Activities of Renato SORU related to 2014/2157(INI)
Plenary speeches (2)
European Central Bank annual report for 2013 (A8-0011/2015 - Pablo Zalba Bidegain) IT
European Central Bank annual report for 2013 (debate) IT
Shadow reports (1)
REPORT on the European Central Bank Annual Report for 2013 PDF (165 KB) DOC (114 KB)
Amendments (35)
Amendment 1 #
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to the Statute of the European System of Central Banks and of the European Central Bank, in particular Article 15 thereof,
Amendment 4 #
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission services’ springautumn 2014 forecast, GDP in the euro area fell by 0.4 % in 2013 after a decline of 0.7 % in 2012, and whereas the Commission services expect a recovery, withreal GDP rising by 1.2 % ingrowth is expected to reach 0.8% in the euro area for 2014 and by 1.7 1.1% in 2015;
Amendment 11 #
Motion for a resolution
Recital C
Recital C
C. whereas there are major disparities among the unemployment rates in different Member States, with figures varying between 5 % and 26 %; whereas percentages for youth unemployment are even higher; notices that the difference in unemployment rates causes further economic divergence amongst Member States;
Amendment 15 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas lowered real interest rates have not been translating neither into looser credit for households and businesses, nor into GDP growth and job creation;
Amendment 23 #
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 low of 0.3 % in September and will stay well below target in 2015;
Amendment 36 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas facilitating credit flow to SMEs is fundamental as they employ 72% of the eurozone's labour force and have a higher gross job creation than large enterprises;
Amendment 38 #
Motion for a resolution
Recital I
Recital I
I. whereas financial fragmentation is still a major problem, with SMEs suffering much higher borrowing costs depending on the, in particular in countryies of the eurozone in which they are situated, creating distortions in the single marketalready affected by severe economic conditions, creating distortions in the single market, slowing the recovery and amplifying divergence;
Amendment 49 #
Motion for a resolution
Recital L
Recital L
L. whereas Article 282 TFEU states that the primary objective of the ECB is to maintain price stability and to support the general economic policies of the Union; whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the ECB prohibit the monetary financing of governments;
Amendment 51 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the swift reaction of the ECB in the face of a very challenging environment, and the fact that monetary policy has succeededits efforts in reducing the level of stress in financial markets of the euro area, and in restoring investors’ confidence in the soundness of the single currency; notes that this was reflected in the positive general reduction of long-term domestic yields – notably in the most indebted countries of the euro area – to unprecedented levels since the beginning of the crisis; highlights that low yields have not resulted into job creation and growth and that the lack thereof poses threats to financial stability; encourages further efforts by the ECB aimed at reviving aggregate demand and facilitate growth;
Amendment 59 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Remains deeply concerned by the fact that economic activity remains sluggish, with the euro area posting negative GDP growth in 2013, for the second year in a row, and with high unemployment rates in many euro-area Member States reaching levels that threaten the stability of the eurozone and undermines popular and political support to the European Project;
Amendment 66 #
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 phasenotices that inflation expectations for 2015 and 2016 were revised downwards further by the ECB by between 0.1 and 0.2%;
Amendment 71 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Points out that the below-target level of inflation foreseen for the next years will have an impact on the debt reduction programmes of several Member States;
Amendment 79 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that it is of utmost importance to create conditions for a rebound in investment in the euro area, both public and private; calls on the ECB, in this context, to pursue its actions in order to maintain favourable financing conditions and to reduce the financial fragmentation that remains highly penalising for private borrowers in many Member States;
Amendment 82 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Underlines that Mario Draghi, in his speech at the annual central bank symposium in Jackson Hole on 22 August 2014, stated that we need action on both sides of the economy, noting that: aggregate demand policies have to be accompanied by national structural reforms and policies; on the demand side, monetary policy can and should play a central role, which currently means an accommodative monetary policy for an extended period of time; there is scope for fiscal policy to play a greater role alongside monetary policy; and no amount of fiscal or monetary accommodation can compensate for the necessary action on the supply side through structural reforms in the euro area;
Amendment 86 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Agrees with President Draghi that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms;
Amendment 87 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Agrees with President Draghi that there is leeway to achieve a more growth- friendly composition of fiscal policies and to lower the tax burden in a budget- neutral way;
Amendment 88 #
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Agrees with President Draghi that complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme;
Amendment 89 #
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Stresses that there cannot be recovery without a revamp of public investments to both trigger private investments and to facilitate the implementation of national structural reforms;
Amendment 101 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledges 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; encourages the ECB to create further incentives for the banks to transfer liquidity to the real economy;
Amendment 103 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls ECB to support governments efforts to raise equity for companies - especially for SMEs - possibly by funding venture capital, private equity and other financial vehicles which aim to increase equity level in the European Economy
Amendment 107 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. NotesWelcomes the announcement 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 sheet;
Amendment 121 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. UnderlinesWelcomes the fact that, with the measures announced in June 2014, the ECB balance sheet is expected to move towards the size it used to have at the beginning of 2012; notes that this projected increase requires strong vigilance by the ECB with respect to the credit risks it ultimately bearsremains confident that under the ECB vigilance, credit risk will be properly assessed and minimized;
Amendment 128 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the fact that the ECB has repeatedly stated its readiness to use additional unconventional instruments within its mandate, and to alter the size or composition of its interventions, in the event of an excessively lengthy period of low inflation; awaits for the ECB to make urgent use of additional unconventional measures considering the on-going lengthy period of low inflation;
Amendment 134 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimatedshould not be overestimated and that should not be conducted for an extended period of time; stresses that such measures are transitory in nature and that their main advantage is that they can give Member States time to consolidate their fiscal situation and implement structural reforms that will create conditions for economic activity to reboundy should be paired with appropriate fiscal policies and structural reforms in order to stimulate economic growth and improvements in the labour market;
Amendment 138 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 150 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal stimulus and structural national reforms and policies;
Amendment 161 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
Amendment 167 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the complexity of monetary policy instruments makes it difficult for the citizen of the euro area to understand the ECB’s actions; asks the ECB to strengthen its communication efforts in order to make its actions more transparent; welcomes the announcement that the European Central Bank will publish non-attributed minutes of its governing council meetings, in line with the transparency policies adopted by UK, US and Japan Central Banks;
Amendment 179 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Notes that the AQR and the stress test conducted by the European Banking Authority (EBA) in cooperation with the SSM, have revealed remaining fragilities in the European Banking System;
Amendment 180 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Calls for improvements in the methodology used for the AQR and the stress test; highlights that the exclusion of high-risk investments, especially of derivatives, from the AQR, leads to underestimate threats to financial stability;
Amendment 189 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Believes that, in line with its new responsibilities, the ECB should act as a lender of last resort, in an effort to restore confidence in the financial markets and thus strengthening stability;
Amendment 195 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes that, despite relatively low profitability, euro area banks have steadily continued to strengthen their capital positions through a combination of capital increases and reductions in risk-weighted assets; acknowledges that in several cases capital increases were carried out in the context of financial assistance programmes from the Member States;
Amendment 199 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Considers auspicable the creation of a Capital Market Union, in order to reduce the excessive dependence of the economies of the euro zone on the banking system;
Amendment 204 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Welcomes the legislative proposal on Banking Structural Reform from the European Commission; notices that similar reforms have already been introduced in several Member States; invites the ECB to collaborate with the other relevant institutions towards sustainable structural reform on a European level that ends subsidies to trading activities of large financial institutions and levels the playing field for financial services;
Amendment 207 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Recalls that the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, will come into force by the beginning of 2015; stresses the need to continue developingurgency of developing the Deposit Guarantee Scheme, the third pillar of the Banking Union;