62 Amendments of Marco ZANNI related to 2014/2145(INI)
Amendment 62 #
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission’s autumnwinter forecast, after two consecutive years of unanticipated negative growth, gross domestic product (GDP) in the euro area is expected to rise by 0.8 % in 2014 and by 1.1 % in 2015, meaning that economic recovery remains fragile and that the pre- crisis growth rate will not be regained thisin the next year;
Amendment 88 #
Motion for a resolution
Recital B
Recital B
B. whereas huge differences will continue to prevail between the Member States, also following the Troika’s intervention, with forecasted GDP growth rates in 2014 ranging between -2.8 % in Cyprus and +4.68 % in Ireland reflecting increasingly undermining growing internal divergences;
Amendment 91 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas, according to the Commission's winter forecast, unemployment rate in 2015 and 2016 across the EU and the Eurozone is expected to remain persistently high to alarming levels above 11% and close to 10% respectively;
Amendment 110 #
Motion for a resolution
Recital C
Recital C
C. whereas, according to the Commission’s autumn forecast, investment in the euro area decreased by 3.4 % in 2012, by 2.4 % in 2013 and by 17 % since the pre-crisis period, with the expected rebound rate in 2014 (0.6 %) and that anticipated for 2015 (1.7 %) being very weak; whereas a lack of investment can be just as detrimental to future generations as excessive public debt, the revised winter forecast, substantially confirm those figures and that a recovery of investment activity remains uncertain for the next years;
Amendment 132 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas a quantitative easing program worth about EUR 1.1 trillion was launched by the ECB in order to address the risk of persistent low inflation and revitalize the real economy; whereas the 19 national central banks will buy government bonds of their own Member States and bear the relative risk; whereas the risk sharing regime is limited to 20% of the purchases, of which 12% on the bonds issued by European institutions and only a symbolic and insignificant 8% on the Eurozone government bonds, signalling Member States' lack of political will to accept both advantages and disadvantages that a true single monetary policy would imply;
Amendment 133 #
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas the figures on gross domestic product, investment and unemployment in the Commission's winter forecast substantially confirm those presented in the autumn forecast, reflecting that the Juncker plan and the ECB massive quantitative easing programme are deemed to be largely ineffective;
Amendment 134 #
Motion for a resolution
Recital D c (new)
Recital D c (new)
Dc. whereas, in spite of the unconventional measures undertaken by the ECB since 2010, the transmission mechanism of monetary policy to the real economy remains impaired, reflecting a situation of liquidity trap; whereas according to the IMF October 2014 Outlook, the risk of deflation in the Eurozone has increased up to 30% and some Countries are already experiencing deflation;
Amendment 135 #
Motion for a resolution
Recital D d (new)
Recital D d (new)
Dd. whereas, according to the October 2014 Outlook, the IMF estimated that the probability of a recession in the euro area reached almost 40%, and some Countries are already experiencing recession;
Amendment 136 #
Motion for a resolution
Recital D e (new)
Recital D e (new)
De. whereas the 2008 financial crisis resulted in a massive intervention of European governments in support of the financial sector; whereas, according to the Commission[1] the total state aid granted to the financial sector amounted to more than EUR 5 trillion (40.3% of EU GDP);
Amendment 137 #
Motion for a resolution
Recital D f (new)
Recital D f (new)
Df. whereas, according to the OECD 2012 report, the sustainability of sovereign debt was significantly affected by the extent of explicit or implicit guarantees for bank debt;
Amendment 138 #
Motion for a resolution
Recital D g (new)
Recital D g (new)
Dg. whereas the ratios of public debt to gross domestic product across EU countries have continued to deteriorate despite the implementation of fiscal consolidation programme aimed at bringing public finances on a sustainable path;
Amendment 139 #
Motion for a resolution
Recital D h (new)
Recital D h (new)
Dh. whereas the cuts in public spending deriving from fiscal consolidation plans have resulted in a decline in social protection, while the families at risk of poverty and social exclusion increased to over 25 %;
Amendment 140 #
Motion for a resolution
Recital D i (new)
Recital D i (new)
Di. whereas aggressive tax planning, harmful tax competition and the presence of tax havens within the EU have generated billions of losses in potential revenues to the public finances of several Member States, to the benefit of large corporations, thus undermining the basis of solidarity and fair competition between EU Member States;
Amendment 166 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Believes that the current economic situation calls for urgent, comprehensive and decisive measures to ftackle the threat of deflation or very low inflation, low growth and high unemploymentproblems of high unemployment, chronic lack of demand, low growth and face the threat of deflation or prolonged very low inflation;
Amendment 193 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights the fact that the current economic governance framework does not allow for a proper debate on the economic perspective of the euro area or on an aggregate fisalternatives to bureaucratic budgetary rules based on arbitrary numerical stance and does not address the different economic and fiscal situations on an equal footingrgets, as well as for a debate over the long-term sustainability of the monetary union and proposals for planning an orderly break-up of the Eurozone;
Amendment 206 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Deplores that the existing economic governance framework under the SGP together with the strengthened rules of the 6-pack and 2-pack, constrain the Member States' vital fiscal policy space, depriving them of the only effective macroeconomic tool, in a context of depressed internal demand and ineffectiveness of monetary policy;
Amendment 207 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Believes that the overall economic governance framework is based on the false assumption that fiscal profligacy was the cause of the increase in deficits and debt levels experienced by most Member States; recalls the causal link between the financial crisis and the swift increase of deficit and debt levels determined by the bailouts; stresses that a financial sector based on short term private debt, leverage and systemic risks poses the highest risks on the sustainability of public finances;
Amendment 226 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. NotesFinds it unacceptable that major policy initiatives which includedlargely based on the Commission and Troika policy recommendations were based on biased economic forecasts that had not anticipated the low growth and inflation experienced and have not fully taken into account theand flawed economic models that failed to predict the decline in internal demand, the increase in unemployment, negative growth and historically low inflation experienced; warns that the calculation of the output gap is based on a flawed and obsolete methodology, as reflected in the frequent substantial revisions of the Commission's estimates; highlights that fiscal consolidation and structural reforms have significantly underestimation ofed the size of the fiscal multipliers, the importance of negative spillover effects across countries in a period of synchronised consolidation and the deflationary impact of cumulative structural reforms;
Amendment 249 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the current situation calls for closer and inclusive economic coordination (to increase aggregate demand, improve fiscal sustainability and allow for fair and sustainable structural reforms and related investments) ana radical and a comprehensive strategy change and the urgent abandonment of austerity and harmful structural reforms; insists on the need for swift reactions so as to correct the most obvious fault lines in the economic governance framework;
Amendment 259 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Insists that the economic governance framework should not prevent Member States from adopting the necessary counter-cyclical actions aimed at stimulating internal demand, countering high unemployment, low growth and low inflation;
Amendment 290 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. AcknowledgDeplores that no progress has been made with a debate on the Medium-Term Objective (MTO) and a better ownership of the national debate in euro area Member States, also thanks tosustainability of the deficit and debt criteria, including the Medium-Term Objective (MTO) of a structural budget balance and the 1/20 rule on debt reduction, despite the deleterious effects on the econtribution of the national fiscal councilomic and social conditions;
Amendment 299 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Regrets that the Commission policy recommendations on structural labour market reform resulted in a boom of temporary and part-time jobs with a dramatic impact on unemployment rate, wages and access to bank credit, thus exacerbating the social discontent and people's sense of insecurity;
Amendment 300 #
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Finds it regrettable that consensus over structural reforms based on fiscal austerity has remained strong in spite of their self-defeating effect on the debt-to- GDP ratio; deplores that, on the contrary, a consensus over a structural reform of banks and a stronger regulation on the financial sector remains weak and uncertain, neglecting the enormous incidence of the too-big to fail problem on EU governments' public finances;
Amendment 303 #
Motion for a resolution
Subheading 2
Subheading 2
Amendment 312 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. UnderlinesNotes that all the existing provisions under the Stability and Growth Pact (SGP) which have been put in place to ensure an anti-cyclical policy; finds it regrettable thatwere not put to full use in previous years, highlights however that, even if put to full use, theose provisions weare not put to full use in previous years, in the context of low inflation, low growthsufficiently flexible to ensure an anti-cyclical policy based on the a discretionary use of fiscal policy by Member States facing economic downturn and high unemployment;
Amendment 327 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the factNotes that in its interpretative communication on flexibility, the Commission acknowledges that the way in which the current fiscal rules are interpreted is crucial in bridging the investment gap in the EU and implementing growth-enhancing structural reforms; recalls that also the correct interpretation of economic data, a sound methodology and appropriate economic models are crucial and hence should be radically revised;
Amendment 346 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Supports allConsiders the incentives to finance the new European Fund for Strategic Investments (EFSI), mainly by making national contributions to the fund fiscally neutral as regards the SGP; calls for further clarification regarding the concrete treatment of these contributions in accordance with the new paradigm set out in the communication as a positive step forward; believes that the same treatment shall be granted to all public investments which would have a great impact on the internal demand, job creation and growth;
Amendment 375 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the communication righinsufficiently broadens the scope of the investment clause, allowing for flexibility in the preventive arm of the SGP to accommodate investment programmes by the Member States, in particular as regardslimited to expenditure on projects under structural and cohesion policy, including the Youth Employment Initiative, trans- European networks and the Connecting Europe Facility, and co- financing under the EFSI; believes that this approach must be urgently reassessed to be symmetrically applied to the corrective arm of the SGPinclude in the investment clause all public investments that are deemed to have a positive economic impact on internal demand, job creation and inclusive growth and to generate positive social spillovers;
Amendment 384 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 395 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that structural reforms should have a clear positive socioeconomic return and contribute to increased administrative capacity; impact and directly contribute to the economic and social stability of the EU as well as to the Europe 2020 strategy's goals; considers that structural reforms should aim at ensuring a more fair and efficient fiscal system, where all sectors give their own contribution to the society and positive economic activities are not discouraged by an excessive tax burden;
Amendment 407 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses that structural reforms shall not be based on budgetary simplistic numerical targets and shall pursue fiscal responsibility by looking at qualitative targets, such as the efficiency and quality of public spending, the transparency and accountability in the allocation of resources; the level of spending in social protection and public goods;
Amendment 412 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 421 #
Motion for a resolution
Subheading 3
Subheading 3
Amendment 433 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Believes that moreno sufficient room for flexibility and soft laws exists under the SGP and in the European Semester; invites the Commission to build on this flexibility and to propose rule changes where neededpropose to the Parliament and the Council all the necessary rule changes to lead the EU out of the crisis, by boosting growth that is economically, socially and ecologically sustainable, on the basis of the considerations and recommendations outlined in the present report;
Amendment 450 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Invites the Commission and the Council to better articulateradically rethink the fiscal and macroeconomic frameworks, notably in the corrective arm of the SGP, to allow for earlier debate among stakeholders, taking into account the need to increase convergence between euro area Member Statdevastating unintended consequences generated by forced and accelerated convergence between euro area Member States, the need to allow self- correcting mechanisms to work in order to absorb macroeconomic imbalances and the role of national parliaments and social partners regarding the design and implementation of structural reforms;
Amendment 468 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Insists that the Annual Growth Survey (AGS) and euro area recommendation must be better designed and put to better use to allow for a global economic debate, notably as regards convergencethe problems of rising unemployment and poverty in the euro area; proposes that the country-specific recommendations (CSRs) should be established on the basis of striking a better balance between the AGS and the macroeconomic imbalance procedure (MIP), and suggests that the euro area recommendation should be made compulsory following a proper debate with the European Parliament, with incentives being offered so as to encourage the implementation thereof; requests that the excessive deficit procedure (EDP) recommendation be joined together with the CSRrequests that sanctions envisaged under the preventive arm, under the excessive deficit procedure (EDP) or the MIP, shall not be imposed to Countries under economic stress;
Amendment 485 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Asks the Commission to verifInsists that the current economic governance framework, especially wthether the current Medium-Term Objective (MTO) of a structurally balanced budget and the 1/20 rule on debt reduction, is economically, socially and politically unsustainable; and whether it needs to be reconsidered; sks therefore the Commission to propose the necessary changes and alternatives to the existing rules;
Amendment 505 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. AsksStresses that the Commission to make the's three- pillar strategy (investment, fiscal rules and structural reforms), presented in the AGS 2015, more concrete under the euro area recommendation and in the CSRs and to strengthen its approach by building a fourth pillar on taxationsubstantially represents the same strategy that caused the ongoing social and economic crisis; believes that Europe urgently needs a new strategy based on expansionary policies and an ambitious financial reform;
Amendment 534 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses that high surpluses in the core of the Eurozone, most notably in Germany, shall not be considered less alarming than high deficits in the periphery; recalls that the accumulation of unsustainable current account deficits and surpluses within the Eurozone was fuelled by the setup of the monetary union; insists therefore that macroeconomic imbalances must be considered of joint responsibility;
Amendment 542 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the MIP must be used in a more balanced manner between deficit and surplus countries, also to address countries with significant room for actionstresses that the procedure should address primarily countries with significant room for action, notably by requesting Germany and all countries with excessive surplus to stop unfair and harmful competitive practices based on internal devaluation, such as wage restraint, and to boost domestic demand;
Amendment 561 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the Commission to explore ways in which to better align the preventive and corrective arms of the SGP, in particular regarding investment allowing temporary deviation from the MTO, or the adjustment path towards it, wiwith a strategy to enhance growth, reduce unemployment and tackle poverty and social exclusion; considers that qualitative benchmarks are more appropriate thian the existence of a safety margin under the preventive armquantitative ones for assessing the fiscal responsibility of a country;
Amendment 567 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Asks the Commission to take into account all relevant factors, including real growth and inflation,, long term public investment, as well as the fairness and democratic accountability of both public spending and the taxation system when evaluating the economic and fiscal situations of Member States under the EDP; ;
Amendment 577 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Insists on the need to clarify the way in which effective actions are taken into account under the EDPStresses that the Commission's assessment of all relevant factors under the preventive and corrective arms gives primary focus to social and macroeconomic indicators. Insists on the need that the assessment of the budgetary situation is based on qualitative indicators such as the fairness, efficiency and democratic accountability of both public spending and taxation system;
Amendment 584 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. InsistNotes that the focus on structural deficits since the 2005 reform of the SGP, together with the introduction of an expenditure rule with the 2011 reform, creates margins for the discretionaryd distortions in the implementation of the SGP, as the calculations of potential growth, output gaps and underpinning the assessment of structural deficits, and that of the expenditure rule are subject to several questionable assumptions and substantial revisions between the Commission’'s autumn and spring forecasts, thereby leading to various calculations and diverging assessments as regards the implementation of the SGP;
Amendment 595 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 623 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Acknowledges, based on the current situation, that the economic governance framework must be corrected and completed in both the medium and long term to allow for the EU and the euro area to meet the challenges of convergence, long-lasting investment and relianceemerging from the crisis, stimulating growth, raising employment, encouraging long-term investment and improving the welfare of the citizens in the EU;
Amendment 648 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Recalls the European Parliament’s request that the creation of the European Stability Mechanism (ESM) outside of the structure of the institutions of the Union represents a setback to the political integration of the Union and, therefore, demands that the ESM be fully integrated into the community framework and made formally accountable to Parliament; recalls the bailouts packages granted through the ESM were exclusively used for the recapitalization of the banking sector; therefore believes that the ESM represents an unnecessary duplication of other existing instruments of financial support to the banking sector, available within the community framework, such as the ECB and the SRM;
Amendment 676 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Requests, as per the opinion of the ECJ’s Advocate-General, that the ECB not form directly part of any assistance programmes;
Amendment 681 #
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 700 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Recalls that a ‘genuinthe Economic and Monetary Union’ (EMU) cannotin the EU has remained simply be limited to a system of rules but also requires an increased euro area fiscal capacityfixed exchange rates and budgetary rules and that a genuine EMU requires an economic and political conditions that do not exist in the EU, as well as a common fiscal capacity that is not a viable option in the foreseeable future;
Amendment 709 #
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Stresses that the flawed functioning of a Monetary Union without a State has generated and promoted unsustainably high macroeconomic imbalances within the Eurozone, leading to excessive surplus and corresponding excessive deficits; regrets that the Euro has acted as the most divisive factor for the European integration since the second world war;
Amendment 712 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 728 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Asks the Commission to come forward with an ambitious roadmap which takes into account the need for a new economic governance reforms based on the principle of Member States' sovereignty to pursue autonomous fiscal and monetary policies, as outlined in this report, and which should be presented to Parliament by the end of May 2015, ahead of the June European Council;
Amendment 740 #
Motion for a resolution
Paragraph 37 – introductory part
Paragraph 37 – introductory part
37. Invites the stakeholders in this necessary next step of the EMUrevision of the economic governance to avoid left-over and to explore all optionspossible options, including those which have been well discussed and documented over a long period of time as ways of achieving a deepening of the EMU, such athe well-being of the peoples of the EU, as in the spirit and letter of the Treaties; considers that such a roadmap must be based on the following elements:
Amendment 749 #
Motion for a resolution
Paragraph 37 – indent 1
Paragraph 37 – indent 1
– a ‘taxation union’,shift from the austerity agenda to a strategy based on counter-cyclical policy, social protection and financial reform;
Amendment 756 #
Motion for a resolution
Paragraph 37 – indent 1 a (new)
Paragraph 37 – indent 1 a (new)
- a set of measures to protect a Member State who decides to withdraw from the Eurozone from the risk of speculative attacks;
Amendment 758 #
Motion for a resolution
Paragraph 37 – indent 1 b (new)
Paragraph 37 – indent 1 b (new)
- a common framework to discuss a possible multilateral and coordinated break-up of the monetary union;
Amendment 759 #
Motion for a resolution
Paragraph 37 – indent 1 c (new)
Paragraph 37 – indent 1 c (new)
- a social dimension, including a minimum wage mechanism and a minimum unemployment benefit scheme for the euro area supporting the reintegration of workers into the job market
Amendment 776 #
Motion for a resolution
Paragraph 37 – indent 3
Paragraph 37 – indent 3
– the inclusion of the ESM in Union law and a new approach towards Eurobonds,replacement of all existing numerical budgetary targets, including the deficit and debt criteria of 3% and 60%, with new qualitative targets and social indicators;
Amendment 781 #
Motion for a resolution
Paragraph 37 – indent 3 a (new)
Paragraph 37 – indent 3 a (new)
- the introduction of a specific clause in the Treaties allowing the unilateral withdrawal of a Member State from the Eurozone;
Amendment 793 #
Motion for a resolution
Paragraph 37 – indent 4
Paragraph 37 – indent 4
– a euro area fiscal capacity notably to finance counter cyclical actions, structural reforms or part of debt reductionnew institutional framework allowing Member States to exercise autonomous and direct control over the fiscal and monetary policy instruments;
Amendment 800 #
Motion for a resolution
Paragraph 37 – indent 4 a (new)
Paragraph 37 – indent 4 a (new)
- a common framework to agree on a renegotiation of bail-out debts for Member States facing difficult economic conditions,