43 Amendments of Nils TORVALDS related to 2012/2151(INI)
Amendment 144 #
Motion for a resolution
Recital V
Recital V
V. whereas the growing divide between core and peripheral countries in the Union should not become chronic in nature; whereas a permanent framework must be created in which Member States in difficulty should be able to rely on solidarity-based support from other Member States; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro- plus pact and the macro-economic imbalances procedure and Europe 2020;
Amendment 149 #
Motion for a resolution
Recital V a (new)
Recital V a (new)
V a. whereas it is paramount for a return to growth that the internal market is being completed; whereas the Commission as the guardian of the Treaties needs to step up its efforts to enforce implementation of and compliance with existing internal market legislation; whereas for the proper functioning of the internal market it is necessary that market integration rules will be based more on regulations and not on directives;
Amendment 238 #
Motion for a resolution
Recital AM
Recital AM
AM. whereas the Union would benefit from proposals that introduceneeds a single European supervisory mechanism for financial institutions, a single European deposit guarantee scheme and a single European recovery and resolution scheme;
Amendment 241 #
Motion for a resolution
Recital AM a (new)
Recital AM a (new)
AMa. whereas the Commission has not yet proposed two of the main pillars of the banking union (a resolution regime and a deposit guarantee scheme), hence leaving it incomplete;
Amendment 247 #
Motion for a resolution
Recital AN
Recital AN
AN. whereas there is urgent need for a complete package on the banking union covering all three pillars; whereas the work on them should be done in parallel so that the scope of the deposit guarantee and crisis management framework shouldto mirror that of the single supervisory mechanism in terms of the banks covered (symmetry);
Amendment 261 #
Motion for a resolution
Recital AQ
Recital AQ
AQ. whereas a high-quality and uniform European supervisory mechanism is indispensable to avoid competitive distortions, to guarantee a level playing field between all financial institutions and, to restore cross-border confidence and avoid fragmentation of the internal market;
Amendment 278 #
Motion for a resolution
Recital AT a (new)
Recital AT a (new)
ATa. whereas the report of the High-Level Group on Financial Supervision chaired by Jacques de Larosière, submitted to the President of the Commission on 25 February 2009, explicitly recommended that the ECB should not be responsible for micro-prudential supervision;
Amendment 279 #
Motion for a resolution
Recital AT b (new)
Recital AT b (new)
ATb. whereas the following main reasons why de Larosière report states that the ECB should not be responsible for micro- prudential supervision should be taken seriously: - the ECB's fundamental mandate is monetary stability; - jeopardising the ECB's independence due to political pressure and interference in case of a crisis; - a number of ECB/ESCB members have no competence in terms of supervision; - conferring responsibilities to the ECB/Eurosystem would not provide for a comprehensive, integrated system of supervision; - the ECB is not entitled by the Treaty to deal with insurance companies, which can pose a major problem for financial stability;
Amendment 281 #
Motion for a resolution
Recital AU
Recital AU
Amendment 288 #
Motion for a resolution
Recital AV
Recital AV
AV. whereas supervision by the ECBthe single supervisory mechanism should already from the very start cover the financial institutions requiring direct support from the Union as well as European systemically important financial institutions (E-SIFIs) and domestic systemically important financial institutions (D-SIFIs));
Amendment 292 #
Motion for a resolution
Recital AW
Recital AW
AW. whereas it is of paramount importance that safeguards are introduced to avoid conflicts of interest between the ECB's monetary policy and its supervisory powers are unavoidable; whereas any possible erosion of the ECB's authority for monetary policy needs to be excluded by the setting up within the ECB of a legally independent supervisory board;
Amendment 295 #
Motion for a resolution
Recital AW a (new)
Recital AW a (new)
AWa. whereas the European Parliament strongly favours merging the existing European Supervisory Authorities for the establishment of a single supervisory mechanism responsible for micro- prudential supervision;
Amendment 349 #
Motion for a resolution
Recital BG
Recital BG
BG. whereas the introduction of a single European deposit guarantee fund should be the ultimate goalhappen swiftly, further increasing the credibility of the scheme; the development of a similar scheme is justified considering the introduction of a European structure for prudential supervision and a European recovery and resolution framework;
Amendment 420 #
Motion for a resolution
Recital BT
Recital BT
BT. whereas the smooth functioning of EMU requires a full and swift implementation of the measures already agreed upon under the reinforced economic governance framework (such as the reinforced SGP and the Fiscal Compact which has to be integrated in the Union law as soon as possible);
Amendment 429 #
Motion for a resolution
Recital BU
Recital BU
BU. whereas the crisis has made clear the need for a qualitative step towards a more robust fiscal union with an increase of the own-resources of the Union and more effective mechanisms to correct unsustainable fiscal trajectories, debt levels and set the upper limits of budget balance of Member States;
Amendment 447 #
Motion for a resolution
Recital BX
Recital BX
BX. whereas options should be explored for the feasibility of a euro area stabilisation instrument to counter and absorb economic shocks in the Member States; whereas financial assistance mechanisms such as the ESM are less rapidly deployable than conventional budgetary mechanisms; therefore strongly favours European Monetary Fund built upon the ESM, which is fully enshrined in Union law;
Amendment 461 #
Motion for a resolution
Recital BZ
Recital BZ
BZ. whereas the common issuance of debt is in the longer run a corollary of EMU;
Amendment 487 #
Motion for a resolution
Recital -CC a (new)
Recital -CC a (new)
-CCa. whereas much emphasis has been put so far on the monetary side of the EMU while there is an urgent need for building a true economic union, where the 'Europe 2020' strategy should give the binding framework for designing and implementing of economic policies;
Amendment 488 #
Motion for a resolution
Recital -CC a b (new)
Recital -CC a b (new)
-CCb. whereas the Euro Plus Pact should be integrated into Union law and made binding; whereas the Euro Plus Pact and the Macroeconomic Imbalances procedure pave the way for the introduction of a convergence code for Member States' economies;
Amendment 515 #
Motion for a resolution
Recital CF
Recital CF
CF. whereas the Pact for Growth and Jobs, which was approved at the European Summit of 28 and 29 June 2012, can bring an important contribution to growth, employment and improved European competition capacities,; whereas the Union and the Member States must take on their responsibility and act quickly to complete the internal market and unlock its potential;
Amendment 520 #
Motion for a resolution
Recital CG
Recital CG
CG. whereas it is up to the Member States to deliver without delay on the agreed and long due reforms in their national reform programmes;
Amendment 534 #
Motion for a resolution
Recital CH
Recital CH
CH. whereas the instrument of enhanced cooperation should be used more frequently in the field of taxation; whereas reference can be made to the European Parliament's position on the common consolidated corporate tax base (CCCTB) and a tax on the financial transactions tax (FTT)sector;
Amendment 544 #
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that reduces structural unemployment, especially for youth, old persons and women and encourages labour mobility,
Amendment 551 #
Motion for a resolution
Recital CJ
Recital CJ
CJ. whereas binding coordination at Union level might be consideredis necessary for certain key economic policy issues particularly relevant for growth and employment;
Amendment 565 #
Motion for a resolution
Recital CM
Recital CM
CM. whereas due to the ongoing crisis the debate has grown not only on the governance of EMU but also on the shortcomings in the democratic nature of the decision making within EMU;
Amendment 580 #
Motion for a resolution
Recital CO
Recital CO
CO. whereas for proposals falling within the competence of the Union decisions haveshould been taken in accordance with the ordinary legislative procedure, fully involving the European Parliament either through consultation or co-decision;
Amendment 581 #
Motion for a resolution
Recital CO a (new)
Recital CO a (new)
COa. whereas it is regrettable that the 'Treaty on stability, coordination and governance in the EMU' was concluded as an intergovernmental agreement outside the scope of the Treaties due to the resistance of certain Member States;
Amendment 588 #
Motion for a resolution
Recital CP
Recital CP
CP. whereas measures taken at Union level are often perceived as being ‘"too little, too late’" partly due to the procedures arising from the democratic legislative process, the lack of a European institutional substructure or own Union resources to intervene directly to tackle a crisis situation but mainly due to a lack of leadership at Union level;
Amendment 604 #
Motion for a resolution
Recital CT a (new)
Recital CT a (new)
CTa. whereas no intergovernmental agreements between Member States may create parallel structures to those of the Union; all agreements establishing inter- or supranational regimes must be subjected to the full democratic scrutiny of the European Parliament;
Amendment 619 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Stresses the paramount importance of eliminating the democratic shortcomings of the decision making processes within the Union and particularly the EMU by guaranteeing that all decisions are made within the scope of a direct political mandate and with due political accountability;
Amendment 662 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
- supervise all financial institutions and financial market structures within the countries included in the system but with a clear division of operational responsibilities between the European and national supervisors depending on the size and nature of banks and the nature of the supervisory tasks;
Amendment 677 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 5 a (new)
Annex – part 1 – point 1.1 – paragraph 9 – indent 5 a (new)
– in the event of inaction by relevant national authorities, take the necessary measures to restructure or wind down financial institutions that are failing or whose failure would create concerns as regards the general public interest.
Amendment 728 #
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 2
Annex – part 1 – point 1.3 – paragraph 2
A body at European level should be established or designated to exercise the full range of required resolution tools in respect of those institutions (ERRA). This body should enjoy a wide independence. Its head should be appointed after confirmation by the European Parliament.
Amendment 740 #
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 5
Annex – part 1 – point 1.3 – paragraph 5
The resolution scheme should have a strong financial structure built on contributions from industry, owners and creditors, with public money only serving as an ultimate backstop. However, Member States should have an obligation to ensure that the fund is of an adequate size.
Amendment 755 #
Motion for a resolution
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 a
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 a
– establishing a European redemption fund in order to secure a durable correction of excessive debt.
Amendment 756 #
Motion for a resolution
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 a (new)
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 a (new)
- establishing a European debt redemption fund.
Amendment 772 #
Motion for a resolution
Annex – part 2 – point 2.3 – paragraph 1
Annex – part 2 – point 2.3 – paragraph 1
Enhanced cooperation should be used more frequently in the field of taxation (such as for establishment of a CCCTB or a financial transaction taxtax on the financial sector) since harmonised frameworks for taxation will enhance budgetary policy integration.
Amendment 774 #
Motion for a resolution
Annex – part 2 – point 2.4 – title
Annex – part 2 – point 2.4 – title
Recommendation 2.4: A central European budget raisfunded by own taxresources
Amendment 775 #
Motion for a resolution
Annex – part 2 – point 2.4 – paragraph 1
Annex – part 2 – point 2.4 – paragraph 1
When formulating future policy options, the Commission and funding models, the Commission and the Council should be required to take into account the positions of the European Parliament on the multi-annual financial framework and own resources.
Amendment 776 #
Motion for a resolution
Annex – part 2 – point 2.4 – paragraph 1 a (new)
Annex – part 2 – point 2.4 – paragraph 1 a (new)
The European Parliament has repeatedly expressed the urgent need for a reform of the own resource system and a return to the spirit and letter of the Treaty, stating that the Union budget shall be funded solely by own resources.
Amendment 813 #
Motion for a resolution
Annex – part 3 – Point 3.2 – paragraph 6
Annex – part 3 – Point 3.2 – paragraph 6
The Member States and their regions should involve, in particular, national and regional parliaments, as well as social partners, public authorities and civil society more closely in the formulation of national reform, development and cohesion programmes, and consult them regularly;
Amendment 815 #
Motion for a resolution
Annex – part 3 – point 3.2 a (new)
Annex – part 3 – point 3.2 a (new)
Amendment 821 #
Motion for a resolution
Annex – part 4 – Point 4.3 – indent 1
Annex – part 4 – Point 4.3 – indent 1
- The European Parliament should express its view on vote before the Spring Council on the Annual Growth Survey with proposals for amendments to be submitted to the European Council; the President of the European Parliament shall present at the European Spring Council the Parliament’s views on the Annual Growth Survey;