[ParlTrack]

Íñigo MÉNDEZ DE VIGO, José Manuel GARCÍA-MARGALLO Y MARFIL

Draft decision
Recital 4

(4) The stability mechanism will provide ~~the~~a necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itself. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes as from the entry into force of this Decision.

2011/02/04
Committee: ECON

Íñigo MÉNDEZ DE VIGO, José Manuel GARCÍA-MARGALLO Y MARFIL

Draft decision
Article 1

The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a permanent stability mechanism to ~~be activated if indispensable to~~ safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality. The permanent stability mechanism should be designed in such a way as to foster budgetary discipline and to contribute to long-term sustainable finances.".

2011/02/04
Committee: ECON

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Recital P

P. whereas any further revision of the TFEU should be conducted under the nor~~mal procedure and should ensure full respect of the Community method~~dinary revision procedure;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Paragraph 1

1. Emphasises that the monetary policy is a ~~Community~~Union policy and has been since the Maastricht Treaty;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Paragraph 3

3. Stresses that the European stability mechanism constitutes an i~~ntegral~~mportant part of a global package of measures which are designed to define a new framework, reinforcing budgetary discipline and coordination of the economic and financial policies of the Member States, concomitantly overcoming economic and social imbalances and improving competitivity;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO, Constance LE GRIP

Motion for a resolution
Paragraph 6

6. Is deeply concerned by the intention of consequence that the Union institutions will not be fully involved; underlines that Member States must at any rate respect Union law and the prerogatives ofdeleted Heads of States and Governments to establish the permanent stability mechanism outside the EU institution~~s laid down therein;~~al framework, with the

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO, Constance LE GRIP

Motion for a resolution
Paragraph 7

~~7. Regrets that the current political~~ deleted situation has not permitted an exploration of all the other possibilities contained in the Treaties for establishing a permanent stability mechanism; considers in particular that, in the framework of the present Union competences with regard to economic and monetary union (Article 3(4) TEU) and monetary policy for Member States whose currency is the euro (point (c) of Article 3(1) TFEU), it would have been appropriate to make use of the powers conferred on the Council by Article 136 TFEU, or in the alternative to have recourse to Article 352 TFEU in conjunction with Article 136 TFEU;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO, Rafał TRZASKOWSKI

Motion for a resolution
Paragraph 9 – introductory wording

9. States that, in order for the proposed draft European Council decision to be properly scrutinised, supplementary information is needed, notably concerning the envisaged design of the stability mechanism and the relations which it is intended to have with the Union institutions, with the proposed European Monetary Fund and with the International Monetary Fund; accordingly, makes its support for the draft European Council decision dependent on fulfilment of the following conditions:deleted

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO, Rafał TRZASKOWSKI

Motion for a resolution
Paragraph 9 – point a

(a) a redrafting of the European Council draft decision as ~~propo~~expressed in the amendments annexed ~~hereto1~~to this resolution approved by the Committee on Economic and Monetary Affairs, it being understood that, by shifting the proposed provision from ~~Article 136(3) to~~paragraph 3 to paragraph 1 of Article 136~~(1)~~ TFEU, the permanent stability mechanism, notwithstanding its initial intergovernmental character, would be placed in a perspective of ~~possible~~ future incorporation into the framework of the Union~~, e.g. in the form of a special kind of agency, making use of the institutional patterns of enhanced cooperation~~; calls for the stability mechanism to be open from the outset to Member States whose currency is not the euro, but who wish to participate;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO, Rafał TRZASKOWSKI

Motion for a resolution
Paragraph 9 – point b– indent 3

– the financial assistance under the mechanism will be subject to rigorous analysis and to a programme of economic and financial recovery; those Member States whose currency is the euro and those representing Member States participating in and contributing to the permanent stability mechanism will act, when deciding to grant financial assistance, on the basis of an evaluation provided by the Commission, the European Central Bank and, in so far as it may be involved, the International Monetary Fund; and

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Paragraph 10

10. Recalls that the future permanent stability mechanism should as far as possible make use of the Union institutions, for example as regards the carrying-out of administrative tasks, since this would avoid the setting-up of double structures which in the long term would prove detrimental to European integration;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Paragraph 12

12. Endorses the Commission's intention to "ensure consistency between the future mechanism and the Union’s economic governance in the euro area in particular, while respecting the competences conferred on the Union and its institutions by the Treaty";deleted

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Paragraph 13 a (new)

13a. Reaffirms that the use of Article 48(6) TEU is an exceptional procedure, and recalls Parliament's right pursuant to Article 48(3) TEU to call for a Convention in order to reshape the institutions, procedures and policies that make up the economic governance of the Union;

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Motion for a resolution
Annex to the motion for a resolution

ANNEX TO THE MOTION FOR A RESOLUTION Amendment to the draft European Council decision Article 136(1) TFEU, point b a (new): “on a recommendation from the Commission and after consulting the European Parliament, the Council may authorise the Member States whose currency is the euro to establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be decided on the basis of a European Commission proposal and be made subject to strict conditionality criteria in accordance with the principles and objectives of the Union. The European Parliament and the Council shall lay down the principles and general conditions for conditionality of financial assistance under the mechanism and its control, in accordance with the procedure referred to in Article 121(6).”deleted

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

INITIAL AMENDMENT AS PROPOSED BY M. GUALTIERI ART 136 TFUE draft proposal for modification (Gualtieri) 1. In order to ensure the proper functioning of economic and monetary union, and in accordance with the relevant provisions of the Treaties, the Council shall, in accordance with the relevant procedure from among those referred to in Articles 121 and 126, with the exception of the procedure set out in Article 126(14), adopt measures specific to those Member States whose currency is the euro: (a) to strengthen the coordination and surveillance of their budgetary discipline; (b) to set out economic policy guidelines for them, while ensuring that they are compatible with those adopted for the whole of the Union and are kept under surveillance. "(c) on a recommendation of the Commission and after consulting the European Parliament, the Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality criteria in accordance with the principles and objectives of the Union." The European Parliament and the Council shall lay down the principles and general conditions for conditionality of financial assistance under the mechanism and its control, in accordance with the procedure referred to in Article 121(6). 2. For those measures set out in paragraph 1, only members of the Council representing Member States whose currency is the euro shall take part in the vote. A qualified majority of the said members shall be defined in accordance with Article 238(3)(a).deleted

2011/03/03
Committee: AFCO

Íñigo MÉNDEZ DE VIGO

Dear Mr Casini, At its last meeting on the 7 February, the Committee on Budgets had the opportunity to discuss the proposal for a modification (addition of a new paragraph (3) )of article 136 of the TFEU via the simplified procedure foreseen in article 48(6) TEU, currently in discussion in the Committee of Constitutional Affairs, in the presence of your two co- rapporteurs, Mr. Elmar Brok and Roberto Gualtieri. Following this discussion, the committee decided to address the opinion expressed during the debate by a large majority of its members via a letter of its Chair. The proposal under discussion concerns a modification of article 136 TFEU in order to allow those Member States interested to constitute a stability mechanism for the euro-zone, which could be activated if "indispensable to safeguard the stability of the euro area as a whole". The committee on budgets welcomes the recognition in the treaties of the possibility of the creation of such a stability mechanism. However, it is concerned that the drafting proposed paves the way for the constitution of a mechanism completely outside of the Union's sphere, be it via intergovernmental mechanisms or even under private law, without any role attributed to the European institutions as such. The committee on budgets considers that the credibility of any stability mechanism would be enhanced should the participation of the European Union, notably via the possible intervention of the European budget as part of the guarantee mechanism, be foreseen at a given stage, as it happens with the current EFSM. Recent experience seems to abundantly confirm this thesis. On the other hand, it is also clear that the intervention of the European institutions would allow for a greater democratic scrutiny over the mechanism, notably to the exercise by the European Parliament of its powers as part of the budgetary authority. In this context, the committee on budgets considers essential that the European institutions be given a role in the mechanism, allowing thus for a certain degree of democratic scrutiny to be exercised over the management of the fund. Furthermore, the possibility of a future participation of the EU in the mechanism should be safeguarded and a link should be established for the possible intervention of the European budget in the guarantee system. Lastly, referring to the wider on-going debate on economic governance, the committee on budgets would like to stress that, although it agrees with the need for reinforced enforcement mechanisms for the non-respect of the criteria of the Stability and Growth Pact, it considers that these sanctions should not include measures concerning expenditure instruments foreseen in the European budget for the implementation of the European policies, all the more since they would derive from procedures conducted via predominantly intergovernmental mechanisms. Best regards, Alain Lamassouredeleted

2011/03/03
Committee: AFCO

Activities of Íñigo MÉNDEZ DE VIGO related to 2010/0821(NLE)

Plenary speeches (1)

Amendments (16)

ParlTrack - 2011-2024