Activities of Eleni STAVROU related to 2023/2063(INI)
Shadow reports (1)
REPORT on the European Semester for economic policy coordination 2024
Amendments (48)
Amendment 5 #
Motion for a resolution
Citation 15
Citation 15
Amendment 9 #
Motion for a resolution
Citation 16
Citation 16
Amendment 12 #
Motion for a resolution
Citation 26
Citation 26
Amendment 16 #
Motion for a resolution
Recital A
Recital A
A. whereas according to the Commission’s autumn 2023 forecast, GDP growth in 2023 is expected to beslow down to 0.6 % in both the EU and the euro area and expected to increase to 1.3 % and 1.2 % in 2024 respectively;
Amendment 17 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the outlook remains surrounded by high uncertainty and risks, primarily related to the evolution of Russia’s ongoing war of aggression against Ukraine and the situation in the Middle East following the brutal terrorist attacks on Israel by Hamas;
Amendment 19 #
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas in 2023 and 2024, the aggregate fiscal stance is expected to turn contractionary, by 0.5% of GDP in both years, primarily due to the near complete phase out of crisis-related energy measures;
Amendment 20 #
Motion for a resolution
Recital B
Recital B
Amendment 24 #
Motion for a resolution
Recital C
Recital C
C. whereas inflation will amount tois projected to reach 6.5 % in the EU and 5.6 % in the euro area in 2023 and is expprojected to fall to 3.5 % and 3.2 % in 2024 respectively, according to the Commission’s autumn 2023 forecast; whereas this level is higher than the two percent inflation target the European Central Bank is aiming for;
Amendment 31 #
Motion for a resolution
Recital D
Recital D
D. whereas the debt-to-GDP ratio is expected to decrease to 83.1 % in the EU (90.4 % in the euro area); whereas the debt-to-GDP ratio is expected to marginally decline in the EU to around 82.7 % in 2024 and 82.5 % in 2025; whereas the euro area debt-to GDP ratio is expected to decrease to around 89.7% in 2024;
Amendment 35 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, thereby safeguarding the macroeconomic stability of the Economic and Monetary Union; whereas the European Semester must not be overburdened with competing objectives, but should keep a narrow focus on competitiveness and sound fiscal policies;
Amendment 44 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas disruptive geopolitical events have demonstrated the need for the European Union to further strengthen its open strategic autonomy and remain competitive in global market, while ensuring that no one is left behind;
Amendment 51 #
Motion for a resolution
Recital F
Recital F
F. whereas EU fundingexceptional one-off public intervention has proven to be an essential tool to provide macroeconomic stabilisation at EU level and increase its internal and external resilience in times of crisis while supporting Member States in financing necessary investments in EU priorities to tackle current and future challenges;
Amendment 54 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas after a sizeable crisis- related expansion in 2020 to 2022, the fiscal stance in the euro area is expected to be restrictive in 2023 and 2024, which is consistent with the need to reduce public deficit and debt and to avoid fuelling inflationary pressures, while remaining agile in view of the high uncertainty;
Amendment 58 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Expresses concern about the weak growth and productivity in the EU; notes the continuous impact of energy prices and inflation on the purchasing power of households and on the ability to perform of EU companies; in this respect, expresses that protracted non-targeted fiscal support to households and firms is not the right tool as it increases inflationary pressures and contributes to prolonged tight monetary policy, but rather targeted measures should be applied;
Amendment 64 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Notes that many Member States are suffering from structural challenges hindering their growth potential; highlights that tackling structural challenges is crucial for a sustainable recovery and continued growth, and that implementing reforms to address structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges but also to accomplishing the twin transitions in a sustainable and fair manner;
Amendment 68 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recognises the efforts of the European Central Bank (ECB) to bring the inflation rate down in the euro area; considers rises in interest rates to only partially address the reasons for the hikes in inflation and that adequate and coordinated fiscal, structural and regulatory policies and reforms complementing the ECB’s monetary policy actions are needed; stresses that the primary objective of the ECB is to maintain price stability, which is a necessary condition in order to defend the wellbeing and purchasing power of our citizens, our production structure and the international competitiveness of our companies; considers rises in interest rates to only partially address the reasons for the hikes in inflation and reiterates that monetary policy actions need to be accompanied by complementary fiscal policies, structural and regulatory reforms supporting the ECB’s monetary policy actions are needed; in this regard, highlights that fiscal policy coordination is key to helping monetary policy bring inflation back to its medium-term target in a timely manner; supports the Commission's recommendation to Member States, in the period 2024-2025, to adopt coordinated and prudent fiscal policies to keep debt at prudent levels or put debt ratios on a plausibly downward path;
Amendment 76 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Is worried about large inflation differentials within the euro area, particularly because it could translate into competiveness divergences;
Amendment 78 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Agrees with the Commission that the current macroeconomic environment is characterised by persisting uncertainty, high inflation and compromised competitiveness of the euro area and calls for an ambitious policy agenda; in this regard, echoes the Commission's recommendation to Member States to achieve an overall restrictive fiscal stance in the euro area while remaining agile in view of the high uncertainty;
Amendment 79 #
Motion for a resolution
Paragraph 2 c (new)
Paragraph 2 c (new)
2 c. Acknowledges that the contractionary fiscal stance expected in 2023 and 2024 is consistent with contributing to restoring fiscal buffers over time and thus, to improving the sustainability of public debt in some Member States; highlights that the contraction does not come at the expense of investment, which is to be increased across the euro area;
Amendment 80 #
Motion for a resolution
Paragraph 2 d (new)
Paragraph 2 d (new)
2 d. Notes the importance of sound fiscal policies and of Member States building sufficient fiscal buffers in good times in order to increase the resilience of the Union and increase the Union's capacity to react to future crises;
Amendment 84 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that a lack of public and privaterivate and prudent public investments, in particular strategic investments, in certain Member States is hindering the potential of sustainable growth; highlights that these investments are crucial for the EU’s ability to cope with existing challenges and increase the EU’s resilience and long-term competitiveness during upcoming challenges;
Amendment 90 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
Amendment 92 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Calls on Member States to reduce deficits and aggregate public debt levels to bring them in line with the treaty reference values thereby reducing the burden on future generations;
Amendment 93 #
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3 c. Invites Member States to conduct spending reviews as a regular part of the (multi)annual budgetary process, which would help improve the efficiency and quality of public expenditures;
Amendment 95 #
Motion for a resolution
Paragraph 3 d (new)
Paragraph 3 d (new)
3 d. Agrees that deep and integrated EU capital markets are key for EU global competitiveness, as a means to source private investment in the EU economy; reiterates that promoting private investment and innovation are key to enhancing productivity and strengthening the euro area competitiveness;
Amendment 97 #
Motion for a resolution
Paragraph 3 e (new)
Paragraph 3 e (new)
3 e. Agrees that removing barriers to investment, including through reforms that streamline and digitalise planning, permitting and other administrative procedures would help boost private investment; reiterates that industrial policy can also contribute by supporting investment, safeguarding competitiveness, and avoiding risks linked to excessive reliance on a limited number of third countries for key technologies, raw materials and industrial inputs;
Amendment 100 #
Motion for a resolution
Paragraph 3 f (new)
Paragraph 3 f (new)
Amendment 101 #
Motion for a resolution
Paragraph 3 g (new)
Paragraph 3 g (new)
3 g. Acknowledges the decision to deactivate the general escape clause under the Stability and Growth Pact; reiterates that fiscal policy needs to support monetary policy in reducing inflation and safeguarding fiscal sustainability, while providing sufficient space for additional investments and supporting long-term growth;
Amendment 102 #
Motion for a resolution
Subheading 2
Subheading 2
Amendment 105 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls that the European Semester is the cycle is a well-established framework for EU Member States to coordinatinge the budgetary, economic, social and employment policies across the Union in accordance with the Treaties, including the European Pillar of Social Rightir fiscal, budgetary and economic structural policies, thereby safeguarding its macroeconomic stability and its social cohesion;
Amendment 113 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 120 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Shares the view that the 2024 CSRs need to be focused on a limited set of challenges; underlines that CSRs must equally serve to enhance competitiveness, promote the green and digital transitions and ensure social fairness; stresses that CSRs need to take account of social vulnerabilitietransition of the European economy and encourage fiscal prudence; takes into account that the differences regarding the national forecasts for GDP growth, inflation, unemployment, general government balance, gross public debt and current account balance demonstrate the need for flexible approaches which need to be based on the specific reality of each Member State; reiterates that country specific recommendations are the most important instrument to guarantee such an approach and calls on the Commission to link the CSRs more closely to the respective country reports; highlights that Member States must be committed to comply with such recommendations;
Amendment 131 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Suggests that the implementation of the CSRs shall become a relevant factor when the Commission is to draft the report under Article 126(3) TFEU;
Amendment 133 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 142 #
Motion for a resolution
Subheading 2 a (new)
Subheading 2 a (new)
European Semester and Recovery Resilience Facility
Amendment 148 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Supports streamlining EU cohesion policy programmes with investment needs identified under the RRF and in CSRs; recalls that cohesion policy serves a broader set of objectives than the RRF; calls for a comparable incorporation of stakeholder participation in the drafting and implementation of national RRPs as it is for cohesion policy programmes and may complement the measures agreed under the RRF;
Amendment 153 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Notes the role played by the RRF in addressing global challenges stemming from the green transition and the digital transformation of the economy; calls on Member States to make the most of this opportunity and to use it to transform their economies and make them more competitive; recalls the importance of verifying the effective implementation of the RRF and that the funds actually reach the real economy and SMEs;
Amendment 154 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Underlines the importance of private and prudent public investment in the framework of the economic recovery; recalls that the RRF does not replace the specific role of national public investment; reiterates the need to ensure quality, transparency and accountability in public investment and national strategies coherent with the objectives of the twin transition, that must be complementary to the RRF and other European investment instruments;
Amendment 155 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Recalls the requirement for Member States to address all or a significant subset of country-specific recommendations as part of their National Recovery and Resilience Plans;
Amendment 160 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. CNotes the position adopted by the Parliament ahead of the interinstitutional negotiations and the proposal put forward by the Commission; considers it necessary to reform the EU fiscal rules; and welcomes the proposals put forward by the Commissionwaits the position of the Council;
Amendment 167 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 181 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 188 #
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 195 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 205 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 216 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 226 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 235 #
Motion for a resolution
Paragraph 17
Paragraph 17