Activities of Manuel dos SANTOS related to 2008/2107(INI)
Plenary speeches (1)
Report on the ECB annual report for 2007 (debate)
Amendments (21)
Amendment 1 #
Motion for a resolution
Citation 6
Citation 6
Amendment 2 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas statements made by the International Monetary Fund and the Organisation for Economic Co-operation and Development call for a very cautious approach to the raising of interest rates in the euro area,
Amendment 6 #
Motion for a resolution
Recital F
Recital F
F. whereas it is expected that inflation will rise to between 2,0% and 3,0% in 2009 in the euro area, largely reflecting the assumed path of oil and foodcurrent trend of increased commodity prices, before moderating to a range between 1,2% and 2,4% in 2009,
Amendment 7 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Amendment 10 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Emphasises the importance of theAcknowledges the full independence of the ECB and welcomes the fact that by means of the Treaty onf Lisbon, the ECB will become an EU institution with legal personality and a clearly established independent political and financial status, believes that recognition of the European Central Bank as a European institution increases the responsibility of Parliament, and, in particular, its Committee on Economic and Monetary Affairs, as an institution to which the European Central Bank is accountable for its decisions on monetary policy;
Amendment 11 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 17 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Believes that the European Central Bank has been strengthened by its successful handling of the current financial crisis; welcomes the European Central Bank’s enhanced credibility and international recognition; calls on the Eurogroup to follow the example of the European Central Bank and to step up its expertise and coordination in matters relating to the regulation and supervision of financial markets;
Amendment 18 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Highlights the increased need for cooperation between central banks and supervisory authorities, in order to uphold stability in the financial markets, in particular taking into account the increasingly integrated financial systems; asks the ECB to continue to push for improved integration and communication on an intra-EU level as well as in its relationship with other central banks and relevant institutions, in particular as regards the relationship with the Bank of England, since London is the most important financial centre within the European Union; ;calls on the ECB to take an active role in the various forums discussing changes in supervision, such as the Lamafalussy follow-up;
Amendment 23 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights that the risks of asymmetric economic developments within the euro area couldis increase with an enlarged membership as the differences in size and maturity between member economies growing and calls on the European Central Bank, therefore, to pay particular attention to the challenging economic situation;
Amendment 25 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls upon all Member States participating in the euro area, the Member States that have opted out, as well as the applicant Member States to take note of those challenges and therefore fully respect the criteria of the Stability and the Growth pact and fulfil the Maastricht criteria, as appropriate, as this, together with fiscal consolidation and wage moderation, taxation and wage policy in line with developments as regards growth and productivity, provides the strongest protection against challenges presented by asymmetric developments;
Amendment 26 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Emphasises that against the background of the recent correction of growth expectation, any further raising of interest rates should be undertaken with caution in order not to endanger economic growth; points out that, in order to support the economic recovery, Member States must implement both the necessary structural reforms and investment activities;
Amendment 28 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Takes note of the appreciation of the euro especially with respect to the US dollar; underlines the goal of price stability, but recognises that strong and rapid changes in the euro exchange rate mayshould not impede the ECB's ability to manage its monetary policy and that a deprecating euro coul, confronted bey a source of inflation, or, alternatively, excessive appreciation could threaten thedifficult growth perspectives for the export -dependent countries; asks the ECB to monitor this development and to take action if deemed necessary and invites the Eurogroup, the Commission and the ECB to step up coordination of their action in the sphere of exchange rate policy;
Amendment 30 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Recalls the ongoing call for more transparency in the ECB and appreciates the efforts already implemented; recognises, in this respect, the difficulties in making the minutes of the ECB Governing Council's meetings available to the public, as differences in individual positions could be interpreted as representing national interests, leading to pressure from Member State governments on Governing Council membersasks the ECB to provide Parliament and the public with an annual summary of measures taken to improve its performance in line with this Resolution;
Amendment 32 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers that the monetary policy dialogue between Parliament and the European Central Bank has been a success, and one which should be built on further; emphasises that the ex-post accountability of the ECB is of primordial importance for confidence, and hence stability, on the financial markets; considers that it is important for the unity of the Executive Board and the Governing Council to continue to be confident in their public presentation; supports a targeted information policy on the part of the European Central Bank towards Parliament, the Council, the Eurogroup and the Commission; is disappointed by the low level of commitment that the European Central Bank has demonstrated in its response to Parliament’s resolution of 12 July 2007 on the ECB annual report for 20061; strongly stresses that the call for improvements to the European Central Bank's communication policy must be seen only in the context of the simultaneous preservation of the independence of the European Central Bank and its bodies;
Amendment 33 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Despite this, cCalls upon the ECB, in its statements following decisions taken by its Governing Council, to elaborate clearly about whether, in the course of discussions, a consensus was reached easily or if divergent views persisted, since this would provide markets with more information without hampering the common European perspective for the decision of the ECB's Governing Council;
Amendment 36 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Considers that the independence of the European Central Bank, including the procedure for appointing the members of its Executive Board, has proved its worth; stresses that Article 112(2)(b) of the EC Treaty provides for the members of the Executive Board to be appointed from among persons of recognised standing and professional experience in monetary or banking matters, and emphasises that their nationality should be irrelevant and that they will continue to be judged by the strict criteria set out in the Treaty, such as that of their qualifications; considers that ex-ante democratic accountability and transparency would improve if the Council evaluated several potential candidates and if the candidate proposed by the Council were then subject to a vote of approval by Parliament;
Amendment 37 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
Amendment 38 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recognises the increasing role ofTakes the view that any increase in the potential for growth in the Eeuro Group andarea its President for setting a major part of the economic agenda within the European Union, in particular the more formal structure and central role in coordinating the economic policy within the Euro Group, as set out in Article 136 EC Treaty, also for Member States not participating in the euro area; supports a strengthening of the development of the euro area speaking with one voice in international forums as provided by the role of the President of the Euro Group as the spokespersoncontingent on effective macroeconomic fine-tuning; advocates more active macroeconomic dialogue between the Council, the ECB and the European social partners and supports the Eurogroup's efforts to bring about such dialogue;
Amendment 40 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Welcomes the successful start of Target 2 operations and the finalised migration activities to the single shared platform; considers that it is an important step in the direction of financial integration and reduction of clearing and settlement costs; believes that it is urgent that the European Central Bank now propose a governance structure for operations and activities;
Amendment 42 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Encourages the ECB to continue moving towards strengthening its prolecess of coordination in international financial contexts; believes that an internationally stronger status for the euro will lead to benefits for the euro area which will encourage Member States currently not participating, to seek full membership;
Amendment 43 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Instructs its President to forward this resolution to the Council, the Eurogroup, the Commission and the European Central Bank.