[ParlTrack]

Proposal for a regulation
Recital 2 a (new)

(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which should be coherent with each other, namely a Union strategy for growth and jobs, an effective framework for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances focusing on vulnerabilities, competitiveness losses and high debt levels of Member States, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board) as well as a credible permanent crisis resolution mechanisms.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 2 b (new)

(2b) The complete economic governance framework should complement and be compatible with a Union strategy for growth and jobs which aims at boosting the Union's competitiveness and social stability.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 2 c (new)

(2c) The European semester for economic policy coordination should play a vital role in implementing the requirement under Article 212(1) of the Treaty on the Functioning of the European Union (TFEU) that Member States regard their economic policies as a matter of common concern and that they coordinate them accordingly. Transparency and independent oversight are an integral part of enhanced economic governance and should therefore be enhanced at European and national level. The Council and the Commission should make public and set out the reasons for their positions and decisions at appropriate stages of the economic policy coordination procedures. The national budgetary frameworks should enhance the role of independent fiscal bodies and ensure the publication of transparent fiscal statistics.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 4 a (new)

(4a) A permanent crisis mechanism or body, managed under Union rules and financed in particular with the revenues of the fines, should be established.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 4 b (new)

(4b) Since the adoption of that European Parliament resolution, the European Council has called, in its conclusions following its meeting of 28 and 29 October 2010 as well as of 16 and 17 December 2010, to "establish a permanent crisis mechanism to safeguard the financial stability of the euro area as a whole” by amending Article 136 TFEU (the “European Stability Mechanism”)".

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 6

(6) Prudent and sustainable fiscal policy- making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 7

(7) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy-making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) of the Treaty.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 11

(11) A possibility should be provided for the Council to reduce or to cancel the sanctions imposed on Member States whose currency is the euro on the basis of a Commission proposal following a reasoned request by the Member State concerned. In the corrective part of the Stability and Growth Pact, the Commission should also be able to propose to reduce the size of a sanction or to cancel it on grounds of exceptional economic circumstances.deleted

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 12

(12) The non-interest-bearing deposit should be released upon correction of the excessive deficit while the interest on such deposits and the fines collected should be ~~distributed among Member States whose currency is~~allocated to the eEuro ~~which do not have an excessive deficit and which are not the subject of an excessive imbalance procedure either.~~pean Financial Stability Mechanism or other permanent crisis mechanism established under Article 136(3) TFEU

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 2 a (new)

Article 2a [European Stability Mechanism] A European Stability Mechanism shall be established with the aim of safeguarding financial stability of the euro area as a whole and reinforce budgetary discipline among Member States. The interest earned by the Commission on deposits lodged and fines collected in accordance with [Articles 3, 4 and 5 of this Regulation, Article 12 of Regulation (EC) No 1467/97 and Article 3 of Regulation (EU) No .../2010 on enforcement measures to correct excessive microeconomic imbalances in the euro area] shall be credited to the European Financial Stability Facility and, upon the establishment of the European Stability Mechanism or any other permanent crisis mechanism, to such Mechanism. It shall be: (a) managed under Union rules; and (b) used for the purposes of such permanent crisis mechanism. The European Stability Mechanism may have additional financial resources through contributions from Member States.

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 3 – paragraph 4

4. By derogation from paragraph 2, the Commission, following a reasoned request by the Member State concerned addressed to the Commission within ten days of adoption of the Council recommendation referred to on paragraph 1, may propose to reduce the amount of the interest- bearing deposit or to cancel it.deleted

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 4 – paragraph 4

4. By derogation from paragraph 2 of this Article, the Commission may, on grounds of exceptional economic circumstances or following a reasoned request by the Member State concerned addressed to the Commission within ten days of adoption of the Council decision in accordance with Article 126(6) of the Treaty, propose to reduce the amount of the non-interest- bearing deposit or to cancel it.deleted

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 5 – paragraph 4

4. By derogation from paragraph 2 of this Article, the Commission may, on grounds of exceptional economic circumstances or following a reasoned request by the Member State concerned addressed to the Commission within ten days of adoption of the Council decision in accordance with Article 126(8) of the Treaty, propose to cancel or to reduce the amount of the fine.deleted

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 7 – paragraph 1

The interest earned by the Commission on deposits lodged in accordance with Article 4 and the fines collected in accordance with Article 5 shall constitute other revenue referred to in Article 311 of the Treaty, and shall be distributed, in proportion to their share in the gross national income of the eligible Member States, among Member States whose currency is the euro which do not have an excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…be credited to the mechanism referred to in Article [2b].

2011/02/16
Committee: ECON

Astrid LULLING

Proposal for a regulation
Article 8 a (new)

Article 8a 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 State concerned for comments. 3. The Commission shall, in the context of dialogue visits, review the actual economic situation in the Member State and identify any risks or 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 only in exceptional cases and only where there are significant risks or difficulties in achieving those objectives. The Commission should invite representatives of the European Central Bank or, as the case may be, of national central banks, or other relevant institutions to participate in surveillance visits. 5. The Commission shall inform the Economic and Financial Committee of the reasons for the surveillance visits. 6. Member States shall take all necessary measures to facilitate the 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 the dialogue and surveillance visits.

2011/02/16
Committee: ECON

15 Amendments of Astrid LULLING related to 2010/0278(COD)

ParlTrack - 2011-2024