27 Amendments of Johan VAN OVERTVELDT related to 2020/2075(INI)
Amendment 92 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continuedUnderlines that fiscal stances must balance the long-term sustainability of public finances with short-term macroeconomic stabilisation; calls for an appropriate 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;
Amendment 156 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for an appropriate fiscal and monetary policy mix that work together towards achieving the EU’s objectivesfiscal and monetary policy to compensate for each other: an expansive monetary policy should go hand in hand with a restrictive fiscal policy and the other way around, only in crisis situations they should strengthen each other;
Amendment 161 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Recalls that both monetary and fiscal expansions work to a considerable extent by bringing spending forward in time; believes that the structural contribution that monetary policy makes to sustainable growth is limited;
Amendment 162 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Notes that growth has in recent years to an important degree relied upon unconventional and, in the long term, unsustainable monetary policy; notes more than a decade after the outbreak of the global financial crisis that this monetary policy has failed to create a genuine momentum for productivity- enhancing reforms;
Amendment 170 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that debt levels have increased to a level that may be hard to sustain when interest rates return to normal levels and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are currently considerably lower;
Amendment 183 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary deficits are likely to be offset by favourable interest-growth differentials; further considers that as long as the differenti but warns about higher financing costs in the future once monetary policy accommodation is reduced; recalls arthe negative it is possible to sustain and progressively reduce high debt leveled to reduce high deficit and debt levels and rebuild fiscal buffers to make European economies more resilient to shocks;
Amendment 193 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. RIn view of the EU's low productivity and global competitiveness, recalls the importance of gprowthductivity- enhancing policies and publicstructural reforms, responsible fiscal policies and well-targeted investment aimed at increasing growth potential and achieving other EU’s policy objectives;
Amendment 205 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Warns that boosting investment should not be seen as an alternative to productivity-enhancing reforms;
Amendment 230 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Considers that prudent fiscal policies play a fundamental role for the stability of the euro area and the Union as a whole; underlines that coordination of fiscal policies and compliance with the Union rules in this area are a legal requirement and key to the proper functioning of Economic and Monetary Union (EMU);
Amendment 247 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisationinstil discipline and to improve the quality of public expenditure through sustainable investments and structural reforms; calls for well-defined, transparent, simple, flexipredictable and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence;
Amendment 306 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Recalls that public investment may crowd out private investment; recalls that private investment depends on private sector competitiveness, which in turn depends on a regulatory environment allowing for predictable rules, a level playing field, and reduced compliance costs;
Amendment 326 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Agrees with the opinion of the EFB and others21 that a deepening of the Economic and Monetary Union (EMU) would be helped by a central fiscal capacity, which could help cushion idiosyncratic shocks, whether common or country-specificrequires first and foremost sound fiscal policies and the implementation of structural reforms at national level aimed at better functioning product and factor markets, however which does not require a central fiscal capacity, sin a timely manner; _________________ 21 International Monetary Fund and the European Central Bank.ce Member States with access to financial markets can play such a counter-cyclical shock- absorbing role themselves;
Amendment 333 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Considers that due consideration should be given to the mutual spill-over effects of the EMU and non-euro area Member States;
Amendment 340 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, whichthe NGEU is a step towards a permanent EU safe asset; _________________ 22mporary instrument; NGEU & SURE bonds.
Amendment 346 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Highlights that there is no wide public support for establishing a formal system of fiscal transfers within the EMU;
Amendment 353 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses and its insufficiently specified theoretical foundations, which may be prone to confusing cause and effect;
Amendment 361 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Reminds that the EMU exposed its vulnerability in the context of the global financial and economic crisis with the aggravation of unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery and a rising public spending ratio in some Member States;
Amendment 362 #
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Encourages all Member States to take the necessary policy action to address imbalances, in particular high levels of indebtedness, and commit to structural reforms ensuring the economic sustainability of each individual Member State, thereby ensuring the overall competitiveness and resilience of the European economy;
Amendment 380 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacyMember States taking responsibility for future generations and ensuring the sustainability of their public finances, and the EU institutional framework to set and enforce rules to instil fiscal discipline;
Amendment 391 #
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Stresses that the subsidiarity and proportionality principles should prevail in the development of economic governance for the euro area;
Amendment 396 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewedonsiders the European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of sustainabipolitcy and upward convergenceobjectives with stronger national ownership; calls for more rigorous democratic scrutiny and for Pcloser involvement of national parliament’s full involvement in defining the overarching goals and the guidancein the European Semester process;
Amendment 430 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Recalls its position23 that an ‘additional budgetary capacity forBelieves that a stronger EMU requires first and foremost decisive actions at the national level; believes that far-reaching transfers of competence to the eEuro area’ should be included in the fiscal capacity; _________________ 23European Parliament resolution of 16 February 2017 on budgetary capacity for the euro area, OJ C 252, 18.7.2018, p. 235.pean level are unnecessary; underlines that a euro area fiscal capacity as a shock-absorber is not required since governments with access to financial markets can play this role themselves;
Amendment 437 #
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Considers that any shock absorption capacity mechanism at euro area level, by its mere institutional set-up, risks to lack accountability and democratic legitimacy if it becomes just a new layer of governance which risks to cause moral hazard;
Amendment 438 #
Motion for a resolution
Paragraph 34 b (new)
Paragraph 34 b (new)
34b. Underlines that Member States need to build their own fiscal capacities on national level in order to increase stability and to counter economic shocks;
Amendment 439 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 452 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presidents;
Amendment 461 #
Motion for a resolution
Paragraph 37
Paragraph 37
37. Recalls its call for the ESM to be integrated into EU law under the Community methodthat the ESM is not formally under parliamentary control;