Activities of Johan VAN OVERTVELDT related to 2021/2063(INI)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2021
Amendments (41)
Amendment 5 #
Motion for a resolution
Citation 7
Citation 7
— having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 23 #
Motion for a resolution
Recital A
Recital A
A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU and the euro area, with significant growth inequalities persisting between and withidifferences in the pace of growth between the Member States;
Amendment 31 #
Motion for a resolution
Recital C
Recital C
C. whereas, according to the Eurosystem staff macroeconomic projections of June 2021, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) will be 1.9 % in 2021, 1.5 % in 2022 and 1.4 % in 2023 on average; whereas inflation projections show substantial variance across the euro area; whereas many EU citizens and industries are now confronted with even higher inflation rates and doubt that this figures are temporary and transitionary;
Amendment 39 #
Motion for a resolution
Recital D
Recital D
D. whereas, at the end of 2020, the size of the Eurosystem balance sheet had reached its all-time peak of EUR 6 979 324 million, an increase of almost 50 % (EUR 2 306 233 million) compared with the end of 2019, mainly due to the increase in Eurosystem refinancing operations;
Amendment 47 #
Motion for a resolution
Recital E
Recital E
E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU; whereas these objectives include the promotion of peoples’ well-being, economic, social and territorial cohesion, balanced economic growth, a highly competitive social market economy aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;
Amendment 53 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas SMEs have been severely impacted by the COVID-19 crisis; whereas developments in the general economic outlook have negatively affected their access to finance; whereas SMEs, which remain the backbone of the EU's economy and societies, and which enhance economic and social cohesion, need further support;
Amendment 55 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas a monetary union can only exist with fiscal responsibility and efficient markets within the Member States;
Amendment 59 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas each institution named in the Article 13 TEU shall act within the limits of the powers conferred on it in the Treaties, and in conformity with the procedures, conditions and objectives set out in them;
Amendment 60 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the ECB's legitimacy is closely linked to its mandate of maintaining price stability;
Amendment 63 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas Article 123 TFEU sets the prohibition on monetary financing by ECB;
Amendment 67 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability; Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; notes that independence requires that the ECB must not seek or take instructions from Union institutions or bodies, from any government of a Member State or from any other body; stresses that this independence must not be infringed on, and highlights that central bank independence should always be complemented by a corresponding level of accountability;
Amendment 88 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic and the economic lockdowns, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 95 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that sustainable growth, resilience and price stability cannotwill be achieved by monetary polica comprehensive response, by calone and that supportive and discretionaryibrated mix of monetary policy and fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary; acknowledges; takes note President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID-19 crisis;
Amendment 100 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees withTakes note of the ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’; points at the same time however at possible severe side effects, such as the increase of zombie firms, which leads to lower levels of productivity growth and a higher number of non- performing loans;
Amendment 103 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees with theTakes note of ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’;
Amendment 107 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 115 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 126 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the ECB’squick and substantially eased ECB monetary policy stance in response to the COVID-19 crisis, in a context of emergency; acknowledges the positive impact of this response on the economic situation of the euro area; which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkit;
Amendment 140 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022; Recalls the temporary nature of the PEPP;
Amendment 141 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under thHighlights that the ECB recently has slowed down the pace of its Pandemic Emergency Purchase Programme (PEPP until at least the); Reminds that PEPP remains on track to end ofnext March 2022;
Amendment 151 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomesTakes note of the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates;
Amendment 157 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates; Reminds that according to the most recent ECB's governing council's decisions the asset purchase programme (APP), the pre-pandemic programme, will remain operational at the steady pace;
Amendment 172 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and address this upward trend and its consequences more attentively;
Amendment 173 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls onUrges the ECB to evaluate and address this upward trend and its consequences more attentively, especially with regard to the economic recovery and the implementation of the Green Deal, which has the potential of further pushing prices upwards;
Amendment 182 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes the ECB’s drecisommendation to include the costs related to owner- occupied housing in the HICP to better represent the inflation rate that is relevant for households; Reminds the impact of long-term low interest rates; underlines that low interest rates, on the one hand, offer opportunities to consumers, companies, including SMEs, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs; regrets, on the other hand, the increase of unviable and highly indebted business, the reduced incentive for governments to pursue growth and sustainability-enhancing reforms, as well as detrimental effects on insurers and pension funds, and stresses the financial burden that this places on many citizens across the Union;
Amendment 206 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that thNotes, respecting the independence of the ECB, the impact of climate change on inflation dynamics and transmission risks in monetary policy; recalls the impact of the ECB in maintaining price stability; recall that the ECB, as a European institution, is shboulnd be reflected in its policiesy the Paris Agreement;
Amendment 211 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 227 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomNotes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework;
Amendment 232 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the market neutrality principle fshalls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the lat not be subject to the policy decisions adopted by the Union; notes that the ECB has already deviated from market neutrality in several instancest; notereminds that the ECB has already deviated from market neutrality in several instanconcept of market neutrality is related to the Treaty principle of "an open market economy with free competition, favouring an efficient allocation of resources";
Amendment 250 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. RegretWelcomes the fact that green bond issuance in the EU repthe purchases of green bonds and their share of the ECB's portfolio continue to increasents only 2.6 % of the EU’s total bond issuance; considers the percentage to be low when taking into account the needs of the green transition;
Amendment 252 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets the fact that green bond issuance in the EU represents only 2.6 % of the EU’s total bond issuanceCalls on the ECB to look into the risk of green asset bubbles and its possible effect on price stability;
Amendment 287 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Is concerned about the risks caused by the seriousUnderstands the delay in completing the third pillar of the banking union; welcomes the ECB’s long-standing support of, as risk reduction is a conditione sine qua non for the establishment of a fully fledged European Deposit Insurance Scheme (EDIS);
Amendment 289 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Is concerned about the risks caused by the serious delay in completing the third pillarNotes the repeated calls of the ECB for the completion of the banking union; welcomes the ECB’s long-standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS);
Amendment 299 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; reiterates that a digital euro does not constitute a crypto-asset; reminds that a digital euro would have to satisfy a range of minimal requirements including robustness, safety, efficiency and protection of privacy; furthermore stresses that a digital euro must not endanger cash as means of payment;
Amendment 311 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks; notes with concern several technical failures of the TARGET2 settlement system in 2020, while welcomes the subsequent investigation of these failures by the ECB;
Amendment 313 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks and warns for the increasing risk cyber attacks pose on the banking sector;
Amendment 315 #
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 325 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Recalls the support of the ECB for the implementation of Basel III, as this would lower the risk of a banking crisis and thus enhance financial stability within the EU;
Amendment 335 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB; recognises the steps taken by the ECB; repeatsinsists on its call to launch negotiations on a formal interinstitutional agreement;
Amendment 355 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Welcomes the ECB’s new strategy to further improve the gender balance of its staff at all levels; notes the increasing share of women in managerial positions, which, however, remains low;
Amendment 357 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Reiterates that a vacant position should simply go to the best woman or man;