23 Amendments of Markus FERBER related to 2019/2129(INI)
Amendment 29 #
Motion for a resolution
Recital F
Recital F
F. whereas a stronger international role of the euro, and its increased use as a reserve currency, would increase the EU’s ability to frame its policy stance independently vis-à-vis the US and the Federal Reserve and would ultimately provide protection from the risk of an uncooperative US approachand is a key element in safeguarding European economic sovereignty;
Amendment 35 #
Motion for a resolution
Recital G
Recital G
Amendment 37 #
Motion for a resolution
Recital H
Recital H
Amendment 54 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability and stresses that the ECB’s independence is a requisiteHighlights that the statutory independence of the ECB, as laid down in the treaties, is crucial for the fulfillingment of its mandate of maintaining price stability;
Amendment 63 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need for monetary policy to remain accommodative for the foreseeable futurehowever, that the mandate of the ECB stipulates that its objective is price stability and this objective should be the only guideline of the ECB when making monetary policy decisions;
Amendment 76 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that fiscal policy is a necessary component for enhancing the impact of monetary policy and reducing possible side effects; notes therefore that in countries where public debt is high, governments need to pursue prudent policies that will create the conditions for automatic stabilisers to operate freely;
Amendment 83 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that accommodative monetary policy must not be seen as a replacement for structural reforms;
Amendment 84 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Is disappointed that many Members States have failed to make use of the low interest rate environment to consolidate their budgets and reminds Member States of their obligations as part of the stability and growth pact; points out that high overall debt levels and the need to refinance them can put a severe strain on budgets once interest rates go up again;
Amendment 86 #
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 100 #
Motion for a resolution
Paragraph 5 – indent 1
Paragraph 5 – indent 1
- The deepening of the European Monetary Union, including a fiscal capacity for the euro area able to providing a counter-cyclical stabilisation function;
Amendment 109 #
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
- The completion of the banking union, including a fully mutualised European deposit insurance scheme that would reduce risks, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a whole;
Amendment 120 #
Motion for a resolution
Paragraph 5 – indent 4
Paragraph 5 – indent 4
Amendment 135 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the asset purchase programme (APP) has provided a substantial contribution to economic recovery and the formation of households’ inflation expectations, has led to a substantialn improvement in financing conditions via several transmission channels, and has compressed yields across a wide range of asset classes; stresses, in particular, that the APP has directly improved credit conditions for the private non-financial sector with the asset-backed securities purchase programme (ABSPP) and the third covered bond purchapoints out however that the asset purchase programme comes with severe risks for the ECB's balance sheet, disadvantages for savers as well as the risk for asset programme (CBPP3)ice inflation;
Amendment 142 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. NotDeplores that on 12 September 2019 the ECB announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of EUR 20 billion per month, a cut of 10 basis points in the deposit rate, a two-tier system for reserve remuneration, and easier terms for targeted longer-term refinancing operations (TLTRO-III); points out that resumption of asset purchases was highly controversial within the ECB's decision making bodies and is doubtful as regards to the necessity of the resumption of asset purchases;
Amendment 151 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that several members of the ECB's Governing Council have criticised the decision to resume asset purchases after the meeting and deplores that the ECB's leadership has failed to establish a broader consensus about the conduct of monetary policy;
Amendment 157 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 183 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. SupportsTakes note of the intention of the Governing Council of the ECB to continue reinvesting the principal payments from maturing securities for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation;
Amendment 233 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is extremely worriconcerned about the risks due to the delay in setting up the banking union, and calls for the swift completion of the banking union with a fully mutualised European deposit guarantee schemeprogress in the area of risk reduction;
Amendment 251 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls for the capital markets union (CMU) project to be accelerated in order to deepen financial integration, with a view to improving resilience to shocks and making the transmission of monetary policy across the monetary union more effective; welcomes the contribution of the NextCMU Working Group in this regard; calls on the European Commission to treat the completion of the CMU as a top priority;
Amendment 261 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECB to increase its monitoring of the development of crypto- currencieassets, including stablecoins and the increased risks in cyber-security and money laundering;
Amendment 271 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Agrees withTakes note of Christine Lagarde's statement that a review of the ECB’s monetary policy framework is timely and warranted in order to ensure that the ECB has the right tools to deliver on its price stability mandate in the future; calls on the ECB to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad range of divstakeholderse; civil society stakeholderalls on the ECB to also involve the European Parliament in this review process;
Amendment 282 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Is concerned about the ECB's European Distribution of Debt Instruments (EDDI) initiative and points out that this initiative must in no way curtail or intrude into the prerogatives of the European legislator;
Amendment 286 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Points out the importance of cash as a means of payment for EU citizens and calls on the ECB to preserve cash as a means of payment;