87 Amendments of Michał MARUSIK
Amendment 31 #
2016/2270(INI)
Draft opinion
Recital C
Recital C
C. whereas tax avoidance and tax evasion schemes have deprived countries of revenue that is essential for a robust social state and public welfare policies, leading to worsening poverty;
Amendment 39 #
2016/2270(INI)
Draft opinion
Recital D
Recital D
D. whereas, according to the ILO2 , transfers and social benefits are the most powerful factor for reducing inequalities; _________________ 2 Decomposing income inequality into factor income components: Evidence from selected G20 countries, p. 1. reducing tax pressure is the most powerful factor in increasing the wealth of society, as well as in reducing discrimination and material inequalities;
Amendment 63 #
2016/2270(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Stresses that urgent practical steps need to be taken to eradicate poverty and social exclusion and promote the fair distribution of income and wealthreduce the tax burden on citizens and companies, and to simplify tax systems;
Amendment 83 #
2016/2270(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Calls for priority to be given, when shaping macroeconomic policies, to reducing social inequalities and guaranteeing universal free access to public social servicelowering the level of taxation and simplifying tax systems;
Amendment 100 #
2016/2270(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that an increase reducing social transfers and progressive, fair and redistributive tax systems, alongside measures to combat tax avoidance and tax evasion,, reducing and simplifying taxation, and cutting administrative costs are prerequisites for economic, social and territorial cohesion;
Amendment 110 #
2016/2270(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 129 #
2016/2270(INI)
Draft opinion
Paragraph 5
Paragraph 5
Amendment 102 #
2016/2099(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the factIs saddened that in 2015 the EIB provided EUR 1.35 billion for investment in projects across Greece; notes that the EIB has contributed more than EUR 12 billion for investment to rescuing Greece since the beginning of the crisis;
Amendment 281 #
2016/2099(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 296 #
2016/2099(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 7 #
2016/2064(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the large investment gap in Europe, which the Commission estimates at a minimum of EUR 200-300 billion a year; , highlights in particular, against this backdrop, the market needs in Europe for high-risk financing, for instance in the fields of R&D, energy and ICT; is concernis not surprised by the fact that the most recent data on national accounts do not indicate any surge in investment since the European Fund for Strategic Investments (EFSI) was launched, leading to risks of continued subdued growth and continuing high unemployment rates; stresses that closing this investment gap is key to reviving growth, fighting unemployment and attaining long-term EU policy objectives;
Amendment 310 #
2016/2064(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Expects the EIAH to conclude its recruitment processes and reach its full staffing levels without any further delay; expresses doubts, however, that the staff capacity foreseen will be sufficient for the EIAH to provide the required advisory services and to cope with an increased workload, as well as a broader mandate;
Amendment 314 #
2016/2064(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Notes with astonishment that the costs related to the set-up and development, management, support and maintenance, and hosting of the EIPP are currently covered by the EU budget, within the annual allocation of as much as EUR 20 million foreseen for the EIAH; recalls, however, that the fees charged to private project promoters registering their project on the portal shall constitute external assigned revenue for the EIPP and in the future will be its main source of financing;
Amendment 354 #
2016/2064(INI)
Motion for a resolution
Paragraph 46
Paragraph 46
Amendment 381 #
2016/2064(INI)
Motion for a resolution
Paragraph 49
Paragraph 49
49. Acknowledges that EFSI alone - and on a limited scale- will probably not be able to close the investment gap in Europe, but that it nevertheless constitutes a central pillar of the EU’s investment plan and signals the EU’s determination to tackle this issue; calls for further proposals to be made on how to permanently boost investment in Europe;
Amendment 22 #
2015/2353(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. RecallsDeplores the fact that Article 311 TFEU states that the Union shall provide itself with the means necessary to attain its objectives and carry through its policies; considers, therefore, thatpoints out that, as a result of this, should the review arrive at the conclusions that the current ceilings were too low, it would be a primary law requirement to increase the ceilings, which would mean Member States paying more money into the EU budget;
Amendment 35 #
2015/2353(INI)
Motion for a resolution
Paragraph 5 – introductory part
Paragraph 5 – introductory part
5. Considers that a review of the MFF in 2016 should take stock of a number of serious crises and new political initiatives at Europe's borders, together with their respective budgetary consequences, which were not anticipated at the time of the MFF’s adoption; notes, inter alia, the migration and refugee crisis, external emergencies, internal security issues, the crisis in agriculture, the funding of the European Fund for Strategic Investments (EFSI), the persistent high level of unemployment, especially among young people, and the payment crisis in the EU budget; observes that, in order to finance the additional pressing needs, an unprecedented recourse to the MFF’s flexibility mechanisms and special instruments was deemed necessary, as the MFF ceilings proved to be too tight in some headings; considers that, over the past two years, the MFF has essentially been pushed to its limits;
Amendment 44 #
2015/2353(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that the conflicts in Syria, the Middle East and several regions in Africa have had humanitarian, security and migratory consequences on an unprecedented scale; recalls that the EU has been directly impacteddeplores the fact that those events have exposed the powerlessness of Latin civilisation, with more than one million refugees reaching Europe in 2015 alone and more expected in the coming years; recallsdeplores also the fact that this crisis led to a major financial response on the EU’s part and hence had a significant impact on the EU budget, notably on headings 3 (Security and Citizenship) and 4 (Global Europe);
Amendment 47 #
2015/2353(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. RecallsDeplores the fact that in the course of 2015 the additional measures approved in line with the European Agenda on Migration have had an immediate budgetary impact, as notably reflected in amending budgets 5 and 7/2015; furthermore recallsdeplores the fact that the utilisation of an additional EUR 1 506 million in EU budget 2016 by mobilising the Flexibility Instrument was approved in order to provide additional resources for migration/refugee-related measures under Heading 3, such as topping-up of the Asylum, Migration and Integration Fund (AMIF) and the Internal Security Fund (ISF), as well as resources for the three migration-relatedree agencies, namely Frontex, the European Asylum Support Office (EASO) and Europol, the point of whose existence is difficult to fathom;
Amendment 83 #
2015/2353(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes also with great concern that that the success rate for Horizon 2020 has dropped to a level of 13 % from the 20-22 % enjoyed by its predecessor (FP7) in the previous programming period; regret, which clearly shows that taxpayers' money is being wasted; notes the fact that as a result fewer high-quality projects in the field of research and innovation are receiving EU funding; notes, similarly, the rejection of many high-quality applications relating to the CEF owing to insufficient budget funds;
Amendment 112 #
2015/2353(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Recalls the recent terrorist attacks in France and Belgium and the increased threat levels in other Member States, which call for more coordinated and reinforced action at EU level; underlinesdeplores the fact that the Union already has the Internal Security Fund as an appropriate, which is a pointless and largely ineffectual instrument, and has several agencies operating in this field; considers that more European action, and therefore funding, will be needed in this area to provide an adequate response to this threatpoints out that the fact that there have been further terrorist attacks despite there being several agencies operating in this field undermines the case for having the fund; believes that what is needed in this area is action to tighten up counter-terrorism policy;
Amendment 204 #
2015/2353(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Expects that concerted action to effectivelyIs concerned that EU policy and action to respond to the external dimension of the migration and refugee crisis will intensify over the coming years, and will be accompanied by increased requests for funding under Heading 4 (Global Europe); underlines that such requests for additional funding should not be deployed to the detriment of the EU’s existing external action, including its development policy; calls, therefore, for a significant reinforcement of appropriations under this headingmerely serve to increase funding under Heading 4 (Global Europe);
Amendment 222 #
2015/2353(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Expects, therefore,Deplores the fact that new reinforcements in commitment appropriations will be accompanied by a corresponding increase in payment appropriations, including an upward revision of the annual payments ceiling if necessary; considers, moreover, that the mid-term review/revision of the MFF provides an excellent opportunity to take stock of payment implementation and updated forecasts for the expected evolution of payments up to the end of the current MFF; believes that a joint payment plan for 2016- 2020 should be developed and agreed between the three institutions;
Amendment 20 #
2015/2344(INI)
Motion for a resolution
Citation 12
Citation 12
Amendment 23 #
2015/2344(INI)
Motion for a resolution
Citation 15
Citation 15
Amendment 87 #
2015/2344(INI)
Motion for a resolution
Recital G
Recital G
Amendment 120 #
2015/2344(INI)
Motion for a resolution
Recital J
Recital J
Amendment 143 #
2015/2344(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls with regret that the Werner Report in 1970 highlighted the fact that a monetary union would require all the essential features of national public budgets to be decidcentrally planned at Community level;
Amendment 160 #
2015/2344(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. CRightly considers, against this background, that shortcomings have existed in the Economic and Monetary Union (EMU) since its inception under the Maastricht Treaty with the attribution of monetary policy to the European level, while budgetary policy remains within the competencies of the Member States and is only framed by provisions on light coordination of national policies;
Amendment 164 #
2015/2344(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuation; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix;
Amendment 188 #
2015/2344(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery and a rising public spending ratio in some Member States, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the mere existence of the euro area;
Amendment 201 #
2015/2344(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the crisis has proved that a common monetary policy without a common fiscal policy cannot address asymmetric shocks to the euro area; reiterates that mere coordination of national fiscal policies without credible enforcement mechanisms has not prevented an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced the national capacity to absorb economic shocks;
Amendment 213 #
2015/2344(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 227 #
2015/2344(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges the poor results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policies, in particular via the adoption of the Six-Pack and the Two- Pack Regulations; welcomes further the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however, that these mechanisms dramatically lack democratic oversight and parliamentary control, and hence ownership;
Amendment 240 #
2015/2344(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 255 #
2015/2344(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 299 #
2015/2344(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes the view that incentives for sound fiscal policymaking and for addressing structural weaknesses at national level, taking into account the aggregate euro area fiscal stance, are core elements for the functioning of the euro area; considers that a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shocks;
Amendment 312 #
2015/2344(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 327 #
2015/2344(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 347 #
2015/2344(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that three different functions have to be fulfilled; argues, first, that in order to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’ structural reforms should be incentivised in good economic times; argues, secondly, that differences in the business cycles of euro area Member States stemming from structural differences create the need for an instrument to address asymmetric shocks; considers, thirdly, that symmetric shocks should be addressed so as to increase the resilience of the euro area as a whole;
Amendment 386 #
2015/2344(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 401 #
2015/2344(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 423 #
2015/2344(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 444 #
2015/2344(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 455 #
2015/2344(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 463 #
2015/2344(INI)
Motion for a resolution
Subheading 4
Subheading 4
Amendment 475 #
2015/2344(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Stresses that significant progress in convergence and sustainable structural reforms is needed in order to reconcile fiscal consolidation, growth, jobs, productivity, competitiveness and the European social model so as to effectively prevent asymmetric shock; considers that financial support from the European level for the implementation of agreed structural reforms in the Member States, while keeping the responsibility for implementation at the national level, is therefore indispensable and competitiveness;
Amendment 500 #
2015/2344(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Reiterates its call forConsiders unnecessary the adoption of a ‘convergence code’, as a legal act resulting from the ordinary legislative procedure, to streamfurther centralinse the existing coordination of economic policies into a more effective convergence of economic policies within the European Semester;
Amendment 508 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – introductory part
Paragraph 26 – introductory part
26. Suggests that the convergence code define criteria to be reached within five years, building on the merits of the Maastricht criteria and focusing for the first period on convergence requirements regarding:be abandoned;
Amendment 515 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
Amendment 533 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
Amendment 548 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 1
Paragraph 26 – indent 3 – paragraph 1
Amendment 561 #
2015/2344(INI)
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 2
Paragraph 26 – indent 3 – paragraph 2
Amendment 571 #
2015/2344(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 588 #
Amendment 603 #
2015/2344(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Is convinced that increased convergence within the euro area will significantly increase the capacity of its Member States to absorb asymmetric shocks; believes, however, that no matter how great the efforts regarding convergence and sustainable structural reforms, asymmetric shocks with an impact on the stability of the euro area as a whole cannot be ruled out completely, given the strong integrbudget centralisation of the euro area Member States; stress; believes, therefore, theat there is no need to have an instrument available for this emergency which provides an immediate stabilisation effect;
Amendment 607 #
2015/2344(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 636 #
2015/2344(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Points outTakes the view that the Rainy Day Fund should not be funded by all the Member States on the basis of a cyclically sensitive economic indicator and used for payments to all Member States suffering from economic downturns;
Amendment 639 #
2015/2344(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
Amendment 658 #
2015/2344(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
Amendment 674 #
Amendment 685 #
2015/2344(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. WarnNotes that future symmetric shocks could destabilise the euro area as a whole since the currency area is not endowed with the instruments to cope with another crisis of the extent of the previous one; is convinced that the right instrument to deal with symmetric shocks depends on the nature of the shock; recalls that the EMF should be used as an appropriate financial resource;
Amendment 697 #
2015/2344(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Considers that in the case of symmetric shocks brought about by a lack of internal demand, monetary policy alone cannot reignite the economy, particularly in a context of zero lower bounds; is therefore convinced that public and private investment must be increased, the administrative burden reduced and a proper regulatory framework developed, with a view to stimulating potential growth;
Amendment 715 #
2015/2344(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Considers that symmetric shocks that are caused by a lack of supply must be diminished by improving the competitiveness of the euro area via appropriate financial incentives, including via the financing of professional training or financial incentives for R&D spendingelimination of national taxes and levies;
Amendment 720 #
2015/2344(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that instability in the financial sector could also pose severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop for the Banking Union, as agreed in the SRM;
Amendment 734 #
2015/2344(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
Amendment 754 #
2015/2344(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Stresses that the Community method should not prevail in the development of economic governance for the euro area; urges that no reinforcement of intergovernmental structures should take place in parallel with existing structures;
Amendment 764 #
2015/2344(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Calls urgently for the European Parliament and national parliamentsnot to be given a strengthened role in the renewed economic governance framework in order to reinforce democratic accentrally countability; calls for increased national ownership in the European Semester in order to improve compliance with the CSRsrolled governance framework;
Amendment 773 #
2015/2344(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
Amendment 789 #
2015/2344(INI)
Motion for a resolution
Paragraph 41
Paragraph 41
41. Considers that in order to provide for a genuine EMU, a euro area treasury should be created for collective decision- making, supervision and management of the budgetary capacity for the euro area; calls for the inclusion of this treasury within the European Commission with full macroeconomic, fiscal and financial competences; calls for a vice-president of the European Commission to head the treasury and simultaneously to act as president of the Eurogroup; urges full accountability of this treasury to the European Parliamentno new fiscal bodies or institutions should be created, and that it is sufficient to provide economic freedom and to eliminate the obligation to pay tax;
Amendment 806 #
2015/2344(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
Amendment 814 #
2015/2344(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Acknowledges that the current political climate characterised by deep inequality, mistrust and uncertainty is not conducive to proper reforms to achieve and complete EMU; believes, therefore, that a comprehensive roadmap, including clear milestones within an agreed timetable and taking into account the political situation, should be urgently adopted with a clear commitment by euro area Heads of State and Government to achieving a genuine and complete EMU;
Amendment 9 #
2015/2342(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes thawith regret theat insufficient size of Heading 4 and the Emergency Aid Reserve in particular has led connection with the ‘immigration crisis’ the Commission tohas resorted to satellite budgetary mechanisms, such as trust funds and the Facility for Refugees in Turkey, to top up the funding available; notes that this aim has not always been met with full success;
Amendment 21 #
2015/2342(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Notes with regret that refocusing the EU’s external financing instruments towards security, peace building and conflict resolution, migration and border management poses new challenges in relation to the initial objectives and principles of these instruments;
Amendment 28 #
2015/2342(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Welcomes, however,Has misgivings about the Commission proposal for a new European External Investment Plan, with a new focus on investment to promote economic and social development in the EU Neighbourhood and Africa; also expresses doubts, however, as to whether the proposal is ambitious enough to fully harness the EU’s borrowing and lending potential as to the usefulness of such action;
Amendment 35 #
2015/2342(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. WelcomesHas misgivings about the Commission proposal on the revision of the MFF, in particular with regard to endowing the EU budget with larger crisis instruments; expects the proposed revision of the financial rules to reconcile the necessary flexibility and accountability.
Amendment 4 #
2015/2253(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees thereforDoes not agree with the mobilisation of the Flexibility Instrument for an amount of EUR 66,1 million in commitment appropriations;
Amendment 5 #
2015/2253(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 8 #
2015/2253(BUD)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 9 #
2015/2253(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 10 #
2015/2253(BUD)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Instructs its President to forward this resolution, including its annex, to the Council and the Commission.
Amendment 11 #
2015/2253(BUD)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Points out that the budgetary increases violate the requirement for a unanimous vote in the Council on changes to the Multiannual Financial Framework and that the asylum crisis will not be resolved by such budgetary increases.
Amendment 145 #
2015/2086(INL)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that no decision on adoption should be taken before the biological parents have been heard and, where applicable, exhausted all legal remedies concerning their parental authority; believes that this should apply to foster parents as well;
Amendment 49 #
2015/2060(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for clarification as to the remit of each organisation, the ways in which they operate, and the legal nature of their decisions;
Amendment 67 #
2015/2060(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regards as detrimental to the UnionWhere the Union is concerned, regards as natural situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority vote;
Amendment 157 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 7
Paragraph 9 – indent 7
– Calls for the provision of a single seat for the Council and Commission presidencies at G20 meetings, replacing the two separate seats currently allocated, something which detracts from Europe’s external credibility, particularly in view of the existence of a single market in financial services; considers that, to encourage the convergence of Member States represented individually, various improvements are possible, such as the designation of a single spokesperson on a rotating basis or leading spokespersons responsible for given subject areasWelcomes the dual representation of the European Union by the presidency of the Council and the presidency of the Commission at G20 meetings, because the Council and the Commission have different tasks and areas of responsibility, and therefore each institution is able to represent the European Union most effectively in the area for which it is responsible;
Amendment 166 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 8
Paragraph 9 – indent 8
– Calls on the EU institutions and Member States to reflect on the practicalities of creating a global financial organisation with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panelsin the shape of an international forum for the exchange of experience and analysis, without imposing uniform standards on financial market participants, paving the way for the establishment of specific rules to suit different circumstances and different areas of the market;