31. Recognises the ongoing efforts for establishing a more transparent securitisation market, ensuring high standards for the process, legal certainty and comparability across securitisation instruments; stresses the need to set up a data repository; emphasises that stringent requirements for underlying high-quality assets and calibrations according to the actual risk profile and the risk awareness of all participants in the securitisation markets are necessary, taking into account the riskiness of securitisation, in particular synthetic securitisation, as shown during the crisis, while recognising the differing experiences in the EU a ...[+++]nd the US; insists that retention requirements must not be lowered so as to avoid moral hazard; stresses the need to consider independent certification of compliance with qualifying criteria; calls on the Commission to conduct a thorough assessment of the risks and benefits of securitisation for SMEs, investors and financial stability and the marketability of securitisation instruments as a matter of priority, and to report to Parliament;

A. whereas, according to the Commission services’ spring 2014 forecast, GDP in the euro area fell by 0,4 % in 2013 after a decline of 0,7 % in 2012, and whereas the Commission services expect a recovery, with GDP rising by 1,2 % in 2014 and by 1,7 % in 2015; whereas the Commission services‘ autumn 2014 forecast revised growth projections downward, with GDP expected to have risen by only 0,8 % in 2014 and by 1,1 % in 2015, with prevailing downside risks;

A. whereas, according to the Commission services’ spring 2014 forecast, GDP in the euro area fell by 0.4 % in 2013 after a decline of 0.7 % in 2012, and whereas the Commission services expect a recovery, with GDP rising by 1.2 % in 2014 and by 1.7 % in 2015; whereas the Commission services‘ autumn 2014 forecast revised growth projections downward, with GDP expected to have risen by only 0.8 % in 2014 and by 1.1 % in 2015, with prevailing downside risks;

A. whereas, according to the Commission services’ spring 2014 forecast, GDP in the euro area fell by 0,4 % in 2013 after a decline of 0,7 % in 2012, and whereas the Commission services expect a recovery, with GDP rising by 1,2 % in 2014 and by 1,7 % in 2015; whereas the Commission services‘ autumn 2014 forecast revised growth projections downward, with GDP expected to have risen by only 0,8 % in 2014 and by 1,1 % in 2015, with prevailing downside risks;

(c) an income stabilisation tool, in the form of financial contributions to mutual funds or insurance , providing compensation to farmers who experience a severe drop in their income or of financial contributions paid directly to farmers for the payment of insurance premiums to cover the risk of a severe drop in income .

Due to the currently greatly increased risk perception associated with risk capital linked with uncertainties resulting from possibly lower yield expectations, investors are currently tending to invest in safer assets the risks of which are easier to assess as compared to those associated with risk capital investments.