Activities of Johan VAN OVERTVELDT related to 2022/2037(INI)
Plenary speeches (1)
European Central Bank - annual report 2022 (debate)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2022
Amendments (40)
Amendment 1 #
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
— having regard the ECB Study on the payment attitudes of consumers in the euro area (SPACE) of December 2020,
Amendment 11 #
Motion for a resolution
Citation 10
Citation 10
— having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 23 #
Motion for a resolution
Recital A
Recital A
A. whereas according to the ECB projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine, inflation and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 25 #
Motion for a resolution
Recital B
Recital B
B. whereas greenflation and Russia’s unprovoked aggression against Ukraine has severely hit confidence, caused energy and food prices to soar and, in conjunction with other supply-side disruptions in China, compounded existing supply chain pressures;
Amendment 40 #
Motion for a resolution
Recital D
Recital D
D. whereas acting within its mandate, the ECB has committed to contributing to the objectives of the Paris Agreement, without any prejudice to the primary objective of price stability, the ECB should also 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;
Amendment 48 #
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 50 #
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 51 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 54 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is deeply concerned by the record high levels of inflation, the flawed interpretation by the ECB of the evolution of the inflation and the pace at which the ECB takes action against it, as well as by the unprovoked Russian invasion of Ukraine and by its repercussions for the European economy;
Amendment 63 #
2. Highlights that the, while respecting the ECB's statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandatethat the primary objective of monetary policy and of the ECB's mandate is to maintain price stability; considers this as an absolute prerequisite for it to fulfil its mandate and its most powerful tool to fight inflation;
Amendment 74 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. calls on the ECB to step up the speed and determination to raise interest rates as long as the ECB's forecasts remain unchanged;
Amendment 75 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. calls on the ECB to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 76 #
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3 c. Calls on the ECB to monitor the single currency's external value and its interaction with other developed economies, while focusing on price stability, to avoid 'imported inflation'; notes that the Euro's slide against the Dollar gives particular rise to concern, given that energy derivatives are traded in Dollar; observes that the recent in decline in the Euro/Dollar exchange rate is therefore a contributor to energy price inflation; is convinced that more diversification in energy sources and a stronger European economy can reduce this risk in the future;
Amendment 83 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, monetary and structural policies, as addressing supply- side shocks requires greater supply-chain resilience and a shift away from fossil fuelsmore predictable investment framework;
Amendment 90 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomesDisagrees with President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European level to respond to external shocksound budgets in the Member States, as laid down in the Treaties;
Amendment 105 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. EchoesTakes note of President Lagarde’s call for a swift revision and simplification of the Stability and Growth Pact; recognizes however the merits of the Stability and Growth Pact in giving Member States clarity with respect to its fiscal policies; deplores that the suspension of the budgetary framework risks causing harmful effects to the internal market;
Amendment 125 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employmentpace at which the ECB took these policy decisions in comparison with other central banks;
Amendment 137 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years;
Amendment 155 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon; invites the ECB to define the concept of "medium term";
Amendment 158 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomDeplores the ECB’s decision not to engage in quantitative tightening;
Amendment 169 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomesIs critical of the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area;
Amendment 199 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that, with respect to the statutory independence of the ECB, the Treaty on the Functioning of the European Union requires the ECB to support the general economic policies of the Union as a secondary objective;
Amendment 206 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the ECB to coordinate with the European Parliament to specify the secondary objectives; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expecteddeliver on its primary objective, as this will enable the ECB to deliver on its secondary objectives as well;
Amendment 219 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact those objectivesobserves that years of low interest rates doped the economy;
Amendment 223 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Underlines the pivotal role of the private sector in general and small and medium-sized enterprises (SMEs) specifically in the EU’s economy and economic and social convergence and employment;
Amendment 232 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are the top prioritiesone of the many of the EU’s general economic policies, which the ECB is expected to support;
Amendment 238 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations aredo not disproportionately borne by lowenefit higher income strata; invites the ECB to properly assess the effects of its monetary policy decisions on employment;
Amendment 245 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuelthe energy policies of the last decade fuels greenflation and thus touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stability;
Amendment 257 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 261 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomNotes the ECB’s announcement to decarbonise its corporate bond holdings; calls foron the ‘tilting’ of the ECB’s portfolio to be swift rather than gradualECB to look into the risk of green asset bubbles and its possible effect on price stability;
Amendment 268 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes, furthermore,Takes note of the announcement on the greening of the ECB’s collateral framework; regrets, however, that this will be limited to instruments issued by non-financial corporations, which represent only a small fraction of the instruments that banks pledge as collateral;
Amendment 277 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. RegretUnderstands that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institudiversifications investing in brown activities works against the fight against inflation and is not energy sources works against inflation and could perfectly be consistent with the objectives of the Paris Agreement;
Amendment 287 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Is concerned about the implications ofNotes the higher interest rates for green investments; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investmentsrespect the principle of market neutrality;
Amendment 296 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concernedobserves that the results published on 8 July 2022 show that banks do notnot all banks have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriouslyprovide workable guidance and reduce red tape;
Amendment 309 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Invites the ECB to engage in a dialogue with national parliaments; believes that this would strengthen the legitimacy and the policies of the ECB;
Amendment 311 #
27 b. Welcomes the attention the ECB pays to the risks of cyber attacks; encourages the ECB to maintain this attention, especially in light of the geopolitical context;
Amendment 312 #
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27 c. Is concerned about the divergence of TARGET2 balances within the European System of Central Banks;
Amendment 313 #
Motion for a resolution
Paragraph 27 d (new)
Paragraph 27 d (new)
27 d. Urges the ECB to be vigilant to an increase of the ratio of non performing loans on bank balance sheets, after a decade of very accommodative monetary policies and two important recent crises in a couple of years, with detrimental effect to the EU economy;
Amendment 314 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. RegretsTakes note of the fact that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender- balanced, with shortlists submitted to Parliament; insists that a job should always be appointed to the best woman or man;
Amendment 322 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. WelcomesTakes note of the ECB’s progress on the digital euro project, asyet well acomes the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital eurounderlines that a decision on launching the digital euro should be based on a sound legal basis, must respect competition in the banking landscape, must not endanger the existence or use of cash, must respect the privacy of citizens and business and it should provide a solution to a real problem;