7 Amendments of Jörg MEUTHEN related to 2017/0810(COD)
Amendment 5 #
Draft legislative resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to the fourth indent of Article 127(2) of the Treaty on the Functioning of the European Union, which confers on the European System of Central Banks the task to "promote the smooth operation of payment systems".
Amendment 7 #
Proposal for a decision
Citation 1 a (new)
Citation 1 a (new)
Amendment 9 #
Proposal for a decision
Recital 1
Recital 1
Bank (1) The basic tasks to be carried out through the European System of Central Banks (ESCB) include the definition and implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems. Safe and efficient financial market infrastructures, in particular clearing systems, are essential for the fulfilment of these basic tasks.
Amendment 11 #
Proposal for a decision
Recital 1 a (new)
Recital 1 a (new)
Bank (1a) The fourth indent of Article 127(2) of the Treaty on the Functioning of the European Union (TFEU) must, however, be regarded as limited to payment clearing systems alone. In the absence of an explicit reference to the clearing of securities, the TFEU does not allow assigning the task of clearing securities on the ECB. A mere change of the Statute of the ESCB and of the ECB cannot create such new power. Moreover, even the Parliament cannot grant such power to the ECB, as this would, in effect, constitute an implicit amendment of the TFEU.
Amendment 12 #
Proposal for a decision
Recital 1 b (new)
Recital 1 b (new)
Bank (1b) In light of the imbalances within the Eurozone there is a need to improve the ESCB's payment system (TARGET2). In recent years, there has been a constant trend towards higher TARGET2 balances. The ECB has confirmed that if a country were to leave the Eurosystem, its national central bank’s claims on the ECB, as well as liabilities to the ECB, would need to be settled in full. Therefore, the ECB is exposed to large financial risks vis-à-vis participants that have liabilities to the ECB. That is why it is necessary that the ECB designs its payment system in a way that mitigates such risks, e.g. by demanding collateral.
Amendment 37 #
Proposal for a decision
Article 1 – paragraph 1
Article 1 – paragraph 1
Statute of the European System of Central Banks and of the European Central Bank
Article 22
Article 22
Bank The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries.
Amendment 46 #
Proposal for a decision
Article 1 – paragraph 1
Article 1 – paragraph 1
Statute of the European System of Central Banks and of the European Central Bank
Article 22 – paragraph 1a (new)
Article 22 – paragraph 1a (new)
Bank In order to minimise the exposure to risks inherent to the payment system the ECB demands the participants to provide appropriate collateral.