德法两国首脑达成协议，要求ECB采取强制措施稳定欧洲债券市场

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BERLIN (Reuters) - France and Germany are planning a quick new pact on budget discipline that might persuade the European Central Bank to ramp up its government bond purchases, Welt am Sonntag reported on Sunday.

Echoing a Reuters report on Friday from Brussels, the Sunday newspaper said the French and German leaders were prepared to back a deal with other euro countries that might induce the ECB to intervene more forcefully to calm the euro debt crisis.

The newspaper report quoted German government sources as saying that the crisis fighting plan could possibly be announced by German Chancellor Angela Merkel and French President Nicolas Sarkozy in the coming week.

In an advance release before publication, Welt am Sonntag said that because it would take too long to change existing European Union treaties, euro zone countries should just agree among themselves on a new Stability Pact to enforce budget discipline - possibly implemented at the start of 2012.

It could be similar to the Schengen Agreement which applies to EU countries that choose to take part and enables their citizens to enjoy uninhibited cross border travel. Among the countries in the Stability Pact, there would be a treaty spelling out strict deficit rules and control rights for national budgets.

The European Central Bank should also emerge more as a crisis fighter in the euro zone, Welt am Sonntag wrote, saying that while governments cannot tell the independent ECB what to do, the expectations are clear.

"Based upon these measures, there should be a majority within the ECB for a stronger intervention in capital markets," Welt am Sonntag said. It quotes a central banker as saying: "If the politicians can agree to a comprehensive step, the ECB will jump in and help."

The ECB, which cannot directly finance governments, has been buying Italian and Spanish bonds on the open market since August to try to keep down borrowing costs for the euro zone's third and fourth largest economies.

Yields on Italian and Spanish debt have nonetheless climbed in recent weeks, despite the ECB intervention and the appointment of a new technocrat government in Rome and the election of the conservative Popular Party in Madrid.

In Brussels on Friday, euro zone officials said a push by euro zone countries toward very close fiscal integration could give the ECB the necessary room for maneuver to scale up euro zone bond purchases and stabilize markets.

France's Journal du Dimanche newspaper said reforms to Europe's economic governance would be the focus of a speech which Sarkozy will deliver in the Mediterranean port of Toulon on Thursday.

"The European Commission could take on supra-national powers," said one French presidency source, according to the newspaper, saying that Brussels would supervise the decisions of countries at risk of default, provided they request this.

"National parliaments will retain the initiative over the (policy) efforts to be made," one French negotiator told the paper.

The European Commission, the EU executive arm, put forward proposals on Wednesday to grant it intrusive powers of approval of euro zone budgets before they are submitted to national parliaments, which, if approved, would effectively mean ceding some national sovereignty over budgets.

Berlin, meanwhile, is pushing to change the European Union treaty so that a country could be sued for breach of EU budget rules in the European Court of Justice.

Le Figaro said there was resistance within Sarkozy's government to allowing France's budgets to be submitted for scrutiny by an "intergovernmental conference" in Brussels, but the president would seek to rally support for this.

A closer fiscal union could eventually pave the way for joint debt issuance for the euro zone, where countries would be liable for each others' debts.

Germany strongly opposes the joint issuance idea fearing spendthrift countries would piggyback on its low borrowing costs - meaning no gain for the virtuous and no pain for the sinners.

(Additional reporting by Jan Strupczewski in Brussels and Daniel Flynn in Paris; writing by Erik Kirschbaum; editing by Elizabeth Piper/Ruth Pitchford)


星期日世界報“報導，上週日，柏林（路透社） - 法國和德國正在規劃一個快速的預算紀律可能說服歐洲央行提升其購買政府債券的新協議。

路透社上週五來自布魯塞爾的報告相呼應，星期日報紙上說，法國和德國領導人準備回一個與其他歐元區國家可能促使歐洲央行的干預，更有力地平息歐元的債務危機的處理。

該報紙報導援引德國政府消息人士的話說，金融危機的戰鬥計劃，可能由德國總理默克爾和法國總統薩科齊宣布在未來一周。

在出版前的提前釋放，星期日世界報“說，因為這將需要很長時間才能改變現有的歐洲聯盟條約，歐元區國家應該同意它們之間的一個新的穩定公約”的執行預算紀律 - 可能在2012年開始實施。

這可能是類似“申根協定”適用於歐盟國家選擇參加，並允許其公民享受不羈的跨境旅遊。其中在“穩定公約”的國家，將有一項條約，列明嚴格的赤字規則和國家預算的控制權。

歐洲央行也應該出現在歐元區的危機戰鬥機，星期日世界報“寫道，他說，雖然各國政府不能告訴獨立的歐洲央行做什麼，期望是明確的。

“根據這些措施，應該有內多數歐洲央行在資本市場的干預，”星期日世界報“說。央行行長引號的話說：“如果政治家們可以同意一個全面的步驟，歐洲央行將跳躍和幫助”

歐洲央行，不能直接融資的政府，已經購買意大利和西班牙在公開市場上的債券，自8月嘗試歐元區的第三和第四大經濟體，以壓低借貸成本。

但對意大利和西班牙的債務的產量在最近幾個星期，儘管歐洲央行的干預和在羅馬的一個新的技術官僚政府和保守人民黨在馬德里的選舉任命攀升。

上週五在布魯塞爾，歐元區官員說，一個由歐元區國家的走向非常接近的財政一體化的推動可能給歐洲央行的迴旋歐元區債券購買規模和穩定市場的必要空間。

法國雜誌杜Dimanche報紙說，歐洲的經濟治理的改革會講話，薩科齊將上週四在土倫的地中海港口提供的重點。

一個法國總統源說：“歐盟委員會可以採取超國家權力，”根據報紙說，歐盟將監督國家違約風險的決定，他們要求。

“各國議會將保留的（政策）作出的努力，主動，”一個法國談判代表告訴該報。

日（星期三），歐盟的執行機構，歐盟委員會提出的建議給予它侵入歐元區預算批准的權力，才提交給國民議會，如果獲得批准，將有效地割讓一些國家對預算的主權。

與此同時，柏林，是推動改變，使一個國家可以在歐洲法院起訴違反歐盟預算規則的歐盟條約。

費加羅報說，在薩科齊政府的阻力，以使法國預算提交審議的“政府間會議”在布魯塞爾，但總統將尋求團結支持這個。

一個更緊密的財政聯盟最終可能為歐元區國家將承擔對方的債務連帶債務發行的方式。

德國強烈反對聯合發行的想法，怕揮霍無度的國家將搭載低借貸成本 - 這意味著沒有良性的增益並沒有痛苦的罪人。

（補充報告在巴黎1月在布魯塞爾和丹尼爾弗林Strupczewski;由Erik Kirschbaum寫作，編輯伊麗莎白吹笛/露絲 Pitchford

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