56 Amendments of Xabier BENITO ZILUAGA related to 2015/2344(INI)
Amendment 15 #
Motion for a resolution
Citation 8
Citation 8
Amendment 33 #
Motion for a resolution
Recital A
Recital A
A. whereas the Treaty on European Union establishes the creation of the single market, whose currency is the euro; whereas the European Monetary Union currently consists of 19 members, two of whom have opt-out clauses, the remaining seven EU Member States having yet to join; whereas no financial liability will be incurred by the two countries with opt-outs from EMU in the framework of any fiscal capacity for the euro area;
Amendment 72 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debtfinancial crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks; whereas the economic governance framework has, in fact proven to be counter-productive as it forces Member States to adopt pro-cyclical measures;
Amendment 78 #
Motion for a resolution
Recital F
Recital F
F. whereas, following real convergence in the run-up to the introduction of the common currency, the euro area witnessed structural divergence between 1999 and 2009, which made the euro area as a whole less resilient to shocks; whereas regulatory adjustments and structural reforms aimed at reducing risks and improving convergence have been introduced since 2009 at both European and national level, but some euro area Member States still require solidarity and sustainable reforms in their catching-up processthis situation can only be overcome with an increase in investment and a change of productive model;
Amendment 95 #
Motion for a resolution
Recital G
Recital G
G. whereas progress has been achieved in addressing the flaws of EMU throughausterity measures prescribed in legislation such as the Six- Pack and the Two-Pack regulations, as well as through the introduction of the European Semester and the creation of new instruments such as the ESMe European Semester and enforced as conditions for financial assistance from the ESM have deepened the economic crisis and led to a depression in some Member States;
Amendment 110 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas Member States under duress have been forced to adopt harsh adjustment programs at enormous social and economic costs; whereas several national governments resigned after financial assistance was withheld; whereas this has severely damaged the reputation of the EU, its institutions and some Member States;
Amendment 116 #
Motion for a resolution
Recital I
Recital I
I. whereas a great deal of trust has been lost in the process, both between Member States and on the part of citizens and the markets in the EU institutions and the Union as a whole;
Amendment 125 #
Motion for a resolution
Recital J
Recital J
J. whereas the ECJ ruled in the Pringle case that the ESM is consistent withU Budget could be reinforced with the ECB’s surpluses, or the surplus of the TFEU and opened the door to a possible integration of that mechanism into the acquis communautaire within the current limits of the Treaties;Budget, discounted to the Member States every year in their national contributions.
Amendment 172 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuation; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix to achieve real and social convergence priorities under full democratic control;
Amendment 184 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows fromcaused by beggar-thy-neighbour policies in core euro area nations to the periphery and a rising public spending ratio in some Member States, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member Stateand by capital flows to the periphery leading to elevated debt levels (private or public), which caused a dramatic increase in government borrowing costs in some Member States, following the rise in public spending due to bank bailouts and initial counter- cyclical policy responses to the crisis, jeopardising, in the absence of a proper fiscal backstop, the mere existence of the euro area;
Amendment 191 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Points out that the narrow focus on public deficit and debt level does not address the main causes of the euro crisis; stresses that unsustainable current account imbalances had developed before the crisis, due to beggar-thy-neighbour policies in some Member States, which led to increasing debt levels (public and private) in deficit countries;
Amendment 206 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the crisis has proved that a common monetary policy without a common fiscalplementary fiscal, industrial, social and cohesion policyies cannot address asymmetric shocks to the euro area; reiterates that mere coordination of national fiscal policies withe fiscal policy response, especially throut credible enforcement mechanisgh the fiscal adjustment programs, has not preventcaused an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced depressing growth, and severely hampering the national capacity to absorb economic shocks;
Amendment 221 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Observes that the stabilisation of the economic cycle since the beginning of the crisis has relied almost exclusively on the ECB, and that the reduced options available for monetary policy in a context of zero lower bound rates have led the ECB to implement unconventional monetary policy measures; recalls that the President of the ECB has called for integrated institutions, for a stronger and proactive fiscal policy on the euro area scale and for euro area Member States to deliver on structural reform;
Amendment 229 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges the results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policies, in particular via the adoption of the Six-Pack and the Two- Pack Regulations; welcomes furtherNotes the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however,stresses that these mechanisms dramatically lack transparency, democratic oversight and parliamentary control, and hence ownership;
Amendment 241 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 250 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls the four pillars set out in the Five Presidents’ Report: completing the economic, financial and fiscal Union and strengthening democratic accountability, legitimacy and the institutional setting; emphasises that this report reiterates the view set out in the Blueprint of the Commission and the Four Presidents’ Report, coordinated by then President of the European Council Mr Herman van Rompuy,Stresses that a shock absorption capacity at euro area level is needed to complement automatic stabilisers at national level, whose functioning is limited, as was shownhas been limited by the imposition of deficit constraints on Member States budgets and austerity policies during the crisis;
Amendment 263 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Makes it clear that rapid action is needed to ensure the sustainability of the euro providing proper living conditions for all citizens; stresses that this requires strong joint efforts on the part of the EU and its Member States to complete the EMU and to restore the trust of citizens and markets;
Amendment 278 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that in order to regain trust, the euro must deliver on its promise of stability, convergence, growth and jobs; regards a fiscal capacity as a vital element Takes the view that incentives for sound fiscal policymaking and for addressing structural weaknesses at national and European level are needed, as well as fighting tax avoidance, halting this enterprise, which can be successful only if solidarity is closely linked to responsibility, meaning that financial suppe fiscal devaluation race among Member States, and taking into account that a morte is provided on the basis of clear criteriantegrated European economy needs some kind of new common fiscal figures;
Amendment 289 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Takes the view that financial instruments such as the ESM model pose several problems to the EU economy functioning and stability; as public investment is conditioned by the interests of private investment; as decision making is determined by the most powerful Member States providing the biggest contributions; and it is less redistributive than a model based in progressive taxes; finally, that the public guarantee system means that any losses in the projects will be taken in charge by public institutions while main profits go to the private sector.
Amendment 305 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes the view that incentives for sound fiscal policymaking and for addressing structural weaknesses at national level, taking into account the aggregate euro area fiscal stance, are core elements for the functioning of the euro area; considers that a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shockand European level, fighting tax avoidance, halting the fiscal devaluation race among Member States, and taking into account that a more integrated European economy needs some kind of new common fiscal figures;
Amendment 309 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Takes the view that incentives for sound fiscal policymaking and for addressing structural weaknesses at national and European level, are core elements for fighting tax avoidance, halting the fiscal devaluation race among Member States, and taking into account that a more integrated European economy needs some kind of new common fiscal figures;
Amendment 351 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that three different functions have to be fulfilled; argues, first, that in order to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’ structural reforms should be incentivised in good economic times; argues, secondly, that differences in the business cycles of euro area Member States stemming from structural differences create the need for; argues that structural differences of euro area Member States create the need for coherent, cohesion and industrial, policies as well as an instrument to address asymmetric shocks; considers, thirdly, that symmetric shocks should be addressed so as to increase the resilience of the euro area as a whole;
Amendment 373 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Argues in consequence that three pillars of a fiscal capacity should be distinguished, wherein action should be undertaken in the framework of a common toolbox to address the different functions, i.e. incentivising convergence and sustainable structural reformsfostering social and regional convergence through public investment , absorbing asymmetric shocks, and absorbing symmetric shocks; takes note of the various proposals regarding designs put forward on this matter by politicians and academia;
Amendment 387 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 414 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls for the ESM, whilst fulfilling its ongoing tasks, to be further developed and turned intocreation of a European Monetary Fund (EMF) with adequate lending and borrowing capacities, equipped with a banking license, and a clearly defined mandate, including its contribution to a euro area fiscal capacity; stresses that an EMF should be managed by the Commission and held democratically accountable by the European Parliament; emphasises that with the involvement of national parliaments would be involved in the process, given that their constitutional prerogatives regarding financial resources could be affected; insists that access to funding by the EMF is not subject to any recessionary macroeconomic conditionality;
Amendment 436 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls for the ESM to be dismantled, and for the funds used until now as public guarantees for the bond issuing to be transferred to the EU budget, over and above the ceilings of the Multiannual Financial Framework (MFF), and thus put under democratic control by the Parliament;
Amendment 446 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 454 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 469 #
Motion for a resolution
Subheading 4
Subheading 4
Pillar 1: A convergence code to promote convergence and incentivise the implementation of structural reformssocial and regional convergence
Amendment 478 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Stresses that significant progress in convergence and sustainable structural reforms is needed in order to reconcile fiscal consolidation,social and regional convergence is needed in order to promote growth, jobs, productivity, competitiveness andand to strengthen the European social model across all Member States so as to effectively prevent asymmetric shock; considers that financial support from the European level for the implementation of agreed structural reforms in the Member States, while keeping the responsibility for implementation at the national level, is therefore indispensable;
Amendment 486 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. The EU must to change this approach, taking seriously into account an investment plan for Europe based in a reinforced EU budget under a progressive model of contributions, from national contributions keeping in mind the personal income average and the population of each Member State; leaving aside the rebates and unfair discounts, and establishing new own resources as the Financial Transactions Tax, a harmonised Corporation Tax and an environmental tax on the emission of greenhouses gases;
Amendment 489 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24b. The real convergence needed by the EU should be based on the increases of direct and indirect wages in those Member States with external surplus, and the fostering of investment, including a European public investment plan in the long term, focused on the most damaged regions more damaged by austerity policies and their dependent position in the European chain of value.
Amendment 490 #
Motion for a resolution
Paragraph 24 c (new)
Paragraph 24 c (new)
24c. A crucial challenge to highlight is how to advance in the field of financial and fiscal regulation in order to halt the boost of rentist practices in the banking system;
Amendment 493 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 509 #
Motion for a resolution
Paragraph 26 – introductory part
Paragraph 26 – introductory part
26. Suggests that the convergence codemethod to define criteria to be reached within five years, building on the merits of the Maastricht criteria andshould be built on the principles of transparency, democratic accountability ensuring the participation of social partners and civil society at the core of the decision making process,, focusing for the first period on convergence requirements regarding:
Amendment 523 #
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
– taxation: base and rate of corporate taxespecially corporate tax base reflective of economic substance as well as corporate tax rates, including minimum rates, and progressive inheritance and wealth taxation,
Amendment 535 #
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
– labour market, including minimum wagpublic employment programs to actively fight unemployment, promote collective bargaining, labour and union rights, decent minimum wages, and improvement of social protection schemes,
Amendment 562 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 2
Paragraph 26 – indent 3 – paragraph 2
Amendment 574 #
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 585 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Considers that a financial instrument is needed to work as an incentive-based mechanism for convergence and sustainable structural reforms with clear conditionality; believes that the Structural Reform Support Programme (SRSP), which is designed to provide technical support to national authorities for measures aimed at reforming institutions, governance, administration, and economic and social sectors with a view to enhancing growth and jobs, can be further developed as a contribution to this function of the fiscal capacis are limited and problematic tools, insofar they include private investors, which could indirectly condition the use or the success of the fund. Their guarantees on the bond issuing are based in national and intergovernmental contributions putting in risk decision making in fully democratic terms on how to apply the fund. The well-known financial instruments put already in practice have been imposing unfair, hard and counterproductive conditionalities for entire Member States, eroding their sovereignty;
Amendment 586 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. The EU needs to establish an automatic fiscal mechanism in order to correct imbalances of the payment balance among the Member States, based in higher wage evolution indicators for those Members with recurrent external surpluses and further investment plans in the most deprived regions within Members States with external deficits. Searching for real convergence has to be understood as a path towards fiscal harmonisation, measures against unemployment in those regions with a higher rate, a higher minimum wage standard, a European unemployment benefit scheme, among other measures to foster European public investment.
Amendment 600 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Is convinced that increased social and regional convergence within the euro area will significantly increase the capacity of its Member States to absorb asymmetric shocks; believes, however, that no matter how great the efforts regarding convergence and sustainable structural reforms, asymmetric shocks with an impact on the stability of the euro area as a whole cannot be ruled out completely, given the strong integration of the euro area Member States; stresses, therefore, the need to have an instrument available for this emergency which provides an immediate stabilisation effect;
Amendment 609 #
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 625 #
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 651 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Acknowledges that the model of a European Unemployment Benefit Scheme wcould foster convergence of labour markets in the medium term; insists that the a European Unemployment Benefit Scheme must be complemented by policies that enhance the creation of decent employment;
Amendment 684 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Warns that future symmetric shocks could destabilise the euro area as a whole since the currency area is not endowed with the instruments to cope with another crisis of the extent of the previous one; is convinced that the right instrument to deal with symmetric shocks depends on the nature of the shock; recalls that the EMF should be used as an appropriate financial resource;
Amendment 698 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Considers that in the case of symmetric shocks brought about by a lack of internal demand, monetary policy alone cannot reignite the economy, particularly in a context of zero lower bounds; is therefore convinced that public and private investment must be increased, withe administrative burden reduced and a proper regulatory framework developed, with a view to stimulating view to stimulating potential growth and crowding-in private investment; is also convinced that public policies oriented to directly increase internal demand should be pursued by Member States and supportential growthd at EU level;
Amendment 707 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 716 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Considers that symmetric shocks that are caused by a lack of supply must be diminished by improving the competitivenessapacity of the eEuro area via appropriate financial incentives, including via the financing of professional training or financial incentives for R&D spendingpean economy, through a crucial and democratic public action in strategic sectors at European, national and regional level;
Amendment 722 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that instability in the financial sector could also poses severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop for the Banking Union, as agreed in the SRM;
Amendment 723 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that instability in the financial sector could also pose severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop forfor a new financial regulation across Europe, establishing a banking tax for those practices qualified as rentist, demanding full compliance with the social function of credit, and the reinforcement of balance sheets of the Bbanking Union, as agreed in the SRM;system through resources coming from dividends, shareholders and senior financial creditors
Amendment 769 #
Motion for a resolution
Paragraph 39
Paragraph 39
39. Calls urgently for the European Parliament and national parliaments to be given a strengthened role in the renewed economic governance framework in order to reinforce democratic accountability; calls for increased national ownership in the European Semester in order to improve compliance with the CSRs, participation and transparency;
Amendment 772 #
Motion for a resolution
Paragraph 40
Paragraph 40
Amendment 784 #
Motion for a resolution
Paragraph 41
Paragraph 41
Amendment 804 #
Motion for a resolution
Paragraph 42
Paragraph 42
Amendment 817 #
Motion for a resolution
Paragraph 43
Paragraph 43
43. Acknowledges that the current political climate characterised by deep inequality, mistrust and uncertainty is not conducive to proper reformspolicy to achieve and complete EMU; believes, therefore, that a comprehensive roadmap, including clear milestones within an agreed timetable and taking into account the political situation, should be urgently adopted with a clear commitment by euro area Heads of State and Government to achieving a genuine and completeprogressive and democratic EMU;