19 Amendments of Jürgen KLUTE related to 2011/2156(INI)
Amendment 5 #
Motion for a resolution
Recital A
Recital A
A. whereas in 2010 the euro area recovered withwith a overall GDP growth of 1.7% did not recover the slump in 2009 of -4.2% growth and is expected to stagnate at a similar level throughout 2011, after the slump in 2009 of -4.2% growth,
Amendment 10 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas rises in actual consumer prices are induced by many factors, among them market structures in real economy, shortages in natural resources and speculative and irrational tendencies in markets;
Amendment 27 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the fact that so far, the ECB has been remarkably successful in maintaining HICP inflation at close to 2% despite a number ofits target rate of 2% while inflationary pressures have been generated in particular by macro-financial shocks and volatile commodity prices while average GDP growth has been low in the Union;
Amendment 43 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the singleprimary objective of ECB is price stability whereas it shall also support the general economic policies and objectives in the Union; notes that de facto financial stability is becoming a second objective; also notes the work of the ESRB under the auspices of the ECB on financial stability;
Amendment 54 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses that the ECB henceforth should not only concentrate on stability of consumer prices and financial stability, but also on asset prices, sustainable growth and employment
Amendment 60 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes that, despite unitary monetary policy,Recalls that the persistent and even growing lack of economic convergence continues to be a structural problem for unitary monetary policy in the Euro area; underlines that monetary conditions diverge considerably in the euro area; in countries experiencing turbulence, banks are tightening the availability of credit, with the opposite happening in other countries with a current account surplus; this asymmetry is likely to become even more pronounced if the ECB keeps increasing rates, given the prevalence of loans indexed to short-term interest rates in the former group of countries; calls therefore on the Commission to put forward a proposal for a European Clearing Union aimed at balancing macroeconomic imbalances within Euro area countries, siphoning off countriestrade surpluses of Member States at least partially to redistribute these gains to countries with a trade balance deficit;
Amendment 63 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Deplores the current approach to the Euro area crisis that links necessary assistance granted by Member States, IMF and ECB to unsustainable austerity measures to countries in need of liquidity; points to the problem that, as a consequence, recessionary effects also further destabilize financial market confidence and have not contributed to lowering interest rates for government bonds;
Amendment 69 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to set up a European credit rating foundation and to evaluate the pros and cons of temporarily suspending credit ratings for countries following an EU/IMF adjustment programmethat shall restrict its activity to the private sector while credit ratings for countries shall henceforth not be taken into account by EU institutions; the Commission shall evaluate the feasibility of prohibiting credit ratings for countries in the Union; in addition to that, market access to credit rating agencies in the Union shall only be granted to entities fulfilling high transparency criteria as well as certain professional and ethical standards;
Amendment 89 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Deplores the fact that hesitation in the management of the crisis by the Commission and the Member States, particularly in those lacking reforms, has triggered the ECB's position against restructuring of Greece's debtpolitical reaction to the crisis, particularly by the most wealthiest Member States, has not been sufficient to prevent the dramatic rise in interest rates for a number of Member States’ sovereign debt bonds;
Amendment 96 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that, while deleveraging is continuing in parts of the private sector and most Member States (MS), leveraging is still very widespread in the public sector, not least to absorb the outcome of the financial crisis;
Amendment 128 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges the necessity of non- standard monetary policy measures, but calls for a phasing-out of those programmes as soon as possible to be replaced by a more sophisticated and balanced policy of the ECB working with a broader perspective for the economy as a whole;
Amendment 129 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Points to the fact that countries that are backed by a central bank with a mandate and the political will to act as a „lender of last resort“ are faced by much lower interest rates to finance their debt via financial markets; reminds in this context that the rise of public debt and deficit in the US, Japan and the UK did not have any considerable effect on the cost of their newly issued bonds in 2010 while in 2011 US and Japanese long term interest rates are even falling to record lows of 1-2 %;
Amendment 130 #
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Believes that only a strong and credible message to the markets will protect Member States from sudden liquidity stops on the financial markets; believes that the liquidity and lending framework of the ECB can be used effectively and without financial risk to assist Member States facing financial market liquidity shortages; asks therefore the Member States to enable the ECB to act as a lender of last resort or to set up a European Bank for Sovereign Debt linked to the ECB;
Amendment 136 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ECB to put in place in the Security Markets Program a discount rate mechanism that can be adjusted, taking into account whether a certain security is further downgraded by most credit rating agencies and ensuring that the ECB does not end up with too many risky assets; in addition, believes that the ECB should use at least two credit rating qualifications before accepting a security as collateral, as a general rule, accept government bonds issued by a Member State as collateral, irrespective of the decisions of rating agencies or rating foundations;
Amendment 168 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for a single European minister of Finance in order to coordinate a basic common fiscal policy that could enhance the effectiveness of the euroimplement the effective harmonization of taxation policies that could enhance the effectiveness of the euro, prevent further competition in tax matters and so contribute to the reduction of public deficits while the implementation of an EU financial transaction tax will also contribute to improved stability in financial markets; believes that the implementation of a minimum corporation tax and minimum taxes on income and property will also contribute to the ability of Member States to invest in education, research and in sustainable infrastructures; believes that the democratic legitimacy of such a proposal must adequately be addressed; notes in this sense that in a monetary union, fiscal policy does not only concern the Member States and that the present crisis has shown the limits of 100% decentralised fiscal policies;
Amendment 172 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstances;
Amendment 190 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Points to the costs of exchange-rate fluctuations for undertakings and States; calls on the Council to work towards a global monetary order that meets the requirements of monetary stability and corresponds to the reality of a multipolar world;
Amendment 193 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of jointly guaranteed eurosecurities may constitute the necessary political signal and fiscal quantum-leap and forward that the Union needs at this juncture; welcomes the rapid implementation of the feasibility report promised by the Commission in its declaration XXX;
Amendment 220 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Asks the Council to give special weight to ethical criteria in future selection procedures for the Central Bank’s Executive Board; believes that with a view to the democratic legitimacy and credibility of the monetary union, there should be no doubt about future candidates’ loyalty to the Euro area as a whole;