WRITTEN QUESTION No. 3607/97 by José GARCÍA-MARGALLO Y MARFIL to the Commission. Commission communication on the impact of the introduction of the euro on capital markets (COM(97)0337)
Date: 1997-11-13
Institutions: European Parliament, Provisional data
Subjects: Economic and Monetary Union, bond, capital market, currency convertibility, exchange transaction, financial transaction, monetary relations

C 187/26

EN

Official Journal of the European Communities

16. 6. 98

Can the Commission rule out the possibility of

1.  any changes being made to the planned schedule or

2.  preparations for enlargement to the East leading to changes in the financial planning?

Answer given by Mr Kinnock on behalf of the Commission

(16 January 1998)

The Mu¤nchen-Verona rail project (Brenner axis) forms part of the High-Speed rail / combined transport project
Berlin › Nu¤rnberg / Mu¤nchen › Verona which is included in the list of the 14 transport projects to which the
1994 Essen European Council attached particular importance.

No change or shift has been made in these priorities and as far as the Commission is aware, there is no reason to
expect that preparations for enlargement should affect either the timing or financing plan for this project.

From the outset, the Member States involved in this project agreed to upgrade the Brenner axis in such a way that
sufficient capacity will be available to meet demand at all times.

For  the  Austrian  Inn  Valley  section,  the  technical  studies  for  the  upgrading  of  the  line  to  four  tracks  are
progressing well and preliminary work on sub-sections will start in 1998.

For the planned Brenner base tunnel, the States involved have already carried out comprehensive technical and
economic feasibility studies which have significantly contributed to the decision making process. In December
1997 the Commission, together with the Transport Ministers involved, approved a series of measures related to
the forthcoming launch of the next phase of project preparation.

The financing of all TENs projects is the responsibility of the Member States involved and, in any event, the
Community  contribution  cannot  legally  exceed  10%  of  the  costs  of  any  project.  To  date,  all  feasibility  and
technical studies on the project referred to by the Honourable Member have been carried out according to plan,
both  in  terms  of  time  and  content.  This  is  also  expected  for  the  further  technical  studies  and  works  on  the
Austrian Inn Valley section.

The European Community has granted financial assistance from the trans-European transport network budget for
feasibility and technical studies undertaken to date and the Commission also contributes to co-ordinating the
co-operation  of  the  Member  States  concerned  in  the  gradual  preparation  and  implementation  of  the  Brenner
project. In addition, in this context, it supports investigations into the possibility of a public-private financing and
development partnership for the implementation of the Brenner base tunnel.

(98/C 187/40)

WRITTEN QUESTION E-3607/97

by Jose· Garc(cid:14)·a-Margallo y Marfil (PPE) to the Commission

(13 November 1997)

Subject: Commission  communication  on  the  impact  of  the  introduction  of  the  euro  on  capital  markets

(COM(97) 0337)

On the subject of fixed capital markets, one of the possibilities suggested in this document for redenomination of
existing debt would be to work on the basis of a fixed minimum denomination with cash compensatory payments
(the (cid:145)top-down(cid:146) method).

Does the Commission intend to draw up a more detailed working document on this method?