Group 9: 陈秋芳、阙凤玲、江玉婕 Presenter ：陈秋芳 Reference ： /12/7 EU Paper Offers Options for Euro Bonds

Page  2 EU Paper Offers Options for Euro Bonds As the euro zone's debt crisis threatens to draw in more victims and a plan agreed to expand the currency's bailout fund looks set to disappoint, the European Union's executive arm will this week float proposals for joint issues of bonds among the currency's 17 governments. The proposal to end the crisis from the European Commission calls for the euro zone to use its combined strength in the bond markets to replace some or all of the fund-raising currently being done by national governments.

Page  3 The first option it discusses would be to substitute all national issues by governments with euro bonds carrying what it calls a 'joint and several' guarantee, meaning that euro-zone states would pool the credit risk and each government would agree to guarantee the debt of every other government. The second option would be to partially substitute national issuance with euro bonds.

Page  4 The third approach would have euro bonds replace some national bond issues but the euro bonds would receive guarantees from each government only up to specific limits. The paper concludes that the third option seems to be more easily ready for rapid deployment.

Page  5 Words and Expressions 容文字内容容 1. Debt crisis ：债务危机 This is a classic example of what happens in a debt crisis. 这只是一个在发生债务危机时的典型案例罢了。 2. Fund-raising ：筹募基金活动 ; 融资 The crisis may also be having an impact on government fund-raising. 此次危机还可能对政府融资产生影响。 3. Pool: 共用 None of us can afford it separately, so let's pool our resources. 我们之中谁也不能单独买得起这东西, 所以我们就集资 购买吧。

Page  6 4. Credit risk : 信用风险 ; 信贷风险 Information asymmetry is the source of consumer loan credit risks. 信息不对称是消费信贷信用风险产生的根源。 5. Deployment ：部署 ; 展开 The deployment may take some time. 部署可能需要一些时间。

Page  7 Background Information European Commission 欧盟委员会 欧盟委员会（ European Commission ）简称欧委会，是欧盟的常设执行 机构，也是欧盟唯一有权起草法令的机构。 欧盟委员会设有 27 个委员，其中一名担任欧盟委员会主席领导整个委员 会，非主席的那些委员也根据其职责领域被称为欧盟某某（比如外交）事 务专员。基本上，欧盟委员会每五年在欧洲议会选举结束的六个月内换届。 欧盟委员会主席由欧盟理事会和成员国政府首脑一起决定，并需要得到欧 洲议会的赞成。欧洲议会欧盟理事会 其功能有建议法律文件，并为欧洲议会和欧盟理事会准备这些法律文件。 在法律提案还没有获得决议的情况下，欧盟委员会可以随时撤回其法律提 案。作为欧盟执行机构，其负责欧盟各项法律文件（指令、条例、决定） 的具体贯彻执行，以及预算和项目的执行。和欧洲法院一起保障共同体法 律切实被遵守。作为欧共体在国际舞台的代表，进行特别是商贸和合作方 面的国际条约的谈判。预算欧洲法院国际条约

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