Activities of Billy KELLEHER related to 2020/2075(INI)
Plenary speeches (1)
Review of the macroeconomic legislative framework (debate)
Shadow reports (1)
REPORT on the review of the macroeconomic legislative framework for a better impact on Europe’s real economy and improved transparency of decision-making and democratic accountability
Amendments (33)
Amendment 13 #
Motion for a resolution
Citation 24 a (new)
Citation 24 a (new)
— having regard to the Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility1a, _________________ 1a OJ L 57/17, 18.2.2021
Amendment 16 #
Motion for a resolution
Citation 35 a (new)
Citation 35 a (new)
— having regard to the Commission’s Annual Sustainable Growth Strategy 2021 of September2020 (COM/2020/575),
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 82 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, but nonetheless complied with, and therefore calls for the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and sustainable, inclusive and digital growth in line with the European Green Deal and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending but stresses that the debt generated by NGEU should be proportionately included in any calculations reforming the SGP;
Amendment 88 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and the transition to a green, digital and inclusive transformation while ensureconomy while ensuring fiscal sustainability; stresses that a premature withdrawal of support should be avoided and that the shift ing fiscal sustainabilitypolicy should be gradual; emphasises that it must be borne in mind that future generations will have to pay the debt that is created by the expansionary fiscal policies we implement over the next years;
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 219 #
15. Calls on the Commission to relaunch the debate on the reform of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021comprehensive, forward-looking legislative proposal by 2022, or when the trajectory of the economic recovery is in the direction of reaching pre-pandemic levels; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
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 309 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Stresses that an updated EU fiscal framework must act as an enabler to achieve the objective of the Green Deal and bridge the climate-friendly investment gap;
Amendment 318 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that governments’ revenues are essential to guarantee the sustainability of public finances; calls on the Member States to take action to tackle tax fraud, tax avoidance, and tax evasion, as well as money launderingactions aimed at fighting against tax fraud, tax avoidance and evasion as well as money laundering are essential to guarantee the sustainability of public finances and to instil confidence in the governance of public finances; therefore, calls on the Member States to ensure effective actions in this area;
Amendment 331 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Agrees withTakes note of the opinion of the EFB and others21 that a deepening of the Economic and Monetary Union (EMU) would be helped by a central fiscal capacity, which could help cushion idiosyncratic shocks, whether common or country-specific, in a timely manner; however, calls on the Commission and Member States to first monitor and evaluate the implementation of the NGEU before considering an additional fiscal capacity; _________________ 21International Monetary Fund and the European Central Bank.
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 354 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances and loss of competitiveness at an early stage; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses;
Amendment 372 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for the MIP to be reformed to make its indicators and recommendations more forward-looking and symmetrical with regard to over- and undershooting target values, andgeared towards reducing intra-euro area imbalances, but also to focus on indicators under the control of policymakers and geared towards reducing intra-euro area imbalances; considers that greater compliance with pared-back recommendations must be achieved and MIP-relevant country-specific recommendations should focus on policy actions that can have a direct impact on imbalances and loss of competitiveness;
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 381 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacy; stresses that weak political ownership or accountability at national level exacerbates non-compliance;
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 406 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Underlines the need to use the Recovery and Resilience Facility as an example to further explore ways to increase the role of the European Parliament and calls for the Facility to become a starting point in the debate of renewing the economic governance framework;
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;
Amendment 431 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. RecallsTakes note of its position23 that an ‘additional budgetary capacity for the euro area’ should be included in the fiscal capacity; however, calls on the Commission and Member States to first monitor and evaluate the implementation of the NGEU before considering an additional financial capacity; _________________ 23European Parliament resolution of 16 February 2017 on budgetary capacity for the euro area, OJ C 252, 18.7.2018, p. 235.
Amendment 433 #
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Urges the Eurogroup to increase its openness and transparency and to increase the flexibility of the euro area governance; proposes, in this sense for the euro area to adapt a flexible mechanism that will allow non-euro area member states to access the euro area discussions, to pilot good practices in order to fulfil the convergence criteria and to have a concrete experience on the benefits of adopting the euro currency;
Amendment 434 #
Motion for a resolution
Paragraph 34 b (new)
Paragraph 34 b (new)
34b. Urges the European Commission to continue to support the non-euro area countries in their efforts to recover after the pandemic, given in particular the higher cost of financing measures in comparison with euro-area member states and to proactively assist and support member states in their accession process to the euro area; calls on the Eurogroup and on the European Central Bank to take into account the high interest rates that non-euro area member states face and to promote inclusive monetary policies;
Amendment 453 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriaterease its democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presid and transparency towards the European Parliaments;