78 Amendments of Jürgen KLUTE related to 2010/0281(COD)
Amendment 45 #
Proposal for a regulation
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The European Parliament rejects the Commission proposal.
Amendment 50 #
Proposal for a regulation
Title 1 – title
Title 1 – title
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the prevention and correction of European macroeconomic imbalances
Amendment 51 #
Proposal for a regulation
Recital 11
Recital 11
11. When assessing imbalances, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. The economic adjustment capacity and tstructural or short- term nature of imbalances as well as the national, Union or external character of their causes needs to be understood. Inter- linkages between policy options by different Member States as well as spill- over effects should be adequately taken into account. The track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union and the consequences of such recommendations, should also be considered.
Amendment 55 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
15a. The Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU in respect of the scoreboard. In particular, delegated acts are necessary to establish a list of relevant indicators to be included in the scoreboard and to adapt the composition of the indicators, the thresholds and the methodology used. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level and with social partners.
Amendment 56 #
Proposal for a regulation
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty, should entail compliance with the guiding principles of stable prices, sounda high level of employment, sustainable public finances and monetary conditions and a sustainable balance of payments, fair trade relations between Member States, a sustainable balance of payments and social and territorial cohesion.
Amendment 59 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) ‘imbalances’ means macroeconomic developmentspersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy which are adversely affecting, or have the potential adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole.
Amendment 60 #
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) ‘excessive imbalances’ means severe imbalances, including imbalances that jeopardise the proper functionmacroeconomic imbalances within the area of economic and monetary union which disrupt even and viable economic development in one or more Member States participating ofin economic and monetary union.
Amendment 63 #
Proposal for a regulation
Recital 2
Recital 2
(2) There is an urgent need to build upon the experience gained during the first decadedraw lessons from the first decade after the establishment of the economic and monetary union, and, in particular, from the persistent economic crisis, continuing, intolerably high levels of functioning of the economic and monetary uemployment and, increasing divergences between Member States in the Euro zone, and from vulnerability to speculatory attacks of the Union.
Amendment 63 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission shall, after a broad consultation with all Member States and European Parliament, establish an indicative scoreboard as a tool to facilitate early identification and monitoring of imbalances.
Amendment 68 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and, macrofinancial and social indicators for Member States. The Commission may set indicative lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different fromse will allow to detect serious misalignments between aggregate demand and supply and between an economy’s income and consumption and reflect short-term, structural and medium-long term trends. The Commission shall set indicative and symmetric lower or upper thresholds for thoese applicable to the other Member Stateindicators to serve as alert levels.
Amendment 71 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The European Systemic Risk Board shall be consulted in regard to draft indicators, relevant to financial market stability.
Amendment 73 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts in accordance with Article -12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard. The list of indicators shall include the following sets of indicators: (a) internal imbalances, including private and public debt and its evolution; internal income inequalities; unemployment rates; the incidence of low pay and working poor, the share of labour income in overall GDP and unit profit rates and asset price developments with particular attention to real estate, and financial markets; (b) external imbalances, including current account composition, balance and evolution; the evolution of export market shares in Union and third-country markets; and net foreign assets positions; (c) internal market developments, including a rolling average of five-year comparative real growth; an indicator of growth and employment dynamics including energy composition of the product and public and private research and development investment; and Union and third-country foreign direct investment flows.
Amendment 75 #
Proposal for a regulation
Recital 3
Recital 3
Amendment 77 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an sound economic and financial assessment and putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicator relevant to detection of imbalances. Best practices shall be taken into account. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalances inside the Member State concerned, in another Member State or across the Union as a whole. All the available information shall be taken into account and conclusions shall not be drawn from the scoreboard based on the indicators alone.
Amendment 78 #
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall discuss and adopt conclusions on the Commission report. The competent committee of the European Parliament may organise public debates on the Commission report. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro.
Amendment 80 #
Proposal for a regulation
Recital 4
Recital 4
(4) To help address such imbalances, a procedure laid down in detail in legislationthe disposition to review political and economic priorities and the adaption of European and national monetary, economic and social policies including better coordination between Member States is necessary.
Amendment 80 #
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) as appropriate, whether the Member State under review has taken appropriate action in response to Council recommendations or invitations adopted in accordance with Articles 121 and 126 of the Treaty and under Articles 6, 7, 8 and 10 of this Regulation, and the economic, social and other important consequences of such recommendations;
Amendment 81 #
Proposal for a regulation
Article 5 – paragraph 2 – point a a (new)
Article 5 – paragraph 2 – point a a (new)
(aa) the origin of the detected imbalances, including the deep trade and financial inter-linkages between Member States, the spill-over effects of national economic policies and the asymmetric impact of Union and euro area policies, in which case the Commission shall adopt appropriate measures taking into account the principle of subsidiarity;
Amendment 82 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. In normal circumstances, the results of the in-depth review shall be presented to the European Parliament and the Council in the context of the Semester.
Amendment 84 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to reach reviewed common objectives, the rules of the Stability and Growth Pact, as well as the EMU need to be redefined, in order to address more effectively deflationary threats to the European economy.
Amendment 85 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommending the Member State concerned to take corrective action. Those recommendations shall set out the nature of the imbalances and specifyoutline the corrective action to be taken in detail and the deadline within which the Member State concerned mustshall take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, make its recommendations public.
Amendment 87 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The recommendations referred to in paragraph 2 shall comply with the objectives of the Union as defined in Article 3 of the Treaty on European Union. The recommendations shall take due account of Article 153 TFEU, as well as of the rights incorporated in the Charter of Fundamental Rights of the European Union. The recommendations shall also strictly respect the specificity of each Member State, in particular its model of industrial relations and social dialogue. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 89 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Following the progress report by the Member State, the President of the Euro Group and the Commissioner responsible shall report to the European Parliament.
Amendment 90 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where it concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendation from the Commission, shall adopt revised recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for corrective action by when another assessment in accordance with this Article shall be conductedsk the Member State for an explanation, pursuant to which the Commission shall issue timetable as appropriate and restating, revising or cancelling the endorsed action plan.
Amendment 91 #
Proposal for a regulation
Article -12 (new)
Article -12 (new)
Article -12 Dialogue and surveillance visits 1. The Commission shall ensure a permanent dialogue with the authorities of the Member States in accordance with the objectives of this Regulation. To that end, the Commission shall carry out, in all Member States, visits for the purpose of regular dialogue and, where appropriate, surveillance. 2. When organising dialogue or surveillance visits, the Commission shall, if appropriate, transmit its provisional findings to the Member States concerned for comments. 3. The Commission shall, in the context of dialogue visits, review the actual economic situation in the Member State and identify risks or potential difficulties in complying with the objectives of this Regulation. 4. The Commission shall, in the context of surveillance visits, monitor the processes and verify that measures have been taken in accordance with decisions of the Council or the Commission in accordance with the objectives of this Regulation. Surveillance visits shall be undertaken wherever recommendations have been issued. The Commission may invite representatives of the European Central Bank or other relevant institutions to take part in surveillance visits. 5. The Commission shall regularly inform the Economic and Financial Committee of the findings of the dialogue and surveillance visits. 6. Member States shall take all necessary measures to facilitate dialogue and surveillance visits. Member States shall provide, at the request of the Commission and on a voluntary basis, the assistance of all the relevant national authorities for the preparation for and conduct of dialogue and surveillance visits.
Amendment 92 #
Proposal for a regulation
Article -12 a (new)
Article -12 a (new)
Amendment 93 #
Proposal for a regulation
Article -12 b (new)
Article -12 b (new)
Article -12b Revocation of the delegation 1. The delegation of power referred to in Article 3(3a) and (4) may be revoked at any time by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke a delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated power which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or on a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 94 #
Proposal for a regulation
Article -12 c (new)
Article -12 c (new)
Article -12c Objections to delegated acts 1. The European Parliament or the Council may object to the delegated act within a period of three months from the date of notification. At the initiative of the European Parliament or the Council that period shall be extended by three months. 2. If, on expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The delegated act may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. 3. If either the European Parliament or the Council objects to the delegated act within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 of the Treaty on the Functioning of the European Union, the institution which objects shall state the reasons for objecting to the delegated act.
Amendment 95 #
Proposal for a regulation
Article -12 d (new)
Article -12 d (new)
Article -12d Review 1. By ... * and every three years thereafter, the Commission shall publish a report on the application of this Regulation. That report shall evaluate, inter alia: (a) whether the indicators and thresholds of the scoreboard have managed to detect emerging imbalances and to monitor their development; (b) the progress of effective coordination of economic policies in accordance with the TFEU. 2. The report and any accompanying proposals shall be forwarded to the European Parliament and the Council. * OJ please insert date: xxx years after the date of entry into force of this Regulation.
Amendment 100 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 131 #
Proposal for a regulation
Recital 11
Recital 11
(11) When assessing imbalances, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. The economic adjustment capacity and the track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union, should also be considered. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 146 #
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on appropriate policy responses. The policy response of the Member State concerned to imbalances should be timely and should use all available policy instruments under the control of public authorities. It should be tailored to the specific environment and circumstancpriorities of the Member State concerned and cover the main economic policy areas, potentially including fiscal and wage policies, labour markets, product and services markets and financial sector regulation.
Amendment 169 #
Proposal for a regulation
Article 1
Article 1
This Regulation sets out detailed rules for the definition, detection, prevention and correction of macroeconomic imbalances within the Unionbetween Member States and of the Union as a whole.
Amendment 170 #
Proposal for a regulation
Article 1
Article 1
This Regulation sets out detailed rules for the detection, prevention and correction of macroeconomic imbalances within the Unionbetween Member States and of the Union as a whole.
Amendment 173 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'imbalances‘ means macroeconomic developments which are adversely affecting, orpersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy that either - affect adversely the sustainable development of a Member State or of the Union as a whole or - that have the potential to affect adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole.
Amendment 185 #
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) 'excessive imbalances‘ means severe imbalances, including imbalances thatpersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy which are adversely affecting or jeopardiseing the proper functioning of the economy of a Member State or of the economic and monetary union as a whole.
Amendment 191 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission shall, after a broad and transparent consultation with all Member States and the European Parliament, establish an indicative scoreboard as a tool to facilitate early identification and monitoring of imbalancesmacroeconomic imbalances in the Union.
Amendment 204 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and, macrofinancial indicators for Member States. The Commission may seand social indicators. It shall take into account the Member State's individual level of development iandicative lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member State its relative economic weight inside the Union and the euro area. The indicators shall allow to detect serious misalignments between aggregate demand and supply and between an economy’s income and consumption and shall reflect short-term, structural and medium-long term trends. The Commission shall set indicative lower and symmetric upper thresholds for the indicators to serve as alert levels.
Amendment 224 #
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2b. The European Systemic Risk Board shall be consulted in regard to draft indicators, relevant to financial market stability.
Amendment 228 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The social partners shall be consulted in regard to draft indicators, relevant to labour markets.
Amendment 244 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall regularly assess the appropriateness of the scoreboard, including the composition of indicators, the thresholds set and the methodology used, and shall, by means of delegated acts, in accordance with Article -12a and subject to conditions of Articles -12b and -12c, adapt it if necessary to preserve or enhance its capability to detect emerging imbalances and monitor their development. Changes in the underlying methodology and composition of the scoreboard and the associated thresholds shall be made public.
Amendment 246 #
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3a The Commission shall adopt, by means of delegated acts in accordance with Article - 12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard. The scoreboard shall include the following sets of indicators including shall particularly focus on their evolution: (a) in the field of internal imbalances: private and public debt; internal income inequalities; unemployment rates; incidence of low pay and working poor; the share of labour income in overall GDP and unit profit rates; asset price developments with particular attention to financial markets, real estate; evolution of direct (labour, capital, corporation) and indirect taxation; evolution and share of public and private investment; poverty and social inclusion; (b) in the field of external imbalances: current account composition, balance; export market shares in Union and third- country markets; and net foreign assets positions; (c) in the field of internal market developments: a rolling average of five- year comparative real growth; growth and employment; fiscal, social and environmental sustainability; product and public and private research and development investment; Union and third- country foreign direct investment flows.
Amendment 248 #
Proposal for a regulation
Article 4 – title
Article 4 – title
Alert mechanism General assessment
Amendment 249 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. The Commission shall update the values for the indicators on the scoreboard at least on a yearly basis for each Member State taking into account the particular economic starting point and the social situation of the Member State as well as its impact on growth and employment in other Member States or the Union as a whole. The updated scoreboard shall be made public.
Amendment 253 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an macroeconomic and financial assessment and putting the movement of the indicators into perspective, draw. The report shall also explore whether the crossing iof necessary on any other economic and financial indicator relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalanceslower or upper thresholds in a Member State signifies the existence of macroeconomic imbalances in the Member State assessed, or whether it may lead or has already lead to imbalances in other Member States or in the Union as a whole. All the available information shall be taken into account and conclusions shall not be drawn from the scoreboard based on the indicators alone.
Amendment 259 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The report shall identify Member States that the Commission considers to bCommission shall also, in its report, try to identify Member States that are responsible for macroeconomic imbalances in other Member States or across the Union as a whole, and Member States that are affected by, or at risk of, internally harmful imbalances.
Amendment 266 #
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the TreatyThe competent committee of the European Parliament and the Social and Economic Committee shall be consulted. Taking both opinions into account, the Council shall discuss and adopt conclusions on the Commission report. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro.
Amendment 269 #
Proposal for a regulation
Article 5 – title
Article 5 – title
In-depth review In-depth reviews
Amendment 270 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Taking account of the discussions inconclusions given by the Council and, the Euro Group, as provided for in Article 4(4), the Commission shall prepare anopinions given by European Parliament and the Social and Economic Committee and discussions within the Euro Group, the Commission shall work out horizontal and vertical in- depth review for each Member State it considers affected by, or at risks. Based on the indicators outlined in this regulation, horizontal reviews shall identify the most important types of, imbalances. This assessment shall include an evaluation of whether affecting growth, employment and stability in the Union. Vertical reviews shall focus on Member States that the Commission considers responsible for macroeconomic imbalances in other Member State in question is affected by imbalances, and of whether these imbalances constitute excessive imbalancess or in the Union as a whole, and on Member States affected by, or at risk of, internally harmful macroeconomic imbalances. Vertical in-depth review shall build on detailed and first-hand investigations of Member-State-specific circumstances. In- depth reviews shall constitute a standard procedure and each time include those Member States with the largest share of GDP in the Union.
Amendment 278 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. The in-depth reviews shall be made public. ItThey shall take into account, in particular:
Amendment 279 #
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
Amendment 285 #
Proposal for a regulation
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
Amendment 287 #
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
(c) exceptional economic circumstances that may cause or aggravate such imbalances and any early warnings or recommendations fromissued by the European Systemic Risk Board relevant to supposed imbalances and the Member State under review.
Amendment 288 #
Proposal for a regulation
Article 5 – paragraph 2 – point c a (new)
Article 5 – paragraph 2 – point c a (new)
(ca) the origin of the detected imbalances, including the deep trade and financial inter-linkages between Member States, the spill-over effects of national economic policies and the asymmetric impact of Union and euro area policies, in which case the Commission shall adopt appropriate measures taking into account the principle of subsidiarity and fully considering potential consequences to the political fundaments of the Union, namely, cooperation, solidarity and trust.
Amendment 292 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. If, on the basis of its in-depth review referred to in Article 5 of this Regulation, the Commission considers that a Member State is experiencing imbalances, it shall inform the Council accordinglygrowth, employment and stability in one or several Member States or in the Union as a whole is threatened, it shall inform the European Parliament and the Council accordingly. If the Commission considers that one or several Member States are contributing particularly to macroeconomic imbalances or that one or several Member States are particularly affected or at risk of being affected by imbalances, it shall, additionally, inform those Member States, including national parliaments. The Council, on a recommendation from the Commission or from the European Parliament, may address the necessary recommendations to the Member State concerned, in accordance with the procedure set out in Article 121(2) of the Treaty. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 305 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Council shall review these recommendations annually and may amend them if appropriate in accordance with paragraph 1if asked for by European Parliament or by at least two national parliaments and at least on an annual basis.
Amendment 311 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. If, on the basis of the in-depth review referred to in Article 5, the Commission considers that the Member State concerned is affected by excessive imbalances, it shall inform the Councilreviewed is strongly contributing to excessive imbalances in the Union or that it is affected by excessive imbalances, it shall inform the European Parliament, the Council, the European Systemic Risk Board and national parliaments of the concerned countries accordingly.
Amendment 317 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission or from the European Parliament, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommending the responsible Member State concerneds to take corrective action. Those recommendations shall set outexplain the nature of the imbalances and specify thin detail and outline corrective action tohat shall be taken ion detail and theEuropean or national level. A deadline within which the Member State concerned must take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, make itsresponsible for excessive macroeconomic imbalances in the Union shall take such corrective action or until the Commission shall prepare helpful legislative proposals may be set. The Council shall make its recommendations public after a social impact assessment undertaken by the DG Employment has endorsed the recommendations public.
Amendment 326 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The recommendations need to comply with the objectives of the Union as defined in Article 3 of the Treaty on European Union. They shall take due account of Article 153 TFEU, as well as of the rights incorporated in the Charter of Fundamental Rights of the European Union and they shall strictly respect the specificity of each Member State, in particular its model of industrial relations and social dialogue.
Amendment 331 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Any Member State for which an excessive imbalance procedure is opened shall submit a corrective action plan to the Council and the Commission within a deadline to be defined in the recommendations in accordance with Article 7. The corrective action plan shall set out the specific and concrete policy actions the Member State concerned has implemented or intends to implement and shall include a timetable for implementation thereofresponsible for excessive imbalances in the Union intends to implement.
Amendment 337 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Within two months after submission of a corrective action plan and on the basis of a Commission report, the Council shall assess the corrective action plan. If considered sufficientadequate, on the basis of a Commission proposal, the Council shall adopt an opinion, endorsing it. If the actions taken or envisaged in the corrective action plan or their timetable for implementation are considered insufficient to implementare considered an inappropriate reaction to the recommendations received, the Council shall, on the basis of a Commission proposal, invite the Member State to amend its corrective action plan within a new deadline. The amended corrective action plan shall be examined according to the procedure laid down in this paragraphthree months.
Amendment 345 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission shall monitor implementation of the recommended corrective action and of the corrective action plan by the Member State concerned. For this purpose, the Member State shall report to the Council and the Commission at regular intervals in the form of progress reports whose frequency shall be established by the Council in the recommendation referred to in Article 7(2).
Amendment 349 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Following the progress report by the Member State, the President of the Euro Group and the Commissioner responsible shall report to the European Parliament.
Amendment 351 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States‘ progress reports shall be made public by the Council may publish their progress reports.
Amendment 355 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The Commission mayshall carry out surveillanceregular assessment missions to the Member State concerned to monitor the implementation of the corrective action plan and to explore social consequences of the action taken.
Amendment 360 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. If economic circumstances change, the Council, on a recommendation from the Commission, may amend the recommendations adopted under Article 7changing and, in particular, deteriorating economic circumstances require adequate reactions, the Council, on a recommendation from the Commission or from the European Parliament, shall adopt its recommendations and prevent procyclical policies from aggravating the economic or social situation in the Member State concerned, and in accordance with the procedure laid down in the same Article. The Member State concerned shall submit a revised corrective action plan that shall be assessed in accordance with the procedure laid down in Article 8.
Amendment 365 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. On the basis of a Commission report, and after information of the European Parliament, the Council shall conclude whether or not the Member State concerned has taken the recommended corrective action.
Amendment 370 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The Commission's report and the Council conclusions shall be made public.
Amendment 373 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where it concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendation frommmission shall ask the Member State for an explanation, pursuant to which the Commission, shall adopt revisedissue a recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for restating, revising or cancelling the endorsed corrective action by when another assessment in accordance with this Article shall be conductedplan.
Amendment 379 #
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Where the Council concludes that the Member State has taken the recommended corrective action, the excessive imbalance procedure shall be held in abeyancclosed. If the implementation of the recommended corrective action does not lead, after a period of 12 months after the implementation, to a significant decrease in excessive macroeconomic imbalances, the Commission shall review its methodology and report to European Parliament and to the national Parliament of the Member State under procedure. The report shall be published and if deemed inadequate by European Parliament, the Commission shall pay a compensation fine to the Member State previously under procedure.
Amendment 389 #
Proposal for a regulation
Article 11
Article 11
The excessive imbalance procedure shall be closed once the Council, on a recommendation from the Commission, concludes that the Member State is no longer affected by excessive imbalancescausing excessive imbalances within the meaning of Article 2(b) (namely, severe imbalances, including imbalances that jeopardise the proper functioning of the economic and monetary union).
Amendment 393 #
Proposal for a regulation
Chapter IV – title
Chapter IV – title
Final provisions Common provisions
Amendment 397 #
Proposal for a regulation
Article -12 (new)
Article -12 (new)
Amendment 399 #
Proposal for a regulation
Article -12 a (new)
Article -12 a (new)
Article -12a Exercise of the delegation 1. The power to adopt delegated acts referred to in Article 3(3a) and (4) shall be conferred on the Commission for a period of four years from ….*. The Commission shall draw up a report in respect of the delegated power at the latest six months before the end of the four-year period. The delegation of power shall be automatically extended for periods of an identical duration, unless the European Parliament or the Council revokes it in accordance with Article -12b. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles -12b and -12c. _____ * Date of entry into force of this Regulation.
Amendment 401 #
Proposal for a regulation
Article -12 b (new)
Article -12 b (new)
Article -12b Revocation of the delegation 1. The delegation of power referred to in Article 3(3a) and (4) may be revoked at any time by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke a delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated power which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or on a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 403 #
Proposal for a regulation
Article -12 c (new)
Article -12 c (new)
Article -12c Objections to delegated acts 1. The European Parliament or the Council may object to the delegated act within a period of three months from the date of notification. At the initiative of the European Parliament or the Council that period shall be extended by three months. 2. If, on expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. 3. The delegated act may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. 4. If either the European Parliament or the Council objects to the delegated act within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 of the Treaty on the Functioning of the European Union, the institution which objects shall state the reasons for objecting to the delegated act.
Amendment 406 #
Proposal for a regulation
Article -12 d (new)
Article -12 d (new)
Amendment 408 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
This Regulation shall enter into force owhen the twentieth day following that of its publication in the Official Journal of the Europeanfollowing conditions are fulfilled: - a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; - the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; - normal economic circumstances have been reestablished throughout the Union.;