取代，替换，交换；替代品，代用品

参考例句：

• We are hard put to find a replacement for our assistant.我们很难找到一个人来代替我们的助手。
• They put all the students through the replacement examination.他们让所有的学生参加分班考试。

6 consultation   

n.咨询；商量；商议；会议

参考例句：

• The company has promised wide consultation on its expansion plans.该公司允诺就其扩展计划广泛征求意见。
• The scheme was developed in close consultation with the local community.该计划是在同当地社区密切磋商中逐渐形成的。

7 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

8 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

9 flexibility   

n.柔韧性，弹性，（光的）折射性，灵活性

参考例句：

• Her great strength lies in her flexibility.她的优势在于她灵活变通。
• The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。