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11 Amendments of Marco ZANNI related to 2014/2157(INI)

Amendment 25 #
Motion for a resolution
Recital E
E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a worrying low of 0.3 % in September; whereas recent economic forecasts and expectations point to there being a major risk of deflation in the eurozone;
2014/11/19
Committee: ECON
Amendment 32 #
Motion for a resolution
Recital G
G. whereas the annual growth rate of M3 has continued to slow down, from 3.5 % in December 2012 to a worrying 1 % in December 2013;
2014/11/19
Committee: ECON
Amendment 67 #
Motion for a resolution
Paragraph 4
4. Warns against the risk of deflation; recalls that an inflation rate of close to zero in the euro area hampers the effectiveness of monetary policy; understands that the ECB attributes the reason for a very low inflation to short-term effects, and that it is confident that the medium-term objective will be met without a deflationary phase;
2014/11/19
Committee: ECON
Amendment 81 #
Motion for a resolution
Paragraph 7
7. Underlines that Mario Draghi, in his speech at the annual central bank symposium in Jackson Hole on 22 August 2014, stated that we need action on both sides of the economy, noting that: aggregate demand policies have to be accompanied by national structural reforms and policies; on the demand side, monetary policy can and should play a central role, which currently means an accommodative monetary policy for an extended period of time; there is scope for fiscal policy to play a greater role alongside monetary policy; and no amount of fiscal or monetary accommodation can compensate for the necessary action on the supply side through structural reforms in the euro area;deleted
2014/11/19
Committee: ECON
Amendment 97 #
Motion for a resolution
Paragraph 10
10. WelcomesDoubts that the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledg will have a tangible impact on the real economy and on growth; notes that the TLTRO introduces, for the first time, a link between loans to the non- financial private sector granted by banks and the amount of refinancing the banks can claim, but stresses that, as President Draghi acknowledged in his answer to parliamentary question L/MD/14/424, no specific requirements regarding lending to the real economy have been laid down;
2014/11/19
Committee: ECON
Amendment 109 #
Motion for a resolution
Paragraph 11
11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner that does not create excessive risks for the ECB’s balance sheetcan create systemic risks if not properly handled;
2014/11/19
Committee: ECON
Amendment 130 #
Motion for a resolution
Paragraph 15
15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimated; stresses that such measures are transitory in nature and that their main advantage is that they can give Member States time to consolidate their fiscal situation and implement structural reforms that will create conditions for economic activity to rebound;deleted
2014/11/19
Committee: ECON
Amendment 146 #
Motion for a resolution
Paragraph 17
17. Recalls that monetary policy alone cannot be effective in stimulateing aggregate demand and boosting economic growth unless it is complemented by adequate fiscal and structural national reforms andn expansionary fiscal policy involving a significant increase in public spending and an immediate halt to ruinous fiscal consolidation policies;
2014/11/19
Committee: ECON
Amendment 168 #
Motion for a resolution
Paragraph 19a (new)
19a. Points out that, if monetary policy action is to be effective, thought needs to be given as of now to revising Article 123 of the TFEU in order to allow the ECB to launch government bond purchase programmes;
2014/11/19
Committee: ECON
Amendment 178 #
Motion for a resolution
Paragraph 20
20. WelcomNotes the fact that the Single Supervisory Mechanism (SSM), the first pillar of the Banking Union, became fully operational on 4 November 2014; notes that this major step in European financial integration was achieved thanks to the successful completion of the preparatory work, including the Asset Quality Review (AQR);
2014/11/19
Committee: ECON
Amendment 208 #
Motion for a resolution
Paragraph 25 a (new)
25a. Calls, in connection with the SSM, for the outcome of the comprehensive assessment of banks' balance sheets to be reviewed in order to take account of the risks attached to investing in highly non- transparent instruments such as some types of derivative;
2014/11/19
Committee: ECON