23 Amendments of Jonás FERNÁNDEZ related to 2020/2037(INI)
Amendment 22 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the euro's global potential has not been fully reached, and its benefits are shared unevenly among the Eurozone members;
Amendment 30 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas a stronger role of the euro, and its increased use as a reserve currency, would increase the ability of the EU to frame its policy stance vis-a-vis other countries and regions;
Amendment 38 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the stability of a currency is also determined by the stability of the institutions behind it, more European integration is necessary to give additional institutional and political stability behind the euro;
Amendment 40 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas in the long run the attractiveness of a given currency is also determined by the vitality of its economy;
Amendment 48 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the Covid-19 crisis has provided renewed focus on the argument of the greater international role of the euro;
Amendment 52 #
Motion for a resolution
Recital H
Recital H
H. whereas post-pandemic economic recovery requires the fast implementation of the EU recovery plan, which will address structural weaknesses and put in place policies to enhance growth and competitiveness; whereas such policies are paramount both to enhancing the attractiveness of the euro globally and to strengthening Europe’s economic and financial autonomy; whereas the recently- proposed recovery fund is an excellent example of what is needed as a European fiscal response to build confidence among investors; whereas a meaningful fiscal stimulus, in conjunction with a monetary one – including a joint European effort –, will have a positive effect on the international position of the euro; whereas the premature withdrawal of fiscal stimulus and the lack of coordination of fiscal action can undermine the attractiveness of the euro as an international currency;
Amendment 57 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the bond issuance that goes together with the recovery fund will allow global investors to get exposure to the euro area as a whole also establishing a genuine euro-area yield curve;
Amendment 59 #
Motion for a resolution
Recital H b (new)
Recital H b (new)
Hb. whereas the ECB’s pandemic emergency purchase programme is a decisive element to maintain price stability and ensure stable sources of funding for the euro area economy;
Amendment 80 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas the right mix of fiscal and monetary policy is needed to build a deeper and better more stable EMU, necessary to increase the euro’s influence and the benefits that accrue to euro area members;
Amendment 102 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reiterates, in this context, the need to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU), with a view to enhancing - by strengthening the governance and the fiscal capacity for eurozone to be able to provide a counter-cyclical stabilization function -, the Banking Union - by focusing on an introduction of a common deposits insurance scheme - and the Capital Markets Union (CMU) - in order to ensure deeper cross-border capital flows including strengthening of cooperation on taxation on financial products and convergence of company law and insolvency regimes - with a view to enhancing the EU's political and institutional framework and therefore the international competitiveness of European markets and the attractiveness of the euro;
Amendment 120 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Highlights that the completion of the Banking Union requires a fully- fledged European Deposit Insurance Scheme (EDIS) and an appropriate backstop to the Single Resolution Fund (SRF); calls for the creation of a fully mutualised EDIS; welcomes the decision from the euro area ministers of finance to advance the introduction of the ESM’s backstop to the SRF; stresses that the backstop to the SRF must be swiftly operationalised without any more delays;
Amendment 136 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the need for sustainable and sound fiscal and structural growth- enhancing policies that are based on a commitment to credible fiscal ruland social inclusive policies; calls for further reflection on the adequacy of the stability and growth pact framework despite the challenging circumstances and calls for the introduction of a permanent Golden Rule for sustainable investments; supports the plan outlined in Next Generation EU to use, in addition to monetary policy, a fiscal impulse, notably borrowing EUR 750 billion from capital markets bonds to finance the recovery and green transition, in addition to the issuance of EUR 100 billion in ‘social’ bonds under the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), which is intended to preserve employment; applauds the high level of interest that investors have demonstrated in European bonds;
Amendment 142 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Highlights, in this respect, that a higher amount of EU's own resources through various taxes is a step in the right direction in becoming a true fiscal entity, and therefore, strengthening the role of the euro;
Amendment 150 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that an adequate supply of safe assets is a precondition for international currency status, and expresses its regret at the limited availability of euro- denominated safe assets; underlines, therefore, the need to create European safe assets; considers that the proposed issuance of a common debt to finance recovery will provide an EU-level reserve asset benchmark and increase the supply of euro-denominated safe assets; calls on the Commission to submit a legislative proposal for the creation of a true European safe asset; expects the ECB to conduct an assessment of the possibility of issuing certificates of deposit under its existing legal basis;
Amendment 156 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Underlines that as large and permanent current account surpluses create instability for a prominent international role of a currency, the Euro area growth model should be rebalanced and the export-led tendency shall be offset by measures that stimulate the internal demand, to a level compatible with potential supply;
Amendment 182 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Underlines that a strengthened international role of the euro would enhance the EU’s capability to enforce open strategic autonomy; recommends, therefore, actions intended to both design and implement policy measures that foster the international role of the euro and support market-driven shifts in this direction;
Amendment 183 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Emphasises that the euro is not only an economic project but also a political one; stresses the irreversible nature of the single currency; draws attention to the requirement for every Member State, with the exception of Denmark, to adopt the single currency once they have met the Maastricht convergence criteria;
Amendment 187 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Advocates, in this context, that policies critical for and conducive to strengthening the international role of the euro should target, inter alia, international trade, fiscal and monetary policy mix, financial services and capital market, payments systems, the climate, the digital transformation, energy, and foreign and security policies; highlights that such policies must be pursued with the objective of achieving the general objectives of the Union, as defined in Article 3 TFEU, notably sustainable development, convergence, full employment, and social progress;
Amendment 200 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses the importance of the attainment of price stability targets and the credibility of monetary policy for the attractiveness of the euro as an international currency; notes that the target for inflation has not been systematically attained and further efforts are needed; highlights the effects of ECB’s monetary policy on the stability of financial markets and its significance for the international role of the euro;
Amendment 215 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses that, besides its primary mandate of maintaining price stability and its secondary mandate of supporting the general economic policies in the Union, the ECB is tasked with promoting the smooth operation of payment systems; underlines the importance of having autonomous European payment solutions; calls on the ECB to ensure an adequate balance between financial innovation and stability and consumer protection;
Amendment 219 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Stresses the stability of financial markets in the Euro-area as a precondition for international currency status; highlights that the Euro-area faces significant challenges related to climate change, cybersecurity, money laundering and terrorism financing, as well as geopolitical challenges including Brexit that may impact financial stability; calls for further initiatives aimed at reducing these risks;
Amendment 221 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note of the ECB report on the digital euro, and of the value a digital currency can add in strengthening the international role of the euro; takes note of the ongoing work and experiences of central banks and other organisations in regard to crypto-assets; stresses the importance of monitoring the development of crypto-assets and the increased risks for economic sovereignty and cyber-security; supports the ECB’s efforts in ensuring a high level of cyber resilience;
Amendment 225 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note ofWelcomes the ECB report on the digital euro, and of the value a digital currency can add in strengthening the international role of the euro; supports the ECB’s efforts in ensuring a high level of cyber resilience;