Activities of Ralph PACKET related to 2017/0333R(APP)
Plenary speeches (1)
Establishment of the European Monetary Fund (debate) NL
Shadow reports (1)
INTERIM REPORT on the proposal for a Council Regulation on the establishment of the European Monetary Fund PDF (182 KB) DOC (73 KB)
Amendments (23)
Amendment 3 #
Motion for a resolution
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The European Parliament rejects [the Commission proposal].
Amendment 18 #
Motion for a resolution
Citation 8
Citation 8
Amendment 22 #
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
- having regard to the 'Non-paper for paving the way towards a Stability Union' from former German finance minister Wolfgang Schäuble,
Amendment 40 #
Motion for a resolution
Recital B
Recital B
B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for the swift completion ofrethinking the EMU;
Amendment 46 #
Motion for a resolution
Recital C
Recital C
C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward convergence; whesuch as the euro area, where member states are responsible for their fiscal and economic policy, requireas risk reduction and risk sharing should go hand in hand in deepening the EMUbinding common fiscal rules and stringent implementation;
Amendment 59 #
Motion for a resolution
Recital D
Recital D
D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented, despite its intergovernmental nature, an important step towards the creation of a European crisis management mechanism, helping to respond to the weaknesses of the EMU and providing financial assistance to several European countries affected by the crisis a significant departure from the Maastricht framework and the principle of individual national responsibility;
Amendment 72 #
Motion for a resolution
Recital F
Recital F
Amendment 80 #
Motion for a resolution
Recital G
Recital G
G. whereas the ongoing debate on the future of Europe and the EMU has highlighted differing political views among Member States on the long-term future of the ESM, but also provides a good basis for an important first step towards strengthening its role, developing its financial tools and improving its efficiency and democratic accountability as part; whereas for that reason the discussion on the deepening of the EMU should find a consensus on ‘need to haves’, such as the strenghtening of the ESM reform;
Amendment 86 #
Motion for a resolution
Recital H
Recital H
H. whereas in the short term, the ESM reform should contribute in particular toa reformed ESM could contribute to the stability of the Eurozone and also strenghten the credibility of the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the need to establish a European Deposit Insurance Scheme (EDIS)hich should be fiscally neutral in the medium-term and ensure an appropriate level of conditionality;
Amendment 105 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 108 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’; acknowledges, in this context, the positive contribution of the ESM, despite its intergovernmental nature, towards addressing the weaknesses of the institutional setting of the EMU, namely by providing financial assistance to several Member States affected by the financial crisis and the Great RecessionESM may only function as a ‘lender of last resort’ to thwart an immediate threat to the stability of the euro area as a whole; highlights that assistance should only be provided to help with liquidity problems, but not solvency problems; highlights that the granting of financial assistance is subject to strict conditions; recalls that ultimately, ESM funds can only finance the necessary adjustment process, and thus "buy time", as only economic policy in the affected country itself can solve economic problems in a structural manner;
Amendment 121 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would allow for management in accordance with the Community method, ensure the full consistency of fiscal rules and obligations, facilitate economic and fiscal policy coordination, and enhanceStresses the need to maintain the intergovernmental governance of the ESM, especially the ESM majority requirements; believes that such an intergovernmental approach provides the best guarantees to protect the interests of the member states, especially those member states who are net contributors to the ESM, to safeguard democratic legitimacy and accountability through the European Parliamentnational parliaments, and guarantees its independence;
Amendment 139 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications, and that discussions continue on a number of important issues; stresses, however, that thisall concerns raised in the debate on the long-term vision of the ESM’s institutional setting should not delay the steps urgently required to strengthen the EMU and its capacity to promote financial stability and respond to economic shocks; calls, therefore, for a meaningful ESM reform in the short term by means of a revision of the ESM Treaty, without prejudice to more ambitious developments in the futurebe duly addressed;
Amendment 147 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro areabe to ensure the stability in the Euro Area and prevent new crises; stresses therefore that the reformed ESM should be responsible for a more rigorous implementation of the common binding fiscal rules, should have a greater responsibility for the development and monitoring of financial assistance programmes and should promote debt sustainability;
Amendment 151 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESF should continue to be to provide transitionalincrease financial assistaresilience tof Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, orwelcomes any steps considered to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro area;
Amendment 162 #
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Stresses the need to introduce a sovereign debt restructuring mechanism to reinforce the no-bailout rule, which will make financial market actors apply more scrutiny;
Amendment 165 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the reformed ESM should play a more prominent role in the implementation of the SGP and the management of financial assistance programmes, alongside the Commission and in close cooperation with the ECB, ensuring that the EU institutional framework has more autonomy whenever needed, without prejudice to appropriate partnerships with other institutions, namelysuch as the ECB and the International Monetary Fund;
Amendment 170 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Believes that if the EMF would be sufficiently autonomous, the conditionality principle would be strengthened and the politically influenced EU Commission would no longer be involved;
Amendment 179 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlapeventually replace the normal macroeconomic and fiscal surveillance provided for in the EU’s financial rules and regulations, which must remain the Commission’s exclusive competence;
Amendment 195 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 214 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 219 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Underlines the risks arising from the delay in completing the banking union; welcom, but stresses that risk reduction is a condition for risk sharing; notes, in this context, the European Council’s commitment to a common backstop for the SRF and recalls the ‘need also to establish the EDISw approach’ to an EDIS as put forward by the Commission in its communication of 11 October 2017;
Amendment 230 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Invites the ESM to establish a protocol for a Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to further promote institutional dialogue and enhance the ESM’s transparency, accountability and democratic legitimacy in line with the further deepening ofenhanced interinstitutional cooperation on the economic governance of the euro area;