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37 Amendments of Nils TORVALDS related to 2013/2076(INI)

Amendment 5 #
Motion for a resolution
Recital A
A. whereas, according to the Commission services' spring 2013 forecast, GDP in the eurozone fell by 0.6 % in 2012 , after a rise of 1.4 % in 2011 and will contract by 0.4 % in 2013 before rising by 1.2 % in 2014;
2013/07/12
Committee: ECON
Amendment 8 #
Motion for a resolution
Recital B
B. whereas, according to the same forecast, unemployment in the eurozone rose from 10.2 % at the end of 2011 to 11.4 % at the end of 2012 and risks further increasing to 12.2 % in 2013 before slightly decreasing again in 2014;
2013/07/12
Committee: ECON
Amendment 23 #
Motion for a resolution
Recital G
G. whereas Article 282 TFEU states that the primary objective of the ECB is to maintain price stability and that the ECB should, without prejudice to this, it shall also support the general economic policies ofin the Union without prejudice to price stabilityin order to contribute to the achievement of the latter's objective; whereas the European Systemic Risk Board (ESRB) works under the auspices of the ECB in the area of financial stability;
2013/07/12
Committee: ECON
Amendment 27 #
Motion for a resolution
Recital G a (new)
Ga. whereas the recommendations concerning transparency of voting and the publication of summary minutes put forward in previous Parliament resolutions on the ECB annual reports have not yet been taken into account;
2013/07/12
Committee: ECON
Amendment 30 #
Motion for a resolution
Recital G b (new)
Gb. whereas maintaining a flow of credit to SMEs is particularly important as they employ 72 % of the eurozone's labour force and have significantly higher gross job creation (and destruction) rates than large enterprises;
2013/07/12
Committee: ECON
Amendment 32 #
Motion for a resolution
Recital G c (new)
Gc. whereas the deposit facility held EUR 315.754 million on 28 September 2012;
2013/07/12
Committee: ECON
Amendment 34 #
Motion for a resolution
Recital G e (new)
Ge. whereas SMEs have to pay much higher borrowing costs depending on the country of the Eurozone in which they are situated, creating distortions in the single market;
2013/07/12
Committee: ECON
Amendment 36 #
Motion for a resolution
Recital G g (new)
Gg. Believes that the credit crunch that is currently affecting SMEs in some parts of the Eurozone is one of the fundamental problems delaying the economic recovery;
2013/07/12
Committee: ECON
Amendment 40 #
Motion for a resolution
Paragraph 1
1. Is deeply concerned at the fact that persistently weak economic conditions are becoming the norm in Europe, creating overwhelmingcreate discontent among European citizens and therefore jeopardising the wholwith the European project;
2013/07/12
Committee: ECON
Amendment 47 #
Motion for a resolution
Paragraph 2
2. Welcomes the decisions of July 2012 to reduce the key ECB interest rates in the context of very low inflation expectations and weak economic activity; recalls that, in the long term, very low interest rates may cause distortions in the business sector and harm private savings and pension plans;
2013/07/12
Committee: ECON
Amendment 61 #
Motion for a resolution
Paragraph 4
4. Considers that the three-year LTRO settled on March 2012 contributed to stabilising the banking system, but that this should be a temporary measure; notes that, despite the liquidity injected into the banking system by the LTRO, the credit available to the real economy is still below pre-crisis levels; suggests that it would be appropriate for the ECB to reduce its deposit facility rate to negative values in order to encourage banking lending to the real economy;
2013/07/12
Committee: ECON
Amendment 64 #
Motion for a resolution
Paragraph 4 b (new)
4b. Regrets that two enterprises from the automotive sector used the LTRO to finance themselves though their banking branch; asks the ECB not to permit this situation in the future;
2013/07/12
Committee: ECON
Amendment 86 #
Motion for a resolution
Paragraph 7
7. Welcomes the setting-up of the OMTs, with no ex ante quantitative limits, in order to safeguard monetary policy transmission, but deplores the decision to link the activation of the OMT to strict conditionalities attached to an EFSF/ESM programme; calls on the ECB to activate OMTs independently from strict conditionality;
2013/07/12
Committee: ECON
Amendment 103 #
Motion for a resolution
Paragraph 8
8. Considers unnecessaryWelcomes the full sterilisation of the liquidity injected by the OMTs, as inflation expectations remain extremely low in a context of weak economic activity;
2013/07/12
Committee: ECON
Amendment 110 #
Motion for a resolution
Paragraph 9
9. Considers that the monetary policy tools that the ECB has used since the beginning of the crisis, while providing a welcome relief in distressed financial markets, have revealed their limits as regards stimulating growth and improving the situation on the labour market; considers, therefore, that the ECB could investigate the possibilities of implementing new unconventional measures aimed at participating in a large, EU-wide pro-growth programme, including the use of the Emergency Liquidity Assistance facility to undertake an ‘overt money financing’ of government debt in order to finance tax cuts targeted on low-income households and/or new spending programmes focused on the Europe 2020 objectives;deleted
2013/07/12
Committee: ECON
Amendment 122 #
Motion for a resolution
Paragraph 9 a (new)
9a. Asks the ECB to publish, in its monthly report, figures for the amount of public debt of each Member State posted as collateral by financial institutions;
2013/07/12
Committee: ECON
Amendment 125 #
Motion for a resolution
Paragraph 9 d (new)
9d. Asks the ECB to lower collateral requirements and the stance on collateral rules for asset-backed securities (ABS), as these are deeply correlated with loans to households and SMEs;
2013/07/12
Committee: ECON
Amendment 127 #
Motion for a resolution
Paragraph 9 f (new)
9f. Acknowledges that, since the monetary transmission mechanism is not functioning properly, the ECB should seek ways to target SMEs more directly; points out that at present similar SMEs from across the Eurozone do not have similar access to loans despite having similar economic prospects and risks; invites the ECB to implement a policy to purchase high quality securitised SME loans directly, particularly from some Member States where the monetary transmission mechanism is broken; stresses that this policy should be limited in amount and time, fully sterilised and directed to avoid risks on the ECB balance sheet;
2013/07/12
Committee: ECON
Amendment 129 #
Motion for a resolution
Paragraph 9 h (new)
9h. Deems that the TARGET2 settlement system has played a crucial role for safeguarding the integrity of the Eurozone financial system; notes, however, that the significant TARGET2 imbalances reveal the worrying fragmentation of financial markets within the Eurozone, as well as the ongoing capital flight in Member States experiencing or threatened with serious difficulties with respect to their financial stability;
2013/07/12
Committee: ECON
Amendment 130 #
Motion for a resolution
Paragraph 9 i (new)
9i. Underlines that interesting lessons may be drawn for the Eurozone from the study of the functioning of balance of payments systems in other federal monetary unions such as the United States;
2013/07/12
Committee: ECON
Amendment 133 #
Motion for a resolution
Paragraph 10
10. Considers it necessary to review the Treaties and the ECB's statutes in order to establish price stability together with full employment as the two objectives, on an equal footing, of monetary policy in the eurozone;deleted
2013/07/12
Committee: ECON
Amendment 155 #
Motion for a resolution
Paragraph 11
11. Argues that the conduct of monetary policy should be democratic and should result from open deliberation between different viewpoints and approachesin order to strengthen transparency and thereby democratic accountability;
2013/07/12
Committee: ECON
Amendment 161 #
Motion for a resolution
Paragraph 12
12. Invites the ECB to pay more attention to the contractionary effects on GDP, employment and social welfare created by austerity policies carried out by national governments in the framework of Economic Assistance Programmes involving the ECBCouncil to reconsider the involvement of the ECB and the IMF in the Troika ;
2013/07/12
Committee: ECON
Amendment 176 #
Motion for a resolution
Paragraph 13
13. Underlines that the ECB's independence should not justify lack of democratic accountabie need for democratic accountability with regard to the SSM and the ECB's involvement in the Troika, while stressing the ECB's independence in the field of monetary politcy;
2013/07/12
Committee: ECON
Amendment 178 #
Motion for a resolution
Subheading 2
Exchange rate policydeleted
2013/07/12
Committee: ECON
Amendment 179 #
Motion for a resolution
Paragraph 14
14. Considers that the exchange rate is a crucial economic policy variable which impacts on the competiveness of the eurozone;deleted
2013/07/12
Committee: ECON
Amendment 181 #
Motion for a resolution
Paragraph 15
15. Calls on the ECB to pay more attention to the euro exchange rate in order to avoid excessive euro appreciation, which could in turn damage the eurozone;deleted
2013/07/12
Committee: ECON
Amendment 186 #
Motion for a resolution
Paragraph 16
16. Underlines the importance of supporting the euro as an international currency, and stresses the need to pave the way for a new international monetary order taking into account the new multipolar world economy;deleted
2013/07/12
Committee: ECON
Amendment 204 #
Motion for a resolution
Paragraph 19
19. Stresses the importance of a fruitful cooperation between the ECB and the competent national authorities within the framework of the SSM, in order to ensure an effective and smooth supervision, while guaranteeing full separation between monetary policy and supervision;
2013/07/12
Committee: ECON
Amendment 222 #
Motion for a resolution
Paragraph 23
23. Considers it urgent to approve the establishment of a European Resolution System in order to protect depositors and prevent fur, to reinforce the stability of ther banking crisessystem as well as to prevent the "too big to fail" syndrome ;
2013/07/12
Committee: ECON
Amendment 223 #
Motion for a resolution
Paragraph 23
23. Considers it urgent to approve the establishment of a European Resolution System and Authority in order to protect depositors and prevent further banking crises;
2013/07/12
Committee: ECON
Amendment 225 #
Motion for a resolution
Paragraph 25
25. Notes that in order to strengthen the stability of the banking system and avoid the development of the ‘too big to fail’ syndrome, consideration should be given to introducing a full separation between deposit and investment banks, on the lines of the ‘Volcker Rule’ in the US;deleted
2013/07/12
Committee: ECON
Amendment 235 #
Motion for a resolution
Paragraph 26 a (new)
26a. Calls on the ECB to publish the summary minutes of the Governing Council meetings, including arguments and voting records;
2013/07/12
Committee: ECON
Amendment 243 #
Motion for a resolution
Paragraph 27 a (new)
27a. Takes the view that the EU institutions, including the ECB, should lead by example in the field of gender balance and that it is essential that the gender representation among leading positions within the ECB be improved in order to better represent European citizens;
2013/07/12
Committee: ECON
Amendment 245 #
Motion for a resolution
Paragraph 27 c (new)
27c. Urges the Member States to incorporate a gender-balance perspective with possibility for positive action on the basis of a balanced gender representation in regard to the appointment of members to the Executive Board; whenever a vacancy arises on the Executive Board, Euro Member States should be encouraged to nominate two candidates, one male and one female, for the vacant position;
2013/07/12
Committee: ECON
Amendment 246 #
Motion for a resolution
Paragraph 27 d (new)
27d. Believes that the principles of gender balance in appointment to leading positions should also apply to the Steering Committee and Advisory Committee of the ESRB as well as the Boards of Supervisors of the ESAs;
2013/07/12
Committee: ECON
Amendment 247 #
Motion for a resolution
Paragraph 27 e (new)
27e. Believes that Member States should also be encouraged to appoint women as governors of the National Central Banks (NCBs) in order to achieve a better gender balance on the Governing Council and the General Council of the ECB as well as on the General Board of the ESRB;
2013/07/12
Committee: ECON