BETA

31 Amendments of Paul TANG related to 2021/2061(INI)

Amendment 19 #
Motion for a resolution
Recital A
A. whereas the European Semester plays an essential role in coordinating economic, employment, social and budgetary policies in the Member States; notes that the Semester, has been expanded to include, among other aspects, issues related to the financial sector and taxation, as well as objectives of the UN SDGs; notes that in order to further strengthen economic and social resilience, the EU must deliver on the principles of the European Pillar of Social Rights;
2021/07/15
Committee: ECON
Amendment 37 #
Motion for a resolution
Recital E
E. whereas unemployment rates decreasedthe European Union overall lost more than 3 million jobs in 2020 and unemployment rates increased in all Member States during the crisis; whereas young people have experienced the sharpest decline in employment; whereas unemployment rates decreased since last summer to an average rate of 8.4 % in the euro area and 7.6 % in the EU 27 in May 2021, and; whereas a further decrease to unemployment rates are only expected to fall below 2019 levels in three Member States; whereas in April 2021, the youth unemployment rate was 17.81 % and 7 % respectively is expected in 2022in the EU and 17.2 % which is higher than the pre-crisis levels;
2021/07/15
Committee: ECON
Amendment 53 #
Motion for a resolution
Recital H
H. whereas reference values of up to 3 % of planned or actual government deficit and 60 % of debt to GDP are defined by the TFEU; whereas these reference values were established in the early 1990s under fundamentally different economic circumstances and they are not based on a scientific analysis of the debt sustainability of public budgets;
2021/07/15
Committee: ECON
Amendment 57 #
Motion for a resolution
Recital H a (new)
Ha. whereas both public and private sector investment were already clearly insufficient before the crisis, despite historically low interest rates; whereas to address the extensive public investment backlog in, inter alia, transport, education and science infrastructure and to vigorously tackle the challenges of digital transformation, green and just transition, additional annual public investment in the three digit billion range is needed which cannot be provided for under current fiscal policy;
2021/07/15
Committee: ECON
Amendment 58 #
Motion for a resolution
Recital H a (new)
Ha. Whereas the corporate income tax rate in the European Union has been reduced by more than half since 1980s, from 50 % in 1985 to 21 % now1a; _________________ 1a https://www.taxobservatory.eu
2021/07/15
Committee: ECON
Amendment 60 #
Motion for a resolution
Recital H b (new)
Hb. whereas the EU is estimated to lose between €160 and €190 billion each year due to corporate tax avoidance2a; _________________ 2a https://www.europarl.europa.eu/RegData/ etudes/STUD/2016/558776/EPRS_STU(2 016)558776_EN.pdf
2021/07/15
Committee: ECON
Amendment 61 #
Motion for a resolution
Recital H c (new)
Hc. whereas a minimum effective tax rate of 21 % could help EU governments get an additional revenue of some €100 billion per year; whereas this would decrease to some €50 billion for a minimum rate of 15 %3a; _________________ 3a https://www.taxobservatory.eu/wp- content/uploads/2021/07/TaxObservatory _Report_Tax_Deficit_July2021_Revised.p df
2021/07/15
Committee: ECON
Amendment 62 #
Motion for a resolution
Recital H d (new)
Hd. whereas the ECB predicted that a lack of action on climate change could reduce Europe’s GDP in the long-term by some 20pp; whereas such a reduction in growth rates would imply huge human cost and be detrimental to the long-term sustainability of public finances in the Euro zone4a; _________________ 4a https://www.ecb.europa.eu/pub/pdf/other/ ecb.climateriskfinancialstability202107~8 7822fae81.en.pdf
2021/07/15
Committee: ECON
Amendment 68 #
Motion for a resolution
Recital I c (new)
Ic. whereas the Union and its Member States have committed to the Treaty-based fundamental values, the implementation of the UN 2030 Agenda, the European Pillar of Social Rights (EPSR) and the Paris Climate Agreement;
2021/07/15
Committee: ECON
Amendment 69 #
Motion for a resolution
Recital I d (new)
Id. whereas during the Porto Social Summit held on 7 and 8 May 2021, the EU’s leaders recognised the European Pillar of Social Rights as a fundamental element of the recovery and whereas in the Porto declaration they underlined their determination to continue deepening its implementation at EU and national level;
2021/07/15
Committee: ECON
Amendment 105 #
Motion for a resolution
Subheading 1
Responsible fiscal and sustainable policies
2021/07/15
Committee: ECON
Amendment 107 #
Motion for a resolution
Paragraph 5
5. Notes that the general escape clause of the Stability and Growth Pact will continue to be applied in 2022 and is expected to be deactivated as of 2023; expects however that the general escape clause will remain activated as long as the underlying justification of the activation exists in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their competitiveness, as well as economic and social resilience; notes, furthermore, that the decision to deactivate the general escape clause should be taken as an overall assessment of the state of the economy based on quantitative criteria, with the level of economic activity in the EU compared to pre-crisis levels as the key, social and employment situation based on quantitative and quantlitative criteriona; points out that country-specific situations will continuhave to be taken into account also after the deactivation of the general escape clause;
2021/07/15
Committee: ECON
Amendment 120 #
5a. Is of the opinion that the review of the EU economic governance framework is necessary; agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reviewed fiscal framework, preferably prior to the deactivation of the general escape clause;
2021/07/15
Committee: ECON
Amendment 132 #
Motion for a resolution
Paragraph 6 a (new)
6a. Considers that debt targets must properly reflect the new economic reality as well as country-specific challenges; notes the importance of establishing a sustainable pace of sovereign debt reduction, particularly for Covid-linked debt, thus preventing fiscal consolidation from harming economic performance and output;
2021/07/15
Committee: ECON
Amendment 137 #
Motion for a resolution
Paragraph 7
7. Is convinced that coordination of national fiscal policies remains crucial in underpinning the recovery; notes that the overall fiscal stance, taking into account national budgets and the RRF, should remain supportive in 2021 and 2022as long as necessary;
2021/07/15
Committee: ECON
Amendment 154 #
Motion for a resolution
Paragraph 8 a (new)
8a. Underlines that fiscal responsibility can be achieved not only by imposing limits to spending, but also by increasing revenues for government; supports governments’ efforts to increase revenues through the closing of loopholes for tax avoidance and the increasing of capital-gains, wealth and corporate income taxes;
2021/07/15
Committee: ECON
Amendment 156 #
Motion for a resolution
Paragraph 8 b (new)
8b. Supports cooperation by governments at both the EU and global level to put an end to the global race to the bottom in tax rates and increase their ability to levy taxes; shames the EU countries participating in the Inclusive Framework who have not yet signed on to the global minimum effective tax rate, Estonia, Ireland and Hungary, for undermining the ability of EU governments to raise sufficient revenues, thereby damaging the long-term fiscal sustainability of the EU; Reminds that Cyprus does not participate in the negotiations under the Inclusive Framework; Urges these four countries to support a minimum effective tax rate at the EU level;
2021/07/15
Committee: ECON
Amendment 164 #
Motion for a resolution
Paragraph 9
9. Notes that Member States with high debt should use the RRF to finance additional investment to support the recovery, while pursuing a prudent fiscal policyresponsible fiscal and sustainable policies without prejudice to social equity and Article 9 TFEU; stresses the importance of the Member States using the potential of the RFF to support the necessary structural changes in order to accelerate the transition to a more sustainable, resilient and socially inclusive EU and the transformation to more globally competitive, future-proof, agile industries; agrees that as the growth of nationally financed current expenditure should be kept under control and bpublic health situation normalises and restrictions affecting economic activity are limifted for, Member States with high debtcan start phasing out the underlying fiscal stance, allowing fiscal measures to maximise support to the recovery without pre- empting future fiscal trajectories and creating a permanent burden on public finances;
2021/07/15
Committee: ECON
Amendment 189 #
Motion for a resolution
Paragraph 12 b (new)
12b. Calls on the Commission and the Council to ensure that gender equality and equal opportunities for all, and the mainstreaming of those objectives, are addressed in the country-specific recommendations and taken into account and promoted throughout the preparation and implementation of recovery and resilience plans;
2021/07/15
Committee: ECON
Amendment 190 #
Motion for a resolution
Subheading 2
Socially balanced, inclusive and sustainable structural reforms and, investment and public revenues
2021/07/15
Committee: ECON
Amendment 201 #
Motion for a resolution
Paragraph 13 a (new)
13a. Stresses that the recovery efforts must go hand in hand with a lasting increase of public and private investment beyond the RRF in order to be able to address current and future challenges and to achieve the EU policy objectives; recalls the investment gap estimated by the Commission in 2020 for the EU of more than 600 billion annually; Is concerned about the assessment of the European Fiscal Board on the low level of investment pre-crisis and the consequently limited recovery of investment in some countries;
2021/07/15
Committee: ECON
Amendment 216 #
Motion for a resolution
Paragraph 14 a (new)
14a. Highlights that national fiscal policies, together with Union policies, will play a crucial role in delivering the climate transition, thus fulfilling the EU's commitments and responsibilities in addressing climate change; underlines that social sustainability must be safeguarded during both the climate and digital transitions through public policies that create jobs, provide reskilling opportunities and establish adequate social protection; stresses, therefore, the importance of enabling climate and social investments, notably by creating a golden rule based on the exclusion of some clearly delineated expenditure from the fiscal rules;
2021/07/15
Committee: ECON
Amendment 217 #
Motion for a resolution
Paragraph 14 a (new)
14a. Underlines that public revenues are essential to ensure the sustainability of Member States public finances; considers it therefore necessary to subject the level of taxes and duties in the Member States to greater European coordination to avoid tax competition and to ensure that necessary government spending, whether for consumption or investment, is financed by regular revenues, except if these sources of revenue are insufficient due to a crisis or if additional growth-generating expenditure is to be financed;
2021/07/15
Committee: ECON
Amendment 221 #
Motion for a resolution
Paragraph 14 b (new)
14b. Recalls in this context, that taxation is one of the key policies monitored through the European Semester towards fairer and more growth- friendly tax systems; calls on the Council and its Member States to implement the recommendations in terms of addressing national measures to fight aggressive tax planning, tax evasion and tax avoidance or ineffective anti-money laundering measures;
2021/07/15
Committee: ECON
Amendment 223 #
Motion for a resolution
Paragraph 14 c (new)
14c. Invites the Commission to revamp the comprehensive economic policy response to the COVID-19 pandemic and to take the principles of NGEU as a basis for a modernisation of the common European fiscal architecture; invites the Commission therefore to consider the possibility of a permanent investment fund for the euro area and the non-euro area aligned to European priorities and with the aim to finance future-oriented investments, create European added value, to effectively tackle economic shocks and manage the economic cycle;
2021/07/15
Committee: ECON
Amendment 231 #
Motion for a resolution
Paragraph 15 a (new)
15a. Worries that without a concerted effort to invest in the transition to a sustainable economy, European economies will suffer long-lasting damage, undermining any efforts to promote sustainable fiscal policies; strongly supports the incentivising of sustainable investments by sovereigns, including through the EU Green Bond Standard;
2021/07/15
Committee: ECON
Amendment 258 #
Motion for a resolution
Paragraph 19
19. Recalls that Member States, in their recovery and resilience plans, are required to effectively address all or a significant subset of challenges identified in the relevant CSRs, including the fiscal aspects thereof, and that beyond the scope of the RRF, those recommendations that are not addressed remain valid and will continue to be monitored under the European Semester framework; will continue to be monitored under the European Semester framework; Underlines, however, that the 2019 pre- pandemic CSRs should be interpreted in the light of the current crisis and the new challenges to ensure coherence between them, the 2020 CSRs and the general and specific objectives of the RRF regulation, and that future CSRs should not contradict the objectives of the RRF;
2021/07/15
Committee: ECON
Amendment 269 #
Motion for a resolution
Paragraph 19 c (new)
19c. Believes that the renewed and simplified EU Semester could profit from the lessons learned from the RRF process in regards to establish a more transparent and democratic coordination process when it comes to defining the guiding principles/policy objectives of the European Semester and the CSRs with full involvement of the European Parliament and the Member States as well as in regards to the reciprocal process between Commission and the Member States in developing the needed reforms and investment to achieve those policy objectives; therefore, calls on the Commission to closely assess the RRF exercise and draw conclusions for the review and adaptation of the European Semester cycle and the CSRs;
2021/07/15
Committee: ECON
Amendment 280 #
Motion for a resolution
Paragraph 20
20. Regrets the fact that the Commission has not promoted fiscal CSRs that promote medium-term fiscal sustainability, despite the fact that the activation of the general escape clause obliges Member States not to endanger fiscal sustainability in the medium term;deleted
2021/07/15
Committee: ECON
Amendment 285 #
Motion for a resolution
Paragraph 20 a (new)
20a. Welcomes the DG ECFIN’s initiatives and ongoing reflection on the idea of an alternative set of indicators to measure economic, social and environmental progress, supplementing GDP as a welfare measure for inclusive and sustainable growth; is convinced that the EU policy objectives have to be reflected as well in terms of new measurements and granular performance indicators for progress; highlights in this respect the advanced statistical standards and the development of concepts and methods on international level, such as the beyond GDP framework of the OECD and the United Nations; urges the Commission to follow these international standards and integrate this approach in the EU economic governance framework;
2021/07/15
Committee: ECON
Amendment 290 #
Motion for a resolution
Paragraph 20 b (new)
20b. Calls for the Social Scoreboard of the European Pillar of Social Rights (EPSR) to be fully taken into account for the purposes of monitoring Member States´ performance in relation to the EPSR´s principles; takes note of the Commission initiative in confirming that the revised Social Scoreboard will be part of the policy coordination framework in the context of the European Semester; takes notes that the EU leaders welcomed the European Social Partners joint proposal for an alternative set of indicators to measure economic, social and environmental progress, supplementing GDP as welfare measure for inclusive and sustainable growth; calls for better reflecting scoreboards in policy recommendations;
2021/07/15
Committee: ECON