Un complément d’info :
Parliamentary questions
12 January 2012
E-010760/2011
Answer given by Mr Rehn on behalf of the Commission
In 2002, a G-10 working group issued a report on collective action
clauses (CAC) recommending the creation of a structure building on
existing practices to promote a consistent framework across
jurisdictions for eventual sovereign debt crises. In 2003, the European
Union Member States agreed to lead by example in including such clauses
in their international bond issuance. The implementation, however, is
not uniform. The contents of the CAC may vary according to under which
law (e.g. English, New York, Japan etc.) the bonds are issued.
As regards sovereign issuance under domestic law many Member States do not apply such clauses.
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