Activities of Barbara KAPPEL related to 2017/0333R(APP)
Shadow reports (1)
INTERIM REPORT on the proposal for a Council Regulation on the establishment of the European Monetary Fund PDF (182 KB) DOC (73 KB)
Amendments (27)
Amendment 3 #
Motion for a resolution
–
–
The European Parliament rejects [the Commission proposal].
Amendment 19 #
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
- having regard to the German Federal Constitutional Court judgment of 12 September 2012, ref. 2 BvR 1390/12, requiring a reservation to be entered under international law,
Amendment 40 #
Motion for a resolution
Recital B
Recital B
B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for the swift completion ofrethinking the EMU;
Amendment 49 #
Motion for a resolution
Recital C
Recital C
C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity andpromote socioeconomic upward convergence; whereas risk reduction and risk sharing should go hand in hand in deepenshould be a necessary condition before risk sharing should be considered ing the EMU;
Amendment 60 #
Motion for a resolution
Recital D
Recital D
D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented, despite its intergovernmental nature,played an important step towardsrole in the creation of a European crisis management mechanism, helping to respond to the weaknesses of the EMU and providing financial assistance to several European countries affected by the crisis;
Amendment 69 #
Motion for a resolution
Recital E
Recital E
E. whereas the intergovernmental nature of the ESM has implicationprovides safeguards on its decision-making process, which risks undermining the ESM’s capacity to rguarantees profound scrutiny by Member Statesp ond swiftly to economic and financial shock planned and disbursed financial assistance, especially by net paying Member States;
Amendment 70 #
Motion for a resolution
Recital E
Recital E
E. whereas the intergovernmental nature of the ESM has implications onmakes it possible for its decision-making process, which risks undermining the ESM’s capacity to respond swiftly to economic and financial shocks to be subject to unanimity, which is what enables the ESM Member States to exercise their fiscal sovereignty in the first place;
Amendment 75 #
Motion for a resolution
Recital F
Recital F
F. whereas the future incorporation of the ESM into the EU legal framework should continue to be understood as part of the EMU completion projectan intergovernmental tool for financial assistance and governmental and financial sector reform;
Amendment 82 #
Motion for a resolution
Recital H
Recital H
H. whereas, in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the need to establish a European Depokeeping with its purpose, the ESM may provide stability assistance only if that is essential for safeguarding the financial stability of the euro area as a whole, and of its Member States, and whereas the use of ESM funding to assist Insurance Scheme (EDIS)banks must be ruled out for that very reason;
Amendment 84 #
Motion for a resolution
Recital H
Recital H
H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the need to establishbe separated from the discussion on the necessity to implement a European Deposit Insurance Scheme (EDIS);
Amendment 94 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomeRejects the Commission’s proposal of 6 December 2017 for a Council Regulation on the establishment of the European Monetary Fund and considers it a useful contribution to the ongoing debate on the future of Europe, the completion of the EMU and the ESM reform;,
Amendment 105 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 121 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would allow for management in accordance with the Community method, ensure the full consistency of fiscal rules and obligations, facilitate economic and fiscal policy coordination, and enhanceStresses the need to maintain the intergovernmental governance of the ESM, especially the ESM majority requirements; believes that such an intergovernmental approach provides the best guarantees to protect the interests of the member states, especially those member states who are net contributors to the ESM, to safeguard democratic legitimacy and accountability through the European Parliamentnational parliaments, and guarantees its independence;
Amendment 139 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications, and that discussions continue on a number of important issues; stresses, however, that thisall concerns raised in the debate on the long-term vision of the ESM’s institutional setting should not delay the steps urgently required to strengthen the EMU and its capacity to promote financial stability and respond to economic shocks; calls, therefore, for a meaningful ESM reform in the short term by means of a revision of the ESM Treaty, without prejudice to more ambitious developments in the futurebe duly addressed;
Amendment 151 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESF should continue to be to provide transitionalincrease financial assistaresilience tof Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, orwelcomes any steps considered to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro area;
Amendment 160 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Underlines that the EMF should not be allowed to raise debt, directly or indirectly;
Amendment 161 #
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Raises concern regarding the problem of obliging the EMF to deal with the continuous monitoring of EMU countries also in non-crisis times, since this would affect the staff and costs of the IMF, the Organisation for Economic Co- operation and Development (OECD), the EU Commission, and also to some extent the ECB, since they already perform this task; proposes that the EMF could potentially be allowed to borrow staff from the Commission and the ECB when a crisis arises; this staff could work under EMF management in order to guarantee sufficient independence;
Amendment 162 #
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Stresses the need to introduce a sovereign debt restructuring mechanism to reinforce the no-bailout rule, which will make financial market actors apply more scrutiny;
Amendment 164 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the reformed ESM should play a more prominent role in the management of financial assistance programmes, alongsideinstead of the Commission and in close cooperation with the ECB, ensuring that the EU institutional framework has more autonomy whenever needed, without prejudice to appropriate partnerships with other institutions, namely the International Monetary Fund;
Amendment 170 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Believes that if the EMF would be sufficiently autonomous, the conditionality principle would be strengthened and the politically influenced EU Commission would no longer be involved;
Amendment 177 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlapnot interfere with the normal macroeconomic and fiscal surveillance provided for in the EU’s financial rules and regulations, which must remains the Commission’s exclusive competence;
Amendment 186 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights the need for an efficient decision-making procedure in the reformed ESM, particularly ESM, while safeguarding the case ofprinciple of unanimity, including in urgent situations;
Amendment 195 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 196 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for a swift- in the event of an ESM reform that also redefines its role, functions and financial tools, so that the new ESF can - for no provision to be made for the ESM either to offer liquidity support in case of resolution andor to serve as a financial backstop for the SRF; calls for the SRF to be made operational as soon as possible and, in any case, before 2024;
Amendment 214 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 223 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Stresses that using the EMF as a common fiscal backstop for the Banking Union requires a large increase in risk taking. Therefore, exposure limits for the EMF need to be designed and the Single Resolution Fund (SRF) should be forced to repay the EMF in due course;
Amendment 230 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Invites the ESM to establish a protocol for a Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to further promote institutional dialogue and enhance the ESM’s transparency, accountability and democratic legitimacy in line with the further deepening ofenhanced interinstitutional cooperation on the economic governance of the euro area;