20 Amendments of Markus FERBER related to 2023/2064(INI)
Amendment 25 #
Motion for a resolution
Recital C
Recital C
C. whereas, according to the Commission 2023 economic forecast, government deficits are projected to decline to 3.1 % of GDP in 2023 and 2.4 % in 2024; whereas the government debt to GDP ratio decreased in the euro area from 95.0 % to 91.2 % and in the EU-27 from 87.4 % to 83.7 % in 2022 and 2023 respectively; whereas this is still above the treaty reference values;
Amendment 41 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the Economic and Monetary Union been built on the principle of monetary dominance;
Amendment 42 #
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 43 #
Motion for a resolution
Recital F c (new)
Recital F c (new)
Fc. whereas the Euro's external value in comparison to the Dollar has materially deteriorated since the end of 2020; whereas energy derivatives are traded in Dollar and a slide of the Euro's exchange rate against the Dollar further contributes to inflation;
Amendment 50 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding the euro's stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;
Amendment 59 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines that price stability is a prerequisite for the ECB to deliver on its secondary mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long -term investments;
Amendment 82 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails; notes that the situation is worse in the euro area than in non-euro area Member States; looks forward to the outcome of the Commission’s legislative proposals on revising the EU’s economic governance rules and welcomes the ECB’s opinion in this regard; points out that expansive fiscal policies could counteract the ECB's policy of monetary tightening;
Amendment 96 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of government debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also the upward price pressure following the implementation of the European Green Deal, the rise of fragmentation and protectionism in global trade, and an impending subsidy race between states;
Amendment 103 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Echoes President Lagarde’s warning that fiscal support should be temporary, targeted and limittailored and should not hinder the task ofcounteract the task of monetary policy; calls on Member States to align their respective fiscal policies with the overall objective of the ECB's monetary policy; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth- enhancing reforms;
Amendment 123 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and about inflation expectations becoming de- anchored;
Amendment 124 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Notes that high inflation levels disproportionally affect lower-income households that spend a higher proportion of their budget on necessities; stresses that bringing down inflation back to target level is therefore also important for maintaining social cohesion;
Amendment 143 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review and improve its models and their role in its policymaking in light of their subpar performance in recent years;
Amendment 154 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invites the ECB to look into a more qualitative approach to price stability;
Amendment 168 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market; is concerned, however, that the ECB still intends to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2024; notes the ECB’s announcement to decarbonise its corporate bond holdings by ‘tilting’ its portfolio; stresses the importance of the quality of the collateral;
Amendment 173 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Stresses the importance of adhering to the principle of market neutrality in the conduct of the ECB's monetary policy;
Amendment 202 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. stresses that a digital Euro can complement, but must not replace cash as a means of payment;
Amendment 208 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape, must not endanger the existence or use of cash and must respect the privacy of citizens and businesses; considers that the digital euro will only become a success if it comes with a tangible added value that is clearly communicated to European citizens;
Amendment 214 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Welcomes the Basel III framework, as it will strengthen the resilience of the banking sector; warns about the risk of non-compliance; stresses that bank supervision should at all times be risk- based and not guided by secondary considerations;
Amendment 236 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 238 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Reminds the ECB to fully respect the European Parliament's prerogatives in appointment procedures, in particular in relation to the Single Supervisory Mechanism;