51. Asks the Commission again to come forward with a proposal for the creation of a public rating agency which would be the only agency allowed to assess sovereign debt inside European Union; notes that, as a non-market player, this public rating agency is expected to have a more rational and long-term perspective in the assessment of the public debt and financial stability of the Union in general;

Also, there is a need to ensure a minimum level of international comparability, especially as government securities compete against each other in a global financial market, which calls for a system based on general public‑sector standards accepted worldwide.

First, the IMF has played a key role, in cooperation with the European Union, in overcoming the sovereign debt crisis in Europe, for which Dominique Strauss-Kahn made a major contribution as the Managing Director of the International Monetary Fund.

It should be pointed out that this is the first public statement on the question of restructuring a eurozone member's debt by the head of an influential international organisation that cooperates closely with the EU on a range of political, economic and social issues.

10. Urges Member States to make additional efforts to reduce public debt burdens and improve the quality of their public finances, which will lead to fewer resources being used on interest payments and amortisation and more on education, vocational training, infrastructure, and research and innovation; underlines that, consistent with ensuring financial stability, there is an overriding need for a general review of taxation in Member States in order to strengthen competitiveness, which implies constrained and/or more efficient public spending;

10. Urges Member States to make additional efforts to reduce public debt burdens and improve the quality of their public finances, which will lead to fewer resources being used on interest payments and amortisation and more on education, vocational training, infrastructure, and research and innovation; underlines that, consistently with ensuring financial stability, there is an overriding need for a general review of taxation in Member States in order to strengthen competitiveness, which implies constrained and/or more efficient public spending and sustainability, which implies effective and ref ...[+++]ocused spending schemes;