30 Amendments of Jussi SARAMO
Amendment 42 #
2024/2054(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomNotes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro areahighlights the role of ECB in supporting economic policy goals of the Union;
Amendment 48 #
2024/2054(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines thatNotes the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate;
Amendment 55 #
2024/2054(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. HighlightStresses the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisionsaccountability towards the European Parliament;
Amendment 61 #
2024/2054(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. RegretEmphasises that high inflation levels remain above the ECB’s target of 2 % in some Member States; emphasises that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices that ensures an efficient allocation of resouris detrimental especially for low-income households who suffer from high food and energy prices; stresses that the exceptional level of inflation experienced in Euro area in 2022 and 2023 was not driven by demand factors but by supply- side shocks to the economy; highlights the ineffectiveness of monetary policy in regard to supply side shocks and the need to use other means of economic policy, such as price controls, to bring down high prices;
Amendment 72 #
2024/2054(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. RegretNotes that core inflation remains high, with only two euro area Member States reporting core inflation rates below 2 % in September 2024in the Euro area in October 2024 was 2,0 %, commensurate with the 2 % medium term inflation target of the ECB; highlights the fragile state of the European economy and expresses concern over an overly restrictive monetary policy stance of the ECB;
Amendment 76 #
2024/2054(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Notes the downward trend in Euro Area inflation; expresses, however, concern over high living costs and food and energy prices and the upside risk on prices that stem, for example, from a possible trade war;
Amendment 84 #
2024/2054(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Warns the ECB against the temptation to lower interest rates too quickslowly, given the risk that inflation levels could start increasing again; struncertain economic outlook in the Euro area and the underlying weaknesses thatof the ECB itself expects a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in enuropean economy, such as low investments and insufficient aggregate demand; underlines the negative effects on employment that stem from high interest rates and overgly prices drop out of the annual ratesrestrictive monetary policy;
Amendment 99 #
2024/2054(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. RecallHighlights that the Economic and Monetary Union requires solidactive fiscal policies and investments in the Member States in order to be able to respond to external shocks, support employment and promote the effectiveness of monetary policy;
Amendment 103 #
2024/2054(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 111 #
2024/2054(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 122 #
2024/2054(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Strongly wWelcomes the fact that headline inflation has come down from its peak of 10.6 % in October 2022 to 1.7 % in September 2024;
Amendment 126 #
2024/2054(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024, but expresses its unease at its historically and persistently high levelbut expresses its unease at the fragile state of the Euro area economy and over the possibility of a persistent disinflationary trend;
Amendment 130 #
2024/2054(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 141 #
2024/2054(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 145 #
2024/2054(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Highlights that since July 2022, the ECB raised its key rate ten consecutive times, indicating the sharpest tightening cycle in the Euro area since the introduction of the common currency;
Amendment 151 #
2024/2054(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Invites the ECB to fundamentally review and improve its models and their role in its policymaking in light of the subpar performance of the models in recent yearsvarious supply-side shocks and the challenge they present to conducting monetary policy;
Amendment 156 #
2024/2054(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. SupportNotes the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market and decreased levels of inflationstresses that the ECB’s unconventional purchase programmes have worked to support economic activity and price stability in the Euro area amid unpredictable economic shocks;
Amendment 170 #
2024/2054(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore gradually reduce the size of its balance sheetlegally valid as stated by the European Court of Justice; notes that asset purchase programmes were necessary considering the transmission of monetary policy when interest rates fell to zero;
Amendment 183 #
2024/2054(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Regrets the establishment ofStresses that the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not just the legal prohibition of monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member Sts essential to ensuring that the ECB’s monetary policy transmitted across the euro area, allowing the ECB to effectively fulfil its mandate;
Amendment 186 #
2024/2054(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 210 #
2024/2054(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, improved financial inclusion and the availability of an offline back-upresilience of the payment system and the emergence of cost-free, public payment system;
Amendment 224 #
2024/2054(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 226 #
2024/2054(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Stresses the need for a compensation model for the banking sector, which is tasked with the practical implementation of theat the potential of the digital euro will vanish if the digital euro is to be accessible only via private intermediaries; stresses the need for a public digital euro project;
Amendment 235 #
2024/2054(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Calls the ECB to advance the digital euro project determinedly; stresses that the digital euro must be free for use and, as a public good; available through public intermediaries;
Amendment 241 #
2024/2054(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls on the ECB to refrain from taking politically motivated decisions and to stick to its mandate of maintaining price stability; stresses that overstepping this mandate touches on the central bank’s political independencesupport general economic policy goals of the Union, such as full employment;
Amendment 253 #
2024/2054(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 261 #
2024/2054(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses that the ECB should prevent distortions in the signalling function of prices given this function’s role in ensuring an efficient allocation of resources; iInvites the ECB to assess to what extent climate change affects its ability to maintain price stability and support economic policy in the Union;
Amendment 265 #
2024/2054(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 283 #
2024/2054(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Highlights the need for an environmentally sustainable monetary policy in the form of, for example, green TLTRO's, green interest rates or establishing a permanent facility for the purchase of green bonds;
Amendment 314 #
2024/2054(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34 a. Notes the current accountability practices between the ECB and Parliament; highligths the ECB’s openness and availability to Parliament; urges the ECB and Parliament to make full use of the accountability and transparency arrangements and further enhance these arrangements;