Activities of Werner LANGEN related to 2012/2028(INI)
Plenary speeches (2)
Feasibility of introducing stability bonds (debate)
Feasibility of introducing stability bonds (debate)
Amendments (52)
Amendment 1 #
Motion for a resolution
Citation 1
Citation 1
Amendment 13 #
Motion for a resolution
Recital A
Recital A
A. whereas Parliament requested that the Commission submit a report on the possibility of introducing eurobonds, which was an integral part of the agreement between Parliament and the Council on the economic governance package (six pack); whereas the Green Paper, however, proposes neither crisis resolution measures nor ways in which the options presented could be implemented;
Amendment 18 #
Motion for a resolution
Recital B
Recital B
B. whereas the eurozone is in a uniquedifficult situation, with eurozone Member States sharing a single currency but no adequate common fiscal policy or common bond market;
Amendment 37 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes increasing note of the various crisis mitigation and resolution efforts of the European institutionproposals and decisions taken by the European institutions to mitigate and resolve the crisis, particularly the establishment of the EFSM, the EFSF, the SMP and the LTRO, and the agreement on the ESM and the fiscal compact;
Amendment 52 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fiscal consolidation and structural reform efforts undertaken by Member StatesCalls on the Member States to continue to pursue fiscal consolidation and structural reform and to comply strictly with the earlier commitments and agreements concluded;
Amendment 65 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned, however, that despite Member States’ reform and consolidation that investors and players on the finance markets fail to appreciate sufficiently the efforts eurmade so farea sovereign bond markets a and continue to put speculative pressure ion distress,policies, which is reflected in widening spreads and high volatility;
Amendment 73 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that there is an urgent need to further discusstake action with regard to a longer-term vision for the euro area which ensures sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence;
Amendment 87 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Points out that it is in the long-term strategic interest of the eurozone to draw all possible benefits from issuing the euro, such as establishing a common liquid and diversified bond market and establishing the eurothe single currency; welcomes the fact that the euro has risen to second place worldwide as a global reserve currency;
Amendment 95 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that all existing and future instruments or institutions which are sensu stricto or sensu lato part of the economic governance framework of the Union need to bare democratically legitimised and made accountable by involvingthe responsible involvement of the parliaments of the Member States and the European Parliament in the setting-up and running of these instruments or institutions;
Amendment 106 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds can only foster stability in the euro area and be an additional element to incentivise compliance with the stability and growth pact; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex, similar to the Maastricht criteria for introducing the single currencincentivising element if the provisions of the stability and growth pact are complied with in the long term and in a comprehensive way;
Amendment 118 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes the positive and negative developments in the euro area since 1999 and stresses that interest-rate convergence for sovereign debt has created disincentives in the short and medium term to circumventing the provisions of the Stability and Growth Pact;
Amendment 126 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Emphasises that a prerequisite for bond market stability in the euro area and the common currency is strict compliance with the agreed-upon budgetary criteria;
Amendment 128 #
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Acknowledges that inadequate competitiveness and a failure to undertake structural reforms are a crucial factor, in real economic terms, in the continuing decline in the budget situation of a country;
Amendment 130 #
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Finds that a requirement immediately to comply with the budgetary conditions of the fiscal compact might have a serious short-term impact on Member States with excessive budget deficits and which are in need of structural reform; therefore acknowledges the consolidation plans which were provided as part of the award of EFSF assistance;
Amendment 140 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges Member States to seriously consider the option of immediately establishing a European Redemption Fund in order to allow participatingRejects the option of a European Redemption Fund, as it countries to reduce excessive debt over a maximum period of 25 years by using the interest rate savings for debt reductionavenes Article 125 of the Treaty on the Functioning of the European Union and will not be feasible without a change to the Treaty;
Amendment 152 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges Member States to seriously consider the immediatRejects the issuance of common short- term debt in the form of eurobills to protect Member States wi, as they cannot solve the fundamentally sustainable fiscal polices from illiquidity runs and the negative feedback loop between sovereign and banking crises problem of excessive debt;
Amendment 165 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to prepare contingency plans allowing a rapid implementation of these schemeadhere to the EU Treaties in its proposals and not to propose any dubious legal constructs;
Amendment 177 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integration in the EU; calls on the Commission to put forward proposals for a single financial supervisory authority to oversee systemic financial institutions, a banking resolution regime including a recapitalisation fund and an EU-wide deposit guarantee schemesupports the proposals made at the recent EU summit to open up the ESM to recapitalisation of the banks, subject to unambiguous conditions;
Amendment 185 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Calls on the Commission to put forward proposals on a single financial supervisory authority to oversee systemic financial institutions and underlines the fact that stronger integration of the ECB would help banks in the euro area and that the independence of the ECB must not be jeopardised;
Amendment 187 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Reaffirms the need to implement crisis management instruments and acknowledges that inadequate regulation of the financial sector is a significant factor in the difficult budgetary situation of a number of Member States in the euro area;
Amendment 189 #
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Stresses that the instruments adopted by the EU institutions and financial contributions or guarantees undertaken will not exonerate any Member State from the need for budget policy austerity measures or extensive structural reforms; highlights, however, the disincentives that can accompany relief achieved through artificial, short-term financial policy;
Amendment 196 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that the issuance of common bonds under separate liability, similar to the EFSF bond, risks not being sufficiently attractive for investors and that the roadmap should therefore include a system, which does not require any Treaty change, for the allocation ofis legally feasible; is firmly against debt below 60 % of GDP to bebeing issued under joint and several liabilities (blue-bond/red-bond proposal);
Amendment 208 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Believes that if the blue-bond/red- bond system proves to be beneficial to the euro area as a whole, a further step, requiring a Treaty change, should be envisaged, which isissuance of bonds under joint and several liability will only be possible with a Treaty change if the fissuance of bonds under joint and several liabilitcal compact achieves its aims completely;
Amendment 217 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Advocates, following the implementation of short-term measures to exit the crisis, the considering setting- up of a committee inspired by the Delors Committee of 1988, including representatives from Member States, the Commission and the ECB; believes that this committee should evaluate progress and make recommendations for further steps with regard to post-crisis phases, to be discussed in Parliament; takes the view that this committee should also look at the possibility of issuing genuine federal bondsEuropean Parliament, the Commission and the ECB;
Amendment 224 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Also advocates the implementation of short-term measures to exit the crisis before such a committee is set up;
Amendment 227 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14 b. Is strongly opposed to the introduction of any kind of eurobonds entailing joint and several liability;
Amendment 230 #
Motion for a resolution
Paragraph 14 c (new)
Paragraph 14 c (new)
14c. Believes that only project bonds under the responsibility of the EIB are compatible with European primary law and therefore feasible;
Amendment 231 #
Motion for a resolution
Annex - Title
Annex - Title
Amendment 233 #
Motion for a resolution
Annex - Phase 1 - Title
Annex - Phase 1 - Title
Amendment 237 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Subtitle 1
Annex - Phase 1 - Point 1 - Subtitle 1
Amendment 239 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1
Annex - Phase 1 - Point 1 - Paragraph 1
The Commission makes a proposal for the immediate setting up of a temporary European redemption fund alis based ong the following principles:
Amendment 241 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 a (new)
- amendment of the Treaty on the Functioning of the European Union;
Amendment 243 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 c (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 c (new)
- restriction to Member States which can expect lower interest rates for having reduced their debts as a result of participation;
Amendment 244 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 d (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 d (new)
- participation in the debt redemption fund shall be voluntary;
Amendment 258 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
- oblige Member States to autonomously redeem the transferred debt over a period of maximum 25 years by using the interest rate savings for; the debt redemption which cperiod should be shorter if the growth rate is higher than foreseen;
Amendment 263 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
- implement, immediately and strictly, the national debt brakes introduced in the fiscal compact to limit the debts that remain exclusively with the participating Member States at a maximum of 60 % of GDP and oblige Member States to cover their liabilities by risk-free collateral; the debt brakes must in each case be effectively in force for at least three years without their provisions being contravened;
Amendment 270 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
- Pledging of national currency and gold reserves and management of these by the ECB until the debt portion of the Member State is completely redeemed;
Amendment 271 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Subtitle 2
Annex - Phase 1 - Point 2 - Subtitle 2
Amendment 276 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1
Annex - Phase 1 - Point 2 - Paragraph 1
The Commission makes a proposal for the immediatproposal for considering the setting up of a system for the issuance of common short-term debt alis based ong the following principles:
Amendment 277 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph -1 a (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph -1 a (new)
Amendment 283 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
- establish an agency or use an existing entity to issue eurobills and limit participation to Member States that have complyied with the rules as set-out in the Stability and Growth Pact for at least three consecutive years prior to the common issuance of eurobills;
Amendment 284 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 a (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 a (new)
- participating Member States will be prohibited from issuing short-term senior debt with a redemption period of less than one year outside the common issuance;
Amendment 305 #
Motion for a resolution
Annex - Phase 2 - Title
Annex - Phase 2 - Title
Phase 2 - Broposal 3 - introduction of blue bond proposal: yearly allocated debt ≤ 60 % of GDP to be issued in common withoutand a Treaty change
Amendment 309 #
Motion for a resolution
Annex - Phase 2 - Paragraph 1
Annex - Phase 2 - Paragraph 1
Amendment 315 #
Motion for a resolution
Annex - Phase 2 - Paragraph 2
Annex - Phase 2 - Paragraph 2
The Commission puts forward proposals for considering the setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes, according tore based on the following principles such as:
Amendment 317 #
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph -1 a (new)
Annex - Phase 2 - Paragraph 2 - Subparagraph -1 a (new)
- amendment of the Treaty on the Functioning of the European Union;
Amendment 330 #
Motion for a resolution
Annex - Phase 3 - Title
Annex - Phase 3 - Title
Phase 3 –roposal 4 - Common issuance of national debt involving a Treaty change
Amendment 336 #
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
On the basis of the work of the committee, the Commission puts forward, if appropriate,examines proposals for a Treaty change (and where necessary, Member States’ constitutional changes) and the setting up of a system for the common issuance of bonds according to the following principles:
Amendment 339 #
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
- limit participation to Member States which have complyied with all the conditions as set out in phase 2roposal 3 for at least three consecutive years;
Amendment 343 #
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 3
Annex - Phase 3 - Paragraph 1 - Subparagraph 3
Amendment 344 #
Motion for a resolution
Annex - Phase 4 - Title
Annex - Phase 4 - Title
Amendment 348 #
Motion for a resolution
Annex - Phase 4 - Paragraph 1
Annex - Phase 4 - Paragraph 1