Activities of Costas MAVRIDES related to 2021/2063(INI)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2021
Amendments (31)
Amendment 9 #
Motion for a resolution
Citation 9
Citation 9
— having regard to the EurosystemCB staff macroeconomic projections for the euro area published on 10 June9 September 2021,
Amendment 29 #
Motion for a resolution
Recital B
Recital B
B. whereas, according to Eurostat, the unemployment rate in JulyAugust 2021 stood at 6.98 % in the EU and 7.65 % in the euro area, spread in an uneven way across the EU and within Member States and with unemployment rates among young people and women remaining much higher;
Amendment 33 #
Motion for a resolution
Recital C
Recital C
C. whereas, according to the EurosystemCB staff macroeconomic projections of JuneSeptember 2021, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) will be 1.92.2 % in 2021, and is expected to decrease to 1.57 % in 2022 and 1.45 % in 2023 on average; whereas inflation projections show substantial variance across the euro area;
Amendment 41 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas in 2020, the ECB`s net profit amounted to EUR 1,643 million, compared to EUR 2,366 million in 2019, a drop that is mainly attributable to the significant drop of 50% in interest income generated on the US dollar portfolio;
Amendment 54 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas according to the Spring 2021 Eurobarometer survey, the public support for the European economic and monetary union with one single currency, the euro, was 79 % in the euro area;
Amendment 71 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; highlights that central bank independence should always be complemented by a corresponding level of accountability;
Amendment 75 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives, which include balanced and sustainable economic growth, highly competitive social market economy aiming at full employment and social progress and convergences, and a high level of protection and improvement of the quality of the environment, without prejudice to the objective of price stability;
Amendment 104 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees with the ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’, implying that European and national fiscal policies should continue to aid those households and businesses which were most severely impacted by the pandemic;
Amendment 130 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations, in particular the pandemic emergency longer-term refinancing operations (PELTROs); welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkit;
Amendment 137 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022the COVID-19 crisis phase is over and in any case until at least the end of March 2022; welcomes the ECB’s decision to increase the size of the PEPP from the initial EUR 750 billion to EUR 1,850 billion; stresses the importance of keeping it in place as long as necessary;
Amendment 156 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates at a monthly rate of 20 billion EUR, ending before it starts raising the key interest rates;
Amendment 158 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Welcomes the inclusion of Greek bonds in the PEPP; notes, however, that they are still not eligible under the public sector purchase programme (PSPP) despite the significant progress made; calls on the ECB to reassess the eligibility of Greek bonds under the PSPP and to provide specific recommendations well in advance of the conclusion of the PEPP for their inclusion in the PSPP;
Amendment 159 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Welcomes the ECB’s decision to continue reinvesting in full the principal payments from maturing securities purchased under APP for as long as necessary to maintain favourable liquidity conditions;
Amendment 171 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and address this upward trend and its consequences more attentively; believes that the absence of an arithmetic reference complicate the interpretation of the deviations from the target; notes that the medium-term orientation of the monetary policy strategy allows for inevitable short-term deviations of inflation from the target; notes that inflation rose to a decade-high 3 % in August 2021, driven by temporary factors such as the base effect of energy prices, supply chain bottlenecks and the recovery after a dramatic recession; calls on the ECB to monitor attentively price developments; echoes that, according to the ECB’s Survey of Professional Forecasters, medium-term inflation expectations remain firmly anchored;
Amendment 180 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Echoes President Lagarde’s call not to overreact to transitory supply shocks that have no bearing on the medium term, and for monetary policy to remain focused on steering the economy safely out of the pandemic emergency;
Amendment 181 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Expects the ECB’s key interest rate to remain at present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projected horizon and durably for the rest of the projected horizon;
Amendment 186 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes the ECB’s decision to include the costs related to owner-occupied housing in the HICP to better represent the inflation rate that is relevant for household; considers, however, that HIPC in its current definition reflects the evolution of actual expenditure made by households on goods or services;
Amendment 187 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes the ECB’s decision to include the costs related to owner-occupied housing in the HICP to better represent the inflation rate that is comparable and relevant for households, as housing costs have been continuously rising;
Amendment 204 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that this should be reflected in its policies together with adhering to its mandate of supporting general economic policies of the union, specifically in this case the achievement of a climate-neutral economy by 2050;
Amendment 225 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework; welcomes the ECB’s economy-wide climate stress test, which was developed to assess the resilience of banks and corporations to transition and physical risks arising from climate change;
Amendment 256 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Underlines that efforts to introduce green bond standards should be aimed at improving the amount of green bonds issued in the EU;
Amendment 280 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines the pivotal role of micro, small and medium-sized enterprises (SMEs) in the EU economy, economic and social convergence and employment; stresses that SMEs have been severely hit by the economic crisis caused by the COVID-19 pandemic, which has led to a serious deterioration in their economic turnover and their access to finance; calls on the ECB to step up its efforts on financing and access to credit for SMEs;
Amendment 290 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Is concerned about the risks caused by the serious delay in completing the third pillar of the banking union and repeats its calls for its swift completion; welcomes the ECB’s long-standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS);
Amendment 303 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro which include concerns for privacy, security, usability, low cost and accessibility;
Amendment 312 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks in line with a new European Cyber defence policy and a European Cyber defence act as proposed by the Commission;
Amendment 319 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls on the ECB to step up its monitoring of the development of crypto- currencieassets and the related risks in terms of cybersecurity and, money laundering terrorism financing and other criminal activities related to the anonymity provided by crypto-assets;
Amendment 324 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Calls on the ECB to ensure an adequate balance between allowing regulatory financial innovation in the FinTech area and ensuring financial stability and to assess the possible need of Central Bank digital currency;
Amendment 327 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24 b. Is concerned about the unfair clauses and practices employed by the banking sector in consumer contracts and stresses the need for the effective and swift implementation by all Member States of the Directive93/13/EEC on unfair terms; Call the ECB to contribute actively towards this by using all means in place, leading to fair competition;
Amendment 331 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Is concerned by the ECB’s lack of responsiveness to the proposal adopted by the Conference of Presidents of the European Parliament of an interinstitutional agreement between the European Parliament and the ECB and urges to ECB to take action swiftly;
Amendment 334 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB; recognises the steps taken by the ECB; repeats its call to launch negotiations on a formal iInteri- Institutional agreement, whilst ensuring the ECB’s independence which goes hand in hand with its accountability;
Amendment 348 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Reiterates that the nominations of the Executive Board members should be prepared carefully and take a gender- balanced approach, with full transparency and together with Parliament, in line with the Treaties and according to paragraph 4 of the European Parliament’s Resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations, in which the European Parliament commits itself not to consider shortlists that do not respect the gender balance principle;