26 Amendments of Markus FERBER related to 2017/2124(INI)
Amendment 20 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the ECB has imported consdiderable risks into its balance sheet through its bond-purchasing programme;
Amendment 51 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the ECB has to date not always taken the proportionality principle sufficiently into account in its supervisory activities;
Amendment 78 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Gives a posinegative assessment ofrating to the monetary policy pursued byrecord of the ECB during the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systems, since its self- imposed objectives were not realised;
Amendment 137 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that, in order to reach the inflation target, supportive fiscal policies and socially bal and enhanced productivity-enhancing, ambitious structural reforms are required;
Amendment 144 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 171 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. AsksCalls on the ECB to consider complementing its price stability objective with nominal GDP growth targetingcentrate exclusively on the objective of price stability;
Amendment 204 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and householdat fact that ECB monetary policy brings with it considerable balance sheet risks for the ECB, a risk that bubbles will emerge, and considerable negative consequences for savers;
Amendment 219 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so farthe ECB’s monetary policy alone is not a suitable instrument for guiding economic growth;
Amendment 234 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commissioneconomic growth and that monetary policy cannot be a substitute for ambitious structural reforms;
Amendment 253 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate how this phenomenon is slowing the recovery and explore ways to stimulate demand in spite of wage stagnationinsufficiently flexible labour market policies; stresses that neither monetary nor fiscal policy measures can solve this problem;
Amendment 265 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Deplores the fact that some Member States are using the ultra-low interest rate policy as a pretext to defer the necessary consolidation of their primary public deficits, and points in this connection to the Stability and Growth Pact commitments;
Amendment 270 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 299 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Acknowledges that monetary policy has effectively reduced the cost of credit and helped to improve access to finance for companies and households; considers, however, that the effect of this policy is limited owing to the lack of sufficient credit dembrought about a limited reduction in the cost of credit in some Member States; considers, however, that the effect of this policy is limited since lending is being slowed down by structural problems in the banking systems of some Member States and in the euro areahigh level of impaired loans;
Amendment 333 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. AcknowledgStresses that the current policy of low interest rates has a positive effectis simply concealing the problem onf the significant level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States;
Amendment 349 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 363 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on the ECB to pay particular attention to the proportionality principle in the context of the tasks entrusted to it in the area of banking supervision;points out in this connection that communication with institutions under direct and indirect supervision should be conducted in the language of the country concerned as a matter of principle;
Amendment 365 #
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Draws attention to the division of responsibilities between the ECB and the European Banking Authority (EBA);stresses that the ECB should not become the de facto standard-setter for non-SSM banks;
Amendment 367 #
Motion for a resolution
Paragraph 23 c (new)
Paragraph 23 c (new)
23c. Notes that, on 18 May 2016, the ECB Council adopted the regulation on the collection of granular credit and credit risk data - AnaCredit;calls on the ECB to allow national central banks as much leeway as possible when implementing AnaCredit;Calls on the ECB not to begin work on any further stages of AnaCredit until after a comprehensive public consultation exercise has been carried out, with the full involvement of the European Parliament and with particular account being taken of the proportionality principle;
Amendment 371 #
Motion for a resolution
Paragraph 23 d (new)
Paragraph 23 d (new)
23d. Stresses that the supervisory and monetary functions of the ECB must under no circumstances be allowed to merge;
Amendment 384 #
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 409 #
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 421 #
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 450 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Draws attention to the outcome of the consultation exercise1a recently conducted by the Commission concerning possible restrictions on cash transactions, according to which some 95% of those consulted rejected the idea of restrictions on such transactions; calls on the Commission and the European Central Bank to immediately cease to give any consideration to restrictions on cash transactions; _________________ 1aEU initiative on restrictions on payments in cash
Amendment 455 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’; encourages the Commission and the ECB to look into the potential of such schemes; stresses that progress in the field of virtual currencies or of a digital 'central bank currency' must not lead to restrictions on cash transactions or to the abolition of cash;
Amendment 461 #
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 481 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in relocating their activities in the euro area; considers the strengthenat euro-clearing ofand oversight for euro-clearing outside the euro area to be of the utmost importancethereof ought as a matter of principle to take place inside the euro area;