23 Amendments of Denis NESCI related to 2024/2054(INI)
Amendment 36 #
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, while also considering the broader economic wellbeing of the EU, including economic growth where compatible with its mandate;
Amendment 142 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses that the ECB was late to act when inflation started rising in January 2021 and surpassed the 2 % target level in July 2021; recalls in this regardnotes that the ECB’s early assessment thatof inflation was expected to be only transitorytransitory overlooked supply-side shocks, particularly from energy price surges, which contributed significantly to inflationary pressures; highlights that a more balanced focus on both demand- driven and supply-side factors could have provided a clearer basis for timely interventions;
Amendment 144 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Stresses the importance of diversifying funding instruments in light of the conclusion of reinvestments under the asset purchase programme (APP) and the expected end of reinvestments under the pandemic emergency purchase programme (PEPP). To address this, a revised securitisation framework aimed at enhancing the European market's appeal to originators and investors, along with the introduction of a dual-recourse long- term funding instrument called as European Secured Notes for SME financing, could be pivotal;
Amendment 148 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Invites the ECB to fundamentally review and improve its models and their role in its policymaking in light of the subpar performance of the models in recent years, particularly to better distinguish between demand-driven and supply-side sources of inflation; recommends that the ECB adopt a flexible, data-driven approach that aligns with evolving economic conditions and avoids unnecessary strain on sectors sensitive to financing costs, such as manufacturing;
Amendment 159 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. SupportNotes the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market an; urges the ECB to apply a measured and gradual approach in adjusting its asset purchases to safeguard decreased levels of inflationonomic resilience across the euro area;
Amendment 168 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to, if not carefully managed, risk contravening the prohibition, on monetary financing, which is prohibited under Article 123(1) TFEU,; ifnvites the ECB does not shrink back its balance sheet; calls on the ECB to therefore gradually reduce the size of its balance sheetto continue monitoring its balance sheet reduction in a gradual and prudent manner, to limit prolonged potential destabilizing effects in the euro area;
Amendment 184 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. RegretAckowledges the establishment of the transmission protection instrument (TPI) in July 2022 as a tool to address sudden market fragmentation; calls on the ECB to respect not justcontinue upholding the legal prohibition ofn monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member Stateand ensure its operations maintain market neutrality;
Amendment 194 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stressnotes that purchases under the TPI would merely conceal the symptoms of loose fiscal policyTPI interventions may conceal underlying fiscal challenges; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levels;
Amendment 207 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such asunderscores that the digital euro should deliver clear added value to the European citizens, including enhanced strategic autonomy, improved financial inclusion, and the availability of ana reliable offline back-up payment system, calls on the ECB to clearly communicate these benefits to foster public trust and awareness;
Amendment 217 #
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 entirely and that cash should remain availawidely available and accessible at all times;
Amendment 230 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls on the ECB to take due account of privacy concerns around the digital euro and stresses that its development should becomeprioritize robust privacy safeguards for the digital euro, establishing it as a gold standard in terms offor privacy for oacross ther financial institsector, to secure public confidence and address citizens’ concerns regarding data protection and autionsomy;
Amendment 240 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls on the ECB to refrain from taking politically motivated decisions and to stick to its mandate of maintaining price stability; stresses that overstepping this mandate touches on the central bank’s political independenceacknowledges that, when appropriate, the ECB may consider the impact of its decisions on economic growth and employment within the EU, while avoiding encroachment on the fiscal domain reserved for Member States;
Amendment 257 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Encourages the ECB to pursue measures within its remit that foster a stable macroeconomic environment conducive to sustainable economic growth, employment, and enhanced EU competitiveness, while avoiding interference with Member States’ fiscal policies and respecting the principle of subsidiarity;
Amendment 263 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Urges the ECB to review its climate-related policies, such as decarbonisation of its corporate bond holdings, to ensure that these measures do not undermine EU competitiveness or depart from the principle of market neutrality; underscores the need to avoid disadvantaging energy-intensive industries that may face disproportionate compliance costs compared to global counterparts;
Amendment 268 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Insists that the ECB respectadhere strictly to the market neutrality principle in all of its monetary operations; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition and signal selective support for particular sectors over others, distorting competition;
Amendment 279 #
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 therelated financial risks resulting from climate chang, provided these measures do not compromise market neutrality or extend beyond the ECB’s core mandate;
Amendment 286 #
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29 a. Stresses the need for collaborative efforts to reduce structural and regulatory barriers, including high compliance costs and bureaucratic hurdles, to attract investments, enhance the EU’s global competitiveness, and improve the euro area’s position in international markets;
Amendment 287 #
Motion for a resolution
Paragraph 29 b (new)
Paragraph 29 b (new)
29 b. Calls the European Central Bank to explore and evaluate alternative tools to traditional mechanisms, like the monetary policy decisions on interest rate, in order to strengthen its capacity to manage inflation while limiting economic disruption;
Amendment 291 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Ecourages the ECB to support EU initiatives that facilitate SMEs’ access to financial markets through the Capital Markets Union, thereby diversifying funding sources, reducing reliance on bank loans sensitive to interest rate fluctuations, and increasing SMEs’ resilience to monetary adjustments;
Amendment 294 #
Motion for a resolution
Paragraph 30 b (new)
Paragraph 30 b (new)
30 b. Encourages collaboration with national central banks on financial literacy programs to empower individuals and businesses to make informed financial decisions;
Amendment 295 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Calls on the ECB to advocate for the completion of the Banking Union and Capital Markets Union as critical frameworks for enhancing financial stability, supporting economic growth, and creating a more resilient financial system in the euro area;
Amendment 305 #
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32 a. Recommends that, following the recent interest rate reductions, the ECB continue with further rate cuts as part of a broader strategy to support economic resilience for households and businesses facing financial pressures. Emphasizes that additional reductions should be pursued to meaningfully lower borrowing costs, encourage investment, and enhance access to credit, thereby fostering stability and economic recovery across the Euro area;
Amendment 308 #
Motion for a resolution
Paragraph 32 b (new)
Paragraph 32 b (new)
32 b. Welcomes the finalisation of the Basel III framework, as it will strengthen the resilience of the banking sector. Underlines that, since other jurisdictions have not adopted the framework, it will be fundamental to consider the potential impact on the competitiveness of EU banks, in particular due to the implementation of the FRTB;