34 Amendments of Markus FERBER related to 2021/2063(INI)
Amendment 6 #
Motion for a resolution
Citation 7
Citation 7
— having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 16 #
Motion for a resolution
Citation 12
Citation 12
Amendment 17 #
Motion for a resolution
Citation 13
Citation 13
Amendment 21 #
Motion for a resolution
Recital A
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,; with significant growth ihereas the volume of output is projected to return to its pre- crisis level (2019-Q4) in the last quarter of 2021, which is one qualities persisting between and within the Member Statesrter earlier than expected in the Spring Forecast for the euro area;
Amendment 26 #
Motion for a resolution
Recital B
Recital B
Amendment 32 #
Motion for a resolution
Recital C
Recital C
C. whereas, according to the Eurosystem staff macroeconomic projections of June 2021, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) will be 1.9 % in 2021, 1.5 % in 2022 and 1.4 % in 2023 on average; whereas inflation projections show substantial variance across the euro area; whereas the HICP has hit 3% in the Eurozone in August 2021, which represents the highest level in a decade;
Amendment 48 #
Motion for a resolution
Recital E
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;
Amendment 56 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 72 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; stresses that this independence must not be infringed on;
Amendment 80 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomesTakes note of 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;
Amendment 82 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 93 #
Motion for a resolution
Paragraph 4
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 crisipoints out that extended ultra-accommodative financing conditions might discourage Member States from pursuing productivity-enhancing reforms;
Amendment 98 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Notes that the euro system has been built on the principle of monetary dominance; points out that a prolonged period of ultra-accomodative monetary policy might shift the balance towards fiscal dominance;
Amendment 102 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees withTakes note of the ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’;
Amendment 108 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 116 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 125 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes 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; points out that the ECB's ultra-accommodative monetary policy provides disadvantages for savers and comes with the severe risk of asset price inflation;
Amendment 133 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Points out that operating close to the effective lower bound significantly reduces the effectiveness of monetary policy;
Amendment 143 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. WelcomesTakes note of 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;
Amendment 152 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomesTakes note of 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;
Amendment 169 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and address this upward trend and its consequences more attentively; invites the ECB to reflect whether the surge in inflation might warrant an earlier change in its monetary policy stance;
Amendment 200 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 208 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Notes with concern the Bank for International Settlement's analysis that the valuations of certain ESG assets may already be stretched1a, _________________ 1aBIS Quarterly Review, September 2021. Box A: Sustainable finance: trends, valuations and exposures
Amendment 213 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 221 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 231 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 248 #
Amendment 259 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 282 #
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 300 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; agrees with the ECB that a digital Euro would have to satisfy a range of minimal requirements including robustness, safety, efficiency and protection of privacy; stresses that a potential digital Euro can complement, but must not replace cash as a means of payment;
Amendment 307 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Calls on the ECB to duly consider the risks for the banking sector and overall lending to the real economy when designing the digital euro;
Amendment 308 #
Motion for a resolution
Paragraph 22 b (new)
Paragraph 22 b (new)
22 b. Invites the ECB to regularly share the progress made on the digital euro during the investigation phase with the European Parliament;
Amendment 310 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks; expresses concerns about the service interruption that affected the TARGET2 system in 2020; calls on the ECB to ensure the enduring stability of sensitive infrastructure such as the TARGET2 system;
Amendment 314 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls onInvites the ECB to step up its monitoring of the development of crypto- currencies and the related risks in terms of cybersecurity and money laundering markets to inform its own deliberations on the digital euro;