11 Amendments of Marco ZANNI related to 2014/2157(INI)
Amendment 25 #
Motion for a resolution
Recital E
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;
Amendment 32 #
Motion for a resolution
Recital G
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;
Amendment 67 #
Motion for a resolution
Paragraph 4
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;
Amendment 81 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 97 #
Motion for a resolution
Paragraph 10
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;
Amendment 109 #
Motion for a resolution
Paragraph 11
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;
Amendment 130 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 146 #
Motion for a resolution
Paragraph 17
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;
Amendment 168 #
Motion for a resolution
Paragraph 19a (new)
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;
Amendment 178 #
Motion for a resolution
Paragraph 20
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);
Amendment 208 #
Motion for a resolution
Paragraph 25 a (new)
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;