Activities of Stasys JAKELIŪNAS related to 2019/2129(INI)
Plenary speeches (1)
European Central Bank - annual report 2018 (debate)
Shadow reports (1)
REPORT on the European Central Bank Annual Report for 2018
Amendments (21)
Amendment 56 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability and stresses that the ECB’s independence is a requisite for fulfilling; notes ECB’s independence in fulfilling its mandate; stresses, however, that the measures taken by the ECB since 2008 raise serious questions whether its accountability framework its manwell adapted to these type of policies;
Amendment 66 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need forat while monetary policy may need to remain accommodative for the foreseeable future, it is high time for fiscal policy to play its part where there is fiscal space;
Amendment 73 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 116 #
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
- The completion of the banking union, including a fully mutualised European deposit insurance scheme that would reduce risks, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a whole;
Amendment 132 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Welcomes the emergence of a discussion about the role of central banks and supervisors in supporting the fight against climate change and urges the ECB to contribute actively to this developing field of work.
Amendment 147 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that, while the effects on the real economy have been rather limited, ECB’s liquidity operations has enabled banks to access funding at very low cost or even with negative interest rates and against lower quality of collateral; considers that this has directly subsidised their balance sheets in a framework that escapes the established democratic checks and balances for granting public subsidies; deplores the fact that the size of this subsidy, is not monitored and published and that it is free from strict conditionality in terms of whether or how it is invested; insists that any extraordinary measures of this kind should be accompanied by measures to mitigate distortions to markets and the economy;
Amendment 186 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Stresses, however that prolonged non-standard policy measures has negative side effects, including adverse distributional effects, solvency implications for some financial institutions, transfer of risks onto consumers, possible inefficiencies in the real economy, bubbles in the real estate market, and others that need to be studied and addressed;
Amendment 200 #
Motion for a resolution
Subheading 3
Subheading 3
Amendment 214 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes good note ofNotes with approval Christine Lagarde’s declaration of 4 September, in which she welcomed the ECB’s collaborationmembership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) and commitment to contribute to facing the challenges which climate change poses bynotably endorsed "a gradual transition to eliminate carbon assets" from the ECB's portfolio; stresses that the ECB should contribute actively to the work of the NGFS and implementing the NGFS’s recommendations and acting on them substantively wherever possibleset out in its First Comprehensive Report of April 2019, without undermining the ECB’s price stability mandate and other objectives;
Amendment 217 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers the review of its monetary policy framework announced by Christine Lagarde, as an opportunity for the ECB to revise its principle of market neutrality that constitutes neither a legal requirement nor an established doctrine for guiding central banks’ policies while the ECJ [Case C-62/14]has hinted in its recent decision the possibility for ECB to correct through monetary policy, the bad functioning of markets; urges, therefore, the ECB to address in line with its mandate risks to financial stability by examining the integration of climate- related risks in the collateral eligibility criteria for its liquidity operations as well as restructure its portfolio of securities held under the CSPP in order to reduce its holding of bonds linked with fossil fuel industries, and increase its holdings of bonds linked with sustainable investment; suggests, in this respect a framework of a mutually non-coercive coordination between the ECB and the European Fund for Strategic Investment(EFSI) and European Investment Bank (EIB)";
Amendment 222 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Suggests that the ECB make the question how central banking and bank supervision can contribute to a sustainable economy and the fight against climate change one of its research priorities; suggests that, to that end, the ECB also cooperate with international networks other than the NGFS, especially the Sustainable Banking Network and the UN Principles for Responsible Banking initiative;
Amendment 226 #
Motion for a resolution
Subheading 3 a (new)
Subheading 3 a (new)
Other aspects
Amendment 253 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the ECB and other European institutions to study the need for and the feasibility of moving to a more harmonised financial system supervision architecture across Member States;
Amendment 254 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Stresses that the ECB's supervisory role (SSM), its responsibility for systemic stability (ESRB), and its monetary policy function should not be confused and should not generate any conflict of interest in the execution of its principal functions; further stresses the importance of exploring future institutional independence of these three functions with a democratically accountable mechanism for resolving conflicts between them;
Amendment 255 #
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Calls for stronger and harmonised macro-prudential measures and macro- prudential supervision; is concerned that, as of October 2019, only four Eurozone countries have activated the option of an above-zero counter-cyclical capital buffer;
Amendment 259 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECB to increase its monitoring ofmonitor carefully the development of crypto- currencies andassets and the attendant risks to cyber-security which can have negative effects for the stability and safety of the fincreased risks in cyber-secuancial sector; suggests to refrain from using the term 'crypto currencies' because, as pointed out in EBA Opinion 2014/08, using the term 'currency' can be misleading for a variety of reasons;
Amendment 269 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Encourages the ECB to join efforts by other central banks to explore financial and economic risks and opportunities of central bank digital currencies;
Amendment 281 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes the introduction of the Euro short-term rate, the new overnight reference rate for euro area money markets; asks the ECB to include in its next annual report a first assessment of its evolution and functioning in the market;
Amendment 296 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the nominations of Executive Board members should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a gender-balanced shortlists for all current and upcoming vacancies and to share ithem with Parliament, thus allowing it to play a more meaningful advisory role in the appointment process; recalls point 4 of the European Parliament’s Resolution 2019/2614(RSP),in which Parliament commits itself not to take into account short-lists that do not respect the principle of gender balance; regrets that to date no satisfactory progress has been made;
Amendment 299 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Reminds the newly appointed ECB President, Ms Lagarde, of the conclusions of the European Ombudsman’s case 1697/2016/ANA concerning the former ECB President Mr. Draghi's membership in the “Group of Thirty”; disagrees with the ECB’s argument that membership in such fora is necessary for the stakeholder dialogue with supervised banks (ECB, Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2016, April 2018); calls on the ECB to respect the Ombudsman’s recommendations and to carefully review its internal policies in order to curb conflicts of interest that can arise through revolving door practices as well as the participation of members of the ECB Board and Governing Council in informal fora involving secretive discussions with senior representatives of the private sector;
Amendment 302 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)