Activities of Marco VALLI related to 2015/2115(INI)
Plenary speeches (2)
European Central Bank annual report for 2014 (A8-0012/2016 - Notis Marias) IT
European Central Bank annual report for 2014 (debate) IT
Shadow reports (1)
REPORT on the European Central Bank Annual Report for 2014 PDF (279 KB) DOC (96 KB)
Amendments (28)
Amendment 2 #
Motion for a resolution
Recital A
Recital A
Amendment 5 #
Motion for a resolution
Recital B
Recital B
B. whereas, according to the same forecast, unemployment in the euro area is expected to record a slow decrease, from 11.6 % at the end of 2014 to 10.5 % at the end of 2016; whereas there are major disparities between the unemployment rates in different Member States, with figures ranging from 6.4 % in Germany to 26.6 % in Greece;
Amendment 12 #
Motion for a resolution
Recital C
Recital C
Amendment 18 #
Motion for a resolution
Recital D
Recital D
Amendment 65 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Deplores the existence of the euro as single currency imposing fixed exchange rates on 19 Member States with too many differences in a suboptimal currency area;
Amendment 66 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Is concerned at the adverse effect of the euro on the balance of payments, generating excessive surpluses in countries such as Germany and the Netherlands that are not, moreover, being penalised as they should be under the Macroeconomic Imbalance Procedure;
Amendment 81 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Acknowledges that, in reaction to a complex environment of falling inflation, contraction of credit and sluggish economic growth, and with its interest rates close to the zero lower bound, the ECB resorted to non-conventional monetary policy instruments that proved ineffective in stimulating economic recovery;
Amendment 87 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls for the introduction of new unconventional monetary policy instruments, such as QE for people, that are more effective in financing the real economy;
Amendment 88 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Is concerned that the ABS market is becoming more risky and less transparent; regrets that the ECB itself is responsible for greater systemic risk, an increase in inequalities and a growing risk of speculative bubbles;
Amendment 89 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Notes that LTROs, TLTROs, ABSPPs and QE have been unsuccessful because the huge influx of liquidity on the markets has remained stagnant in the financial system and has been used by banks for speculative activities such as carry trade in Government bonds instead of financing and supporting the real economy;
Amendment 105 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 120 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that the current slow recovery is determined partly by crude oil prices and economic trends in China;
Amendment 138 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 154 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery in somebudgetary limits based on numerical constraints with no economic rationale have aggravated the impact of the crisis, making recovery impossible in many Member States;
Amendment 172 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Expresses strong reservations regarding the role assumed by the ECB in the context of the SSM as the European systemic bank watchdog body, given that this could lead to possible conflicts of interest; deplores the fact that a large part of the German banking system, comprising the national banks, has remained outside SSM supervision and control;
Amendment 173 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Regrets that the main objective of the ECB is price stability and not full employment;
Amendment 174 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Considers that the ECB should be the lender of last resort;
Amendment 179 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. NotesExpresses concern that austerity policies in a number of Member States have contributed tobeen responsible for stagnation and recession, with damaging effects on euro area members’ public accounts, levels of unemployment and social cohesion;
Amendment 188 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Considers it necessary for Member States to recover their fiscal and monetary autonomy, so as to conduct the necessary expansionary economic policy and making the public investments necessary to support growth in line with their specific national requirements;
Amendment 189 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. WelcomNotes the step forward taken by the ECB in publishing the minutes of its meetings, and look forward to the announcement of further steps to improve the transparency of its communication channels; considers that still further progress can be made, especially with regard to SSM;
Amendment 196 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recalls that the monetary dialogue is an important opportunity to ensure the transparency of monetary policy, vis-à-vis Parliament and the wider public and therefore urges the representatives of the ECB to give precise and detailed replies to questions by MEPs; calls on ECB officials also to provide additional information in writing where answers given during the discussions are not fully satisfactory and/or comprehensive;
Amendment 202 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that the ECB’s supervisory role and its monetary policy function must not be confused and should not generate any conflict of interest in its execution of its principal functions; considers therefore that the best solution would be to entrust oversight to a separate body that is independent of the ECB;
Amendment 219 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Regrets the fact that the ECB is, through the euro, undermining the principle of self-determination of the peoples in the euro area by imposing economic policy in the name of financial market stability, regardless of the democratic will that should govern it, rather than being governed by it;
Amendment 261 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that the current structure of the Banking Union should be complemented in the futuras soon as possible with a single mechanism to fully guarantee bank deposits at European level, aimed at avoiding capital flight in the event of a future banking crisis;
Amendment 269 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Considers therefore that the best solution would be to entrust oversight to a separate body independent of the ECB once the SSM mechanism is established;
Amendment 270 #
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27b. Considers it necessary to implement as soon as possible the structural reform of banks, with a clear and compulsory separation between retail and investment activities to reduce interdependencies and risks in the banking sector and increase its resilience; deplores the lack of interest shown by the European institutions in proceeding with such reform;
Amendment 271 #
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27c. Regrets that the first asset quality review exercise produced uneven and non-comparable results, penalising banks that have provided funding for the real economy and rewarding, banks with greater systemic risk (for example the German DB with EUR 54 trillion in derivatives that is not considered a risk to the European economic system); regrets that the differences in derivatives reporting are resulting in different risk profiles between Member States, placing certain banks at a comparative advantage; calls for a harmonised European asset quality review framework as part of the SSM;
Amendment 273 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. WelcomStrongly deplores the capital market union project and its potential contribution to reducing excessive dependence of euro area economibecause further financialisation would make the economic system more fragile, interconnected and exposed to systemic risks and to fresh crises onat the banking systemexpense of growth and the real economy;