[ParlTrack]

Proposal for a regulation
Recital 5 a (new)

(5a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely (i) a Union strategy for growth and jobs,(ii) an effective framework for preventing and correcting excessive budgetary positions (the Stability and Growth Pact),(iii) a robust framework for preventing and correcting macro-economic imbalances focusing on vulnerabilities, competitiveness losses and high debt levels of Member States,(iv) enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board) and (v) a credible permanent crisis resolution mechanism.

2011/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 7 a (new)

(7a) An assessment of the sustainability of public finances, including the debt level, debt profile (including maturity), ageing costs and debt dynamics should be more strongly taken into account in the pace of convergence towards Member-State- specific medium-term budgetary objectives to be included in the Stability and Convergence Programmes.

2011/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation
Recital 12

(12) In order to ensure compliance with the fiscal surveillance framework of the Union for participating Member States, a specific enforcement mechanism should be established on the basis of Article 136 of the Treaty for cases where a persistent and significant deviation from prudent fiscal pothe implementation of the rules- based framework under the Stability and Growth Pact, the Commission and the Council shall take due account of the complementary framework of the European Financial Stability Facility (“EFSF”) or other permanent crisis mechanism set up under Article 136(3) TFEU (“European Stabilicty ~~making prevails~~Mechanism”).

2011/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation – amending act
Article 1 – point 1 c (new) – point b

Regulation (EC) No 1466/97
Article 2a – paragraph 3

~~[Current text of Article 2a (3)of Regulation (EC) No 1466/97: A Member State’s~~(b) the third paragraph is replaced by the following: "The medium-term budgetary objective ~~can~~shall be revised every three years and in any case when a major structural reform is implemented ~~and in any case every four years~~[...]."

2011/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation – amending act
Article 1 – point 1 d (new)

Regulation (EC) No 1466/97
Section 1A a (new)

1d. The following section is inserted: "Section 1Aa NATIONAL OWNERSHIP Article 2aa Each participating Member State shall incorporate the objectives of the Stability and Growth Pact into national law. Participating Member States shall establish a medium- term budgetary framework, with a fiscal planning horizon of at least three years, with a view to helping them produce a meaningful medium-term objective. For participating Member States, independent statistics and national fiscal policy rules or institutes/ bodies shall ensure an informed national debate on current structural budget positions and on the medium-term objective as set out in this Regulation. Participating Member States shall establish national numerical fiscal rules that effectively promote compliance with their respective obligations deriving from the TFEU. Such national numerical fiscal rules shall be fully consistent with, and complementary to, the medium-term objective. Participating Member States shall elaborate national budgetary frameworks that ensure compliance with the objectives of the Stability and Growth Pact. The elaboration of national budgetary frameworks shall be undertaken through national law. In elaborating their national budgetary frameworks, each participating Member State shall, where appropriate, go beyond the minimum requirements as specified in Council Directive 2011/.../EU on the requirements for budgetary frameworks of the Member States. Each participating Member State shall endeavour to obtain parliamentary approval. Where there has been no such parliamentary approval, this shall be specified in the stability programme. Member States shall take into account guidance and recommendations from the Council and the Commission, in particular when preparing their budgets, and appropriately involve national parliaments in the economic policy coordination procedures. When submitting the draft budget to the national parliament, Member States shall also submit any opinion of the Council or the Commission on the stability programme and, in the event of significant deviation from prudent fiscal policy making as referred to in the fourth subparagraph of Article 5(1) of this Regulation, the recommendation of the Commission, accompanied by an explanation of how those opinions and recommendations have been taken into account."

2011/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b a (new)

Regulation (EC) No 1466/97
Article 3 – paragraph 2 a (new)

(ba) In Article 3, the following paragraph is inserted: "2a. The stability programme shall be based on realistic and cautious macroeconomic and budgetary forecasts using the most up-to-date information. Budgetary planning shall be based on the most likely macro-fiscal scenario or on a more prudent scenario that highlights in detail deviations from the most likely macro-fiscal scenario. The macroeconomic and budgetary forecasts shall be prepared taking into account the Commission forecasts and those of other independent bodies as appropriate. Significant divergences between the chosen macro-fiscal scenario and these forecasts shall be explained in the stability programme and shall serve as a reference when forecast errors are assessed ex post."

2011/02/15
Committee: ECON

Astrid LULLING

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) no 1466/97
Article 5 – paragraph 1 – subparagraph 5 a (new)

The prudent medium-term rate of GDP growth should be equal to the rate of potential growth calculated over a medium-term time horizon, decreased by a margin of safety. The rates of potential growth would be calculated at the national level, based on a standardised framework defined by the European Commission. The detailed calculations would be documented in the respective Stability [and Convergence] programmes.

2011/02/15
Committee: ECON

Activities of Astrid LULLING related to 2010/0280(COD)

Plenary speeches (2)

Amendments (7)

ParlTrack - 2011-2024