23 Amendments of Engin EROGLU related to 2021/2061(INI)
Amendment 22 #
Motion for a resolution
Recital A
Recital A
A. whereas the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, which is a process designed primarily to safeguard budgetary sustainability;
Amendment 74 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the European economy is recovering faster than expected from the devastating impact of the global pandemic; remains concerned about low growth potential compared to other regions in the post-pandemic recovery;
Amendment 88 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that the roll-out of the temporary Recovery and Resilience Facility (RRF) will help to make EU economies and societies more sustainable, inclusive, resilient and better prepared for the green and digital transitions; notes that the facility, which is the centrepiece of NextGenerationEU, will provide large- scale financial support to Member States of up to EUR 672.5 billion in grants and loans to finance reforms and investments;
Amendment 93 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recalls that the debt issued to finance the Recovery and Resilience Fund is to be repaid by 2058, in a manner that ensures the steady and predictable reduction of liabilities;
Amendment 95 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Is pleased that economic growth levels are rebounding even though the resources of the RRF have not yet been invested, demonstrating the resilience of the European economy;
Amendment 97 #
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Recognizes the European solidarity underlying the establishment of the RRF; stresses in this regard the importance of Country Specific Recommendations linked to the approval of national recovery and resilience plans;
Amendment 101 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is pleased that, according to the Commission, economic activity in the EU is expected to pick up in all Member States, with acceleration as of the second half of 2021, as containment measures are gradually relaxed and vaccination progresses, reflecting the growth impulse stemming from the expected implementation of the national recovery and resilience plans; remains concerned, however, that the speed of the recovery will vary across Member States and regions;
Amendment 119 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Reiterates its stance that a proper and credible economic governance framework is a necessary requirement for sustainable fiscal policies, debt and deficit trajectories ensuring credible paths of debt reduction; stresses the importance of a sustainable debt level for the real economy;
Amendment 122 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Notes that the EU should strive for a "Maastricht 2.0", namely automatic sanctions against Member States that persistently violate the principles of public budget management, including non- financial sanctions, such as the suspension of the right to vote in the Council of Economic and Finance Ministers; calls on the Commission to ensure compliance of the Member States with the rules of the fiscal pact and make it a condition for accessing cohesion funds; calls furthermore on making the indicator for fiscal sustainability ("S2"), calculated by the European Commission, a binding component of the assessment of national budgets within the framework of the Stability and Growth Pact;
Amendment 128 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that according to the baseline scenario of the Commission’s latest Debt Sustainability Monitor, the debt ratio in the euro area is to peak at 104.6 % in 2024 and 2025, while the debt ratio in the Union is to peak at 96.5 % in 2024, before declining once again; is concerned that these figures are well above the Maastricht criteria;
Amendment 142 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that the more highly indebted Member States are receiving a disproportionate volume of funding under the Recovery and Resilience Facility; is concerned that rewarding debt may give rise to a moral hazard problem;
Amendment 146 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights that fiscal policy should remain agile and adjust to the evolving situation as warranted, and that a premature withdrawal of fiscal support should be avoided; further highlights the expectation that economic activity will gradually normalise in the second half of 2021 and agrees that Member States’ fiscal policies should become more differentiat reduced in 2022, duly taking into account the state of the recovery, fiscal sustainability and the need to reduce economic, social and territorial divergences;
Amendment 159 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that Member States with high debt should use the RRF to finance additional investment to support the recovery, while pursuinge a prudent fiscal policy; stresses the importance of the Member States using the potential of the RFF to support the necessary structural changes and the transformation to more globally competitive, future-proof, agile industries; agrees that the growth of nationally financed current expenditure should be kept under control and be limited for Member States with high debt, allowing fiscal measures to maximise support to the recovery without pre-empting future fiscal trajectories and creating a permanent burden on public finances;
Amendment 167 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that Member States with high debt should use the RRF to finance additional investment to support the recovery in order to benefit from a lower interest rate, while pursuing a prudent fiscal policy; stresses the importance of the Member States using the potential of the RFF to support the necessary structural changes and the transformation to more globally competitive, future-proof, agile industries; agrees that the growth of nationally financed current expenditure should be kept under control and be limited for Member States with high debt, allowing fiscal measures to maximise support to the recovery without pre-empting future fiscal trajectories and creating a permanent burden on public finances;
Amendment 174 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Points out that persistently low interest rates make national budgets look better than they would during periods of normal interest rates;
Amendment 175 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Warns against underestimating the burden of debt on future generations; stresses the importance of the principle of intergenerational justice;
Amendment 184 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that environmental sustainability, productivity, fairness, fiscal discipline and macroeconomic stability remain the guiding principles of the EU’s economic agenda; stresses, furthermore, that the digital transformation of our societies, businesses and economies is crucial in order to increase Europe’s productivity and competitiveness for a robust recovery, in line with the Digital Decade;
Amendment 192 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 198 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Highlights that the RRF is an unprecedented and unique opportunity for all Member States to address key structural challenges and investment needs, while embracing the green and digital transitions;
Amendment 215 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for a focus on fiscal structural reforms, including reforms enhancing efficient spending, and acknowledges that high-quality, efficient and digital public finance resource management is crucial;
Amendment 243 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Is concerned that the Commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 Member States; is particularly worried that the nature and source of Member States’ imbalances remain largely the same as prior to the pandemic; calls on the Member States to take advantage of the unprecedentedique opportunity provided by the RRF to significantly reduce existing macroeconomic imbalances;
Amendment 288 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Stresses in this regard that the RRF loans available raise national debt levels in some Member States, increasing the importance of fiscal discipline in the medium term;
Amendment 294 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Recalls that the EU's debts need to be proportionately included in the assessment of the fiscal sustainability of the individual Member States;