27 Amendments of Íñigo MÉNDEZ DE VIGO related to 2010/0278(COD)
Amendment 68 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely, a Union strategy for growth and jobs, the multilateral surveillance framework (European Semester), an effective procedure for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board), and an European Monetary Fund to pool a percentage of Member States sovereign debts, to help them to resolve financial crisis and to finance investments that can strengthen economic growth.
Amendment 74 #
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic and budgetary policies.
Amendment 76 #
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and a more timely involvement of the European Parliament and the national parliaments throughout the economic and budgetary policy coordination procedures.
Amendment 84 #
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) A comprehensive and integrated solution to the euro area debt crisis is needed since a piecemeal approach has not worked so far.
Amendment 86 #
Proposal for a regulation
Recital 2 e (new)
Recital 2 e (new)
(2e) In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 90 #
Proposal for a regulation
Recital 2 f (new)
Recital 2 f (new)
(2f) The multilateral surveillance framework (European Semester) should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic and budgetary policy coordination procedures.
Amendment 93 #
Proposal for a regulation
Recital 2 h (new)
Recital 2 h (new)
(2h) The political response of the Member States to the assessments, decisions, recommendations and warnings issued to them by the Commission or Council in the framework of the European Semester shall be taken into account (i) in the enforcement procedures of the preventive and corrective parts of the Stability and Growth Pact (ii) in the enforcement measures to correct macroeconomic imbalances in the euro area, (iii) in ensuring that conditions linked to European Monetary Fund allocations are adequately tailored to the Member State fundamentals and to ensure that its economic policies are on the right track, (iv) in ensuring that the European Monetary Fund's financial assistance to Member States will smoothen economic adjustment shocks, help them to avoid sovereign defaults, prevent costs on other countries through contagion and guarantee financial stability of the eurozone as a whole.
Amendment 94 #
Proposal for a regulation
Recital 2 g (new)
Recital 2 g (new)
(2g) The Commission should have a stronger and more independent role in the enhanced surveillance procedure. This concerns Member-State-specific assessments, monitoring, missions, recommendations and warnings. In addition, the role of the Council needs to be reduced in the steps leading to potential sanctions and the reversed qualified majority voting in the Council needs to be used wherever possible in accordance with the TFEU. The member of the Council representing the Member State concerned and those which are not complying with the Council recommendations to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances shall not participate in the vote.
Amendment 109 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The permanent crisis mechanism should be adopted under the ordinary legislative procedure and inspired by the Union method, in order, on the one hand, to strengthen Parliament’s involvement and improve democratic accountability and, on the other, to draw on the expertise, independence and impartiality of the Commission.
Amendment 118 #
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) The volatility of the markets and the levels of the government bond spreads of certain Member States whose currency is the euro are calling for a resolute action to defend the stability of the euro.
Amendment 119 #
Proposal for a regulation
Recital 4 d (new)
Recital 4 d (new)
(4d) The EMF should serve three purposes: it should cover a percentage of the sovereign debt from the Member States that can be paid without risking the financial stability of any other Member State or of the eurozone as a whole (Eurosecurities); it should help any Member State with financial difficulties to resolve the crisis in which they might be involved (permanent crisis resolution mechanism); and, finally, mobilise resources to finance investments that can promote economic growth (project bonds).
Amendment 121 #
Proposal for a regulation
Recital 4 e (new)
Recital 4 e (new)
(4e) Member States whose currency is the euro should pool up to {...} percent of the sovereign debt under joint and several liability (Eurosecurities). Whilst the common issuance would increase the liquidity of the bonds on the capital market, the common liability serves to help those states which face increasing difficulties raising capital. Eurosecurities take priority over debt owed by national governments. They could help to promote the euro as a reserve currency.
Amendment 123 #
Proposal for a regulation
Recital 4 f (new)
Recital 4 f (new)
(4f) To strengthen fiscal discipline those countries with credible economic and fiscal policies should be allowed to borrow up to the full {...} percent of its GDP, while countries with a weaker economic or fiscal position would have to pay a premium/ extra interest rate or only be able to borrow a lower proportion of GDP in Eurosecurities. In the extreme, if a participating country was consistently to pursue unsustainable economic or fiscal policies its participation in the issuance of Eurosecurities will be suspended.
Amendment 140 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Prudent and Sustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value for the government deficit, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 146 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) In the preventive part of the Stability and Growth Pact, the incentive for prudent and sustainable fiscal policy- making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) TFEU.
Amendment 190 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out a system of incentives and sanctions for enhancing the enforcement of the preventive and corrective parts of the Stability and Growth Pact in the euro area.
Amendment 197 #
Proposal for a regulation
Article 1 – paragraph 1 b (new)
Article 1 – paragraph 1 b (new)
1b. In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and the national parliaments, governments and other relevant bodies of the Member States, and to ensure greater transparency and accountability, the competent committee of the European Parliament may organise public debates on macro- economic and budgetary surveillance undertaken by the Council and the Commission.
Amendment 201 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a European Monetary Fund 1. A European Monetary Fund shall be established with the aim of improving economic governance and coordination at EU level, safeguarding financial stability of the euro area as a whole and reinforcing budgetary discipline among Member States, while setting out a credible strategy for growth. The EMF shall be managed under Union rules 2. The European Monetary Fund serves three main purposes: (a) help any Member State with financial difficulties to resolve the crisis in which they might be involved assuming the current responsibility of the EFSF and ESM and assuming any future permanent crisis resolution mechanism. (b) issue common securities that would finance up to {...} percentage of the Member States' debt which currency is the euro and make its resources available to them provided its compliance with the improved economic governance framework; (c) create project bonds to finance European projects with long term commercial potential. The European budget would be used to improve the rating in order to attract funding from financial institutions and private investors on the capital markets. 3. The EMF should be credited with the interest earned by the Commission on deposits lodged and fines collected in accordance with [Articles 3, 4 and 5 of this Regulation, Article 12 of Regulation (EC) No 1467/97 and Article 3 of Regulation (EU) No .../2010 on enforcement measures to correct excessive microeconomic imbalances in the euro area]
Amendment 210 #
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Amendment 215 #
Proposal for a regulation
Article 2 c (new)
Article 2 c (new)
Amendment 216 #
Proposal for a regulation
Article 2 d (new)
Article 2 d (new)
Article 2d Project bonds 1. Project bonds to finance projects with long term commercial potential shall be established based on the Union method to complement the Stability and Growth Pact and the economic governance framework with a Union strategy for growth and jobs, which aims at boosting the Union competitiveness and social stability. 2. The EMF shall submit to the Commission the proposal of an issuance of Eurosecurities. Commission shall immediately forward it to the European Parliament and the Council. Council shall approve or reject the proposal on a recommendation from the Commission. 3. The European budget would be used to improve the project bonds rating in order to attract funding from other financial institutions and from private investors on the capital market such as pension funds and insurers.
Amendment 217 #
Proposal for a regulation
Article 2 e (new)
Article 2 e (new)
Article 2e Enhance the European economic growth In order to enhance economic growth and support the objectives of Europe 2020 (I), unused payment appropriations shall be reallocated to common programs aimed towards growth, competitiveness and employment, (II) the lending capacities of the EIB as well the creation of a project bonds market should be used to attract funding from other financial institutions and private investors on the capital market such as pension funds and insurers to finance European projects.
Amendment 241 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 261 #
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 283 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. Policy responses to the specific recommendations addressed to Member States in the framework of the ‘European Semester’ should be specifically taken into account for the measures referred to in this article.
Amendment 302 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
For the measures referred to in Articles 3, 4 and 5 only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned and those which are in a situation of non-compliance with the Council recommendation to take corrective action under the Stability and Growth Pact or to address excessive macroeconomic imbalances.
Amendment 305 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)