17 Amendments of Olivier CHASTEL related to 2020/2075(INI)
Amendment 46 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes notewelcomes of the proposed conditions for deactivatmaintaining the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon until at least 2022; agrees with the Commission that deactivation of the GEC should be contingent on an overall assessment of the state of the economy based on, primarily, quantitative criteria; agrees that economic activity in the EU or Euro Area compared to pre-crisis levels should be the key criterion; however, stresses that the health, social and economic situation acrossof each Member States should be taken into account in order to ensure that fiscal support is provided for as long as needed;
Amendment 63 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC; however, a proposal for a reformed framework should not be a criterion for the deactivation of GEC;
Amendment 74 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission to put forward guidelines for a transition period until the new fiscal framework is in place, during which time no excessive deficit procedure should be activated and with the possibility to use the ‘unusual event clause’all existing flexibilities within the fiscal framework on a country- specific basis to prevent premature fiscal consolidation;
Amendment 134 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscal policies to deliver the required support post-COVID-19; considers that the low interest rate environment has implications for fiscal policy; warns against a premature tightening of monetary and fiscal policy; recognises the potential negative impacts of a sharp increase in the interest rate environment but nonetheless stresses the importance of preserving the independence of the ECB in setting monetary policy;
Amendment 159 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for an appropriateenhanced coordination between fiscal and monetary policy mix that work togetheries when working towards achieving the EU’s objectives and promoting sustainable, inclusive and digital growth;
Amendment 168 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that debt levels have increased and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower; the fiscal framework, including the relevant benchmarks, should be reviewed and reformed in the context of the current economic environment and not be bound by historic limitations;
Amendment 187 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary deficits are likely to be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels towards a sustainable level;
Amendment 197 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and publicsustainable public and private investment aimed at increasing growth potential and achieving the EU’s objectives centred around the green and digital transitions; highlights the importance of promoting public and private investments to unlock additional capital, especially in the context of the EU recovery;
Amendment 238 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defstreamlined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promotes upward economic and social convergence; calls for the renewed framework to have a greater emphasis on the quality of the debt;
Amendment 285 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Proposes, in line with the EFB, that existing waivers and derogations are replaced by ‘ one general escape clause, triggered based on independent economic judgement’; but asks for further clarification on the composition of the independent body, and how its independence would be ensured;
Amendment 302 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Shares the EFB’s opinion that sustainable growth-enhancing public investments should be exempt from the expenditure rulearmarked, in particular those investments that are aligned with the EU’s long-term objectives of the NGEU; whilst it is important that growth-enhancing public investment is incentivised, eligible investments should be clearly framed and contribute to the achievement of the EU’s objectives;
Amendment 343 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a step towardscould lead to a permanent EU safe asset in the future; _________________ 22 NGEU & SURE bonds.
Amendment 375 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Considers that alignment of national fiscal policies with the EU’s commitments under the Paris Agreement should be apriority; notes that the climate poses real and severe risks to the sustainability of member states’ fiscal policies; reiterates the EU’s stated ambition to become the first climate- neutral continent by 2050;
Amendment 392 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliat EU and national level to hold national government’s full involvement in defining the overarching goals and the guidanceaccount; Moreover, calls for greater involvement of the European Parliament in defining the overarching goals and the guidance; identifies the upcoming Conference on the Future of Europe as a possible forum to discuss the greater involvement of the European Parliament in defining and enforcing common EU rules on economic policy coordination; stresses that the governance of the Recovery and Resilient Facility should serve as an inspiration for the future of economic policy coordination;
Amendment 411 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Calls for the EU’s macroeconomic dialogue to be invigorated through dialogue at euro-area and national level with representatives of government, employer federations and trade unions and to envisage at both levels exchanges with the central banks; notes that dialogue with a broader demographic could strengthen the accountability of national governments;
Amendment 417 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Calls for more involvement of nNational pProductivity councilBoards in the MIP process to strengthen the role of independent, national, economic analyses in the MIP process;
Amendment 426 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Underlines that for better enforcement each Member State should strive for strong ownership of commonly agreed economic policy priorities and that, in this context, the right balance should be sought between peer support, peer pressure, financial benefits and financial consequences;