11 Amendments of Ulrike TREBESIUS related to 2018/0212(COD)
Amendment 47 #
Proposal for a regulation
Recital 2
Recital 2
(2) Strenghtening economic cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole. The goal of economic convergence has proven to be unrealistic in the Euro system. Economic convergence is actually deteriorating with regards to a multitude of economic parameters.
Amendment 50 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) A common currency area will lead to increased specialization and its countries and regions will be more susceptible to asymmetric shocks. An asymmetric shock is a negative economic development that affects one region or one country within a currency area more than other regions or countries in the same currency area. An asymmetric schock will usually affect the economic structure of a country and can not simply be overcome by temporarily increased fiscal spending. It can be overcome by a focus on education and entrepreneurship and by becoming competitive in order to attract new private investment and new industries.
Amendment 53 #
Proposal for a regulation
Recital 3
Recital 3
(3) Member States should conduct their economic policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion, with regards to their fiscal limits as set out in the treaties, conduct their economic policies and should optimize them for their own country, but always try to learn from others.
Amendment 57 #
Proposal for a regulation
Recital 4
Recital 4
(4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient in multiple countries to absorb large asymmetric shocks.
Amendment 61 #
Proposal for a regulation
Recital 6
Recital 6
(6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public investment. Much of this can be attributed to a lack of fiscal leeway due to huge debt levels at the outbreak of the crisis or even at the time of the entry into the Euro area. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 63 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 84 #
Proposal for a regulation
Recital 20
Recital 20
(20) With a view to swiftly provide EISF support, the competence for granting the loans when the eligibility and activation criteria are fulfilled and deciding on granting interest rate subsidies should be entrusted to the Commissionan authority controlled by the member states. To activate support, the decision needs to be supported by a group of member states with 2/3 of the population of the EU.
Amendment 89 #
Proposal for a regulation
Recital 33
Recital 33
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EISF shall provide financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock. An asymmetric shock is a negative economic development that affects one region or one country within a currency area more than other regions or countries in the same currency area. An asymmetric schock will usually affect the economic structure of a country and can not simply be overcome by temporarily increased fiscal spending. It can be overcome by a focus on education and entrepreneurship and by becoming competitive in order to attract new private investment and new industries. A common currency area will lead to increased specialization and its countries and regions will be more susceptible to asymmetric shocks.
Amendment 96 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. A Member State shall be considered to experience a large asymmetric shock if the following activation criteria are simultaneously fulfilledits economy suffer a significant downturn in comparison to other member states of the Euro system:
Amendment 99 #
Proposal for a regulation
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
b) the quarterly national unemployment rate increased above onethe average increase in the unemployment rate of all neighbouring Euro area countries by two percentage points in comparison to the unemployment rate observed in same quarter of the previous year.