14 Amendments of Paul TANG related to 2023/0138(COD)
Amendment 163 #
Proposal for a regulation
Recital 5
Recital 5
(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt and massive investment challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic, especially through the RRF instrument, proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving athe massive investment needs to achieve a socially-just and fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of public and private investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.
Amendment 167 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5 a) The economic governance framework of the Union should in future be complemented by a permanent investment facility, to enhance macroeconomic stabilisation and convergence in the euro area, including providing investment support for Member States with restricted fiscal space to achieve the Union's priorities. The capacity should have a volume of around 1% of the European GDP and allocate grants fro investment analogue to the RRF, financed by EU bonds and new own resources. A political agreement should be reached in a manner that allows the new capacity to succeed seamlessly to the Recovery and Resilience Facility to ensure continuity in funding.
Amendment 198 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) A Member State's debt level is only sustainable if this Member State is sufficiently protected from the risk of climate change. As such green debt in the form of European Green Bonds issued in accordance with the Regulation on European Green Bonds should be encouraged by excluding such debt from net expenditure calculation in the control account.
Amendment 219 #
Proposal for a regulation
Recital 13
Recital 13
(13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policiesis reduced annually by 25 % of national growth. The sustainability of that debt reduction should result from appropriate fiscal policies, starting at the latest 2 years after the adoption of the national medium-term fiscal-structural plan depending on the economic situation of the Member State.
Amendment 239 #
Proposal for a regulation
Recital 16
Recital 16
(16) Each national medium-term fiscal- structural plan should mention its status in the context of national be presented to and approcvedures, notably whether the plan was presented to the national parliament and whether there has been parliamentary approval of the plan. The national medium-term fiscal- structural plan should also indicate whether the national parliament had by the respective national parliament, in accordance with their constitutional requirements. The national parliaments should also have the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.
Amendment 267 #
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24 a) Government budgets can be brought in line either by spending reductions or revenue increases. As such this regulation should be neutral in the way governments seek to reduce their levels of debt and deficit, and should not prioritise cuts in public expenditures over increases in tax revenue;
Amendment 318 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means government expenditure net of total tax revenues, interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a);
Amendment 473 #
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectoryis reduced annually by 25% of national growth; and
Amendment 483 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(d a) the plan has sufficient investments in climate change mitigation and climate change adaptation;
Amendment 495 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
Amendment 577 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Each national medium-term fiscal- structural plan should be presented to and approved by the respective national parliament, in accordance with their constitutional requirements. The national parliaments should also have the opportunity to discuss the Council recommendation on their previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning. Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.
Amendment 847 #
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectoryis reduced annually by 25 % of national growth.
Amendment 937 #
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path. Debt issued in the form of European Green Bonds according to [the Green Bonds Regulation] shall not be counted in the calculation of deviations from the net expenditure path.
Amendment 1080 #
Proposal for a regulation
Annex I – paragraph 1 – point a
Annex I – paragraph 1 – point a
(a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levelspublic debt is reduced annually by 25 % of national growth;