Activities of Sander LOONES related to 2017/2124(INI)
Plenary speeches (1)
European Central Bank Annual Report for 2016 (debate) NL
Shadow reports (1)
REPORT on the European Central Bank Annual Report for 2016 PDF (305 KB) DOC (66 KB)
Amendments (47)
Amendment 3 #
Motion for a resolution
Citation 5
Citation 5
Amendment 6 #
Motion for a resolution
Citation 6
Citation 6
Amendment 7 #
Motion for a resolution
Citation 7
Citation 7
Amendment 15 #
Motion for a resolution
Citation 15 a (new)
Citation 15 a (new)
- having regard to the Treaty on the Functioning of the European Union (TFEU), and in particular Articles 123, 127(1) and (2) thereof,
Amendment 28 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas concerns continue to exist that the balance sheet of the ECB contains rising levels of risk;
Amendment 29 #
Motion for a resolution
Recital D
Recital D
D. whereas the ECB has missed its 2 % inflation target in each of the four years since 2013 and forecasts thprimary objective of the ESCB is to maintain price stability, defined by the ECB’s Governing Council as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below but close to, 2% over the medium term; whereas the inflation rate it will not reach this target before 2020;n the euro area is, since 2015, on an upward path reaching levels close to 2% within a medium-term horizon
Amendment 35 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas the measuring of inflation used by the ECB is restricted to consumer prices and ignores the development of asset prices;
Amendment 41 #
Motion for a resolution
Recital E
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015;
Amendment 52 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the ECB’s president has continued to stress the urgency of much- needed structural reforms in the different countries of Eurozone;
Amendment 55 #
Motion for a resolution
Recital F b (new)
Recital F b (new)
F b. 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 57 #
Motion for a resolution
Recital F c (new)
Recital F c (new)
F c. whereas nearly a decade after the outbreak of the financial crisis, monetary policy continues to be very accommodative ;
Amendment 62 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which rules out national vetoes, enabling it to act decisively in addressing the crisismeaning that the ECB shall not seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body;
Amendment 69 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which in its ruoles out national vetoes, enabling it to act decisively in addressing the crisis as the euro area´s monetary authority;
Amendment 79 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Gives a positive assessment of thBelieves that the very accommodative monetary policy pursued by the ECB sin the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systemsce 2014 - together with the collapse in oil prices in 2014-15 - has had a short term stimulating impact on the European economies resulting in a cyclical recovery; is however cautious about the potential unintended and unforeseen consequences of ultra-low interest rate policy in the long run;
Amendment 107 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %;
Amendment 111 #
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 125 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Considers that the ECB bond- buying programmes violate at least the intent, if not the letter, of Article 123 TFEU;urges the ECB to refrain from assuming a political role and monetary financing government deficits;
Amendment 133 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that in order to reach the infturn the current, cyclical recovery of the euro area into lastion target, supportive fiscal policing a robust, structural recovery, a more growth- friendly composition of public finances and socially balanced productivity- enhancing reforms are required;
Amendment 140 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Notes that the ECB’s APP has lowered bond yields in most Member States to unprecedented levels;warns against the risk of too-high valuations on the bond markets, which would be difficult to handle if interest rates start to rise again, particularly for the countries involved in the excessive deficit procedure or with high levels of debt;
Amendment 147 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 159 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Welcomes the ECB's announcement to begin discussions on monetary policy rate normalization and a strategy for winding down the APP;
Amendment 167 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 178 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Notes that the ECB's measurement of inflation is focused on consumer prices and does not take into account unsustainable asset price developments such as real estate bubbles;asks the ECB to actively monitor asset price developments and evaluate including asset prices into its measurement of inflation;
Amendment 181 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that, in accordance with Article 32 of its Statute, the ECB must support ‘the general economic policies of the Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growthshall, without prejudice to the primary objective of price stability, support ‘the general economic policies of the Union’;
Amendment 205 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the positive effect of the ECB's very accommodative monetary policy on cyclical growth, employment and the financing costs of Member States, non- financial companies and households; emphasises its concern about the negative side-effects on individual savers and the financial equilibrium of pension schemes and in terms of the development of asset bubbles; warns that keeping the interest rate at an artificially low level causes malinvestment;
Amendment 217 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Recognises the existence of distributional consequences of the ECB policies;regrets that ultra-low interest rate policy risks raising inequality;
Amendment 218 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Underlines that a prolonged period of ultra-low (negative) interest rate policy creates risks for financial stability and ultimately the whole economy;
Amendment 224 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that according to the ECB, the current cyclical economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far;
Amendment 231 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commissionthe appropriate tool to solve the structural problems of the European economy; emphasises that sound fiscal policies and the implementation of structural reforms are key to increase resilience, reduce structural unemployment and boost euro area growth potential and productivity;
Amendment 247 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Recognises that the implementation of structural reforms must be stepped up substantially to increase the resilience of the Member States' economy, reduce structural unemployment and boost euro area growth potential and productivity;
Amendment 250 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 272 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 317 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding;Underlines that a prolonged period of a flat yield curve could diminish the profitability of banks, especially if they do not adjust their business models; warns that this could ultimately compromise financial stability resulting in significant economic and social costs
Amendment 325 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Agrees with the ECB's president that the protracted low interest rate environment puts pressure on the profitability of financial institutions that provide long-term return guarantees, such as life insurance or pension funds;
Amendment 328 #
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 351 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 356 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 389 #
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 413 #
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 424 #
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 453 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’; encourages the Commission and the ECB to look into the potential of such schemes;
Amendment 462 #
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 482 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in case they decide to relocatinge their activities in the euro area; considers the strengthening of oversight for euro- clearing outside the euro area to be of the utmost importance;
Amendment 489 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 503 #
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35 a. Asks the ECB to better explain to the public where and how its actions affect the economies of the member states, particularly in view of recent unorthodox monetary policy measures;
Amendment 518 #
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Is concerned by the lack of independence of the internal Audit Committee, which is composed of current and former members of the ECB’s highest governing bodies;asks therefore the Commission to propose an amendment to the Statute of the ESCB and of the ECB to ensure a full, independent and external audit of the ECB including an assessment of the levels of risk related to the ECB’s balance sheet;
Amendment 524 #
Motion for a resolution
Paragraph 36 b (new)
Paragraph 36 b (new)
36 b. Urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for Governing Council members and to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB;