Activities of Engin EROGLU related to 2021/2063(INI)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2021
Amendments (28)
Amendment 4 #
Motion for a resolution
Citation 7
Citation 7
— having regard to Articles 123, 125, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 14 #
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
— having regard to the ECB's study "The use of cash by Households in the euro area" published in November 2017,
Amendment 15 #
Motion for a resolution
Citation 11 b (new)
Citation 11 b (new)
— having regard to the ECB's study "Inflation measurement and its assessment in the ECB’s monetary policy strategy review" published in September 2021,
Amendment 50 #
Motion for a resolution
Recital E
Recital E
E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU; whereas these objectives include the promotion of peoples’ well-being, economic, social and territorial cohesion, balanced economic growth, a highly competitive social market economy aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;
Amendment 87 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; is especially concerned about the effect that the COVID-19 pandemic had on SMEs; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 92 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary; acknowledges President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID-19 crisis;
Amendment 113 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the importance of a centralstability-oriented fiscal capacity capable ofthat can providinge a counter-cyclical stabilisation function and facilitates timely and adequate support in the event of economic shocks;
Amendment 117 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 127 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkitrecommends that a close watch be kept on rising inflation and, therefore, that unconventional monetary policy measures be scaled back;
Amendment 132 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls on the ECB to monitor the proportionality of quantitative easing to the risks on its balance sheets, asset price inflation and the potential misallocation of resources; notes that, in using this tool, the ECB is also encouraging Member States to run up greater debts, which is unfair on future generations;
Amendment 138 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. WelcomNotes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022; questions, however, whether this is necessary from a monetary policy perspective in times of significantly rising inflation;
Amendment 149 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomNotes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates; notes, however, that the need for the APP when the inflation rate is above target is questionable;
Amendment 176 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. NotWelcomes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3.4 % in August 2021September 2021, ranging from 0.6 % to 6.4 % in the different member states; calls on the ECB to evaluate and address this upward trend and its consequences morevery attentively;
Amendment 177 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and resolutely address this upward trend and its consequences more attentively;
Amendment 189 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. NotWelcomes the ECB’s decision to include the costs related to owner-occupied housing in the HICP to better represent the inflation rate that is relevant for households;
Amendment 192 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Takes note of potential HICP measurement biases including the Quality Adjustment bias; invites the ECB to provide more transparency about the Quality Adjustments in different Member States and their effects on the measured inflation;
Amendment 194 #
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Notes the impact of long-term low interest rates; underlines that low interest rates, on the one hand, offer opportunities to consumers, companies, including SMEs, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs; recognises the diverging distributional consequences of the ECB’s policies; calls on the ECB to examine the impact of its policies on wealth inequality; regrets, on the other hand, the increase of unviable and highly indebted business, the reduced incentive for governments to pursue growth and sustainability-enhancing reforms, as well as detrimental effects on insurers and pension funds, and stresses the financial burden this places on many citizens across the Union;
Amendment 195 #
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Warns, however, against the risk of excessive valuations on bond markets, which risk being difficult to handle if interest rates start to rise again, particularly for countries involved in an excessive deficit procedure or those with high levels of debt;
Amendment 197 #
Motion for a resolution
Paragraph 13 c (new)
Paragraph 13 c (new)
13 c. Asks the ECB to monitor the proportionality of quantitative easing to the risks in its balance sheets, asset price inflation and the potential misallocation of resources;
Amendment 209 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Welcomes the ECB's efforts to monitor and reduce ist Environmental Footprint;
Amendment 218 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and, its consequences and the political measures to combat climate change pose a threat to price stability;
Amendment 238 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the market neutrality principle falls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the latest; notes that the ECB has already deviated from market neutrality in several instancesis pivotal, as the ECB is not subject to the same democratic oversight as parliaments and governments and must therefore remain as apolitical as possible;
Amendment 281 #
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 304 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; insists that this digital Euro must not replace cash as means of payment;
Amendment 306 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 326 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Expresses concern about the steadily increasing divergence of TARGET2 balances within the ESCB; notes that the interpretation of these divergences is contested;
Amendment 347 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Reiterates that the nomingrets with strong concerns thati onsly 2 of the Executive Board members should be prepared carefully and take a gender- balanced approach, with full transparency and together w25 Members of the ECB's Governing Council are women, despite repeated calls from the European Parliament, and from senior figures in the ECB including iths Parliament, in line with the Treresident Christine Lagarde, to improve gender balance in EU economic and monetary affairs nominatieons;
Amendment 350 #
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Points out that the rotation principle as applied on the ECB's Governing Council allocates only four votes to the five largest euro area countries, which account for more than 80 % of euro area GDP, but 11 to the 14 remaining countries, although they generate less than 20 % of euro area GDP; asks the ECB to draw up a proposal to make the allocation of voting rights on the ECB Governing Council more democratic, and recommends that votes be weighted according to shares in the capital of the ECB;