BETA

32 Amendments of Nils TORVALDS related to 2017/2124(INI)

Amendment 33 #
Motion for a resolution
Recital D
D. whereas the ECB has missed its 2 % inflation targetinflation in the Eurozone has been significantly below 2 % in each of the four years since 2013 and forecasts that it will not reach this target beforestay below 2 % until 2020;
2017/09/18
Committee: ECON
Amendment 45 #
Motion for a resolution
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015;
2017/09/18
Committee: ECON
Amendment 69 #
Motion for a resolution
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which in its ruoles out national vetoes, enabling it to act decisively in addressing the crisis as the euro area´s monetary authority;
2017/09/18
Committee: ECON
Amendment 81 #
Motion for a resolution
Paragraph 2
2. Gives a positive assessment of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systems but stresses its concern regarding the potential consequences of a negative interest rate policy for individual savers and the financial equilibrium of pension schemes as well as about the build up of asset bubbles due to quantitative easing;
2017/09/18
Committee: ECON
Amendment 114 #
Motion for a resolution
Paragraph 4
4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level ofNotes that the inflation in the Eurozone is expected to remain below 2 % until at least 2020 despite pursuing a verya accommodative monetary policy, which indicates that the economy is not operating at full capacity by the ECB;
2017/09/18
Committee: ECON
Amendment 120 #
Motion for a resolution
Paragraph 5
5. Acknowledges that without the ECB’s policy package, inflation would be almost 0.5 % lower on average than the rate currently projected for the years 2016-2019;deleted
2017/09/18
Committee: ECON
Amendment 138 #
Motion for a resolution
Paragraph 6
6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancinga balanced mixed between fiscal policies and growth enhancing structural reforms are required;
2017/09/18
Committee: ECON
Amendment 147 #
Motion for a resolution
Paragraph 7
7. Believes that additional policy measures should be considered in order to move closer and more rapidly towards the inflation objective, including an increase in monthly purchases, the inclusion of equity purchases in the APP and the extension of the TLTRO programme to households through zero-coupon perpetual loans;deleted
2017/09/18
Committee: ECON
Amendment 167 #
Motion for a resolution
Paragraph 8
8. Asks the ECB to consider complementing its price stability objective with nominal GDP growth targeting;deleted
2017/09/18
Committee: ECON
Amendment 191 #
Motion for a resolution
Paragraph 10
10. Notes that GDP growth in the Eurozone has been stable but modest, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at least 2019;
2017/09/18
Committee: ECON
Amendment 214 #
Motion for a resolution
Paragraph 12
12. Underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and households but stresses that monetary policy will fall short if not complemented by growth-enhancing structural reforms;
2017/09/18
Committee: ECON
Amendment 221 #
Motion for a resolution
Paragraph 13
13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far;been affected by the fall in oil prices
2017/09/18
Committee: ECON
Amendment 230 #
Motion for a resolution
Paragraph 14
14. Considers that the single monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commission;cannot stimulate aggregate demand unless it is complemented by sound fiscal policies and ambitious growth enhancing structural reform programmes at Member State level; recalls that the main benefit of monetary policy is to safeguard price stability in order to guarantee a stable environment for investment; considers that monetary policy is not the appropriate tool to solve the structural problems of the European economy
2017/09/18
Committee: ECON
Amendment 247 #
Motion for a resolution
Paragraph 14 a (new)
14 a. Recognises that the implementation of structural reforms must be stepped up substantially to increase the resilience of the Member States' economy, reduce structural unemployment and boost euro area growth potential and productivity;
2017/09/18
Committee: ECON
Amendment 248 #
Motion for a resolution
Paragraph 14 a (new)
14 a. Agrees with the ECB that all Eurozone countries would benefit from intensifying efforts towards achieving a more growth-friendly composition of public finances;
2017/09/18
Committee: ECON
Amendment 252 #
Motion for a resolution
Paragraph 15
15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate how this phenomenon is slowing the recovery and explore ways to stimulate demand in spite of wage stagnationmany Eurozone continues to suffer from a high level of unemployment and more should be done to tackle youth unemployment and to create high quality jobs;
2017/09/18
Committee: ECON
Amendment 263 #
Motion for a resolution
Paragraph 15 a (new)
15 a. Notes with concern that the Eurozone continues face a low level of productivity growth following a lack of investment since the beginning of the crises;is concerned that the still high level of public debt and large numbers of non- performing loans in the banking sector in some Member States are still fragmenting the financial markets, thus reducing room to manoeuvre to support the most fragile economies
2017/09/18
Committee: ECON
Amendment 280 #
Motion for a resolution
Paragraph 16
16. Stresses that the MIP foresees actions if excessive current account surpluses in some Member States must be corrected through appropriate fiscal policieare detrimental to others;
2017/09/18
Committee: ECON
Amendment 292 #
Motion for a resolution
Paragraph 17
17. Points out that even though M1 grew at a rate of 8.8 % in 2016, M3 continues to grow at just 5 % per year, which shows that the transmission of monetary policy is not fully effective;deleted
2017/09/18
Committee: ECON
Amendment 298 #
Motion for a resolution
Paragraph 18
18. Acknowledges that monetary policy has effectively reduced the cost of credit and helped to improve access to finance for companies and households; considers, however, that the effect of this policy is limited owing to the lack of sufficient credit demand in the euro area;deleted
2017/09/18
Committee: ECON
Amendment 321 #
Motion for a resolution
Paragraph 20
20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding; and that the European banking sector is characterized by diversity, not least as a result of national specificities, but because it contributes to the stability of the financial system
2017/09/18
Committee: ECON
Amendment 337 #
Motion for a resolution
Paragraph 21
21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States which would include strict conditionality on progress in Member States regarding insolvency law or banks' governance;
2017/09/18
Committee: ECON
Amendment 358 #
Motion for a resolution
Paragraph 23
23. Calls the ECB’s attention to the need for the sufficiently wide coverage of recent stress tests vis-à-vis the resolution or liquidation of certain banks; calls the ECB as overseer of financial market infrastructures to assess constantly the resilience of the individual cyber security systems, the network as a whole but also its own system;
2017/09/18
Committee: ECON
Amendment 391 #
Motion for a resolution
Paragraph 26
26. EncouragesTakes note of the possibility for the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change;
2017/09/18
Committee: ECON
Amendment 405 #
Motion for a resolution
Paragraph 27
27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; is of the opinion that the CMU plays a key role in expanding the pool of capital in the EU; calls for the full and timely completion and implementation of the capital markets union and the banking union;
2017/09/18
Committee: ECON
Amendment 416 #
Motion for a resolution
Paragraph 28
28. Welcomes the positive opinion of the ECB on the quickConsiders that establishment of the European deposit insurance scheme (EDIS) as the third pillar of a fully-fledged banking union; stresses that the EDIS willcould further help to enhance and safeguard financial stability; underlines the importance of risk reduction measures preceding further risk sharing
2017/09/18
Committee: ECON
Amendment 422 #
Motion for a resolution
Paragraph 29
29. Underlines the urgent need to proceed towards establishing a truly European safe asset for the Eurozone’s banking union;deleted
2017/09/18
Committee: ECON
Amendment 443 #
Motion for a resolution
Paragraph 31
31. Agrees with the ECB on the importance of physical money as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes must not be rejected in transactions;
2017/09/18
Committee: ECON
Amendment 469 #
Motion for a resolution
Paragraph 33
33. UrgeAsks the ECB to support Greece, for example through ensuring the eligibility of Greek companies for the CSPP and the inclusion of Greek sovereign bonds in the APPcontinue providing the necessary support with any Member State of the Eurozone or to the area as a whole in accordance with the Treaty;
2017/09/18
Committee: ECON
Amendment 494 #
Motion for a resolution
Paragraph 35
35. Believes that ECB profits from seigniorage revenue shcould be considered an EU budgetary resource, since they are directly linked to a fully developed, sui generis European policy;
2017/09/18
Committee: ECON
Amendment 513 #
Motion for a resolution
Paragraph 36
36. Considers that the ECB’s growing number of responsibilities and tasks necessitate greater ECB transparency and accountability towards Parliamentgoes hand in hand with a growing accountability towards Parliament in association with the CJEU, the European Ombudsman, the European Court of Auditors, the OLAF and the European Data Protection Supervisor;
2017/09/18
Committee: ECON
Amendment 520 #
Motion for a resolution
Paragraph 36 a (new)
36 a. Is aware of the growing expectation among the citizens in terms of accountability;considers that accountability of the euro area tasks should be done by a euro area composition of the European Parliament;
2017/09/18
Committee: ECON