17 Amendments of Jörg MEUTHEN related to 2018/2101(INI)
Amendment 35 #
Motion for a resolution
Recital E
Recital E
E. whereas according to the Eurosystem staff macroeconomic projections from June 2018, annual inflation in the Harmonised Index of Consumer Prices (HICP) for the euro area looks set to reach 1.7 % in 2018, 2019 and 2020, and thus converge towards the medium-term objective of just shy of 2 %; recalls however the large variance in inflation rates across the Eurozone;
Amendment 36 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the inflation target set by the ECB has no legal base in the Treaties and, moreover, should be revised by taking into account the development of asset prices;
Amendment 40 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas NPL ratios in 8 member states are still well above 10%, including two member states with more than 40%1a. _________________ 1a EBA Risk Dashboard.
Amendment 42 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. Whereas there is still uncertainty and scepticism whether the APP falls within the scope of mandate of the ECB and constitutes de facto fiscal financing policy2a; _________________ 2a DG IPOL "Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis", PE 569.994.
Amendment 45 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the establishment of the SSM within the ECB has created a conflict of interest that endangers the pursuit of an independent monetary policy;
Amendment 47 #
Motion for a resolution
Recital K
Recital K
K. whereas at the end of 2017 the size of the Eurosystem balance sheet had reached an all-time high of over EUR 4.5 trillion, growing by 0.8 trillion compared to the end of 2016, constituting 41% of the total GDP of the Euro area;
Amendment 64 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Warns that the ECB's monetary policy is currently dominated by the lack of sound fiscal policies of some Member States;
Amendment 88 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; encourages the ECB to take the necessary measures, in line with its mandate, to help realise this objectiveat low interest rates have made issuing new debt cheaper; reiterates that debt levels in certain member state are still unsustainable; stresses that in 4 euro area member states debt levels are still well above 100% of GDP; reiterates that low interest rates are instrumental in the emergence of market bubbles, primarily in the real estate market;
Amendment 90 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Considers that monetary policy alone is not sufficient to achieve a sustainable economic recovery, and that investments should be encouraged, as well as structural reforms in the Member States;
Amendment 110 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Recognises the existence of distributional consequences of the ECB policies, e.g. the Cantillon Effect, which can be perceived as increasing inequalities;
Amendment 120 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. StressNotes that the ECB’s non- standard monetary policy measures have proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit tokept interest rates low, thereby forestalling member states and highly indebted private enterprises from defaulting on their unsustainable debts; notes that in the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;
Amendment 128 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States; due to the accommodative ultra-loose interest policies of the ECB;
Amendment 154 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the transparency provided by the ECB through its forward guidance; deems it appropriate to keep interest rates low, in the light of uncertainties in the global environmenturges the ECB to normalize interest rates as soon ats presentossible;
Amendment 174 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Is concerned that certain southern European countries have profited in a disproportionate way from the PSPP, since national central banks and the ECB have purchased Spanish and Italian government bonds whose volume exceeds Spain's and Italy's share in GDP by respectively 43 billion and 51 billion euros, well above the average of 14.4% of GDP for the entire Eurozone; stresses that this strengthens the suspicion that the main goal of the PSPP is fiscal stabilisation of southern Europe, which falls outside the scope of the mandate of the ECB.
Amendment 184 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Rejects a so called Eurosystem Resolution Liquidity framework, along the lines of the Bank of England’s Resolution Liquidity Framework, which would aim at using central bank liquidity to prop up failing banks while they are being resolved;
Amendment 229 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Stresses the importance of physical money as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes and other robust stores of value must not be rejected in transactions;
Amendment 230 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls for a full external audit of the ECB;