29 Amendments of Isabel BENJUMEA BENJUMEA related to 2024/2054(INI)
Amendment 8 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas general inflation in the euro area stood at 2.9 % in September 2023 compared with 9.2 % in December 2022, showing an increasingly generalised decline across the various components and a total of -6.3 percentage points;
Amendment 12 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas overall HICP inflation in the euro area stood at 2.9 % in December 2023, which is 6.3 percentage points lower than in December 2022;
Amendment 14 #
Motion for a resolution
Recital D
Recital D
D. whereas the ECB iscan take decisions to fulfil its primary objective of maintaining price stability without politically independentterference other than being held accountable, which means that neither European Union (EU) institutions and agencies nor Member State governments should seek to influence it;
Amendment 27 #
Motion for a resolution
Recital H
Recital H
H. whereas the euro ixternal value of the euro has deteriorated since 2020 although it remains the second most important currency globally, lagging behind the US dollar by a significant margin in terms of influence and use, despite the euro area’s economic size in global trade;
Amendment 31 #
Motion for a resolution
Recital I
Recital I
I. whereas the ECB is accountable to the European Parliament as, the EU institution representing EU citizenCouncil of the European Union and the European Court of Auditors;
Amendment 33 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the ECB's decisions should be based on economic and financial indicators and projections developed and studied by the institution in order to ensure its decisions are backed by robust solvency;
Amendment 39 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area and that this stability cannot be affected by secondary objectives;
Amendment 43 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Stresses that price stability is a prerequisite for the ECB to fulfil its mandate of supporting the general economic policies of the Union, such as economic growth, respect for the market economy and free competition, which aim to achieve full employment, economic, social and territorial cohesion, monetary policy coordination and the proper functioning of public finances;
Amendment 44 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Recalls that price stability is essential for attracting investments, driving economic growth, creating jobs, developing new investment projects and contributing to economic prosperity in the long term;
Amendment 45 #
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Calls for the rapid implementation of the resources available under NextGenerationEU to be prioritised among the Union's economic policies, so that they reach the productive fabric, the real economy. This requires collaboration with national, regional and local authorities, in compliance with the Recovery and Resilience Facility regulation, to assess the impact of reforms linked to national recovery plans; calls for administrative mechanisms to be set up to facilitate investment and circumvent bureaucratic hurdles that make access to funds more difficult; ensure transparency and access to data on final recipients and transfers. In short, to implement measures that will change the course followed so far and achieve the economic impact expected when this historic economic stimulus plan was designed;
Amendment 46 #
Motion for a resolution
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. The ECB, like the other institutions of the European Union, must set as one of its new priorities for action the rapid implementation of all available resources. Faced with a succession of economic crises, along with ongoing transitions and the social consequences, wars and natural and health catastrophes which they entail, citizens need rapid and immediate responses to help alleviate the effects of these serious problems. It is therefore necessary to analyse and evaluate the multitude of existing European programmes, funds and aid, which, far from working in a coordinated manner, lead to administrative bottlenecks and duplication, with the end result being low implementation rates and delays in the arrival of funds. Efficiency in the management of these programmes, effective communication of their content to European citizens and the sectors affected, coordinated work between programmes and administrations with different competencies and the creation of new management tools that make transfers between programmes more flexible, as well as the channelling of resources to the territories or sectors affected, must be economic priorities for the European institutions;
Amendment 47 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate, which is to maintain price stability in the euro area and thereby contribute to economic growth and job creation;
Amendment 52 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresemphasises that this independence therefore requires the ECB to in turn refrain from taking political decisions and to devote all its resources to its primary objective of price stability and thus contribute to economic growth and job creations;
Amendment 64 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets that inflation levels remain above the ECB’s target of 2 % in some Member States; emphasises that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices that ensures an efficient allocation of resources and has a negative impact on economic stability;
Amendment 71 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets that core inflation remains high, with only two euro area Member States reporting core inflation rates below 2 % in September 2024; recalls that this situation generates economic uncertainty, discourages savings and increases citizens' living costs, particularly affecting those on fixed and limited incomes, which can lead to inflation expectations, which sustain a cycle of price hikes and undermine economic stability;
Amendment 96 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks; stresses the importance for Member States to promote fiscal responsibility and control of deficits and public debt to ensure long-term sustainability;
Amendment 101 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Recalls that in a free market economy, the role of the institutions must be limited strictly to observance of the Treaties, rules and regulations in force, which act as guarantors of observance of the same by the other institutions and economic operators concerned. The introduction of arbitrary criteria and flexibility à la carte, which may affect some countries to the detriment of others, will lead only to a framework of inequality and arbitrariness that affects free economic competition on a level playing field; stresses that compliance with the Stability and Growth Pact by EU Member States, compliance with deficit and public debt targets and compliance with national recovery plans and operational agreements are good examples of this;
Amendment 104 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low; highlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy and sustainable growth; reiterates that balanced public finances are a key factor for sustainable economic growth, as they foster confidence in economic stability and facilitate the development of an environment conducive to investment and job creation;
Amendment 114 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Expresses concern about the high levels of government debt and deficits within the Member States and the risks of fiscal dominance that this entails; recalls that high levels of state intervention in the economy through high public spending and high debt accumulation distorts market incentives, discourages private investment and hampers economic growth;
Amendment 150 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Invites the ECB to fundamentally review and improve its models to adapt them to new financial market and economic trends both at EU and global level and their role in its policymaking in light of the subpar performance of the models in recent years;
Amendment 157 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Supports the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market and decreased levels of inflation; recalls that reducing the purchase of assets helps to reduce the balance sheet, alleviates distortions and gives the market greater autonomy to set prices on the basis of supply;
Amendment 209 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. WelcomeFollows the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, improved financial inclusion and the availability of an offline back-up payment system;
Amendment 218 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash entirelyas a means of payment and that cash should remain available at all times;
Amendment 234 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Recalls that the ECB should hear and respect the European Parliament and its decisions as the representative of EU citizens and be willing to freeze the digital euro project if it does not enjoy sufficient support to begin the implementation stage;
Amendment 244 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Notes that the ECB in its report states that the competitiveness of the euro area economy is also affected by global decisions on green transition policies; calls on the ECB to point out that the European Union’s green policies are hampering the competitiveness of the euro area economy;
Amendment 250 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24b. Recalls that the ECB should not take measures that harm the competitiveness of the euro area in the name of global green policies since the ECB has a mandate to ensure price stability and should not jeopardise it with objectives outside its core mission; reiterates that green policies should be managed by other actors in the EU, and ECB decisions should not interfere with competitiveness, economic growth and market efficiency; calls for competitiveness to be protected in order to ensure a prosperous and free economic environment;
Amendment 277 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change; recalls that this is a secondary principle and should not affect price stability which is the ECB's primary objective;
Amendment 304 #
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Points to the urgent need to complete the Capital Markets Union (referred to by the new European Commission as the Savings and Investment Union) and the Banking Union with the European Deposit Guarantee Scheme (EDIS) to increase the resilience of our banking sector and improve the competitiveness of the euro area; reiterates the need to remove bureaucratic barriers that hinder cross- border investments in the EU, as well as to alleviate the tax burden on companies, simplify legal frameworks to attract capital, encourage SMEs’ entry into financial markets and foster financial literacy among citizens to raise awareness of the benefits of investments; stresses the urgent need to agree on a Retail Investor Strategy with a positive impact, giving retail investors greater protection, transparency and access to diversified investment opportunities, which are essential for their confidence and active participation in the markets; recalls that political will is necessary to advance the completion of the banking union and the capital markets union;
Amendment 309 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship; reiterates that ECB appointments should be based on objective merit and competence assessment processes and not on quota criteria relating to specific groups;