17 Amendments of Carmen AVRAM related to 2020/2078(INI)
Amendment 19 #
Motion for a resolution
Recital B
Recital B
B. whereas the shock is symmetrical but the impact varies considerably among Member States, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including the vulnerability of particular sectors and their available scope for discretionary fiscal policy responses; Due to their strong interdependencies, an incomplete recovery in one country would spill over to all the other countries and dampen economic growth everywhere;
Amendment 28 #
Motion for a resolution
Recital C
Recital C
C. whereas a determined, coordinated and solidarity-based European response is essential to mitigate the negative economic and social consequences of the crisis, the fragmentation of the internal market and the further deepening of macroeconomic divergence and structural polarisation between regions and countries;
Amendment 29 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas most of the effects are likely to be temporary and the national and European policies in place to support incomes, jobs, liquidity and investment are effective, economic activity will rebound once restrictions are gradually eased; whereas, nevertheless, lasting negative consequences can be expected, such as continued subdued demand, market and income uncertainties, investment shortfalls and drops in employment, which reduce the productive potential of the economy and harm a return to the former trajectory of production and growth;
Amendment 40 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas the Commission estimates total government financing needs at € 5.4trn over 2020 and 2021. This includes pre-crisis financing needs of € 3.7trn and additional financing needs due to the impact of the COVID-19 crisis of € 1.7trn for EU Member States over 2020 and 2021;1a _________________ 1a Commission Staff Working Document: Identifying Europe's recovery needs https://ec.europa.eu/info/sites/info/files/ec onomy- finance/assessment_of_economic_and_in vestment_needs.pdf
Amendment 43 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas the COVID 19 crisis is affecting vulnerable groups in particular, resulting in increased inequalities, poverty, unemployment and social divergences, as well as undermining social and employment standards in Europe;
Amendment 47 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas women are disproportionately hit as a result of the crisis;
Amendment 49 #
Motion for a resolution
Recital C f (new)
Recital C f (new)
Cf. whereas the disruption is affecting the European economy as a whole, and whereas an equal debt issuance capacity and access to funding must be ensured in order to deal with the crisis, including for Member States not in the euro area;
Amendment 50 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes with great concern that, according to the Commission’s Spring 2020 economic forecast, the EU is expected to suffer the deepest recession in its history in 2020; with a contraction in EU GDP of 7½%, far deeper than during the financial crisis in 2009, a surge of the aggregate budget deficit from 0.6% of GDP in 2019 to 8½% of GDP in 2020 in both the euro area and the EU, a new peak of the euro area’s aggregate debt-to- GDP ratio of close to 103% reversing the declining trend since 2014, unemployment in the euro area is expected to increase from 7.5% in 2019 to 9½% and HICP inflation in the euro area of 0.2% in 2020; 1a _________________ 1aEuropean Economic Forecast Spring 2020 https://ec.europa.eu/info/sites/info/files/ec onomy-finance/ip125_en.pdf
Amendment 62 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned at the negative impact of the COVID-19 crisis on the global economy, trade, income inequalities and poverty; , with a projected contraction of the global GDP (excluding the EU) by about 3% this year, which is a sharper downturn than during the Global Financial Crisis in 2008-2009, a fall of world import volumes by more than 10% and a fall of euro area exports by about 13% in 2020; Is alarmed about the increase in poverty since many emerging and low-income countries have limited capacity to deal with a health crisis of this magnitude as well as limited policy space to absorb the macroeconomic impact, in particularly in face of subdued prospects for commodity prices and tightened financial conditions; 1b _________________ 1b European Economic Forecast Spring 2020 https://ec.europa.eu/info/sites/info/files/ec onomy-finance/ip125_en.pdf
Amendment 71 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that the Commission’s estimate of the investment needs of the EU for delivering the green transition and digital transformation amounts to at least EUR 595 billion per year8 27 in 2020 and 2021 will amount to €1,5trn in addition to the baseline assumed in the spring forecast, and for delivering the green transition and digital transformation to at least €595bn per year8; including additional investment needs of €20bn per year to make the strategic investments for EU autonomy to strengthen the resilience of industries and the EU’s strategic autonomy for most- needed goods and services (medical products and pharmaceuticals, strategic digital infrastructure, key enabling technologies, critical raw materials, defence and space); _________________ 8 Commission Staff Working Document -: Identifying Europe's recovery needs, p. 16: https://ec.europa.eu/info/sites/info/files/eco nomy- finance/assessment_of_economic_and_inv estment_needs.pdf
Amendment 90 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, with the ECB’s Pandemic Emergency Purchase Programme (PEPP), the activation of the European Stability Mechanism (ESM) and the launch of the EIB’s pan- European Guarantee Fund ensuring liquidity and stabilization of financial markets, the activation of the ‘general escape clause' by the European Commission, allowing the maximum flexibility to the fiscal framework and the adopted temporary state aid rules to allow national governments to financially support healthcare systems and businesses and the imminent European Support Scheme Mitigating Unemployment Risks in Emergency (SURE) to keep people in employment during the crisis;
Amendment 93 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
Amendment 113 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Underlines the need for the recovery plan to protect workers, employees, the self-employed and SMEs and ensure their income compensation; The recovery must be based on upward social economic convergence, social dialogue and improved social rights and working conditions with targeted measures for those in precarious forms of work; Calls on the EU institutions and the Member States to ensure that public financial support to corporations is provided under the condition to guarantee the jobs and the income of their employees, to commit to sustainability objectives upon adherence to international standards of responsible business;
Amendment 118 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience; and to pave the way to the ecological transition that is fair and inclusive, that supports the economy’s competitiveness and that addresses the risks posed by climate change, including the resulting increase in regional disparities and social inequalities; In this regard, shares the view of the European Fiscal Board that rapidly reversing the fiscal stance is not favourable for the recovery and that larger and longer fiscal support and the extension of discretionary fiscal measures, including a strong component of government spending, is needed, also in 2021, to sustain demand; 1e _________________ 1e EFB Report 2020: Assessment of the fiscal stance appropriate for the euro area https://ec.europa.eu/info/publications/asse ssment-fiscal-stance-appropriate-euro- area_en
Amendment 167 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should provide tailor-made solutions to respond to the different needs of the Member States. Calls for rules that enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value in the long term, while allowing a sufficient level of public investment, progressive tax policies and stable government revenues, the repayment of loans in a cycle- comfortable manner, and the long-term modernisation of public commodities;
Amendment 246 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Calls for an institutionalised economic and social dialogue with social partners and relevant stakeholders to strengthen democratic accountability, transparency and the scrutiny role of civil society;
Amendment 270 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by creating, inter alia, a fiscal capacity for public investment, a macroeconomic stabilisation and cohesion function for the euro area, the completion of the Banking Union and a European unemployment benefit reinsurance scheme; Insists on the principle of the community method to enhance the democratic and social dimension of the EMU;