18 Amendments of Markus FERBER related to 2024/2054(INI)
Amendment 22 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the Eurosystem has been built on the principle of monetary dominance;
Amendment 40 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding monetary stability, which is a necessary precondition for growth and economic stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area;
Amendment 74 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets that core inflation still remains too high, with only two euro area Member States reporting core inflation rates below 2 % in September 2024;
Amendment 81 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Warns the ECB against the temptation to lower interest rates too quickly, given the risk that inflation levels could start increasing again; highlights the key role that inflation expectations play and that too much volatility in inflation rates might distort inflation expectations; stresses that the ECB itself expects a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in energy prices drop out of the annual rates;
Amendment 97 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be ableurosystem has been built on the principle of monetary dominance; recalls that therefore the Economic and Monetary Union requires solid fiscal policies in the Member States to support the ECB's mandate; notes that sufficient fiscal space also allows Member States to respond to external shocks;
Amendment 109 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low; highlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy and sustainable growth;
Amendment 123 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Notes that high inflation levels disproportionally affect lower-income households that spend a higher proportion of their budget on necessities; stresses that bringing down headline and core inflation back to target level is therefore also important for maintaining social cohesion;
Amendment 124 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024, but expresses its unease at its historically and persistently high level; notes with concern that high core inflation could translate into higher headline inflation numbers;
Amendment 143 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses that the ECB was late to act when inflation started rising in January 2021 and surpassed the 2 % target level in July 2021; recalls in this regard the ECB’s incorrect assessment that inflation was expected to be only transitory;
Amendment 173 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore gradually reduce the size of its balance sheet to zero;
Amendment 189 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds reflecting different approaches to fiscal policy; stresses that purchases under the TPI would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levels;
Amendment 204 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. WelcomesTakes note of the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, improved financial inclusion and the availability of an offline back-up payment system; notes however that there are still unanswered question in relation to holding limits, privacy concerns, competition with private payment solutions and usability in a business context;
Amendment 212 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Considers that the digital euro will only become a success story if it provides tangible added value for European citizens, that European citizens can understand; notes that, currently many European citizens either have not heard about the digital euro project or remain scecptical;
Amendment 214 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20 b. Considers that the decison whether or not to introduce a digital euro is ultimately a political decision that has to be taken by the Union legislator;
Amendment 216 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash entirely and that cash should remain available at all times; in that context, welcomes the proposal for a Regulation on legal tender of euro cash;
Amendment 270 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Insists that the ECB respect the market neutrality principle in all of its monetary operations at all times; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition;
Amendment 274 #
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 284 #
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Considers that maintaining price stability and stable macroeconomic conditions might be conducive to creating the right conditions for the implementation of the EU's gernal economic policy objectives;