46 Amendments of Markus FERBER related to 2022/2037(INI)
Amendment 2 #
Motion for a resolution
Citation 3
Citation 3
Amendment 4 #
Motion for a resolution
Citation 5
Citation 5
— having regard to Eurostat’s flash estimate for Augustrom 30 September 2022,
Amendment 6 #
Motion for a resolution
Citation 6
Citation 6
Amendment 9 #
Motion for a resolution
Citation 9
Citation 9
Amendment 12 #
Motion for a resolution
Citation 10
Citation 10
— having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 19 #
Motion for a resolution
Recital A
Recital A
A. whereas according to the ECB baseline projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas certain core assumptions of that forecast are already outdated; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 28 #
Motion for a resolution
Recital C
Recital C
C. whereas according to the ECB projections of September 2022, headline inflation is expected to fall from 8.1 % in 2022 to 2.3 % in 2024; whereas 2,3% is still above the ECB target rate;
Amendment 39 #
Motion for a resolution
Recital D
Recital D
Amendment 43 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas the Euro's external value in comparison to the Dollar has materially deteriorated over the past couple of months; whereas energy and energy derivatives are traded in Dollar and a slide of the Euro's exchange rate against the Dollar further contributes to inflation;
Amendment 49 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the European Central Bank is accountable to the European Parliament as the representation of EU citizens;
Amendment 52 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 53 #
Motion for a resolution
Recital E d (new)
Recital E d (new)
E d. whereas the euro system has been built on the principle of monetary dominance;
Amendment 58 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is deeply concerned by the Russia's unprovoked Russian invasion ofwar of aggression towards Ukraine and by its repercussions for the European economy;
Amendment 71 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Republic of Croatia as the 20th member country of the euro area's accession to the euro area as its 20th member country as of 1 January 2023;
Amendment 82 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, monetary and structural policies, as addressing supply- side shocks requires greater supply-chai; notes, however, that the Eurozone's architecture has been rdesilience and a shift away from fossil fuelsgned on the premise of monetary dominance;
Amendment 84 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. highlights President Lagarde's warning that "it is essential that fiscal support used to shield (…) households from the impact of higher prices is temporary and targeted. This limits the risk of fuelling inflationary pressures, thereby also facilitating the task of monetary policy to ensure price stability, and contributing to preserving debt sustainability."1a _________________ 1a Introductory Remarks to the Monetary Dialogue of 26 September 2022. https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220926_1~0bd6fcc86c.en .html
Amendment 88 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 103 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 112 #
7. Is alarmed that euro area inflation has continued to rise and has reached undesirably highrecord levels; stresses that headline inflation rose to a record 9.10 % in AugustSeptember 2022; stresses that energy is by far the most significant driver of inflation (38.340.8 %), followed by food prices (10.6 %); 1.8 %)1a; notes with concern that core inflation is also significantly above target; _________________ 1a Eurostat Flash Estimate September 2022 https://ec.europa.eu/eurostat/documents/2 995521/14698140/2-30092022-AP- EN.pdf/727d4958-dd57-de9f-9965- 99562e1286bf#:~:text=Euro%20area%20 annual%20inflation%20is,office%20of%2 0the%20European%20Union.
Amendment 123 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note ofWelcomes the ECB's recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employment respectively; notes however that the ECB's monetary policy stance overall is still accommodative and highlights that further rate rises are necessary in order to slow down inflation;
Amendment 130 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Welcomes President Lagarde's statement that the ECB intends "to raise interest rates further over the next several meetings to dampen demand and guard against the risk of a persistent upward shift in inflation expectations."1a _________________ 1a Introductory Remarks to the Monetary Dialogue of 26 September 2022 https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220926_1~0bd6fcc86c.en .html
Amendment 133 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Calls on the ECB to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 135 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Is deeply concerned that consumers' inflation expectations over the next 12 months and the median expectation for inflation three years ahead are considerably above target level at 5.0% and 3.0% respectively.1a; notes with concern that this hints at inflation expectations becoming de-anchored; therefore calls on the ECB to step up its commitment to reassure markets and consumers alike; _________________ 1a ECB Consumer Expectations Survey results – August 2022 https://www.ecb.europa.eu/press/pr/date/2 022/html/ecb.pr221007~1399021100.en.ht ml
Amendment 140 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; Notes that resilient labour markets and some catch-up to compensate for loss of purchasing power are likely to contribute to strong wage growth, risking spurring a wage-price spiral; calls on the ECB to monitor this risk very closely;
Amendment 151 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this with a symmetric medium- term horizontarget of 2%;
Amendment 157 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 172 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomesnotes that, with the launch of the Transmission Protection Instrument, to support the effective transmission of monetary policy across the euro areahe ECB has gained more flexibility for raising interest rates; calls on the ECB to make good use of this flexibility;
Amendment 185 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow European banks to earn bills for arbitrage transactions; in extra profit; regrets the fact that the ECB has not yet addressedvites the ECB to look into this issue;
Amendment 190 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Notes that, the concept of market neutrality is related to the principle of an open market economy with free competition; deplores that the ECB has already deviated from market neutrality in several instances; calls on the ECB to respect the principle of market neutrality going forward;
Amendment 194 #
Motion for a resolution
Subheading 3
Subheading 3
Amendment 196 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the Treaty on the Functioning of the European Union requires the ECB to support the general economic policies of the Union, without prejudice to the objective of price stability, the ECB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union; points out that there is a clear hierarchy between the ECB's objectives and that during times of inflation above target level, a particular focus should be put on achieving the ECB's primary monetary policy objectives;
Amendment 202 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 215 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 224 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) infor the EU’s economy and economic and social convergence andfor employment;
Amendment 230 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 235 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 248 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency anConsiders that maintaining price stability could the eurlp to acrea’s dependence te the right conditions fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stabilityr the implementation of the EU's other policy objectives, such as the implementation of the Paris Agreement;
Amendment 254 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework; highlights that such decisions must not come at the expense of market neutrality or achieving the ECB's primary objective;
Amendment 262 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomNotes the ECB’s announcement to decarbonise its corporate bond holdings; calls for the by ‘tilting’ of the ECB’'s bond portfolio to be swift rather than gradualwards issuers with better climate performance through the reinvestment of the sizeable redemptions expected over the coming years; notes with concern that this decision constitutes a notable deviation from the principle of market neutrality;
Amendment 267 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 276 #
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 284 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 295 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. WelcomesNotes that the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriouslynotes that bank supervision should be risk-based and not guided by secondary considerations;
Amendment 328 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the end of the 24-month investigation phase of the digital euro project and to the Governing Council reaching a decision on the start of the process of launching the digital euro;
Amendment 329 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Agrees with the ECB that a digital Euro would have to satisfy a range of minimal requirements including robustness, safety, efficiency and protection of privacy; stresses that a potential digital Euro can complement, but must not replace cash as a means of payment;
Amendment 336 #
31 b. Calls on the ECB to duly consider the risks for the banking sector and overall lending to the real economy when designing the digital euro;