12 Amendments of Alfred SANT related to 2016/2063(INI)
Amendment 52 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the ECB's monetary policy efforts are still failing to leave a tangible impact on the investment side of the EU economy; Notes that this lack of impact is especially having an adverse effect in the peripheral regions on the Union;
Amendment 61 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses that the euro area continues to suffer from a high level of unemployment and excessive low inflation and that, in addition, the euro area is facing a very low level of productivity growth, which is the result of the lack of investment since the beginning of the crisis; notes that the high level of public debt and the huge number of non- performing loans in the banking sector in some Member States are still fragmenting the euro area financial market, thus reducing room for manoeuvre to support the most fragile economie, especially in its southern peripheral regions, since the beginning of the crisis;
Amendment 86 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Acknowledges that, confronted with this very complex environment and the risks of a prolonged period of low inflation, the ECB was within the terms of its mandate in adopting extraordinary measures to lift inflation back up to the medium-term objective of 2 %; notes that, since the launching of the APP in March 2015, and owing to targeted long-term refinancing operation (TLTRO) programmes targeted at the real economy, financial conditions have improved, which has promoted a recovery in lending to firms and households in some parts of the euro area;
Amendment 114 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Agrees with ECB President Mario Draghi that the single monetary policy alone cannot stimulate aggregate demand unless it is complemented by; Adds that sound fiscal policies and ambitious structural reform programmes at Member State level can sometimes be needed; recalls that the main benefit of monetary policy is to safeguard price stability in order to guarantee a stable environment forinducing investment; considers that monetary policy is not the appropriate tool toalone cannot solve the structural problems of the European economy;
Amendment 128 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines that structural reforms in the economy and the labour market should also fully take into account the demographic trends in Europe, in order to create incentives for a more balanced demographic structure that would make it easier to maintain an inflation target of around 2 %;
Amendment 139 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes, however, that even though the impact of unconventional measures has been significant, inflation is not expected to converge to the 2 % medium-term objective at the 2017 horizon; notes that the current recovery in bank and market lending has not wholly produced the expected effect on the existing investment gap in the euro area so far, even as the rules made necessary by Banking Union have enforced stricter financial criteria on banks; Asks therefore for improved fiscal policies, that are both sustainable and growth-inducing, while promoting structural reforms that directly facilitate investment and growth;
Amendment 154 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Underlines that a prolonged period of ultra-low (negative) interest rate policy creates potential risks for financial stability and ultimately the whole economy; warns that a decline in the profitability of banks will dampen their willingness to develop lending activity; points particularly to the effect of such an interest rate policy on local and regional banks and savings banks with little funding from financial markets, and to risks in the insurance sector;
Amendment 164 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Understands the reason why negative rates have been implemented, but; remains concerned about the potential consequences of negative interest rate policy for individual savers and the financial equilibrium of pension schemes; believes that owing to demographic trends and cultural preferences for saving, these negative effects on income may lead to an increase in the household saving rate, which could be detrimental to domestic demand in the euro area;
Amendment 176 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the ECB to carefully assess the risks of a future resurgence of housing bubbles owing to its ultra-low (negative) interest rate policy, particularly in big cities, and to design specific macroprudential recommendations in this regard;
Amendment 199 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 209 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Is concerned about the current 'liquidity trap' the European economy seems to have fallen into, with interest rates at the Zero Lower Bound (ZLB), weak demand forecasts, limited investment and spending by households and businesses, in particular in surplus countries;
Amendment 232 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that the current system by which the ECB is relying on the employment of temporary agents, placed within a system of repetitive temporary contracts, is reportedly creating instability in the working environment and undermining professional cohesion at the ECB;