18 Amendments of Georgios KYRTSOS related to 2020/2075(INI)
Amendment 19 #
Motion for a resolution
Citation 37 a (new)
Citation 37 a (new)
— having regard to the European Auditor's Special Report 03/2018 Audit of the Macroeconomic Imbalance Procedure (MIP),
Amendment 20 #
Motion for a resolution
Citation 37 b (new)
Citation 37 b (new)
— having regard to the European Court of Auditor's Special Report 16/2020: The European Semester – Country Specific Recommendations address important issues but need better implementation,
Amendment 90 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; considers that the fiscal support measures should become more targeted as the recovery progresses; calls on the Commission not to have the general escape clause activated longer than strictly necessary; calls on the Commission to develop a credible exit strategy from the crisis measures;
Amendment 94 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation, which will promote regional development, while ensuring fiscal sustainability;
Amendment 112 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the coordinated policy response of governments and EU institutions aimed at avoiding a sharp increase in corporate insolvencies and unemployment; warns that an abrupt and uncoordinated withdrawal of support measures could lead to financial distressslow down the speed of the economic recovery; points out, however, that the robust fiscal response to the Covid-19 crisis raises new concerns in relation to debt sustainability;
Amendment 119 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes that the increased private and public debt levels due to the pandemic are a burden for future generations and might be a drag on the recovery;
Amendment 166 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that public debt levels have increased and that some Member States already have a sizeable debt legacy; notes with concern that the average debt- to-GDP ratio of EU Member States will surpass 100% in 2021; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower today; points out that this environment will not necessarily last going forward and that the interest rate environment can change fast, while reducing debt levels may take a considerable period of time;
Amendment 182 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expectedlikely to remain low for the foreseeablenear future and primary deficits are likely tomay be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; points out though that some Member States have had structural problems to achieve sufficiently high growth rates in the past;
Amendment 198 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and public investment aimed at increasing growth potential and achieving the EU’s objectives; underlines the need for ensuring the flow of EU funds towards the real economy through banks that are willing and able to respect EU policies and ECB guidelines;
Amendment 210 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuing a broad and transparent DSA, transparent and thorough debt sustainability assessment in order to set an appropriate country-specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamics;
Amendment 213 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Points out that the metrics at the heart of the economic governance framework must be easily observable and controllable by political decision makers in order to increase transparency and comprehensibility for both policy makers and the public; notes that concepts such as an output gap analysis do not satisfy those criteria;
Amendment 265 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Proposes an expenditure rule with a 20 20 ceiling on nominal public expenditure when a country’s public debt exceeds a certain threshold; proposes that in such a case, the annual expenditure growth rate of that Member State shall be two percentage points lower than the average GDP growth rate of the past three years; _________________ 20 A ceiling fixed for 3-5 years that would depend on the expected potential output growth, expected inflation and the distance from the debt anchor.
Amendment 274 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the country-specific path outcome should result from a discussion between each Member State and the Commission, after a consultation with the EFB in the context of the European Semester; considers that the expenditure rule should also include a correction mechanism to remove cyclical items;
Amendment 288 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Proposes, in line with the EFB, ‘ onthat the general escape clause, should only be triggered based on an independent and thorough economic judgeassessment’; notes however, that such assessment should be based on pre-defined metrics, thresholds and procedures;
Amendment 363 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
Amendment 400 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of fiscal sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidancethe European Semester to focus on fiscal discipline, competitiveness and structural reforms;
Amendment 407 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
Amendment 414 #
Motion for a resolution
Paragraph 32
Paragraph 32