[ParlTrack]

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Recital A

A. whereas the stability of the financial system~~, which~~ is essential for the effective allocation of resources for growth and jobs~~, is now a global public good~~; whereas in reality the financial system never has been stable, and that is what has caused the current crisis;

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Recital A a (new)

Aa. whereas the financial system, having been shaped by a lengthy process of privatisation and deregulation, is impinging to an intolerable degree on politics and political institutions and hence on countries’ sovereign development;

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Recital C

C. whereas the diversity of the legal structures and financial and operating procedures of international economic organisations make it difficult to undertake an overall monitoring; the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD) are international organisations with broad remits and composition, while the G20, the Financial Stability Board and the Basel Committee, for example, are among the informal public bodies with limited membership, some of which have enjoyed a new impetus following the crisis, and the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), the International Organisation of Pension Supervisors (IOPs) and the International Accounting Standards Board (IASB) are private specialist organisations of a sectoral nature with more or less involvement on the part of the sectors concerned;deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY

Motion for a resolution
Recital G

~~G. whereas the EU could usefully contribute to the emergence of more balanced multilateral cooperation in economic and financial matters;~~deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY

Motion for a resolution
Recital G a (new)

Ga. whereas, because it is a project comprising many countries, the EU encompasses economies which are economically variously advanced and culturally dissimilar and consequently do not hold out the same prospects for the development of society; whereas, therefore, neither the Commission President nor any other senior EU leader should ever speak for the Member States in international discussion forums;

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital G b (new)

Gb. whereas the EU has been showing itself to be not so much a project for cooperation among Member States as one in which the aims being pursued by the most powerful political and economic vested interests are one and the same;

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 1

1. Stresses the need for international regulatory cooperation based on solidarity among peoples and not on defence of major economic and financial interests;

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 5

5. Takes the view that the EU ~~could streamline its representation, with a view to increasing its influence and promoting the legislation it has adopted through a democratic proces~~is a project whose goal is cooperation among Member States and not a federal state, and therefore maintains that Member States should not discard their own representation in international forums for the sake of one-size-fits-all representation speaking with one voice for all EU countries;

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 6

6. Regards as detrimental to the Union 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;deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 6 a (new)

6a. Considers that unified representation of the Member States within international financial institutions, including the proposal for single representation of the euro area countries within the IMF, poses serious problems in terms of financial sovereignty;

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 6 b (new)

6b. Considers that Member States, given that they remain sovereign states, have the right to defend, at first hand, the interests of their people and their national interests in international forums; therefore vehemently rejects any code of conduct intended to inhibit individual action by Member States;

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 8 a (new)

8a. Considers it dangerous and anti- democratic to believe that peer review makes for greater accountability to the people than the traditional formal democratic accountability model based on the ‘agent and principal’ concept (in which elections are the means whereby ‘agents’ – elected representatives – are made accountable by the ‘principal’, in other words electors);

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 9 – indent 1

– Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency and accountability designed to guide the action of European representatives in international organisations;deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 9 – indent 2

– Recommends, on the basis of the code, working towards global standards of transparency and accountability, regarding the statute, financing and operation of those organisations (including their relations with the sector concerned and the public, their communication and access to their documents) as well as their dialogue with the authorities;deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 9 – indent 3

– Calls for a formalised and regular ‘financial dialogue’ to be organised in the European Parliament for the purpose of ~~establishing guidelines regarding the adoption of European positions~~providing an opportunity, in the run- up to major international negotiations, ~~making sure that these positions are known and ensuring follow-up~~to discuss the most pressing issues under negotiation; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 9 – indent 5

~~– Urges that the Member States take seriously the coordination provisions of the Treaties;~~deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 9 – indent 6

– Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial institutions and conferences; considers it imperative to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; points out that, under Protocol N° 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group;deleted

2015/10/15
Committee: ECON

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
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 areas;

2015/10/15
Committee: ECON

Miguel VIEGAS, Matt CARTHY

Motion for a resolution
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 panels;deleted

2015/10/15
Committee: ECON

19 Amendments of Matt CARTHY related to 2015/2060(INI)

ParlTrack - 2011-2024