BETA

49 Amendments of Stanisław ŻÓŁTEK related to 2015/2344(INI)

Amendment 20 #
Motion for a resolution
Citation 12
– having regard to the Five Presidents’ Report ‘Completing Europe’s Economic and Monetary Union’ of 22 June 2015,deleted
2016/06/09
Committee: BUDGECON
Amendment 23 #
Motion for a resolution
Citation 15
– having regard to its resolution of 17 December 2015 on completing Europe’s Economic and Monetary Union2, __________________ 2 Texts adopted, P8_TA(2015)0469.deleted
2016/06/09
Committee: BUDGECON
Amendment 87 #
Motion for a resolution
Recital G
G. whereas progress has been achieved in addressing the flaws of EMU through legislation such as the Six-Pack and the Two-Pack regulations, as well as through the introduction of the European Semester and the creation of new instruments such as the ESM;deleted
2016/06/09
Committee: BUDGECON
Amendment 120 #
Motion for a resolution
Recital J
J. whereas the ECJ ruled in the Pringle case that the ESM is consistent with the TFEU and opened the door to a possible integration of that mechanism into the acquis communautaire within the current limits of the Treaties;deleted
2016/06/09
Committee: BUDGECON
Amendment 143 #
Motion for a resolution
Paragraph 1
1. Recalls with regret that the Werner Report in 1970 highlighted the fact that a monetary union would require all the essential features of national public budgets to be decidcentrally planned at Community level;
2016/06/09
Committee: BUDGECON
Amendment 160 #
Motion for a resolution
Paragraph 3
3. CRightly considers, against this background, that shortcomings have existed in the Economic and Monetary Union (EMU) since its inception under the Maastricht Treaty with the attribution of monetary policy to the European level, while budgetary policy remains within the competencies of the Member States and is only framed by provisions on light coordination of national policies;
2016/06/09
Committee: BUDGECON
Amendment 164 #
Motion for a resolution
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuation; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix;
2016/06/09
Committee: BUDGECON
Amendment 188 #
Motion for a resolution
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery and a rising public spending ratio in some Member States, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the mere existence of the euro area;
2016/06/09
Committee: BUDGECON
Amendment 201 #
Motion for a resolution
Paragraph 6
6. Points out that the crisis has proved that a common monetary policy without a common fiscal policy cannot address asymmetric shocks to the euro area; reiterates that mere coordination of national fiscal policies without credible enforcement mechanisms has not prevented an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced the national capacity to absorb economic shocks;
2016/06/09
Committee: BUDGECON
Amendment 213 #
Motion for a resolution
Paragraph 7
7. Observes that the stabilisation of the economic cycle since the beginning of the crisis has relied almost exclusively on the ECB, and that the reduced options available for monetary policy in a context of zero lower bound rates have led the ECB to implement unconventional monetary policy measures; recalls that the President of the ECB has called for integrated institutions, for a stronger and proactive fiscal policy on the euro area scale and for euro area Member States to deliver on structural reform;deleted
2016/06/09
Committee: BUDGECON
Amendment 227 #
Motion for a resolution
Paragraph 8
8. Acknowledges the poor results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policies, in particular via the adoption of the Six-Pack and the Two- Pack Regulations; welcomes further the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however, that these mechanisms dramatically lack democratic oversight and parliamentary control, and hence ownership;
2016/06/09
Committee: BUDGECON
Amendment 240 #
Motion for a resolution
Paragraph 9
9. Recalls that in 2012 the Commission introduced in its ‘Blueprint for a deep and genuine EMU’ the idea of a Convergence and Competitiveness instrument for euro area Member States, whereby euro area Member States could get financial support for ‘reform packages that are agreed and important both for the Member States and for the good functioning of the euro area’, and that this financial support ‘could be set up in principle as part of the EU budget’ and be established by secondary law on the basis of Article 352 TFEU and financed by either a commitment on the part of the euro area Member States or a legal obligation to that effect enshrined in the EU’s own resources legislation as ‘assigned revenues’; considers the review by the Commission of the European Semester, including the Structural Reform Support Programme (SRSP), as a follow-up to this approach;deleted
2016/06/09
Committee: BUDGECON
Amendment 255 #
Motion for a resolution
Paragraph 11
11. Makes it clear that rapid action is needed to ensure the sustainability of the euro; stresses that this requires strong joint efforts on the part of the EU and its Member States to complete the EMU and to restore the trust of citizens and markets;deleted
2016/06/09
Committee: BUDGECON
Amendment 299 #
Motion for a resolution
Paragraph 14
14. Takes the view that incentives for sound fiscal policymaking and for addressing structural weaknesses at national level, taking into account the aggregate euro area fiscal stance, are core elements for the functioning of the euro area; considers that a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shocks;
2016/06/09
Committee: BUDGECON
Amendment 312 #
Motion for a resolution
Paragraph 15
15. Stresses that a fiscal capacity must be created on top of existing EU funding instruments, within its legal framework, in order to ensure consistent development between euro and non-euro Member States;deleted
2016/06/09
Committee: BUDGECON
Amendment 327 #
Motion for a resolution
Paragraph 16
16. Points out that effective stabilisation of large euro area Member States or a group of closely economically intertwined countries requires sufficient resources;deleted
2016/06/09
Committee: BUDGECON
Amendment 347 #
Motion for a resolution
Paragraph 17
17. Considers that three different functions have to be fulfilled; argues, first, that in order to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’ structural reforms should be incentivised in good economic times; argues, secondly, that differences in the business cycles of euro area Member States stemming from structural differences create the need for an instrument to address asymmetric shocks; considers, thirdly, that symmetric shocks should be addressed so as to increase the resilience of the euro area as a whole;
2016/06/09
Committee: BUDGECON
Amendment 386 #
Motion for a resolution
Paragraph 19
19. Demands that the ESM be integrated into the Union’s legal framework and evolve towards a Community mechanism, as provided for in the ESM Treaty and as constantly requested by the European Parliament and foreseen in the Five Presidents’ report; underlines that the ECJ Pringle case-law and jurisprudence open up the possibility of bringing the ESM within the Union’s framework, within the existing Treaties, on the basis of Article 352 TFEU; calls, therefore, on the Commission to bring forward as a matter of urgency a legislative proposal to that end; demands that the ESM be made fully accountable to the European Parliament;deleted
2016/06/09
Committee: BUDGECON
Amendment 401 #
Motion for a resolution
Paragraph 20
20. Calls for the ESM, whilst fulfilling its ongoing tasks, to be further developed and turned into a European Monetary Fund (EMF) with adequate lending and borrowing capacities and a clearly defined mandate, including its contribution to a euro area fiscal capacity; stresses that an EMF should be managed by the Commission and held democratically accountable by the European Parliament; emphasises that national parliaments would be involved in the process, given that their constitutional prerogatives regarding financial resources could be affected;deleted
2016/06/09
Committee: BUDGECON
Amendment 423 #
Motion for a resolution
Paragraph 21
21. Insists that once it is integrated into Community law, the fiscal capacity for the euro area should be integrated into the EU budget, but over and above the ceilings of the Multiannual Financial Framework (MFF);deleted
2016/06/09
Committee: BUDGECON
Amendment 444 #
Motion for a resolution
Paragraph 22
22. Considers that the EFSM and the balance of payment facility should be integrated into the same budgetary chapter as the ESM once the latter is integrated into Community law, thereby providing resources for financial assistance to countries outside the euro area but committed to joining on the basis of the agreed rules;deleted
2016/06/09
Committee: BUDGECON
Amendment 455 #
Motion for a resolution
Paragraph 23
23. Believes that compliance with a convergence code should be the condition for access to funding from the ESM/EMF; reiterates its call on the Commission to put forward a legislative proposal to this end;deleted
2016/06/09
Committee: BUDGECON
Amendment 463 #
Motion for a resolution
Subheading 4
Pillar 1: A convergence code to promote convergence and incentivise the implementation of structural reformsdeleted
2016/06/09
Committee: BUDGECON
Amendment 475 #
Motion for a resolution
Paragraph 24
24. Stresses that significant progress in convergence and sustainable structural reforms is needed in order to reconcile fiscal consolidation, growth, jobs, productivity, competitiveness and the European social model so as to effectively prevent asymmetric shock; considers that financial support from the European level for the implementation of agreed structural reforms in the Member States, while keeping the responsibility for implementation at the national level, is therefore indispensable and competitiveness;
2016/06/09
Committee: BUDGECON
Amendment 500 #
Motion for a resolution
Paragraph 25
25. Reiterates its call forConsiders unnecessary the adoption of a ‘convergence code’, as a legal act resulting from the ordinary legislative procedure, to streamfurther centralinse the existing coordination of economic policies into a more effective convergence of economic policies within the European Semester;
2016/06/09
Committee: BUDGECON
Amendment 508 #
Motion for a resolution
Paragraph 26 – introductory part
26. Suggests that the convergence code define criteria to be reached within five years, building on the merits of the Maastricht criteria and focusing for the first period on convergence requirements regarding:be abandoned;
2016/06/09
Committee: BUDGECON
Amendment 515 #
Motion for a resolution
Paragraph 26 – indent 1
– taxation: base and rate of corporate tax,deleted
2016/06/09
Committee: BUDGECON
Amendment 533 #
Motion for a resolution
Paragraph 26 – indent 2
– labour market, including minimum wages,deleted
2016/06/09
Committee: BUDGECON
Amendment 548 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 1
– investment, notably in research and development;deleted
2016/06/09
Committee: BUDGECON
Amendment 561 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 2
This five-year period should in exchange allow for a phasing-in of the new tasks attributed to the ESM/EMF;deleted
2016/06/09
Committee: BUDGECON
Amendment 571 #
Motion for a resolution
Paragraph 27
27. Considers that a financial instrument is needed to work as an incentive-based mechanism for convergence and sustainable structural reforms with clear conditionality; believes that the Structural Reform Support Programme (SRSP), which is designed to provide technical support to national authorities for measures aimed at reforming institutions, governance, administration, and economic and social sectors with a view to enhancing growth and jobs, can be further developed as a contribution to this function of the fiscal capacity;deleted
2016/06/09
Committee: BUDGECON
Amendment 588 #
Motion for a resolution
Subheading 5
Pillar 2: Absorption of asymmetric shocksdeleted
2016/06/09
Committee: BUDGECON
Amendment 603 #
Motion for a resolution
Paragraph 28
28. Is convinced that increased convergence within the euro area will significantly increase the capacity of its Member States to absorb asymmetric shocks; believes, however, that no matter how great the efforts regarding convergence and sustainable structural reforms, asymmetric shocks with an impact on the stability of the euro area as a whole cannot be ruled out completely, given the strong integrbudget centralisation of the euro area Member States; stress; believes, therefore, theat there is no need to have an instrument available for this emergency which provides an immediate stabilisation effect;
2016/06/09
Committee: BUDGECON
Amendment 607 #
Motion for a resolution
Paragraph 29
29. Notes that the two models for the shock absorption function are featured most prominently in the academic literature: a Rainy Day Fund and a European Unemployment Benefit Scheme;deleted
2016/06/09
Committee: BUDGECON
Amendment 636 #
Motion for a resolution
Paragraph 30
30. Points outTakes the view that the Rainy Day Fund should not be funded by all the Member States on the basis of a cyclically sensitive economic indicator and used for payments to all Member States suffering from economic downturns;
2016/06/09
Committee: BUDGECON
Amendment 639 #
Motion for a resolution
Paragraph 31
31. Acknowledges that the model of a European Unemployment Benefit Scheme would foster convergence of labour markets in the medium term;deleted
2016/06/09
Committee: BUDGECON
Amendment 658 #
Motion for a resolution
Paragraph 32
32. Considers that the EMF should provide the financial resources for either of these models, which could require increasing the amount of capital; points out that the fund should avoid long-term redistribution effects by ensuring Member States’ contributions are balanced over the cycle;deleted
2016/06/09
Committee: BUDGECON
Amendment 674 #
Motion for a resolution
Subheading 6
Pillar 3: Absorption of symmetric shocksdeleted
2016/06/09
Committee: BUDGECON
Amendment 685 #
Motion for a resolution
Paragraph 33
33. WarnNotes that future symmetric shocks could destabilise the euro area as a whole since the currency area is not endowed with the instruments to cope with another crisis of the extent of the previous one; is convinced that the right instrument to deal with symmetric shocks depends on the nature of the shock; recalls that the EMF should be used as an appropriate financial resource;
2016/06/09
Committee: BUDGECON
Amendment 697 #
Motion for a resolution
Paragraph 34
34. Considers that in the case of symmetric shocks brought about by a lack of internal demand, monetary policy alone cannot reignite the economy, particularly in a context of zero lower bounds; is therefore convinced that public and private investment must be increased, the administrative burden reduced and a proper regulatory framework developed, with a view to stimulating potential growth;
2016/06/09
Committee: BUDGECON
Amendment 715 #
Motion for a resolution
Paragraph 35
35. Considers that symmetric shocks that are caused by a lack of supply must be diminished by improving the competitiveness of the euro area via appropriate financial incentives, including via the financing of professional training or financial incentives for R&D spendingelimination of national taxes and levies;
2016/06/09
Committee: BUDGECON
Amendment 720 #
Motion for a resolution
Paragraph 36
36. Considers that instability in the financial sector could also pose severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop for the Banking Union, as agreed in the SRM;
2016/06/09
Committee: BUDGECON
Amendment 734 #
Motion for a resolution
Paragraph 37
37. Points out that the fiscal capacity has to be of significant size in order to be able to address these euro-area-wide shocks and to finance its functions; insists that in order to provide sufficient financial resources, the euro area fiscal capacity, including the EMF, should be able to increase the issuance of equities via a rise in guarantees; considers that these common issued equities should have the highest credit rate;deleted
2016/06/09
Committee: BUDGECON
Amendment 754 #
Motion for a resolution
Paragraph 38
38. Stresses that the Community method should not prevail in the development of economic governance for the euro area; urges that no reinforcement of intergovernmental structures should take place in parallel with existing structures;
2016/06/09
Committee: BUDGECON
Amendment 764 #
Motion for a resolution
Paragraph 39
39. Calls urgently for the European Parliament and national parliamentsnot to be given a strengthened role in the renewed economic governance framework in order to reinforce democratic accentrally countability; calls for increased national ownership in the European Semester in order to improve compliance with the CSRsrolled governance framework;
2016/06/09
Committee: BUDGECON
Amendment 773 #
Motion for a resolution
Paragraph 40
40. Argues that national ownership could be improved by including national parliaments in the procedures; insists, however, that the competences of the EP and the national parliaments conferred upon these institutions by the Treaties should be respected and that mixing of these competences be avoided;deleted
2016/06/09
Committee: BUDGECON
Amendment 789 #
Motion for a resolution
Paragraph 41
41. Considers that in order to provide for a genuine EMU, a euro area treasury should be created for collective decision- making, supervision and management of the budgetary capacity for the euro area; calls for the inclusion of this treasury within the European Commission with full macroeconomic, fiscal and financial competences; calls for a vice-president of the European Commission to head the treasury and simultaneously to act as president of the Eurogroup; urges full accountability of this treasury to the European Parliamentno new fiscal bodies or institutions should be created, and that it is sufficient to provide economic freedom and to eliminate the obligation to pay tax;
2016/06/09
Committee: BUDGECON
Amendment 806 #
Motion for a resolution
Paragraph 42
42. Considers that those non-euro countries that do not have an opt-out will eventually become part of the EMU and therefore may join the governance framework on a voluntary basis with a special status;deleted
2016/06/09
Committee: BUDGECON
Amendment 814 #
Motion for a resolution
Paragraph 43
43. Acknowledges that the current political climate characterised by deep inequality, mistrust and uncertainty is not conducive to proper reforms to achieve and complete EMU; believes, therefore, that a comprehensive roadmap, including clear milestones within an agreed timetable and taking into account the political situation, should be urgently adopted with a clear commitment by euro area Heads of State and Government to achieving a genuine and complete EMU;
2016/06/09
Committee: BUDGECON