SEOUL (MNI) – The following is the text of a statement issued by
finance ministers of five European Union member states Friday:
“Terms of Refernce by the Finance Ministers of France, Germany,
Italy, Spain and the UK
At its meeting on 29 October 2010, the European Council discussed
the future arrangements for ensuring economic and financial stability in
the European Union.
Whatever the debate within the euro area about the future permanent
crisis resolution mechanism, and the potential for private-sector
involvement in that mechanism, we are clear that this does not apply to
any outstanding debt and any programme under current instruments. Any
new mechanism would only come into effect after mid-2013 with no impact
whatsoever on the current arrangements.
The EFSF is already established and its activation does not require
private sector involvement. We note that the role of the private sector
in the future mechanism could include a range of different
possibilities, such as voluntary commitment of institutional investors
to maintain exposures, a commitment of private lenders to roll-over
existing debt or the inclusion of collective action clauses in future
bond emissions of euro area Member States.”
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