Algunas propuestas que se discutirán en la cumbre del crecimiento de la UE

Genevieve Signoret & Patrick Signoret

En la cumbre informal de jefes de estado o gobierno de la UE este miércoles (23 de mayo), algunas de las propuestas que se discutirán para un “acuerdo de crecimiento” son: la autorización para que los fondos de rescate recapitalicen directamente a los bancos europeos; la emisión de bonos conjuntos, ya sea eurobonos o los llamados “bonos de proyectos”; mayores fondos para el Banco Europeo de Inversiones; y la distribución de fondos de desarrollo europeo que no se han gastado. Sin embargo, varias de las propuestas han sido rechazadas por algunos estados miembros, y es dudoso que las medidas tengan un impacto fuerte o inmediato. (FT el domingo y el lunes).

EU summit to raise pressure on Merkel (FT, domingo):

European leaders are drawing up a series of crisis-fighting proposals to raise at an informal EU summit this week that have in the past been rejected by Germany putting further pressure on Chancellor Angela Merkel.

The proposals, which could include empowering the eurozone’s €500bn rescue fund to directly recapitalise faltering European banks and commonly backed eurozone bonds, have been backed by some leaders in the past but forced off the agenda by the German chancellor’s objections.

The discussions have gained urgency amid signs of stress in parts of the banking system that some analysts have likened to a slow motion bank run.

Their resurrection is the latest sign François Hollande’s election in France has shifted the terms of the eurozone crisis debate, giving advocates of such measures – who include José Manuel Barroso, president of the European Commission, and Mario Monti, Italian prime minister – a powerful new ally.

It also reflects the growing belief among some leaders that instability in Greece necessitates revisiting the crisis procedures to ensure they are sufficient to deal with a Greek eurozone exit.

…Senior officials said those talks have focused on using the €500bn European Stability Mechanism to directly inject capital into banks, discussions that have intensified in the run-up to the summit. Mr Hollande also said after the weekend’s Group of Eight summit he had backing from other leaders to raise the eurozone bond issue.

…Currently, EU rescue funds intended for banks can only be lent to national governments, who then recapitalise weak banks based in their country. Such lending adds to a nation’s sovereign debt, however, essentially solving one problem but creating another.

The issue has gained new urgency in Spain, facing renewed concerns over the cost of supporting its banks, given the extent of the property crash there. Some analysts estimate the sector needs €50bn-€100bn of fresh capital to allow banks to recognise latent losses on property loans, money that may be hard to raise without EU aid.

Diplomats back EU ‘project bonds’ plan (FT, lunes):

Diplomats have approved a pilot programme to issue commonly backed bonds that will fund pan-European infrastructure projects, the first element of a new “growth compact” that EU leaders will begin to piece together at a summit meeting on Wednesday.

The trial of so-called “project bonds” is small – only €230m in EU funds would be allocated through 2013 to back the bonds, which would finance cross-border transport, communications and energy infrastructure programmes that are frequently ignored by individual member states.

But they are also highly symbolic, with some advocates believing they are a step towards issuing common eurozone bonds for sovereign debt, a plan backed by a growing number of European leaders, including, François Hollande, the new French president.

In addition to the project bond plan, EU officials said the new growth compact is initially expected to include two more elements: increased funding for the European Investment Bank for similar infrastructure projects; and speeding up EU development funds that target poorer regions.

Herman Van Rompuy, president of the European Council, wrote to heads of government on Monday saying that, while he did not expect final decisions to be made on the package until a formal two-day meeting of EU leaders next month, he hoped Wednesday’s informal dinner could set the parameters for a deal.

…The project bonds plan may be the only element in the package ready by Wednesday. EU diplomats are hopeful the European parliament will sign off on the plan on Tuesday. But a proposed new €10bn for the EIB is being held up by some northern member states, including Germany, Sweden and Austria, which are concerned the extra funding would only add to sovereign debt levels.

In addition, officials said some countries are concerned there are insufficient projects ready to be funded and the new capital would pressure the EIB to invest in programmes it normally would avoid because they would be considered financially risky.

…The most difficult element in the growth programme has been efforts to spend remaining EU development funds – about €80bn through next year – more quickly and target them narrowly at projects that stimulate growth. Although the funds are already part of the EU budget, speeding up their disbursement could increase debt levels in national capitals, something anathema to several member states.