8 Amendments of Bernard MONOT related to 2017/0810(COD)
Amendment 15 #
Proposal for a decision
Recital 4
Recital 4
Bank (4) Significant developments at both global and European level are expected to increase the risk that disturbances affecting clearing systems, in particular central counterparties (CCPs), threaten the smooth operation of payment systems and implementation ofhence the sfingle monetary policy, ultimately affectingancial stability of the Eeurosystem’s primary objective of maintaining price stability area Member States.
Amendment 20 #
Proposal for a decision
Recital 7
Recital 7
Bank (7) In order to address these issues, on 13 June 2017 the Commission presented its legislative proposal seeking to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurospean System as cof Central bBank of issue for the euro can carry out the role envisaged by the legislative proposal, it is of utmost importance that it has the relevant powers under the Treaty and the Statute of the ESCB. In particular, the Eurosystems can nevertheless carry out the role of lender of last resort to market infrastructures, it is of utmost importance that it has the relevant powers. In particular, the ESCB national central banks should each have regulatory powers to adopt binding assessments and require remedial action, in close cooperation with the other Union authoritiesnational central banks concerned. Moreover, where necessary to protect the stability of the euro, the ESCB national central banks should also have the regulatory powers to adopt additional requirements for CCPs involved in the clearing of significant amounts of euro- denominated transactions.
Amendment 25 #
Proposal for a decision
Recital 8
Recital 8
Bank (8) Article 22 of the Statute of the ESCB is part of Chapter IV ‘Monetary functions and operations of the ESCB’. TheSince the new tasks conferred therein should accordingly onlywill not be used only for monetary policy purposes, Chapter IV should accordingly become 'Functions performed by the ESCB'.
Amendment 32 #
Proposal for a decision
Recital 9
Recital 9
Bank (9) For these reasons, the ESCB national central banks should be granted regulatory competence over clearing systems, in particular CCPs, by means of an amendment to Article 22 of the Statute of the ESCB,
Amendment 34 #
Proposal for a decision
Recital 9 a (new)
Recital 9 a (new)
Bank (9a) The reconsideration of the ESCB Statute serves to demonstrate, moreover, that the ECB and the ESCB national central banks are intrinsically no different from the American Federal Reserve, the Bank of Japan, the Bank of China, and others: in addition to the declared objective of monetary stability, the ECB and the ESCB national central banks pursue the equally important aim of bringing about convergence towards full employment and maintaining the expansion of economic activity at an optimum level.
Amendment 35 #
Proposal for a decision
Recital 9 b (new)
Recital 9 b (new)
Amendment 36 #
Proposal for a decision
Recital 9 c (new)
Recital 9 c (new)
Bank (9c) In particular, national central banks should reach agreement with the democratically elected authorities in their Member States on the best way to continue the operations of buying back and sterilising national government debt in order to free euro area Member States from the debt trap, which, having been created artificially, has gradually tightened up over several decades.
Amendment 43 #
Proposal for a decision
Article premier – paragraph 1
Article premier – paragraph 1
Statute of the European System of Central banks and of the European Central Bank
Article 22
Article 22
Bank The ECB and national central banks may provide facilities, and the ECB and national central banks may make regulations, to ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries. In addition to monetary stability, national central banks shall have the task of contributing to convergence of the Member States' economies towards full employment and of helping to establish optimum economic growth. These national central bank tasks shall be closely coordinated with the democratically elected authorities of each Member State.