8. Notes the potential merits of ‘EU project bonds’ for financing new infrastructure, including energy infrastructure, which could have an effective European added value; calls, however, upon the Commission and the European Central Bank to investigate the impact such bonds would have on financial markets, transparency, risk-taking and responsibility in the market as well as the budgetary implications for Member States of financing critical infrastructure projects via EU project bonds or Euro-bonds, especially where such infrastructure projects have a transnational reach;

36. Notes that EIB borrowing and lending activity both inside and outside the European Union has progressively increased and today constitutes the main EU-level tool for borrowing and lending; notes, furthermore, that there has been a great demand, including from Asia, for bonds issued by the EIB; calls on the EIB and its governors, therefore, to maximise that borrowing potential by issuing, in particular, euro-denominated bonds on the global market in order to support long-term objectives and to mitigate the economic slowdown both inside the European Union and in its neighbouring countries as a public policy-driven bank;

39. Notes that EIB borrowing and lending activity both inside and outside the European Union has progressively increased and today constitutes the main EU-level tool for borrowing and lending; notes, furthermore, that there has been a great demand, including from Asia, for bonds issued by the EIB; calls on the EIB and its governors, therefore, to maximise that borrowing potential by issuing, in particular, euro-denominated bonds on the global market in order to support long-term objectives and to mitigate the economic slowdown both inside the European Union and in its neighbouring countries as a public policy-driven bank;

39. Notes that EIB borrowing and lending activity both inside and outside the European Union has progressively increased and today constitutes the main EU-level tool for borrowing and lending; notes, furthermore, that there has been a great demand, including from Asia, for bonds issued by the EIB; calls on the EIB and its governors, therefore, to maximise that borrowing potential by issuing, in particular, euro-denominated bonds on the global market in order to support long-term objectives and to mitigate the economic slowdown both inside the European Union and in its neighbouring countries as a public policy-driven bank;

MEMBERS ON WHOSE BEHALF THE COUNCIL HAS UNDERTAKEN COMMERCIAL BORROWING UNDER SUBPARAGRAPH ( A ) OF PARAGRAPH 6 SHALL BE RESPONSIBLE FOR ALL THEIR RESPECTIVE LIABILITIES ARISING FROM SUCH BORROWING .

- to contract loans by arranging credit facilities or otherwise, save that loans in the form of bonds or debentures shall require authorisation by the general meeting of shareholders;