10 Amendments of Jessica STEGRUD related to 2019/2130(INI)
Amendment 20 #
Motion for a resolution
Recital A
Recital A
A. whereas the process of deepening the Economic and Monetary Union requires a solid Banking Union as an indispensable building block to the euro area’s financial stability, as well as the creation of a mechanism of fiscal stabilisation for the euro area as a wholesound monetary policy which adheres strictly to its mandate of price stability as enshrined in article 127 (1) TFEU is an indispensable building block to the euro area’s financial stability;
Amendment 34 #
Motion for a resolution
Recital C
Recital C
C. whereas entrusting the ECB with the supervision of systemically important financial institutions has proven to be unsuccessful, according to the EBA's risk dashboards, which clearly show that the 50% weakest banks in the euro area did not increase their solvency ratios since 2016, and that the biggest banks are substantially worse of than smaller banks;
Amendment 37 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas in carrying out its supervisory activities, the European Central Bank has so far failed to sufficiently take into account the proportionality principle;
Amendment 49 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls the progress made regarding the implementation of the Banking Union, namely on risk reduction; stresses, however, that further progressrisk has tonly been made, particularly on risk sharingrginally reduced, despite the favorable interest rate climate;
Amendment 65 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomDeplores the support of the [incoming] President of the European Commission and the President of the ECB for the completransformation of the Banking Union into a Transfer Union and, more globally, the Economic and Monetary Union, through the creation of a fiscal capacity designed to provide the euro area with an adequate stabilisation functionestablish a permanent transfer mechanism from member states with sound economic policies to highly indebted member states with inefficient and outdated governance structures;
Amendment 78 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the overall increased resilience of the European banking system, as attested by the EBA’s 2018 Risk Assessment of the European Banking System; recalls however the warnings issued by the ECB in its Stability Review of November 2019 regarding lower bank profitability and asset and bond bubbles;
Amendment 83 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that bank profitability has increased steadily since 2012, with return on equity surpassing 6 % since 2017; underlines that the low risk and low interest rate environment has resulted in lower costs for provisions and losses; recalls the need to continuously evaluate the levels of financing to the economy and particularly to SMEsUnderlines that the low risk and low interest rate environment has resulted in lower costs for provisions and losses; regrets that the biggest banks and highly indebted Member States have not made use of this favorable environment to reduce debt and increase productivity; recalls the need to continuously evaluate the levels of financing to the economy and particularly to SMEs, taking into account the "zombifications" of at least 10% of European companies due to this accommodative monetary policy, according to the BIS Annual Economic Report 2018;
Amendment 94 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines the crucial role of the banking sector in channelling funding into sustainable investments and enabling the transition to a climate-neutral economyWarns the banking sector of green asset bubbles following the mediatic and political hype around sustainable investments and the so-called climate- neutral economy; stresses that fostering such bubbles is detrimental to the financial resilience and stability of the banking sector;
Amendment 183 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Requests increased transparency in banking supervision and resolution authorities in order to reinforce trust from capital and financial markets, companies and citizens;
Amendment 216 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls its resolution of 8 June 2011 on credit rating agencies: future perspectives; notes thatquestions whether the creation of a European credit rating agency would contribute to increasing competition, reducing information asymmetries and increasing transparency for markets; note, since the credit rating market would still remain an oligopoly using dubious methods of assessing creditworthiness; warns that sustainability ratings based on environmental, social and governance (ESG) criteria are an importantwould create more layers of complementxity to the credit risk assessments provided by credit ratings in channelling funds towards investments in; warns that such qualitative assessments could lead to channelling funds towards investments in politically mandated activities, rather than economically viable and sustainable activities;