[ParlTrack]

Motion for a resolution
Paragraph 14

14. Considers that ~~neither~~strict adherence to the Stability and Growth Pact ~~nor~~and the ‘no bail-out’ clause (Article 125 TFEU) provide the intended solutions, and that they have furthermore lost credibility in their current form, as the pact has been infringed by several Member States without political or legal consequences, while Greece has been bailed out on a large scale on three occasionsshould be reestabilshed;

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 15

15. Acknowledges the improvements brought by the European Semester, the six- pack and the two-pack aimed at addressing these issues, but concludes that they have not solved the problems; believes, moreover, that they have contributed to making the system overly complex~~, are not binding with regard to country-specific recommendations and do not cover spill- over effects between one Member State and another, or to the euro area or the EU as a whole~~;

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 16

16. Is acutely aware of the need to review the efficacy of the many recent crisis-management measures taken by the EU, and to codify in primary law certain decision-making procedures – such as ‘reverse qualified majority voting’ – as well as the need to entrench the legal bases of the new regulatory framework for the financial sector; agrees with the Five Presidents’ Report that the ‘open method of coordination’ as the basis for Europe’s economic strategy does not function and needs to be elevated into binding legal acts;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 17

17. Proposes therefore merging the deficit and debt procedures, the macroeconomic imbalance procedure and the country-specific recommendations into a single ‘convergence code’ of a legally binding nature, setting minimum and maximum standards, where only compliance with this code would allow access to EU funds for investment projects or participation in new instruments that combine economic reform with fiscal incentives such as a fiscal capacity for the euro area or a common debt instrument; the coordination of economic policies as provided for in Article 5 TFEU would therefore become a ‘shared competence’ between the Union and the Member States;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 18

18. Believes that, in order to reduce the still excessively high debt burden of Member States, such a common debt instrument needs to be established, inspired by the proposal by the German Council of Economic Experts of 9 November 2011, whereby euro-area members would undertake joint and several liability for a sinking fund, with strong individual commitments on structural reforms to reduce the debt-to- GDP ratio to the required maximum of 60 %; insists that euro-area members would only be able to participate when they are in compliance with the convergence code, as this will prevent moral hazard;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 19

19. Stresses, however, that conditionality ~~in this new debt instrument~~ will only be credible if complemented by an insolvency procedure for sovereigns, which will not only provide predictability to the markets in the event of an insolvent state, but also safeguard market discipline for both Member States and private creditors;

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 20

20. Calls for the integration of the Fiscal Compact into the EU legal framework as well as the incorporation of the ESM and the Single Resolution Fund into EU law, with corresponding democratic oversight by Parliament;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 21

21. Is of the opinion that, in order to increase financial stability, mitigate cross- border asymmetric shocks and reduce the effects of recession, the euro area needs a fiscal capacity based on genuine own resources and a proper treasury facility equipped with a capacity to borrow; this treasury must be based in the Commission and be subject to democratic scrutiny and accountability through Parliament and the Council;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 22

22. Points out that, because compliance with the new code is crucial to the functioning of the Economic and Monetary Union, stronger governmental institutions are required than those currently provided by the Commission and/or the Eurogroup;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 23

23. Calls, therefore, for the executive authority to be concentrated in the Commission in the role of an EU Finance Minister, by endowing the Commission with the capacity to formulate and give effect to a common EU economic policy combining macro-economic, fiscal and monetary instruments, backed up by a euro-area budget; the Finance Minister should be responsible for the operation of the ESM and other mutualised funds, and be the single external representative of the euro area in international organisations, especially in the financial sector;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 24

24. Considers it necessary to endow the Finance Minister with proportionate powers to intervene in the setting of national economic and fiscal policies in cases where the convergence code is not respected, and the power to use the fiscal capacity or the common bond instrument for those Member States that are compliant with the convergence code;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 25

~~25. Considers it necessary to endow the European Central Bank with the status of lender of last resort enjoying the full powers of a federal reserve bank;~~deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 26

26. Calls for the suppression of Article 126(10) TFEU in order that the European Court of Justice gain full jurisdiction over the operation of the EMU, as is appropriate in a democratic system of economic governance based on the rule of law and the principle of equality among Member States;deleted

2016/11/09
Committee: AFCO

Bernd LUCKE

Motion for a resolution
Paragraph 27

~~27. Calls, finally, for the banking union to be completed as soon as possible on the basis of a fast-track timetable;~~deleted

2016/11/09
Committee: AFCO

14 Amendments of Bernd LUCKE related to 2014/2248(INI)

ParlTrack - 2011-2024