Activities of Fulvio MARTUSCIELLO related to 2022/2037(INI)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2022
Amendments (40)
Amendment 5 #
Motion for a resolution
Citation 5
Citation 5
— having regard to Eurostat’s flash estimate for August September2022,
Amendment 22 #
Motion for a resolution
Recital A
Recital A
A. whereas according to the ECB base line projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 26 #
Motion for a resolution
Recital B
Recital B
B. whereas Russia’s unprovokedwar of aggression against Ukraine has severely hit confidence, caused energy and food prices to soar and, in conjunction with other supply-side disruptions in China, compounded existing supply chain pressures;
Amendment 33 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the Euro’s slide against the Dollar is particularly concerning, given that energy derivatives are traded in Dollar and becoming more and more expensive for European wholesale buyers;
Amendment 42 #
Motion for a resolution
Recital D
Recital D
D. whereas acting within its mandate, the ECB has committed to contributing to the objectives of the Paris Agreement; President Lagarde has pledged to keep the European Parliament and the general public informed about ECB’s progress on ongoing work to incorporate climate change considerations into monetary policy operations;
Amendment 57 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is deeply concerned by the unprovoked Russian invasion ofwar of aggression against Ukraine and by its repercussions for the European economy and constitutes a direct attack on European values;
Amendment 72 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Republic of Croatia as the 20th member country of the euro area as of 1 January 2023;
Amendment 79 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; sStresses that maintaining price stability today requires evenr closer coordination between fiscal, monetary and structural policies, asmonetary, fiscal policies and structural reforms, as maintaining price stability and addressing supply- side shocks requires greater supply- chain resilience and a shift away from fossil fuel, diversification and a shift towards renewables;
Amendment 92 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; rRecalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European levelsustainable sovereign debt trajectories, creating fiscal buffers to respond to external shocks;
Amendment 102 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 114 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is alarmed that euro area inflation has continued to rise and has reached undesirably high levels; stresses that headline inflation rose to a record 9.1 10% in AugustSeptember 2022; stresses that energy is by far the most significant driver of inflation (38.3 %), followed by food prices (10.6 %);
Amendment 126 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employmenthowever that ECB’s monetary policy is still in an accommodative mode;
Amendment 131 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Without prejudice of its independence, calls on the ECB to keep up the determination to raise interest rates as long as the ECB's forecasts remain unchanged while taking the proportionality assessment into account;
Amendment 134 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Further calls on ECB has to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 136 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Is particularly concerned that the recent decline in the euro/dollar exchange rate has become a major contributor to energy price inflation. In order to prevent a further deterioration of the Euro’s external value, the ECB needs to act in lockstep with other large central banks, in particular the Federal Reserve;
Amendment 139 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. ObservNotes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent yearsresilient labour markets and some catch-up to compensate for high inflation are likely to push up wage growth, risking spurring a wage-price spiral;
Amendment 150 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targetingmonetary policy strategy review has set symmetric 2% inflation target over medium term; calls on the ECB to faithfully target this medium- term horizon;
Amendment 163 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the ECB’s decision not to engage in quantitative tighteningdiscontinue pandemic emergency purchase programme;
Amendment 166 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Call to discontinue reaming elements of the forward looking guidance of the monetary policy stance;
Amendment 173 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomestakes note that, with the launch of the Transmission Protection Instrument, to support the effective transmission of monetary policy across the euro areahe ECB created more flexible conditions for raising interest rates;
Amendment 178 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Notes that, the concept of market neutrality is related to the principle of ‘an open market economy with free competition; notes that the ECB has already deviated from market neutrality in several instances;
Amendment 184 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes with concern that the combination of cheapurrent targeted longer- term refinancing operations (TLTROs) and higher interest rates allow European banks to earn billions in extra profit; regrets the fact that the ECB has not yet addressed this issuenter into arbitrage; Calls on ECB to closely monitor situation of the reserve remuneration and ensure that the balance between costs and benefits remain positive and banks continue financing real economy;
Amendment 189 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the end of 24-month investigation phase of a digital euro project and Governing Council reaching a decision on start process of launching the digital euro; recalls that cash payments are a very important means of payment for EU citizens and should not be endangered by a digital euro;
Amendment 193 #
Motion for a resolution
Subheading 3
Subheading 3
Amendment 197 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the Treaty on the Functioning of the European Union requires, without prejudice to the objective of price stability, the ECB toshall support the general economic policies of thein the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union;
Amendment 203 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 217 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact those objectives;
Amendment 228 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment, which has to be given particular attention in its proportionality assessment;
Amendment 231 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 236 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 247 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency anConsiders that maintaining price stability could the eurlp to acrea’s dependence on fossil fuels touches note the right conly upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stabilityditions for the implementation of the Paris Agreement;
Amendment 255 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 264 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomNotes the ECB’s announcement to decarbonise its corporate bond holdings; calls for the ‘tilting’ of the ECB’s portfolio to be swift rather than gradual“tilting”corporate portfolio in ECB’s reinvestment decision in order to better account for the climate change related risks, the level of disclosures by corporates in order to satisfy the secondary objective, which is what all European institutions are pursuing without prejudice to primary objective, which is price stability;
Amendment 271 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes, furthermore, the announcement on the greening of the ECB’s collateral framework; regrets, however, that this will be Notes that the Eurosystem will take into account a climiated to instruments issued by non-financial score of issuers in all purchases of corporatie bonds, which represent only a small fraction of the instruments that banks pledge as collateralin the context of the Eurosystem's ongoing reinvestment purchases;
Amendment 279 #
24. Regrets that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institutions investing in brown activities works against the fight against inflation and is not consistent with the objectives of the Paris AgreementWelcomes the ECB’s action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework and models;
Amendment 289 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Is concerned about the implications of higher interest rates for green investments; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investmentConsiders that measures in pipeline will reduce the Eurosystem’s exposure to climate-related financial risk, as well as support the Green Transition of the economy in line with the EU’s climate neutrality objectives;
Amendment 297 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB's supervisory climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022to assess how prepared banks are for dealing with financial and economic shocks stemming from climate risk; Considers that the exercise showed that banks do not have robusthave made considerable progress with respect to their climate risk stress-testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriouslycapabilities, while the exercise also revealed many deficiencies, data gaps and inconsistencies across institutions;
Amendment 304 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Stresses the need to further enhance the ECB’s accountability and transparency arrangements; is concerned about the ECB’s lack of responsiveness to the proposal adopted by the Conference of Presidents of the European Parliament for an interinstitutional agreement between Parliament and the ECB; insists on its call for the ECB to take swift action by launching negotiations on a formal interinstitutional agreement as soon as possible, thus ensuring that its independence goes hand in hand with its accountability;
Amendment 317 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Regrets that the gender imbalance also persists across the organisational structure of the ECB, notably in the share of women in senior management positions; notes that the latest available statistics indicate that the share of women in all ECB management positions rose to 30.3 % and in its senior management positions to 30.8 %;
Amendment 321 #
Motion for a resolution
Paragraph 31
Paragraph 31