9 Amendments of Xabier BENITO ZILUAGA related to 2017/0333R(APP)
Amendment 27 #
Motion for a resolution
Recital A
Recital A
A. whereas the introduction of the euro is one of the European project’s most significant political achievedevelopments and a cornerstone of EMU constructionthe EMU, there remains no clear route towards real convergence, social inclusion, and a cooperative and complementary economy within the EU. The detrimental impact of the EMU is further exacerbated by the monetary policy of the ECB and the economic restrictions of the Growth and Stability Pact;
Amendment 34 #
Motion for a resolution
Recital B
Recital B
B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for the swift completion of the EMUreform of the economic architecture, in order to off-set the external imbalances within the Eurozone, and correct the internal divergences, which creates a structured disadvantage for the countries on the European periphery;
Amendment 55 #
Motion for a resolution
Recital C
Recital C
C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward real convergence; whereas risk reduction and risk sharing should go hand in hand in deepening the EMU in terms of investment, unemployment rate or income and wealth distribution;
Amendment 83 #
Motion for a resolution
Recital H
Recital H
H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), witfinancial sustainability of the banking sector, ensuring the social function of credit, preventingany socialisation of losses, making sure shareholders and big creditors are not bail-out at the expense of taxpayers; this might imply the asset conversion of banks into public ownership. The ESF shoutld prejudice to the need to establish a European Deposit Insurance Scheme (EDIS)ovide financing to endowing a financial basis for a European Deposit Insurance Scheme (EDIS), or make punctual public interventions possible in order to recover valuable assets and protecting useful employment;
Amendment 110 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’; acknowledges, in this context, the positive contribution of the ESM, despite its intergovernmental nature, towards addressing the weaknesses of the institutional setting of the EMU, namely by providing financial assideplores that the ECB is not allowed to play this role, giving priority, for instance, to several Member States affected by the financial crisis and the Great Recessionfinance the private financial sector instead the public sector;
Amendment 148 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member Statf intervening in the private banking sector, and having an appropriate European Deposit Insurance Scheme or an equivalent system to coordinate the existing national deposit insurance schemes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument to protect the interest of private banks, or for delivering the financial support to Member States to rescue private banks, overloading the productive classes with higher and more regressive taxes, or cutting public expenditure for social policies and public services; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, to promote investment and upward socioeconomic convergence in the euro area;
Amendment 172 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 198 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can offer liquidity support in case of resolution and serve as a financial backstop for the SRF; calls for the SRF to be made operational as soon as implementation of an coordinated Deposit Insurance Scheme, and to address any banking crisis in a manner which protects ordinary citizens and ensures that those resposnsible and, in any case, before 2024for triggering such crises do not benefit from the subsequent policy responses;
Amendment 213 #
Motion for a resolution
Paragraph 11
Paragraph 11