21 Amendments of José Manuel GARCÍA-MARGALLO Y MARFIL related to 2023/2064(INI)
Amendment 6 #
Motion for a resolution
Citation 4
Citation 4
– having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the 3(3) and (4) of the Treaty on European Union (TFEU),
Amendment 7 #
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
– having regard to Articles 3(1), 5(1), 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 48 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a fundamental prerequisite for it to fulfil its mandate of maintaining price stability in the euro area and thus contribute to economic growth and job creation;
Amendment 53 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; balanced economic growth, respect for the open market economy with free competition, aiming at full employment, economic, social and territorial cohesion, coordination of monetary policy, proper functioning of public finances and the green and digital transitions; stresses that price stability is essential for attracting investments, driving economic growth, creating jobs, developing new investment projects and contributing to improved economic prosperity in the long term; calls for the Union’s economic policies to include support for the joint fiscal effort resulting from NextGenerationEU and for monetary policies to be aligned with effective implementation of national recovery and resilience plans;
Amendment 60 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 70 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is deeply worried about the persistently high inflation rates, especially core inflation rates, and their detrimental impact on competitiveness, investments, job creation and the purchasing power of consumers; believes that inflation rates are particularly affecting the effective implementation of recovery and resilience plans by driving up costs and reducing return on investment; recalls that such a situation causes economic uncertainty, is a disincentive for saving and increases the cost of living for citizens, affecting those who have fixed or limited incomes in particular; stresses that this can lead to inflation expectations, which sustain a cycle of price hikes and undermine economic stability;
Amendment 80 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails; notes that the situation is worse in the euro area than in non-euro area Member States, especially the deterioration of economic stability and investor confidence, which has a negative impact on economic growth and long-term prosperity; notes that the situation is worse in the euro area than in non-euro area Member States; recalls that responsibly addressing public deficit and debt levels is crucial to avoid the risks associated with the current inflation in order to maintain a stable economy and sustainable growth; looks forward to the outcome of the Commission’s legislative proposals on revising the EU’s economic governance rules and welcomes the ECB’s opinion in this regard;
Amendment 87 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets Russia’s ongoing aggression against Ukraine; agrees with member of the Executive Board Isabel Schnabel on the risk the war entails in terms of negative supply side shocks; welcomes the inclusion of REPowerEU in recovery and resilience plans in order to reduce energy dependence on Russia, support strategic autonomy and address supply side shocks;
Amendment 94 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also the upward price pressure following the implementation of the European Green Deal, the rise of fragmentation and protectionism in global trade, the demographic challenges posed by a smaller workforce and higher state costs, and an impending subsidy race of protectionist policies between states;
Amendment 104 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; calls for fiscal efforts to focus on productive investments and reforms resulting from proper implementation of the Recovery and Resilience Facility; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms, such as removing the excessive regulatory burden, that promote competition and free trade and investment in infrastructure;
Amendment 112 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the ECB’s support for a well thought out completion of the banking union and the capital markets union; recalls that this would contribute to a larger spread of risks within and the enhanced financial stability of the monetary union and to the EU’s economic and social recovery, the reduction of bank loans’ dependence on capital, and competition with the Asian and American markets; reiterates the need to remove bureaucratic barriers to cross-border investments in the EU, 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; recalls the need for clear political will to advance the completion of the banking union and the capital markets union;
Amendment 121 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and the need to take into account improvements in economic productivity;
Amendment 133 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Points out that inflation already began rising above target levels in 2021, thus before Russia’s unprovoked aggression in Ukraine; deplores, however, that the ECB only started to tackle inflation in June 2022, even though the COVID-19 crisis proved that it is able to act in a timely manner; notes that other central banks acted more promptly; observes that the ECB should act swiftly, fulfilling its mandate to base all decisions on economic and financial indicators;
Amendment 142 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review its models and their role in its policymaking in order to adjust them to new economic trends and trends in EU and global financial markets;
Amendment 145 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 157 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invites the ECB to look into a more qualitative approach to price stability, preserving enough scope to reap the benefits offered by price stability while at the same time providing enough scope to cut the risk of deflation;
Amendment 197 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Points out the need to adapt monetary policy to employment performance in Europe. By stabilising internal demand, conditions are created for nominal salaries to increase and, ultimately, for employment to grow, which is what drives income growth today. That creates a spiral with negative repercussions for ECB efforts to control inflation by raising interest rates; stresses that, at the end of last year, excess savings were estimated to be worth EUR 860 billion, representing 10.6 % of annual disposable income.
Amendment 200 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Notes the close link between monetary policy and employment policy in Europe, which creates a spiral with negative repercussions for ECB efforts to control inflation by raising interest rates; stresses that, at the end of last year, excess savings were estimated to be worth EUR 860 billion, representing 10.6 % of annual disposable income.
Amendment 207 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape, must not endanger the existence or use of cash and must respect the privacy of citizens and businesses; points out 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 is deemed that support is insufficient to begin the implementation stage;
Amendment 211 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Shares the ECB’s concern regarding the rise of the shadow banking sector and the risk it may pose to financial stability; stresses the need for adequate regulation in this fieldview that it is necessary to work to achieve a regulation that is adequate for non-bank financial intermediaries, which allow the sector to compete on an equal footing with the banking sector and contribute together to financial stability;
Amendment 219 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Welcomes the fact that the ECB adapts its systems to technological developments such as the integration of artificial intelligence into its data processing and analysis models; welcomes the initiative which will help improve monetary analysis and decision-making; stresses that all those developments should always be made within the safety parameters to avoid operational risks;