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120 Amendments of Werner LANGEN related to 2012/2151(INI)

Amendment 3 #
Werner LANGEN
Motion for a resolution
Citation 3
– having regard to the Commission communication of 20 October 2009 on 'An EU framework for cross-border crisis management in the banking sector',deleted
2012/09/26
Committee: ECON
Amendment 4 #
Werner LANGEN
Motion for a resolution
Citation 4
– having regard to the Commission proposal of 12 July 2010 for a directive of the European Parliament and of the Council on deposit guarantee schemes (recast),deleted
2012/09/26
Committee: ECON
Amendment 5 #
Werner LANGEN
Motion for a resolution
Citation 5
– having regard to the Commission proposal of 6 June 2012 for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010,deleted
2012/09/26
Committee: ECON
Amendment 6 #
Werner LANGEN
Motion for a resolution
Citation 9
– having regard to the report of the International Monetary Fund of July 2012 on euro area policies,deleted
2012/09/26
Committee: ECON
Amendment 7 #
Werner LANGEN
Motion for a resolution
Citation 10
– having regard to the G-20 Leaders' Statement following the Pittsburgh Summit of 24 and 25 September 2009 as regards cross-border resolutions and systemically important financial institutions,deleted
2012/09/26
Committee: ECON
Amendment 9 #
Werner LANGEN
Motion for a resolution
Citation 11
– having regard to the legislation adopted by the European Parliament and the Council as part of the 'six pack',deleted
2012/09/26
Committee: ECON
Amendment 10 #
Werner LANGEN
Motion for a resolution
Citation 12
– having regard to the opinion of the European Economic and Social Committee of 12 July 2012 on 'What changes for Europe's banking sector with the new financial rules',deleted
2012/09/26
Committee: ECON
Amendment 11 #
Werner LANGEN
Motion for a resolution
Citation 13
– having regard to the report of the High- Level Group on Financial Supervision chaired by Jacques de Larosière, submitted to the President of the European Commission on 25 February 2009,deleted
2012/09/26
Committee: ECON
Amendment 12 #
Werner LANGEN
Motion for a resolution
Citation 14
– having regard to its resolution of 7 July 2010 on the European Financial Stability Facility and European Financial Stabilisation Mechanism and future actions,deleted
2012/09/26
Committee: ECON
Amendment 13 #
Werner LANGEN
Motion for a resolution
Citation 15
– having regard to its resolution of 7 July 2010 with recommendations to the Commission on Cross-Border Crisis Management in the Banking Sector,deleted
2012/09/26
Committee: ECON
Amendment 14 #
Werner LANGEN
Motion for a resolution
Citation 16
– having regard to its resolution of 22 September 2010 on the proposal for a regulation of the European Parliament and of the Council on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board,deleted
2012/09/26
Committee: ECON
Amendment 15 #
Werner LANGEN
Motion for a resolution
Citation 17
– having regard to its resolution of 22 September 2010 on the proposal for a regulation of the European Parliament and of the Council establishing a European Banking Authority,deleted
2012/09/26
Committee: ECON
Amendment 16 #
Werner LANGEN
Motion for a resolution
Citation 18
– having regard to its resolution of 20 October 2010 with recommendations to the Commission on improving the economic governance and stability framework of the Union, in particular in the euro area,deleted
2012/09/26
Committee: ECON
Amendment 17 #
Werner LANGEN
Motion for a resolution
Citation 19
– having regard to its resolution of 16 December 2010 on establishing a permanent crisis mechanism to safeguard the financial stability of the euro area,deleted
2012/09/26
Committee: ECON
Amendment 18 #
Werner LANGEN
Motion for a resolution
Citation 20
– having regard to its resolution of 23 March 2011 on the draft European Council decision amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the euro,deleted
2012/09/26
Committee: ECON
Amendment 19 #
Werner LANGEN
Motion for a resolution
Citation 21
– having regard to its resolution of 6 April 2011 on a Single Market for Enterprises and Growth,deleted
2012/09/26
Committee: ECON
Amendment 21 #
Werner LANGEN
Motion for a resolution
Citation 22
– having regard to its resolution of 6 July 2011 on the financial, economic and social crisis: recommendations concerning the measures and initiatives to be taken,deleted
2012/09/26
Committee: ECON
Amendment 22 #
Werner LANGEN
Motion for a resolution
Citation 23
– having regard to its resolution of 1 December 2011 on the European Semester for Economic Policy Coordination,deleted
2012/09/26
Committee: ECON
Amendment 23 #
Werner LANGEN
Motion for a resolution
Citation 24
– having regard to its resolution of 18 January 2012 on the conclusions of the European Council meeting of 8 and 9 December 2011 on a draft international agreement on a Fiscal Stability Union,deleted
2012/09/26
Committee: ECON
Amendment 24 #
Werner LANGEN
Motion for a resolution
Citation 25
– having regard to its resolution of 15 February 2012 on the feasibility of introducing stability bonds,deleted
2012/09/26
Committee: ECON
Amendment 25 #
Werner LANGEN
Motion for a resolution
Citation 26
– having regard to its resolution of 15 February 2012 on employment and social aspects in the Annual Growth Survey 2012,deleted
2012/09/26
Committee: ECON
Amendment 26 #
Werner LANGEN
Motion for a resolution
Citation 27
–having regard to its resolution of 15 February 2012 on the contribution to the Annual Growth Survey 2012,deleted
2012/09/26
Committee: ECON
Amendment 27 #
Werner LANGEN
Motion for a resolution
Citation 28
– having regard to its position of 16 February 2012 on the proposal for a directive of the European Parliament and of the Council on Deposit Guarantee Schemes (recast),deleted
2012/09/26
Committee: ECON
Amendment 29 #
Werner LANGEN
Motion for a resolution
Citation 29
– having regard to its position of 19 April 2012 on the proposal for a regulation of the European Parliament and of the Council amending Council Regulation (EC) No 1083/2006 as regards certain provisions relating to risk-sharing instruments for Member States experiencing or threatened with serious difficulties with respect to their financial stability,deleted
2012/09/26
Committee: ECON
Amendment 30 #
Werner LANGEN
Motion for a resolution
Citation 30
– having regard to its amendments adopted on 13 June 2012 on the proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area (part of the 'two- pack'),deleted
2012/09/26
Committee: ECON
Amendment 31 #
Werner LANGEN
Motion for a resolution
Citation 31
– having regard to its amendments adopted on 13 June 2012 on the proposal for a regulation of the European Parliament and of the Council on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (part of the 'two-pack'),deleted
2012/09/26
Committee: ECON
Amendment 32 #
Werner LANGEN
Motion for a resolution
Citation 32
– having regard to its resolution of 14 June 2012 ‘Towards a job-rich recovery’,deleted
2012/09/26
Committee: ECON
Amendment 33 #
Werner LANGEN
Motion for a resolution
Citation 33
– having regard to its resolution of 4 July 2012 on the June 2012 European Council meeting,deleted
2012/09/26
Committee: ECON
Amendment 35 #
Werner LANGEN
Motion for a resolution
Citation 35
– having regard to the report of the Committee on Economic and Monetary Affairs and the opinions of the Committee on Budgets, the Committee on Employment and Social Affairs and the Committee on Constitutional Affairs (A7- 0000/2012),deleted
2012/09/26
Committee: ECON
Amendment 37 #
Burkhard BALZ, Astrid LULLING, Ildikó GÁLL-PELCZ, Werner LANGEN, Gunnar HÖKMARK, Markus FERBER, Andreas SCHWAB, Klaus-Heiner LEHNE
Motion for a resolution
Recital A a (new)
Aa. whereas the report of the Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup 'Towards a genuine Economic and Monetary Union' is to be welcomed as a vision for the Monetary Union; points out that any further integration needs a solid and reliable fundament consisting of a sound and efficient framework for resolution and recovery of financial institutions, a sound and efficient deposit guarantee framework and sound capital requirements without which no overarching structure such as a "genuine EMU" will be able to exist; calls therefore to wait with the building up of any such structure as long as these three proposals are not yet adopted.
2012/09/26
Committee: ECON
Amendment 39 #
Werner LANGEN
Motion for a resolution
Recital B
B. whereas the economic and monetary union (EMU) is not an end in itself but rather an instrument to achieve Union objectives, in particular a balanced and sustainable growth and a high level of employment;deleted
2012/09/26
Committee: ECON
Amendment 44 #
Werner LANGEN
Motion for a resolution
Recital C
C. whereas in a globalised information society the need for closer European integration is becoming ever more clear;deleted
2012/09/26
Committee: ECON
Amendment 50 #
Werner LANGEN
Motion for a resolution
Recital D
D. whereas the Union is at a crossroads and a clear direction needs to be chosen either to combine the forces within the Union and to build a future for a strong and value-driven Union in a globalised world, or to fold back on itself and be forced to submit passively to globalisation for lack of power and influence;deleted
2012/09/26
Committee: ECON
Amendment 57 #
Werner LANGEN
Motion for a resolution
Recital E
E. whereas the economic, financial and banking crisis has repeatedly demonstrated that public debt at national level and financing problems as well as the disturbance of macroeconomic equilibriums quickly, directly and negatively affect the socio-economic development of the euro area and of the Union as a whole;deleted
2012/09/26
Committee: ECON
Amendment 67 #
Werner LANGEN
Motion for a resolution
Recital F
F. whereas there is great concern about the difficult economic and financial situation in which several Member States find themselves, aggravated by the continuous strains on the sovereign bond markets reflected in high interest borrowing rates for some countries and considerable financial and economic instability;deleted
2012/09/26
Committee: ECON
Amendment 72 #
Werner LANGEN
Motion for a resolution
Recital G
G. whereas the combination of a lack of competitiveness and a low growth potential with high deficits and high debt not only causes harm in some Member States, but also makes vulnerable the euro area as a whole;deleted
2012/09/26
Committee: ECON
Amendment 78 #
Werner LANGEN
Motion for a resolution
Recital H
H. whereas recent events have made clear that the euro area is not sufficiently equipped to solve the crisis and to react adequately to regional economic shocks within it;deleted
2012/09/26
Committee: ECON
Amendment 83 #
Werner LANGEN
Motion for a resolution
Recital I
I. whereas the important role played by the euro, both within the euro area and at the global level, as the second most important international reserve currency, risks being increasingly undermined the longer the crisis persists;deleted
2012/09/26
Committee: ECON
Amendment 87 #
Werner LANGEN
Motion for a resolution
Recital J
J. whereas over the last decade the euro has brought Union citizens many benefits, such as price stability, protection against currency fluctuations, the impossibility of non-cooperative competitive devaluations, lower interest rates, the encouragement of the integration of financial markets and easier cross-border capital movement;deleted
2012/09/26
Committee: ECON
Amendment 92 #
Werner LANGEN
Motion for a resolution
Recital K
K. whereas the Union's single currency should not become a symbol of division which threatens the whole European project, but should remain a symbol of a Union that is decisive and capable of taking far-reaching decisions for a common and prosperous future;deleted
2012/09/26
Committee: ECON
Amendment 105 #
Werner LANGEN
Motion for a resolution
Recital M
M. whereas the latest Eurobarometer research indicates that for reason of the persisting crisis there has been a sharp decline in trust in political institutions both at national and at Union level, as well as a sharp decline of public perception of the Union conjuring up a positive image; whereas, nevertheless, the Union remains the actor that Union citizens feel is the most effective in tackling the economic crisis;deleted
2012/09/26
Committee: ECON
Amendment 112 #
Werner LANGEN
Motion for a resolution
Recital O
O. whereas 17 Member States have already adopted the Union's single currency and most others will join the euro when they are ready;deleted
2012/09/26
Committee: ECON
Amendment 119 #
Werner LANGEN
Motion for a resolution
Recital Q
Q. whereas time is running out and restoring confidence is the main task in order to convince European citizens and enterprises to start investing again in the economy and to create conditions for financial institutions to provide the real economy, once again, with credit on a broad but sound basis;deleted
2012/09/26
Committee: ECON
Amendment 129 #
Werner LANGEN
Motion for a resolution
Recital T
T. whereas restoring confidence also requires those Heads of State and Government and their Ministers to defend loyally in their Member States the policy decisions they agreed upon at Union level and to explain that they subscribed to those policies in the belief that they will safeguard the future of their own citizens; whereas by imputing unpopular decisions to the Union, a particularly dangerous game of perception is being played which risks eroding the Union from below, undermining solidarity and ultimately damaging the European project as a whole;deleted
2012/09/26
Committee: ECON
Amendment 136 #
Werner LANGEN
Motion for a resolution
Recital U
U. whereas the European Council and the euro area summit of 28 and 29 June 2012 confirmed their determination to take the measures required to ensure a financially stable, competitive and prosperous Europe and thus to enhance the welfare of citizens;deleted
2012/09/26
Committee: ECON
Amendment 138 #
Werner LANGEN
Motion for a resolution
Recital V
V. whereas the growing divide between core and peripheral countries in the Union should not become chronic in nature; whereas a permanent framework must be created in which Member States in difficulty should be able to rely on solidarity-based support from other Member States; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro-plus pact and the macro- economic imbalances procedure;deleted
2012/09/26
Committee: ECON
Amendment 150 #
Werner LANGEN
Motion for a resolution
Recital W
W. whereas it is beyond doubt that the European integration is an irreversible and progressive process if Member States meticulously honour their European engagements;deleted
2012/09/26
Committee: ECON
Amendment 158 #
Werner LANGEN
Motion for a resolution
Subheading 1
The way ahead: the report of the four Presidentsdeleted
2012/09/26
Committee: ECON
Amendment 159 #
Werner LANGEN
Motion for a resolution
Recital X
X. whereas from a democratic point of view it is incomprehensible that the President of the European Parliament, who represents more than 502 million European citizens, has not been involved in the drafting of the report of 26 June 2012 of the President of the European Council, in collaboration with the Presidents of the European Commission, the Eurogroup and the European Central Bank, entitled ‘Towards a Genuine Economic and Monetary Union’;deleted
2012/09/26
Committee: ECON
Amendment 166 #
Werner LANGEN
Motion for a resolution
Recital Z
Z. whereas the report drawn up by the four Presidents represents the first long- term plan which unambiguously chooses the way forward and seeks to break the cycle of distrust by means of structural measures;deleted
2012/09/26
Committee: ECON
Amendment 173 #
Werner LANGEN
Motion for a resolution
Recital AA
AA. whereas the European Council of 28 and 29 June 2012 requested its President to develop a specific and time-bound roadmap for the achievement of a genuine EMU; whereas developing a global long-term vision via a road map is an important signal for restoring confidence that will grow as the road map is carried out step by step;deleted
2012/09/26
Committee: ECON
Amendment 199 #
Werner LANGEN
Motion for a resolution
Subheading 2
Banking uniondeleted
2012/09/26
Committee: ECON
Amendment 200 #
Werner LANGEN
Motion for a resolution
Recital AF
AF. whereas the operations to stabilise the financial system to date, can be called successful but insufficient to fully restore confidence; whereas the European Central Bank (ECB) has played a pivotal role in these rescue operations without losing sight of its core objective, namely guaranteeing price stability;deleted
2012/09/26
Committee: ECON
Amendment 204 #
Werner LANGEN
Motion for a resolution
Recital AG
AG. whereas the Treaty-based guaranteed independence of the ECB in the field of monetary policy remains a cornerstone for the credibility of EMU and the single currency;deleted
2012/09/26
Committee: ECON
Amendment 210 #
Werner LANGEN
Motion for a resolution
Recital AH
AH. whereas the precarious situation of the banking sector in several Member States threatens the public finances and the cost of management of the banking crisis falls too heavily on taxpayers; whereas the existing mechanisms and structures are insufficient to prevent mutual contagion;deleted
2012/09/26
Committee: ECON
Amendment 218 #
Werner LANGEN
Motion for a resolution
Recital AI
AI. whereas breaking up the negative feedback loops between sovereigns, banks and the real economy is crucial for a smooth functioning of EMU;deleted
2012/09/26
Committee: ECON
Amendment 223 #
Werner LANGEN
Motion for a resolution
Recital AJ
AJ. whereas the European Parliament has repeatedly asserted that there is an urgent need for additional and far- reaching measures to solve the crisis in the banking sector; whereas a distinction should be made between short-term measures to stabilise an acute bank crisis situation and long-term measures aimed at the realisation of a fully operational European banking union;deleted
2012/09/26
Committee: ECON
Amendment 227 #
Werner LANGEN
Motion for a resolution
Recital AK
AK. whereas all measures taken in the context of such a banking union should not hamper the continued proper functioning of the internal market for financial services and the free movement of capital;deleted
2012/09/26
Committee: ECON
Amendment 229 #
Werner LANGEN
Motion for a resolution
Recital AL
AL. whereas financial institutions and their representatives should act responsibly and according to high moral standards, serving the real economy;deleted
2012/09/26
Committee: ECON
Amendment 232 #
Werner LANGEN
Motion for a resolution
Recital AM
AM. whereas the Union would benefit from proposals that introduce a single European supervisory mechanism for financial institutions, a single European deposit guarantee scheme and a single European recovery and resolution scheme;deleted
2012/09/26
Committee: ECON
Amendment 242 #
Werner LANGEN
Motion for a resolution
Recital AN
AN. whereas the scope of the deposit guarantee and crisis management framework should mirror that of the single supervisory mechanism in terms of the banks covered (symmetry);deleted
2012/09/26
Committee: ECON
Amendment 252 #
Werner LANGEN
Motion for a resolution
Subheading 3
Single supervisory mechanismdeleted
2012/09/26
Committee: ECON
Amendment 255 #
Werner LANGEN
Motion for a resolution
Recital AP
AP. whereas most of the banking supervisory powers in the Union today remain in the hands of national supervisors with the European Supervisory Authority (European Banking Authority) (EBA), established by Regulation (EU) No 1093/2010 in a coordinating role; whereas the current system of national supervision has proven to be too fragmented to face current challenges;deleted
2012/09/26
Committee: ECON
Amendment 267 #
Werner LANGEN
Motion for a resolution
Recital AS
AS. whereas the European level of supervision should have ultimate responsibility for all financial institutions within the countries included in the system, for the guidance of national supervisory authorities and for determining the overall strategic supervisory framework;deleted
2012/09/26
Committee: ECON
Amendment 280 #
Werner LANGEN
Motion for a resolution
Recital AU
AU. whereas, for reasons of efficiency and quick action, it is recommended to confer European supervision to the ECB, given its widely recognised expertise, access to information resources and significant credibility;deleted
2012/09/26
Committee: ECON
Amendment 289 #
Werner LANGEN
Motion for a resolution
Recital AW
AW. whereas it is of paramount importance that safeguards are introduced to avoid conflicts of interest between the ECB's monetary policy and its supervisory powers; whereas any possible erosion of the ECB's authority for monetary policy needs to be excluded by the setting up within the ECB of a legally independent supervisory board;deleted
2012/09/26
Committee: ECON
Amendment 296 #
Werner LANGEN
Motion for a resolution
Recital AX
AX. whereas the ECB will need appropriate budgetary and human resources to ensure an objective and integrated oversight of the European banking system;deleted
2012/09/26
Committee: ECON
Amendment 302 #
Werner LANGEN
Motion for a resolution
Recital AY
AY. whereas the independence of the European single supervisory mechanism from political and industry influence does not exempt it from explaining, justifying and being accountable to the European Parliament, on a regular basis and whenever the situation requires, for the actions and decisions taken in the field of European supervision, given the impact that supervisory measures may have on public finances, banks, employees and customers;deleted
2012/09/26
Committee: ECON
Amendment 306 #
Werner LANGEN
Motion for a resolution
Recital AZ
AZ. whereas the head of the European single supervisory mechanism should be appointed after a hearing in, and confirmation by, the European Parliament, and whereas the European Parliament is represented by three members on the Supervisory Board of the ECB;
2012/09/26
Committee: ECON
Amendment 309 #
Werner LANGEN
Motion for a resolution
Recital BA
BA. whereas it is a major achievement that in the future the European Stability Mechanism (ESM) will, under certain conditions, be able to fund banks in difficulties directly; whereas for this reason making the single supervisory mechanism operational is the first and most urgent task in the realisation of the banking union;deleted
2012/09/26
Committee: ECON
Amendment 319 #
Werner LANGEN
Motion for a resolution
Subheading 4
Deposit guarantee schemedeleted
2012/09/26
Committee: ECON
Amendment 321 #
Werner LANGEN
Motion for a resolution
Recital BC
BC. whereas deposit guarantee schemes are only one type of instrument which should guarantee financial stability; whereas they are part of a larger financial safety net consisting of regulation, prudential supervision, deposit protection and a lender of last resort;deleted
2012/09/26
Committee: ECON
Amendment 326 #
Werner LANGEN
Motion for a resolution
Recital BD
BD. whereas deposit guarantee schemes have played an important role during the financial crisis to protect the assets of depositors, maintain financial stability, avoid bank runs and re-gain depositor confidence;deleted
2012/09/26
Committee: ECON
Amendment 330 #
Werner LANGEN
Motion for a resolution
Recital BE
BE. whereas a balance should be struck between, on the one hand, an excessive protection of risks taken by financial institutions, which increases the risk of moral hazard and, and on the other, insufficient protection which undermines confidence in and the credibility of the financial system;deleted
2012/09/26
Committee: ECON
Amendment 333 #
Werner LANGEN
Motion for a resolution
Recital BF
BF. whereas after the increase of the deposit protection to a uniform Union level of EUR 100 000 the current Commission proposal for a European system of deposit guarantees is another step in the right direction; whereas the Commission proposal mainly aims at the harmonisation of national systems in the area of the offered guarantees as well as their financing;deleted
2012/09/26
Committee: ECON
Amendment 342 #
Werner LANGEN
Motion for a resolution
Recital BG
BG. whereas the introduction of a single European deposit guarantee fund should be the ultimate goal, further increasing the credibility of the scheme; the development of a similar scheme is justified considering the introduction of a European structure for prudential supervision and a European recovery and resolution framework;deleted
2012/09/26
Committee: ECON
Amendment 351 #
Werner LANGEN
Motion for a resolution
Recital BH
BH. whereas a single deposit guarantee scheme should cover all banks within the countries included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions;deleted
2012/09/26
Committee: ECON
Amendment 358 #
Werner LANGEN
Motion for a resolution
Subheading 5
Single recovery and resolution schemedeleted
2012/09/26
Committee: ECON
Amendment 362 #
Werner LANGEN
Motion for a resolution
Recital BI
BI. whereas speed, access to quality information and credibility are essential in managing bank crises;deleted
2012/09/26
Committee: ECON
Amendment 367 #
Werner LANGEN
Motion for a resolution
Recital BJ
BJ. whereas a single European recovery and resolution authority (ERRA) should be established, preferably in parallel with the single supervisory mechanism, for restoring the viability of banks in difficulties and resolving non-viable financial institutions;deleted
2012/09/26
Committee: ECON
Amendment 373 #
Werner LANGEN
Motion for a resolution
Recital BK
BK. whereas the ERRA will be able to work more efficiently, more promptly and more consistently than a network of national recovery and resolution authorities, avoiding the negative consequences of purely national decisions, breaking the negative feedback loop between banks and sovereigns and eliminating the need for ad hoc intergovernmental crisis solutions;deleted
2012/09/26
Committee: ECON
Amendment 379 #
Werner LANGEN
Motion for a resolution
Recital BL
BL. whereas the ERRA, whenever the situation requires, needs to explain and justify and should be accountable to the European Parliament for the actions and decisions taken in the field of European recovery and resolution of financial institutions;deleted
2012/09/26
Committee: ECON
Amendment 383 #
Werner LANGEN
Motion for a resolution
Recital BM
BM. whereas the head of the ERRA should be appointed after a hearing in and confirmation by the European Parliament;deleted
2012/09/26
Committee: ECON
Amendment 395 #
Werner LANGEN
Motion for a resolution
Recital BP
BP. whereas it is necessary for the protection of private savings to keep separate European funds for deposit guarantee and recovery and resolution;deleted
2012/09/26
Committee: ECON
Amendment 400 #
Werner LANGEN
Motion for a resolution
Recital BQ
BQ. whereas European resolution and deposit guarantee mechanisms should have a strong financial structure built on contributions from the industry, with European public money only serving as an ultimate backstop;deleted
2012/09/26
Committee: ECON
Amendment 406 #
Werner LANGEN
Motion for a resolution
Recital BR
BR. whereas if the ESM is chosen to work as an additional fiscal safety net for the financial institutions in the euro area, sufficient financial resources have to be foreseen to perform these additional missions in a credible manner;deleted
2012/09/26
Committee: ECON
Amendment 408 #
Werner LANGEN
Motion for a resolution
Subheading 6
Fiscal uniondeleted
2012/09/26
Committee: ECON
Amendment 424 #
Werner LANGEN
Motion for a resolution
Recital BU
BU. whereas the crisis has made clear the need for a qualitative step towards a more robust fiscal union with more effective mechanisms to correct unsustainable fiscal trajectories, debt levels and set the upper limits of budget balance of Member States;deleted
2012/09/26
Committee: ECON
Amendment 431 #
Werner LANGEN
Motion for a resolution
Recital BV
BV. whereas supplementary mechanisms are needed to ensure that all Member States respect their engagements in their individual budgetary procedures, where it cannot be excluded that the role of the European Commissioner for Economic and Monetary Affairs needs to be reinforced;deleted
2012/09/26
Committee: ECON
Amendment 439 #
Werner LANGEN
Motion for a resolution
Recital BW
BW. whereas the trilogue negotiations on the so-called 'two-pack' regulations should soon lead to concrete political results; the Council should abandon its reluctance on the dossier;deleted
2012/09/26
Committee: ECON
Amendment 443 #
Werner LANGEN
Motion for a resolution
Recital BX
BX. whereas options should be explored for the feasibility of a euro area stabilisation instrument to counter and absorb economic shocks in the Member States; whereas financial assistance mechanisms such as the ESM are less rapidly deployable than conventional budgetary mechanisms;deleted
2012/09/26
Committee: ECON
Amendment 449 #
Werner LANGEN
Motion for a resolution
Recital BY
BY. whereas Member State parties to the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union need to report their public debt issuance plans to the Commission and to the Council, allowing an early coordination of debt issuance at Union level;deleted
2012/09/26
Committee: ECON
Amendment 452 #
Werner LANGEN
Motion for a resolution
Recital BZ
BZ. whereas the common issuance of debt is in the longer run a corollary of EMU;deleted
2012/09/26
Committee: ECON
Amendment 465 #
Werner LANGEN
Motion for a resolution
Recital CA
CA. whereas as a necessary precondition for common issuance of debt a sustainable fiscal framework needs to be in place, aimed at both enhanced economic governance, fiscal discipline and SGP compliance, as well as control instruments to prevent moral hazard;deleted
2012/09/26
Committee: ECON
Amendment 486 #
Werner LANGEN
Motion for a resolution
Subheading 7
Economic uniondeleted
2012/09/26
Committee: ECON
Amendment 505 #
Werner LANGEN
Motion for a resolution
Recital CE
CE. whereas national economic policies must reflect the reality of membership of EMU within a social market economy;deleted
2012/09/26
Committee: ECON
Amendment 511 #
Werner LANGEN
Motion for a resolution
Recital CF
CF. whereas the Pact for Growth and Jobs, which was approved at the European Summit of 28 and 29 June 2012, can bring an important contribution to growth, employment and improved European competition capacities, the Union and the Member States must take on their responsibility and act quickly;deleted
2012/09/26
Committee: ECON
Amendment 538 #
Werner LANGEN
Motion for a resolution
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that reduces structural unemployment, especially for youth, old persons and women,deleted
2012/09/26
Committee: ECON
Amendment 545 #
Werner LANGEN
Motion for a resolution
Recital CJ
CJ. whereas binding coordination at Union level might be considered for certain key economic policy issues particularly relevant for growth and employment;deleted
2012/09/26
Committee: ECON
Amendment 558 #
Werner LANGEN
Motion for a resolution
Subheading 8
Democratic legitimacy and accountabilitydeleted
2012/09/26
Committee: ECON
Amendment 560 #
Werner LANGEN
Motion for a resolution
Recital CL
CL. whereas the Union owes its legitimacy to its democratic values, the objectives it pursues and its competences, instruments and institutions,deleted
2012/09/26
Committee: ECON
Amendment 570 #
Werner LANGEN
Motion for a resolution
Recital CN
CN. whereas the European Council has acted responsibly for the past years in the management of the crisis, formulating numerous proposals to find a way out of the crisis for which in the Treaties not always a clear competence to the Union has been assigned;deleted
2012/09/26
Committee: ECON
Amendment 579 #
Werner LANGEN
Motion for a resolution
Recital CO
CO. whereas for proposals falling within the competence of the Union decisions have been taken in accordance with the legislative procedure, involving the European Parliament either through consultation or co-decision;deleted
2012/09/26
Committee: ECON
Amendment 583 #
Werner LANGEN
Motion for a resolution
Recital CP
CP. whereas measures taken at Union level are often perceived as being "too little, too late" due to the procedures arising from the democratic legislative process, the lack of a European institutional substructure or own Union resources to intervene directly to tackle a crisis situation;deleted
2012/09/26
Committee: ECON
Amendment 590 #
Werner LANGEN
Motion for a resolution
Recital CQ
CQ. whereas the flaws in EMU have been detected and should be definitively resolvdeleted;
2012/09/26
Committee: ECON
Amendment 594 #
Werner LANGEN
Motion for a resolution
Recital CR
CR. whereas the interim and final reports that will be submitted by the President of the European Council in October and December 2012, respectively, should be drawn up in close collaboration with the European Parliament which insists on being fully involved as an equal partner in line with the Community method; whereas this can be organised through the involvement of the President of the European Parliament in the work of the four Presidents, as well as through the representatives to be appointed by the Conference of Presidents of the Parliament in the ad-hoc Council working group on the report of the four Presidents;deleted
2012/09/26
Committee: ECON
Amendment 595 #
Werner LANGEN
Motion for a resolution
Recital CS
CS. whereas it is no longer acceptable that the President of the European Parliament cannot be present for the whole duration of the meetings of the European Council and the Euro area Summit; whereas a solution for this lack of democratic legitimacy should be found urgently through a political agreement between the two institutions;deleted
2012/09/26
Committee: ECON
Amendment 599 #
Werner LANGEN
Motion for a resolution
Recital CT
CT. whereas wherever new competences are transferred to or created at Union level or new Union institutions established, corresponding democratic control by, and accountability to, the European Parliament should be ensured;deleted
2012/09/26
Committee: ECON
Amendment 606 #
Werner LANGEN
Motion for a resolution
Paragraph 1
1. Requests the Commission to submit to Parliament as soon as possible after consultation of all interested parties, with the European Parliament being a co- legislator, proposals for acts on following the detailed recommendations set out in the Annex hereto;deleted
2012/09/26
Committee: ECON
Amendment 608 #
Werner LANGEN
Motion for a resolution
Paragraph 1 a (new)
1a. Calls on the Council – which issued the mandate to the four Presidents/Chairs to draft ‘Towards a genuine economic and monetary union’ – immediately to co- opt the President of the European Parliament as a co-drafter of this proposal with equal rights in order to increase its democratic substance;
2012/09/26
Committee: ECON
Amendment 609 #
Werner LANGEN
Motion for a resolution
Paragraph 2
2. Confirms that the recommendations respect the principle of subsidiarity and the fundamental rights of citizens of the European Union;deleted
2012/09/26
Committee: ECON
Amendment 611 #
Werner LANGEN
Motion for a resolution
Paragraph 2 a (new)
2a. Welcomes the fact that, although involvement has been only informal so far, the President of the European Parliament has convened a group of experts to draft and examine the substantive proposals jointly with him on behalf of Parliament;
2012/09/26
Committee: ECON
Amendment 612 #
Werner LANGEN
Motion for a resolution
Paragraph 2 b (new)
2b. Calls on this working group regularly to inform the committee of the European Parliament responsible for issues relating to economic and monetary union about the state of the consultations and the substantive form;
2012/09/26
Committee: ECON
Amendment 613 #
Werner LANGEN
Motion for a resolution
Paragraph 3
3. Calls on the Commission, in addition to the measures which can and must be taken swiftly under the existing Treaties, to list the institutional developments which may prove necessary in order to establish a stronger EMU architecture, based on the need for a banking union, a fiscal union and an economic unionn integrated financial framework, an integrated budgetary framework and an integrated economic- policy framework;
2012/09/26
Committee: ECON
Amendment 618 #
Werner LANGEN
Motion for a resolution
Paragraph 3 a (new)
3a. Considers that the institutional implementation of the proposals which have so far been made by the ‘Van Rompuy group’ can only be completed in a convention with the participation of all the European Institutions, national governments and national parliaments;
2012/09/26
Committee: ECON
Amendment 620 #
Werner LANGEN
Motion for a resolution
Paragraph 3 b (new)
3b. Calls on the President of the Council, without delay, to bring to a conclusion in agreement with Parliament the legislative procedures under the ordinary legislative procedure pursuant to the Lisbon Treaty which are being blocked by the Council and adopt them, particularly those concerning the capital of banks, national deposit guarantee schemes and the implementation of the Fiscal Pact;
2012/09/26
Committee: ECON
Amendment 621 #
Werner LANGEN
Motion for a resolution
Paragraph 3 c (new)
3c. Considers that the substantial legal and institutional issues relating to the independence of the ECB require thorough examination;
2012/09/26
Committee: ECON
Amendment 622 #
Werner LANGEN
Motion for a resolution
Paragraph 4
4. Considers that the financial implications of the requested proposal should be covered by appropriate budgetary allocations;deleted
2012/09/26
Committee: ECON
Amendment 624 #
Werner LANGEN
Motion for a resolution
Annex
ANNEX TO THE MOTION FOR A RESOLUTION: DETAILED RECOMMENDATIONS AS TO THE CONTENT OF THE PROPOSAL REQUESTED 1. An integrated financial framework Recommendation 1.1 relating to a single supervisory mechanism The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The legislative act to be adopted should create a high-quality single European supervisory mechanism within the ECB (European supervisor) to ensure the effective application of prudential rules, risk control and crisis prevention concerning credit institutions and other financial institutions throughout the Union. The legal basis, form and content of the proposal should provide for the possibility of full participation of all Member States in the European supervisor. Participation of euro area Member States in the European supervisor should be mandatory. The proposal should be subject to full democratic scrutiny by the European Parliament. The legal basis should involve the European Parliament as a co-legislator when the European Parliament’s co- decision role cannot be achieved by way of a ‘supervisory package’ concept. The proposal should ensure that all tasks listed in Regulation (EU) No 1093/2010 continue to be exercised at Union level. The European supervisor needs to be accountable to the European Parliament for the actions and decisions taken in the field of European supervision and should report on a quarterly basis to the competent committee of the European Parliament. The body or bodies with ultimate authority under the European supervisor should be headed by officers appointed after confirmation by the European Parliament. The European supervisor should have the competence and responsibility to: - supervise all financial institutions within the countries included in the system but with a clear division of operational responsibilities between the European and national supervisors depending on the size and nature of banks and the nature of the supervisory tasks; - take due account of the impact of its activities on competition and innovation within the internal market, the Union's global competitiveness, financial inclusion, and the Union's strategy for jobs and growth; - protect the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors; - prevent regulatory arbitrage and guarantee a level playing field; - strengthen international supervisory coordination. Recommendation 1.2 relating to a European deposit guarantee scheme The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The legislative act to be adopted should update and supplement the Commission's proposal of 12 July 2010 for a directive on Deposit Guarantee Schemes in order to introduce a stronger European dimension to deposit protection. The proposal should create a single European deposit guarantee fund (EDGF) and ensure that the level of funds available at Union level are adequate to provide a high level of protection to eligible deposits. The EDGF should cover all banks in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions. In order to maximise the protection of private savings, the EDGF should be kept separate from the single recovery and resolution fund (see recommendation 1.3 below). The EDGF should have a strong financial structure built on contributions from industry, with European public money only serving as an ultimate backstop. All deposits denominated in euro should be subject to a particular regime. Under that particular regime, the obligation on Member States to ensure that the EDGF has adequate funding should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that the collective obligation will be met. That vehicle could be the ESM. Recommendation 1.3 relating to a European recovery and resolution scheme The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The legislative act to be adopted should update and supplement the current proposal for a directive establishing a framework for the recovery and resolution of credit institutions and investment firms in order to create a European scheme for the application of resolution measures to institutions subject to direct supervision under the single supervisory mechanism. A body at European level should be established or designated to exercise the required resolution tools in respect of those institutions (ERRA). This body should enjoy a wide independence. Its head should be appointed after confirmation by the European Parliament. In order to ensure adequate resources are available for resolution actions to be taken, a fund should be created aimed at preserving stability and limiting contagion from failing banks. The fund should be pan-European, funded ex-ante by the institutions concerned, and separate from deposit- guarantee schemes. The resolution scheme should have a strong financial structure built on contributions from industry with public money only serving as an ultimate backstop. However, Member States should have an obligation to ensure that the fund is of an adequate size. That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that the collective obligation will be met. (Sentence appears in German which is missing from the English version) That vehicle could be the ESM. The proposal should also accord with other aspects of the European Parliament's resolution of 7 July 2010 with recommendations to the Commission on Cross-Border Crisis Management in the Banking Sector, such as harmonisation of insolvency laws and common risk assessments. 2. An integrated fiscal framework Recommendation 2.1 on the two-pack The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: In the following domains the Commission should be required to implement effectively the compromises reached in the context of the two-pack trilogue negotiations between the European Parliament and the Council: - creating a common budgetary timeline; - reforming national budgetary frameworks; - assessing the budgetary plans; - establishing economic partnership programmes; - closer monitoring for Member States whose currency is the euro and that are in excessive deficit procedure; - closer monitoring for Member States whose currency is the euro and that are at risk of non-compliance with their obligation under their excessive deficit procedure; - reporting on debt issuance. Recommendation 2.2 on the Fiscal Compact The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The Fiscal Compact should be transposed into secondary Union legislation as soon as possible. Recommendation 2,3: Enhanced cooperation in the field of taxation The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Enhanced cooperation should be used more frequently in the field of taxation (such as for establishment of a CCCTB or a financial transaction tax) since harmonised frameworks for taxation will enhance budgetary policy integration. Recommendation 2.4: A central European budget raised by own taxes The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: When formulating policy options, the Commission should be required to take into account the positions of the European Parliament on the multi- annual financial framework and own resources. Recommendation 2.5 for fighting tax evasion The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The free movement of capital cannot be used as a way to avoid tax, in particular for Member States whose currency is the euro and that are experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. Therefore the Commission should finalise international agreement rounds and table proposals to improve cooperation and coordination between tax authorities. 3. An integrated economic policy framework Recommendation 3.1 on the better ex-ante coordination of economic policy reforms The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The Commission should make sure that the compromises reached in the context of the two-pack trilogue negotiations between the European Parliament and the Council are implemented comprehensively. Recommendation 3.2 on improving the European Semester The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The various steps of the European Semester should be enshrined in legislation, as follows: - The development and strengthening of the internal market and fostering international trade links are central to stimulating economic growth, increasing competitiveness and addressing macroeconomic imbalances; therefore, the Commission should be required to take into account in its Annual Growth Survey what steps Member States have taken to complete the internal market; - The European Semester should allow the development of greater synergy between Union and Member State budgets in view of achieving the targets of the "Europe 2020" strategy; - The involvement of regional and local authorities and partners in the planning and implementation of relevant programmes should be increased, in order to increase the feeling of responsibility for the goals of the strategy at all levels and ensure greater awareness on the ground of its objectives and results; - The Commission should adopt the Annual Growth Survey and the alert mechanism by 1 December each year with a specific chapter for the euro area; - The Commission should clearly assess, in the Annual Growth Survey, the main economic and fiscal problems of the Union and individual Member States, propose priority measures to overcome those problems, and identify the initiatives taken by the Union and the Member States to support enhanced competitiveness and long-term investment, to remove obstacles to sustainable growth, to achieve the targets laid down in the Treaties and the current "Europe 2020" strategy, to implement the seven flagship initiatives and to reduce macroeconomic imbalances; - The Member States and their regions should involve national and regional parliaments, social partners, public authorities and civil society more closely in the formulation of national reform, development and cohesion programmes, and consult them regularly; - The Commission should identify explicitly in the Annual Growth Survey potential cross-border spill-over effects of major economic policy measures implemented at Union level as well as in Member States; - The Commissioners responsible for the European Semester should come and debate the Annual Growth Survey with the relevant committees of the Parliament as soon as they have been adopted by the Commission; - The Council should come to Parliament in July to explain any significant changes it has made to the Commission's proposed country-specific recommendations; the Commission should take part in this hearing to provide its views on the situation; - The Member States should provide information which is as detailed as possible on the measures and instruments provided for in the national reform programmes to attain the national objectives set, including the deadline for implementation, the expected effects, the potential spill-over effects, the risks of unsuccessful implementation, the costs and, if applicable, the use of EU Structural Funds. 4. Strengthening democratic legitimacy and accountability Recommendation 4.1 on Economic dialogue The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The Commission should be required to implement comprehensively the compromises reached in the context of the two-pack trilogue negotiations between the European Parliament and the Council. Recommendation 4,2: European financial backstops The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The operations of the EFSF/ESM and any future similar structure, should be subject to regular democratic scrutiny by the European Parliament. Recommendation 4.3 on increasing the role of the European Parliament and inter-parliamentary cooperation in the context of the European Semester The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: - The European Parliament should vote before the Spring Council on the Annual Growth Survey with proposals for amendments to be submitted to the European Council; the President of the European Parliament shall present at the European Spring Council the Parliament’s views on the Annual Growth Survey; - The Commission and the Council should be present when inter-parliamentary meetings between representatives of national parliaments and representatives of the European Parliament are organised at key moments of the Semester (i.e.: after the release of the Annual Growth Survey, and after the release of the country- specific recommendations), notably allowing national parliaments to take into account a European perspective when discussing the national budgets. Recommendation 4.4 on increasing transparency and accountability The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: - In order to reinforce transparency, Ecofin and the Eurogroup should be required to transmit to the European Parliament key internal documents, agendas and background material in advance of their meetings; - The European Parliament should be fully involved in the further drafting of the report of the four Presidents, in line with the Community method; this involvement can be organised at working group level (preparatory work) as well as on the Presidential level (decision- taking); - The President of the European Parliament should be invited to participate in the European Council meetings and the euro area summits; - When new competences are transferred to or created at Union level or when new Union institutions are established, a corresponding democratic control by, and accountability to, the European Parliament should be ensured; - The European Parliament should hold a hearing and consent to the appointment of the ESM Chairperson. The Chairperson should be subject to regular reporting to the European Parliament; - The Commission troika representative(s) should be heard in the European Parliament before taking up duties and should be subject to regular reporting to the European Parliament.deleted
2012/10/02
Committee: ECON
Amendment 683 #
Werner LANGEN
Motion for a resolution
Annex – part 1 – point 1.2
Recommendation 1.2 relating to a European deposit guarantee scheme The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The legislative act to be adopted should update and supplement the Commission's proposal of 12 July 2010 for a directive on Deposit Guarantee Schemes in order to introduce a stronger European dimension to deposit protection. The proposal should create a single European deposit guarantee fund (EDGF) and ensure that the level of funds available at Union level are adequate to provide a high level of protection to eligible deposits. The EDGF should cover all banks in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions. In order to maximise the protection of private savings, the EDGF should be kept separate from the single recovery and resolution fund (see recommendation 1.3 below). The EDGF should have a strong financial structure built on contributions from industry, with European public money only serving as an ultimate backstop. All deposits denominated in euro should be subject to a particular regime. Under that particular regime, the obligation on Member States to ensure that the EDGF has adequate funding should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that the collective obligation will be met. That vehicle could be the ESM.deleted
2012/10/02
Committee: ECON
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