20 Amendments of Barbara KAPPEL related to 2018/2101(INI)
Amendment 27 #
Motion for a resolution
Recital B
Recital B
B. whereas the latest economic figures in 2018 reflect a certain moderation in growth from the high levels of 2017, owing to a weaker impetus from external trade and higher oil prices;
Amendment 30 #
Motion for a resolution
Recital D
Recital D
D. whereas the current broad-based economic expansion is mainly being driven by exports and domestic consumption in the member states; whereas last year, investment grew at the fastest pace since 2007, backed by the global upswing and the Investment Plan for Europe; stresses the role of EFSI in bridging the investment gap in the European Union, mobilizing a total investment of EUR 256.9 bn, providing financing to almost 550.000 SMEs benefiting from EIF financing.
Amendment 35 #
Motion for a resolution
Recital E
Recital E
E. whereas according to the Eurosystem staff macroeconomic projections from June 2018, annual inflation in the Harmonised Index of Consumer Prices (HICP) for the euro area looks set to reach 1.7 % in 2018, 2019 and 2020, and thus converge towards the medium-term objective of just shy of 2 %; recalls however the large variance in inflation rates across the Eurozone;
Amendment 40 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas NPL ratios in 8 member states are still well above 10%, including two member states with more than 40%1a. _________________ 1a EBA Risk Dashboard.
Amendment 42 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. Whereas there is still uncertainty and scepticism whether the APP falls within the scope of mandate of the ECB and constitutes de facto fiscal financing policy2a; _________________ 2a DG IPOL "Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis", PE 569.994.
Amendment 47 #
Motion for a resolution
Recital K
Recital K
K. whereas at the end of 2017 the size of the Eurosystem balance sheet had reached an all-time high of over EUR 4.5 trillion, growing by 0.8 trillion compared to the end of 2016, constituting 41% of the total GDP of the Euro area;
Amendment 64 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Warns that the ECB's monetary policy is currently dominated by the lack of sound fiscal policies of some Member States;
Amendment 71 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of the ECB and the structural reforms undertaken in some Member States as part of the ongoing recovery;
Amendment 79 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, and the Brexit negotiations and rising divergences between Member States on the future of European integration, among other causes;
Amendment 88 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; encourages the ECB to take the necessary measures, in line with its mandate, to help realise this objectiveat low interest rates have made issuing new debt cheaper; reiterates that debt levels in certain member state are still unsustainable; stresses that in 4 euro area member states debt levels are still well above 100% of GDP; reiterates that low interest rates are instrumental in the emergence of market bubbles, primarily in the real estate market;
Amendment 90 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Considers that monetary policy alone is not sufficient to achieve a sustainable economic recovery, and that investments should be encouraged, as well as structural reforms in the Member States;
Amendment 99 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recognises that risk sharing is, as ECB President Draghi has stated, anStresses that risk sharing and effective risk reduction method and that the two should go hand in hand;
Amendment 120 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. StressNotes that the ECB’s non- standard monetary policy measures have proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit tokept interest rates low, thereby forestalling member states and highly indebted private enterprises from defaulting on their unsustainable debts; notes that in the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;
Amendment 128 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States; due to the accommodative ultra-loose interest policies of the ECB;
Amendment 154 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the transparency provided by the ECB through its forward guidance; deems it appropriate to keep interest rates low, in the light of uncertainties in the global environmenturges the ECB to normalize interest rates as soon ats presentossible;
Amendment 174 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Is concerned that certain southern European countries have profited in a disproportionate way from the PSPP, since national central banks and the ECB have purchased Spanish and Italian government bonds whose volume exceeds Spain's and Italy's share in GDP by respectively 43 billion and 51 billion euros, well above the average of 14.4% of GDP for the entire Eurozone; stresses that this strengthens the suspicion that the main goal of the PSPP is fiscal stabilisation of southern Europe, which falls outside the scope of the mandate of the ECB.
Amendment 194 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges an accelerAgrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; urges the implementation of the Capital Markets Union (CMU) project in order to deepstrengthen financial integration, with a view to helping build resilience to shocks and rendlower the transmission of monetary policy across the monetary union more effectiveneed for non-standard monetary policy measures to resolve financial an economic shocks;
Amendment 203 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls on the ECB to increase its monitoring vis-à-vis the development of crypto-currenciesblockchain technology and the increased cyber- security risks;
Amendment 229 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Stresses the importance of physical money as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes and other robust stores of value must not be rejected in transactions;
Amendment 230 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls for a full external audit of the ECB;