Activities of Marco VALLI related to 2017/2114(INI)
Plenary speeches (3)
Economic policies of the euro area (debate) IT
Economic policies of the euro area (debate) IT
Economic policies of the euro area (debate) IT
Shadow reports (1)
REPORT on the economic policies of the euro area PDF (450 KB) DOC (102 KB)
Amendments (31)
Amendment 12 #
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission's forecasts, the GDP growth rate for the euro area was 1.8 % in 2016 and is set to remain steady at 1.7 % in 2017 and at 1.9 % in the EU overall, surpassing pre- crisis levels while still being insufficientfall to 1.7 % in 2017, while it should remain constant at 1.9 % in the EU overall, which is seriously insufficient to sustain economic recovery;
Amendment 24 #
Motion for a resolution
Recital B
Recital B
B. whereas the euro area and EU28 unemployment rates were 9.3 % and 7.8 % respectively in April10 % in April 2017 and 8.5 % in 20176, their lowest rates since March 2009 and December 2008us remaining at unacceptable levels; whereas significant differences in unemployment rates remain across the EU ranging between 3.24.1 % and 23.26 %;
Amendment 34 #
Motion for a resolution
Recital C
Recital C
C. whereas the EU’s excessively low productivity and global competitiveness calls forcombination of structural reforms, continuedunsustainable fiscal efforts and investment in Member States in order to bring about sustained growth and employment and achieve upward convergence with other global economies and within the EUstringent limits on public investment has had a destructive impact on growth and employment, accelerating divergence within the Union and from the main global economies;
Amendment 45 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the current account surpluses in some countries continue to far exceed economic fundamentals and to exceed the alert threshold of 6% of GDP for current account surpluses provided for by the Macroeconomic Imbalance Procedure;whereas in particular the large current account surplus in Germany further increased during 2015 and 2016, attaining nearly 9% of GDP, due to a constant increase in the balance in previous years;
Amendment 49 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas the single currency prevents normal competitiveness adjustments between countries by means of fluctuations in exchange rates and deprives them of basic economic policy tools to absorb economic shocks, thus obstructing recovery and exacerbating the disparities and imbalances between countries at the centre and on the periphery;
Amendment 52 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas the austerity policies which for years have been promoted by the Commission have had a very depressing and destabilising impact on the economy, causing domestic demand to collapse, and bringing about rapid rises in unemployment, poverty and socioeconomic diparities;
Amendment 61 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the goodExpresses its concern about the paltry performance of the European economy, supported by moderacharacterised by limited GDP growth, and decreasing, yet still high, unemployment ratesrtificially inflated by the extraordinary policies of the ECB, and by unemployment rates that remain excessively high; notes that the modest recovery remains fragile and that the development of GDP per capita is close to stagnation;
Amendment 75 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that Europe harbours untapped economic potential as growth and employment are advancing unevenly; underlines that this is the result of the heterogeneous performance ofconditions in the Member States’ economies; emphasises that the implementation of structural reforms in the Member States could facilitate and reflects persistent competitive imbalances within the euro area; emphasises that, for some countries, a departure from monetary union could represent the only practicable option to restore the competitiveness which has been undermined and the essential conditions for at least 1 % higher growthing recovery;
Amendment 126 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that the uneven growth and employment situation in the euro area requires better coordination of structural reforms, in particular through improved implementation of the country-specific recommendations (CSR)greater freedom for Member States to intervene to suport demand and employment, in particular through the autonomous pursuit of anticyclical economic policies planned on the basis of the specific characteristics and requirements of their economies and populations;
Amendment 141 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is of the opinion that legacies from the crisis such as a high level of indebtedness in all sectors of the economy still act as a drag on growth and pose potential risks; is concerned in this regard that the persistently, however, that the emphasis placed on the high level of non- performing loans in some Member States could have significant spill-over effects from one Member State to another, pres, with the parallel under-valuation of the risks associated with illiquid securities transactions, is generating strong asymmetries between Member States, bringing excessive pressure to bear on banking systems specialising in traditional lentding a risk to financial stability in Europe, particularly in terms of requests for capital adjustments and rapid disposal of non-performing loans on the market;
Amendment 152 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes with concern, in this context, that the limited attention devoted by European supervisors to the high exposures to illiquid and opaque securities classified as level 2 and level 3 assets in other Member States favours large investment banks which are very exposed to systemic market risks, which currently are paradoxically regarded as more secure than banks which mainly engage in retail credit transactions;stresses that the volume of such illiquid securities, which is estimated to be twelve times that of net non- performing loans, could have grave repercussions, seriously endangering financial stability in Europe;
Amendment 158 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes the view that reformsmassive productive public investment to improve the business climate areis needed to boost productivity and employment in the euro area; underlines in this context the importance of supply-side reformsanticyclical economic policies on the demand side; considers that, to this end, it is necessary to revise the rigid budgetary rules which excessively limit the capacity of Member States to spend;
Amendment 174 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 207 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses that the lack of competitiveness and investment in the EU is linked to a general tax burden that is 10 to 15 % higher than in competing markets, creatingare also compromised by the distorting impact of an opaque and iniquitous tax system under which large multinationals which use aggressive tax planning and tax havens enjoy intolerable tax advantages in comparison with national businesses, particularly SMEs, which for their part face a heavy tax burden due to hindering tax wedges on companies, investments and labour;
Amendment 214 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Stresses, therefore, the importance of shifting the tax burden from employment and SMEs to effective taxation of the profits of multinationals, pollution of the environment and financial speculation;
Amendment 226 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Agrees that the economic upswing needs to be supported by investment and notes that there is still an public investment gap in the euro area; recognises, however,deplores the fact that in some Member States investments already exceedthere is even less investment than before the pre-crisis level;
Amendment 251 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 262 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Takes the view that the European Fund for Strategic Investments (EFSI) has proven to be an inadequate instrument to tackle the investment gap in the EU and to facilitate economic recovery;deplores in particular the emphasis on large infrastructure projects with a major environmental impact which have no real added value for the economy and society;
Amendment 271 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 285 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomDeplores the fact that deficits in the euro area are projected to decline; is concerned, however, that this procthe drastic and constant reduction of deficits in the euro area has resulted in ever higher levels of public indebtedness isn slowing down and agrees that government debt remains too high in some Member Statesome Member States, reflecting the counterproductive impact of austerity policies on the sustainability of public finances and the economy;
Amendment 316 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines that the fiscal stancpolicies at national and euro-area level must balance the long-term sustainability of public finances in full compliance with the Stability and Growth Pact with short-term macroeconomic stabilisatione strongly expansionary, with anticyclical purposes of supporting demand, in order to promote a sound and durable long-term recovery and reduce imbalances within the euro area;
Amendment 335 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Points out that the current aggregate fiscal stance for the euro is broadly neutral and does not presents an appropriate balance of debt sustainability requirements applicable to public finances with support for investment;
Amendment 339 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Emphasises, however, that the aggregate view ignores the heterogeneous situation across Member States and the need to differentiate the fiscal efforts required by each Member Stateconsider introducing effective arrangements to compensate for imbalances and disparities between countries;
Amendment 345 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
Amendment 349 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Considers, however, that, in the absence of adequate compensation schemes, for some countries a departure from monetary union would become an unavoidable option as a way of overcoming the crisis and promoting the recovery of their own economy;considers, in this context, that a democratic procedure urgently needs to be introduced to permit Member States to decide whether to leave or to remain outside monetary union, on the basis of appropriate termination and opt-out clauses;
Amendment 356 #
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 374 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes that the in-depth analysis conducted by the Commission in 2017 under the Macroeconomic Imbalance Procedure shows that 12 Member States are experiencing macroeconomic imbalances of varying nature and severity, while excessive imbalances exist in six Member States; deplores the fact that the Commission has not deemed Germany's never-ending current-account surplus to be 'excessive' and that, in this context, the corrective arm provided for by the procedure has never been used; stresses, however, that that surplus has for years far exceeded the alert threshold and been giving rise to an excessive imbalance which damages the euro area and the European and global economy in general;
Amendment 382 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Highlights that the macroeconomic imbalance procedure is aimed at preventing imbalances within Member States, particularly excessive current-account surpluses, with a view to avoiding negative spill-over effects to other Member States and to the economic stability of the euro area; expresses its concern about the fact that the corrective arm provided for by the procedure has never been used;
Amendment 388 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Considers it of great importance therefore that all Member States which have greater room for manoeuvre take the necessary policy action to address imbalances, in particular high levels of indebtedness, and commit to structural reforms ensuring the economic sustainability of each individual Member Statelarge current- account surpluses, thereby ensurestoring the overall competitiveness and general resilience of the European economy;
Amendment 400 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Considers that the inability of Member States to conduct effective economic policies against the crisis and unemployment is largely due to the unsustainable economic constraints derived from the legal framework of the EU, which hamper economic recovery and aggravate the recession;stresses therefore the urgent need to work towards a radical revision of the EU's current economic governance rules, particularly the Treaties, the Six Pack and the Two Pack, and to revoke the Fiscal Compact, in order to restore governments' ability to tackle the crisis and pursue policies appropriate to the specific requirements of their area and people;
Amendment 407 #
Motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
5b. Opposes the incorporation of the Fiscal Compact into the legal framework of the Union, and calls on Member States to terminate that agreement;