BETA

18 Amendments of France JAMET related to 2021/2063(INI)

Motion for a resolution
Recital A

A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU and the euro area, according to optimistic forecasts, with significant growth inequalities persisting between and within the Member States;

2021/10/13
Committee: ECON

Motion for a resolution
Recital E

E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU; whereas these objectives include the promotion of peoples’ well- being, economic, social and territorial cohesion, balanced economic growth, a highly competitive social market economy aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 1

~~1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate;~~deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 2

2. ~~Welcom~~Notes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives without prejudice to the objective of price stability;

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 3

3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; ~~notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;~~

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 4

4. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary; acknowledges President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID-19 crisis;deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 6

~~6. Underlines the importance of a central fiscal capacity capable of providing a counter-cyclical stabilisation function and timely and adequate support in the event of economic shocks;~~deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 8

8. ~~Welcom~~Notes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkit;

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 9

9. ~~Welcom~~Notes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022;

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 10

10. ~~Welcom~~Notes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates;

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 11

11. ~~Notes~~Is very much concerned that the amount of Eurosystem refinancing operations increased to EUR 1 850 billion at the end of 2020, mainly due to the third series of targeted longer-term refinancing operations (TLTRO III);

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 13

13. ~~Not~~Welcomes the ECB’s decision to include the ~~costs related to~~increasing costs of owner- occupied housing in the HICP to better represent the inflation rate that is relevant for households;

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 14

~~14. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that this should be reflected in its policies;~~deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 15

15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and its consequences pose a threat to price stability;deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 16

~~16. Welcomes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework;~~deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 17

17. Believes that the market neutrality principle falls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the latest; notes that the ECB has already deviated from market neutrality in several instances;deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 18

~~18. Regrets the fact that green bond issuance in the EU represents only 2.6 % of the EU’s total bond issuance;~~deleted

2021/10/13
Committee: ECON

Motion for a resolution
Paragraph 19

19. Welcomes the fact that the ECB is taking steps to incorporate climate-related risks into its collateral framework but warns against delays in its implementation; is concerned about the fact that the ECB continues to rely exclusively on private external credit rating agencies (CRAs) for risk assessment;deleted

2021/10/13
Committee: ECON