191 Amendments of Carla TAVARES
Amendment 1 #
2024/2112(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
– having regard to the Paris Agreement adopted in the context of the United Nations Framework Convention on Climate Change and the Sustainable Development Goals,
Amendment 2 #
2024/2112(INI)
Motion for a resolution
Citation 5 b (new)
Citation 5 b (new)
– having regard to the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017,
Amendment 3 #
2024/2112(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
– having regard to Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council of 16 December 2020 on a general regime of conditionality for the protection of the Union budget (Rule of Law Conditionality Regulation),
Amendment 4 #
2024/2112(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
– having regard to Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility(9) (RRF Regulation),
Amendment 4 #
2024/2112(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
– having regard to Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (RRF Regulation),
Amendment 5 #
2024/2112(INI)
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
– having regard to the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017 and its resolution of 19 January 2017 thereon, to the Commission Action Plan of 4 March 2021 on the implementation of the European Pillar of Social Rights and to the Porto declaration on social affairs adopted by the members of the European Council in May 2021,
Amendment 5 #
2024/2112(INI)
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
– having regard to the Commission communication of 4 March 2021 entitled 'The European Pillar of Social Rights Action Plan' (COM(2021)0102),
Amendment 6 #
2024/2112(INI)
Motion for a resolution
Citation 13 c (new)
Citation 13 c (new)
– having regard to the Porto Social Commitment of 7 May 2021 of the Council, the Commission, Parliament and social partners,
Amendment 7 #
2024/2112(INI)
Motion for a resolution
Citation 13 d (new)
Citation 13 d (new)
– having regard to the La Hulpe Declaration on the future of the European Pillar of Social Rights of 16 April 2024,
Amendment 8 #
2024/2112(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the European Semester plays an essential role in coordinating economic and, budgetary, social and employment policies in the Member States;
Amendment 8 #
2024/2112(INI)
Motion for a resolution
Citation 13 e (new)
Citation 13 e (new)
– having regard to its resolution of 21 January 2021 on access to decent and affordable housing for all,
Amendment 9 #
2024/2112(INI)
Motion for a resolution
Citation 13 f (new)
Citation 13 f (new)
– having regard to the Political guidelines for the next European Commission 2024−2029 by Ursula von der Leyen, Candidate for the European Commission President, of 18 July 2024,
Amendment 10 #
2024/2112(INI)
Motion for a resolution
Citation 16 b (new)
Citation 16 b (new)
– having regard to the Commission communication of 17 December 2024 entitled ‘Alert Mechanism Report 2025’ (COM(2024)702) and to the Commission recommendation of 17 December 2024 for a Council recommendation on the economic policy of the euro area (COM(2024)704),
Amendment 11 #
2024/2112(INI)
Motion for a resolution
Citation 16 c (new)
Citation 16 c (new)
– having regard to the proposal for a Joint Employment Report of the Commission and the Council of 17 December 2024 (COM(2024)701),
Amendment 14 #
2024/2112(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in the last few years, the EU has demonstrated a high degree of resilience in the face of major shocks, among other factors, thanks to a coordinated policy response and the positive contribution by NextGenerationEU (NGEU), in particular the Recovery and Resilience Facility (RRF) and the instrument for Support to Mitigate Unemployment Risks in an Emergency (SURE) and in the recovery of EU economies and in macroeconomic stabilisation and resilience across the EU; further recalls that promoting sustainable growth in a sustained manner means promoting responsible fiscal policies, structural and socially just reforms and investments that increase productivity and that make societies more resilient, inclusive and sustainable;
Amendment 15 #
2024/2112(INI)
Motion for a resolution
Citation 19
Citation 19
Amendment 16 #
2024/2112(INI)
Motion for a resolution
Citation 20
Citation 20
Amendment 17 #
2024/2112(INI)
Motion for a resolution
Citation 21
Citation 21
Amendment 18 #
2024/2112(INI)
Motion for a resolution
Citation 22
Citation 22
Amendment 19 #
2024/2112(INI)
Motion for a resolution
Citation 23
Citation 23
Amendment 20 #
2024/2112(INI)
Motion for a resolution
Citation 24
Citation 24
Amendment 21 #
2024/2112(INI)
Motion for a resolution
Citation 25
Citation 25
Amendment 22 #
2024/2112(INI)
Motion for a resolution
Citation 26
Citation 26
Amendment 24 #
2024/2112(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that overcoming competitive and geopolitical challenges will require the transfer ofadditional expenditure ato the EU level in certain policy areas related to European public goods to increase the efficiency of overall public expenditure; welcomes the Union’s commitment to increasing its spending efficiency and investments in overalla fair green and digital transition, social and economic resilience, including the European Pillar of Social Rights, energy security and the build-up of defence capabilities to match its needs in the context of rising threats and security challenges;
Amendment 24 #
2024/2112(INI)
Motion for a resolution
Citation 27 a (new)
Citation 27 a (new)
– having regard to the Monetary Dialogue paper by Zsolt Darvas, Pablo Hernandez De Cos & Jeromin Zettelmeyer of November 2024 entitled ‘The new economic governance framework: implications for monetary policy’,
Amendment 25 #
2024/2112(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Strongly insists on the introduction of genuine, adequate, and effective new own resources under the next MFF in order to help close the existing investment gap, which is currently bridged by the expiring RRF. The existing investment gap, combined with the need for the Union to remain competitive and resilient, require both the introduction of new own resources and the use of joint borrowing. Therefore calls on the Commission to come forward with additional proposals for genuine new own resources beyond what is currently included in the Commission proposal of June 2023. These measures are essential to address upcoming Union priorities while ensuring Member States' contributions do not need to increase;
Amendment 26 #
2024/2112(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Cautions the Commission against linking the European Semester and its country-specific recommendations to the allocation of funds from the EU budget;
Amendment 28 #
2024/2112(INI)
Motion for a resolution
Citation 29 a (new)
Citation 29 a (new)
– having regard to Mario Draghi’s report of 9 September 2024 entitled ‘The future of European Competitiveness’ (‘Draghi Report’),
Amendment 29 #
2024/2112(INI)
Motion for a resolution
Citation 31 a (new)
Citation 31 a (new)
– having regard to the Opinion of the Employment Committee and the Social Protection Committee on the Future policy priorities for the Union on the European Pillar of Social Rights, as endorsed by the EPSCO Council at its session on 11 March 2024,
Amendment 30 #
2024/2112(INI)
Motion for a resolution
Citation 31 b (new)
Citation 31 b (new)
– having regard to the note from the General Secretariat of the Council of 4 March 2024 entitled ‘Social reforms and investments for resilient economies – Investing in people to boost productivity and growth prospects’ for the EPSCO- ECOFIN Council of 12 March 2024,
Amendment 34 #
2024/2112(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Believes that the European Semester must strengthen its social dimension by embedding social conditionality as a core mechanism, based on the European Pillar of Social Rights, and by ensuring meaningful involvement of stakeholders, in particular social partners;
Amendment 35 #
2024/2112(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Underlines that the European Semester process should contribute to the full implementation of the European Pillar of Social Rights, the Social Convergence Framework, the EU’s climate and biodiversity objectives, the EU Gender Equality Strategy as well as the UN Sustainable Development Goals;
Amendment 37 #
2024/2112(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the European Semester plays an essential role in coordinating economic and, budgetary, employment and social policies in the Member States, and thus preserves the macroeconomic stability of the Economic and Monetary Union;
Amendment 41 #
2024/2112(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. RegretNotes the fact that eight Member States have excessive deficits and welcomes remedial action;
Amendment 42 #
2024/2112(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the 2024 European Semester marks the first implementation cycle of the new economic governance framework, which came into force on 30 April 2024, guiding the EU and its Member States through a transitional phase;
Amendment 44 #
2024/2112(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Affirms that a renewed focus on medium-term net expenditure will require comprehensive investments and reforms of national budgetary planning procedures across the Member States;
Amendment 44 #
2024/2112(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas the main objectives of the new economic governance framework are to strengthen Member States' debt sustainability and promote sustainable and inclusive growth in all Member States through growth-enhancing reforms and investments in the common priorities of the Union, that include securing the green and digital transitions, strengthening economic and social resilience, including the European Pillar of Social Rights, productivity and competitiveness, as well as bolstering Europe's security capacity;
Amendment 47 #
2024/2112(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
A c. whereas the Council Recommendation on the economic policy of the Euro area underlines the need to take further steps in deepening the economic and monetary union while considering lessons learnt from the design and implementation of the Union’s comprehensive economic policy response to the COVID-19 crisis;
Amendment 48 #
2024/2112(INI)
Motion for a resolution
Recital A d (new)
Recital A d (new)
A d. whereas EU funding has proven to be a vital instrument for ensuring macroeconomic stabilization at the EU level in the face of multiple crises since 2019, enhancing internal and external resilience, and supporting Member States in financing essential investments within the Union;
Amendment 49 #
2024/2112(INI)
Motion for a resolution
Recital A e (new)
Recital A e (new)
A e. whereas the euro area will undergo a restrictive fiscal stance of around 0.5% of GDP in 2025 due to the implementation of the new fiscal rules, followed by a fiscal contraction until 2031 of 0.2% to 0.3% of GDP per year, resulting in a cumulative impact on output of 1.5% to 1.9% of GDP;
Amendment 50 #
2024/2112(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Laments the fact that only seven Member States have sought an opinion from their relevant independent fiscal institution; regrets that nine Member States did not meet their obligation to conduct political consultations with regional authorities and relevant stakeholders, including social partners, civil society organisations and the business sector, prior to submitting their national plans; further laments the fact that several Member States have not involved their national parliaments in the approval process for the plans and have not reported whether the required consultations with national parliaments took place;
Amendment 51 #
2024/2112(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Observes that five Member States have requested an extension of the adjustment period; notes that the reforms and investments used to justify this extension rely heavily on reforms already approved under the Recovery and Resilience Facility; believes that some of these investments and reforms do not sufficiently meet the requirement to demonstrate their contributione to potential GDP growth;
Amendment 53 #
2024/2112(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Agrees with the Eurogroup that, given the macroeconomic outlook for 2025, gradual and sustained fiscal consolidation, as well as increased private and public investments in the euro area continues to be necessary; highlights the need to reduce the high levels of deficit and debt in a way that minimises the impact on growth;
Amendment 54 #
2024/2112(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that the implementation of the revised governance framework is expected to lead to a contractionary fiscal stance for the euro area as a whole in 2024 and 2025, which is appropriate in light of the macroeconomic outlook and the need to continue to enhance fiscal sustainability and support the ongoing disinflationary process; highlights that any contraction should not come at the expense of investment, which should be increased across the Union;
Amendment 56 #
2024/2112(INI)
Motion for a resolution
Recital C
Recital C
Amendment 57 #
2024/2112(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that the rigorous application of the fiscal rules themselves is not a sufficient condition for achieving an optimal fiscal stance at all times; calls on the Commission and the Council to propose a mechanismexplore ideas, including the possibility of a central fiscal capacity for the Union, that helps ensure that the cyclical position for the EU as a whole is at all times appropriate to the macroeconomic outlookready to adopt countercyclical measures appropriate to the macroeconomic outlook and to be able to quickly react to unforeseen events and their social and economic effects, as well as finance EU strategic priorities;
Amendment 58 #
2024/2112(INI)
Motion for a resolution
Recital D
Recital D
D. whereas excessive deficit procedures were opened, or kept open, for eight Member States in 2024; whereas some Member States were not subject to an excessive deficit procedure, despite having a deficit above 3 % of GDP in 2023 as decided by the Council and the Commission after a balanced assessment of all the relevant factors, inter alia the increase of government investment in defence to address the rising geopolitical tensions and security challenges and the corresponding need for Member States to build-up their capabilities;
Amendment 60 #
2024/2112(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Shares the view that the 2025 country-specific recommendations must also serve to promote sound and inclusive economic growth, enhance competitiveness and macroeconomic stability, promote the green and digital transitions and ensure social and inter- generational fairness;
Amendment 60 #
2024/2112(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
D b. whereas housing prices have risen by an average of 48% in the European Union between 2015 and 2023; that rental prices have risen by an average of 18% between 2010 and 2022 and that, on average, European citizens will have spent 19.7% of their disposable income on housing in 2023; whereas rental prices have risen by an average of 18% between 2010 and 2022 and that, on average, European citizens will have spent 19.7% of their disposable income on housing in 2023; whereas despite a recent moderation, house price growth remains high in 2023, after strong growth over 2020-22 and that house prices are estimated to remain overvalued in three quarters of EU countries, with over half displaying signs of overvaluations of over 10%;
Amendment 61 #
2024/2112(INI)
Motion for a resolution
Recital E
Recital E
Amendment 63 #
2024/2112(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas Member States should put in place the necessary control and audit mechanisms to ensure respect for the rule of law and to protect the financial interests of the Union, in particular to prevent fraud, corruption and conflicts of interest and to ensure transparency; whereas it is important that Member States implement the relevant Country- Specific Recommendations to create favourable conditions in this regard;
Amendment 66 #
2024/2112(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 68 #
2024/2112(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Emphasises the role of the European Parliament in the EU’s economic governance framework and advocates for an increased engagement of the European Parliament in the European Semester, while fully respecting the competences established by the Treaties;
Amendment 69 #
2024/2112(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20 b. Emphasises that many country- specific recommendations are consistent with those proposed in the Draghi and Letta reports, in that they call for significantly increased investment to remain competitive;
Amendment 73 #
2024/2112(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the gap between the EU and the US in terms of the level of GDP in 2015 prices has gradually widened, from slightly more than 15% in 2002 to 30% in 2023 as underscored by the Draghi report;
Amendment 76 #
2024/2112(INI)
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas to achieve our European objectives and strategic priorities, the European Union will need additional annual investments in the high triple-digit billions in the upcoming years, as underscored by the recent Draghi report;
Amendment 77 #
2024/2112(INI)
Motion for a resolution
Recital E d (new)
Recital E d (new)
E d. whereas the self-imposed goal by the new Commission is to be an “investment Commission” and unlock the financing needed for the green, digital and social transition;
Amendment 78 #
2024/2112(INI)
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
-1. Recalls that the European Semester is the framework established to coordinate fiscal, economic, employment and social policies across the Union, in line with the Treaties, including the European Pillar of Social Rights, thus safeguarding its macroeconomic stability and social cohesion;
Amendment 79 #
2024/2112(INI)
Motion for a resolution
Paragraph -1 a (new)
Paragraph -1 a (new)
-1 a. Welcomes the new Commission's commitment to focus the coordination under the European Semester on the Union’s objectives of sustainable and inclusive growth and employment, keeping competitiveness, prosperity, sustainability and social fairness at its very core; moreover, welcomes its strong dedication to the European Green Deal, the further implementation of the European Pillar of Social Rights and the Social Convergence Framework, and the continued integration of the United Nations Sustainable Development Goals into the European Semester;
Amendment 82 #
2024/2112(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in the last few years, the EU has demonstrated a high degree of resilience in the face of major shocks, among other factors, thanks to a coordinated policy response; further recalls that promoting sustainable growth in a sustained manner means promoting responsible fiscal policies, structural reforms and investments that increase productivity, including new Union instruments such as the Recovery and Resilience Facility (RRF) and the European Instrument for Temporary Support to Mitigate Unemployment Risks in an Emergency (SURE);
Amendment 83 #
2024/2112(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in the last few years, the EU has demonstrated a high degree of resilience, and unity in the face of major shocks, among other factors, thanks to a coordinated policy response, involving all the EU institutions; further recalls that promoting sustainable and inclusive growth in a sustained manner means promoting responsible fiscal policies, structural reforms and investments that increase productivitya sustainable balance between responsible fiscal policies and ambitious investments;
Amendment 95 #
2024/2112(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that relaunching growth and overcoming competitive and, geopolitical challenges will require the transfer of expenditure to the EU level in certain policy areas related to European public goods to increase the efficiency of overall public expenditure; welcomes the Union’s commitment to increasing its spending efficiency and investments in overall defence capabilities to match its needs in the context of rising threats and security challeng, economic, digital, climate and democratic challenges , the EU and the Member States must step up their efforts, in particular budgetary efforts, to accelerate innovation, education, training, decarbonisation and strengthen European competitiveness, particularly in the industrial field, strengthen security notably through investments in overall defence capabilities and reduce all its dependencies;
Amendment 104 #
2024/2112(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recalls that the revised EU economic governance framework does not support a “defence only” approach in terms of investments and explicitly states that the set of reforms and investments set out in medium-term fiscal-structural plans should be aligned with the common priorities of the Union, namely the fair green and digital transition; social and economic resilience, including the European Pillar of Social Rights; energy security; and, where necessary, the build- up of defence capabilities;
Amendment 105 #
2024/2112(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recommends, in view of the European issues at stake, the transfer of expenditure to EU level in certain areas of action linked to European public goods; calls on the Commission and the Member States to ensure that there is a significant increase in public and private investment in order to finance the green, digital and social transitions as proclaimed in the Commission’s political guidelines for 2024-2029;
Amendment 109 #
2024/2112(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the fact that an innovative, decarbonised, consistent and comprehensive industrial policy is vital to increase investments in the EU’s innovation capacity, while preserving competitiveness and the integrity of the single marketthe Union's competitiveness achieving climate neutrality by 2050, while preserving the integrity of the single market and social inclusion and ensuring the EU’s energy and defensive sovereignty;
Amendment 112 #
2024/2112(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the fact that a consistent and, comprehensive industrialand integrated industrial, digital and climate policy is vital to increase investments in the EU’s innovation capacity, while preserving competitiveness, social cohesion and the integrity of the single market;
Amendment 128 #
2024/2112(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, according to the Commission’s autumn 2024 economic forecast, EU GDP is expected to grow by 0.9 % (0.8 % in the euro area) in 2024 and by 1.5 % (1.3 % in the euro area) in 2025; notes that the economic outlook for the EU remains highly uncertain, with risks largely tilted to the upside;
Amendment 134 #
2024/2112(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Notes that according to the Commission’s 2024 autumn economic forecast, job creation growth is expected to stabilise at more moderate rates in 2025 and 2026 (0.6% and 0.5% respectively); notes that the EU unemployment rate is expected to remain low and slightly decrease from 6.1 % in 2023 to 5.9 % in 2026; stresses that nominal wage growth is expected to increase from 4.9% in 2024 (4.3% in the euro area) to 3.5% in 2025 (3% in the euro area);
Amendment 137 #
2024/2112(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Regrets that in 2023, 94.6 million people (21.4 % of the population) were at risk of poverty or social exclusion in the EU; stresses that further efforts are needed to promote adequate wages and quality jobs as the risk of poverty remains only marginally lower than in 2019 and financial distress of workers remains high after increasing during the energy crisis, for both the lowest and the lower middle- income households;
Amendment 139 #
2024/2112(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. StressNotes that high debt levels undermine economic stability and the capacity to respond to crises; is concernednotices that the public debt ratio is projected to increase (to 83.0 % in the EU and 89.6 % in the euro area) in 2025, up from the levels in 2024 (82.4 % for the EU and 89.1 % for the euro area);
Amendment 149 #
2024/2112(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets the factNotices that eight Member States have excessive deficits and welcomesthat remedial action has been taken;
Amendment 155 #
2024/2112(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Notes that the European Commission has not been able to present the Annual Sustainable Growth Survey, the Alert Mechanism Report, the draft euro area recommendation and the draft Joint Employment Report at the same time; therefore, questions whether these elements are taken into account in the Commission's recommendations on medium-term fiscal and structural plans;
Amendment 171 #
2024/2112(INI)
Motion for a resolution
Subheading 2
Subheading 2
Revised EU economic governance framework and its effective enforcementsustainable implementation
Amendment 172 #
2024/2112(INI)
Motion for a resolution
Subheading 2
Subheading 2
Revised EU economic governance framework and its effective enforcement
Amendment 175 #
2024/2112(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the reform aimsis intended to make the framework simpler, more transparent and effective, with greater national ownership and better enforcement; recalls, fur while differentiating among Member States based on their individual fiscal situations, in view of country-specific fiscal sustainability considerations; stresses thermefore, that it aims to s implementation mustr engthensure fiscal sustainability through gradual and tailor-made adjustments complemented by reforms and investments and to promote sustainable and inclusive growth, socio-economic convergence and countercyclical fiscal policies;
Amendment 178 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Acknowledges that the new fiscal rules provide greater flexibility and incentives linked to investments and reforms, with public investment anticipated to rise in 2025 across most Member States; stresses that this approach draws on lessons from the financial crisis to safeguard and strengthen investment amid multiple crises while promoting counter-cyclical policies; emphasizes, however, that the financial resources and contributions from national budgets differ among Member States; highlights the crucial role of EU funds and the RRF in enabling these investments, whereas the latter will terminate in the end of 2026;
Amendment 181 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Recognizes that the new framework represents a step forward in ending the "one size fits all" approach and by replacing a complex set of rules with a single country-specific operational indicator: the net expenditure path;
Amendment 184 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Stresses the need for vigilance to ensure that the implementation of economic governance rules does not hamper Member States' ability to contribute to this investment effort; stresses in this regard that maintaining a high level of public investment is necessary in order to achieve the main objectives of the reform of the economic governance framework and addressing the current and future priorities of the Union; underlines, therefore, that this framework could be strengthened by a common investment instrument at Union level based on the lessons learned from the implementation of instruments such as the European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) or Next Generation EU (NGEU);
Amendment 185 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Welcomes the fact that the net expenditure indicator excludes all national co-financing in current and future Union-funded programmes, providing increased fiscal space for Member States to invest in EU common priorities and openning a broader range of policy options for the upcoming Multiannual Financial Framework (MFF) post-2027, as well as for the design of new EU instruments to address the Union's investment needs;
Amendment 186 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Welcomes the introduction, for the first time, of a social dimension in the economic governance rules, establishing the European Pillar of Social Rights as one of the four EU common priorities within the framework and the European Semester, making social investments a priority on equal footing with digital, green, and defence objectives. Further welcomes the introduction of the “Social Convergence Framework” in the economic governance architecture, which complements and counterbalances the predominantly economic and budgetary indicators under scrutiny in the European Semester; welcomes the recognition that the European Semester also encompasses social policies;
Amendment 189 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 d (new)
Paragraph 8 d (new)
8 d. Calls on the Commission to establish, as soon as possible, the working group on debt sustainability analysis (DSA) to develop a replicable, predictable, and transparent methodology that can be applied in the assessment of the current and future batches of medium-term fiscal- structural plans;
Amendment 190 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 e (new)
Paragraph 8 e (new)
8 e. Calls on the Commission and Member States to fully explore the flexibility offered by the new framework to support and enhance investment and innovation required to address the economic, social, and geopolitical challenges facing the EU.; notes that the new frmaework provides the follogin options to increase fiscal space and support investments and reforms across the EU: the exclusion of national co- financing from the net expenditure indicator, the more favourable and flexible criteria for extending plans and enabling smoother fiscal adjustments, the commitment to reforms and investments aligned with EU common priorities as a relevant factor in accepting deviations in the control account or preventing excessive deficit procedures, and the option for Member States to propose a more favourable reference trajectory if they commit to certain reforms and investments are some of the new possibilities provided by the framework;
Amendment 192 #
2024/2112(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Deplores the low level of enforcement of the fiscal rules framework in the past; sStresses that it is essential for the new framework to ensure the equal treatment of the Member States; affirms that a successful and credible framework relies heavily on its rigorous implementaon its implementation and on ensuring an appropriate level of public investment at both the national and EU levels to achieve the framework’s main objectives and address the Union's current and future priorities; to this end, a more permanent Union investment instrument should be established after the conclusion of the Recovery and Resilience Facility in 2026; calls on the Commission to initiate discussions on addressing the significant investment gap in the EU, as identified by the 'Draghi Report', and to present concrete proposals for financing solutions;
Amendment 194 #
2024/2112(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Deplores the low level of enforcement of the fiscal rules framework in the past; sStresses that it is essential for the new framework to ensure the equal treatment of the Member States; affirms that a successful and credible framework relies heavily on its rigorous implemenimplementation while taking into account the Member States startiong points and individual challenges;
Amendment 203 #
2024/2112(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Affirms that a renewed focus on medium-term net expenditure willmay require comprehensive reforms of national budgetary planning procedures across the Member States;
Amendment 209 #
2024/2112(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Calls, furthermore, on the Commission to take into account the concept of social investment in its analyses of the EU economic outlook; recalls indeed that social investment policies can have significant positive effects on economic growth, productivity and competitiveness, thus also supporting fiscal sustainability while fostering upward social convergence;
Amendment 212 #
2024/2112(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10 b. Emphasises the role of the European Parliament in the EU’s economic governance framework and advocates for an increased engagement of the European Parliament in the European Semester; stresses the need for all Member States to be treated equally; underlines that an increase in discretionary power for the Commission in the development process of the medium-term fiscal-structural plans must be accompanied by increased accountability and an increase in the flow of information towards the European Parliament; recognises that the Economic Dialogue as part of the European Semester lays a useful foundation of accountability;
Amendment 215 #
2024/2112(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Regrets thatNotes that for the first batch of national medium-term fiscal-structural plans, not all Member States were able to submit their national medium- term fiscal- structural and draft budgetary plans on time; underlines that this const, due to general elections and the formation of new governments; notes that the first batch of plans was submitutes a major setback for the effective implementation of the new rud under a stricter timeline than the usual European Semester timeline, with 22 national plans submitted with only less and their credibility; reaffirms the importance of the timely submission of draft budgetary plans to translate commitments outlined in fiscal plans into concrete policiesthan a month's delay; recalls that Member States and the Commission can agree to extend the submission deadline of a plan by a reasonable period;
Amendment 216 #
2024/2112(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. RegretNotes that not all Member States were able to submit their national medium- term fiscal-structural and draft budgetary plans on time; underlines that this constitutes a major setback for the effective implementation of the new rules and their credibility due to general elections and the formation of new governments ; reaffirms the importance of the timely submission of draft budgetary plans to translate commitments outlined in fiscal plans into concrete policies;
Amendment 220 #
2024/2112(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Recalls that the reforms and investments outlined in the national medium-term fiscal-structural plans should align with the Union's common priorities, which include: achieving a fair green and digital transition, ensuring consistency with the climate objectives set out in Regulation (EU) 2021/1119; fostering social and economic resilience, including the European Pillar of Social Rights; enhancing energy security; and, where necessary, strengthening defence capabilities; emphasizes that, under the new framework, the Commission should pay particular attention to these priorities in its assessment of the national medium- term fiscal-structural plans;
Amendment 226 #
2024/2112(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that 18 Member States have proposed deviations from the expenditure path determined by the Commissionreference trajectory put forward by the Commission to frame the dialogue with Member States, resulting, in some cases, in higher average expenditure growth; laments the fact that these deviatpath1a that were assessed by the Commissions are justified on the basis of significant discrepand considered duly justified; welcomes the flexibility of the new framework that allows Member States to deviate from the medium-term government debt projection framework if these differencies between Member States’ economic assumptions and those of the Commission; calls on the Commission to ensure that economic arguments underpinning the new paths proposed by Member States are sound and data-driven; regrets that Member States are delaying their fiscal adjustments to the end of the period, coinciding with slower GDP growth; calls on the Commission to prevent procyclical policies;are explained and duly justified in a transparent manner and based on sound economic arguments in the technical dialogue and in their national medium-term fiscal-structural plans; calls on the Commission to ensure that economic arguments underpinning the new paths proposed by Member States fulfill this criteria; calls on the Commission to prevent procyclical policies; _________________ 1a Adequate wording Art. 2(3) of REGULATION (EU) 2024/1263 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97
Amendment 235 #
2024/2112(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. LamentNotes the fact that only seven Member States have soughtreceived an opinion from their relevant independent fiscal institution; regrets that nine Member States did not meet their obligation to conduct political consultations with civil society, social partners, regional authorities and other relevant stakeholders prior to submitting their national plans; further lamenregrets the fact that several Member States have not involved their national parliaments in the approval process for the plans and have not reported whether the required consultations with national parliaments took place;
Amendment 238 #
2024/2112(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Observes that five Member States have requested an extension of the adjustment period; notes that the reforms and investments used to justify this extension rely heavily on reforms already approved under the Recovery and Resilience Facility; believes that some of, based on a set of investment and reform commitments that contribute to sustainable and inclusive growth, enhance resilience, support fiscal sustainability, and address the key challenges identified in the European Semester, particularly in the Country- Specific Recommendations and the Union's common priorities, and have been assessed as meeting the conditions outlined in the Regulation for such an extension; notes that these reforms do not sufficiently meet the requirement to demonstrate their contribution to potential GDP growthand investments used to justify this extension are underpinned and complemented by reforms approved under the Recovery and Resilience Facility;
Amendment 239 #
2024/2112(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Observes that five Member States have requested an extension of the adjustment period; notes that some of the reforms and investments used to justify this extension rely heavily on reforms already approved under the Recovery and Resilience Facility; believes that some of these reforms do not sufficiently meet the requirement to demonstrate their contribution to potential GDP growth, as permitted by the new fiscal rules;
Amendment 246 #
2024/2112(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Regrets that these corrective measures do not systematically take into account the Commission’s recommendations for the euro area, leading some Member States to cut spending in key areas for boosting competitiveness, such as training and education;
Amendment 247 #
2024/2112(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14 b. Invites Member States to take account of social investment in their medium-term structural-fiscal plans and budgetary plans;
Amendment 248 #
Amendment 252 #
2024/2112(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Agrees with the Eurogroup that, given the macroeconomic outlook for 2025, gradual and sustained fiscal consolidation in the euro area continues to be necessary; highlights the need to reduce the high levels of deficit and debt in a way that minimises the impact on growthHighlights the need to reduce the high levels of deficit and debt while maintaining an adequate level of investment to foster inclusive growth and prosperity;
Amendment 258 #
2024/2112(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Recalls the Council's recommendation on the economic policy of the euro area of 17 December 2024 to take action in fighting poverty by safeguarding and strengthening sustainable social protection and inclusion systems, including access to affordable and sustainable housing; welcomes in this regard the Commission’s proposal for pan-European investment platform for affordable and sustainable housing to attract more private and public investment; as well as the Commission’s plan to revise the Union’s State aid rules to enable housing support measures, especially for affordable energy-efficient and social housing; calls on the Commission to take decisive and immediate action to effectively address the housing crisis in Europe, also in Country- Specific Recommendations;
Amendment 259 #
2024/2112(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 266 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Highlights in this regard that the Recovery and Resilience Facility (RRF) plays a pivotal role in boosting investment across the EU, as outlined in the 2024 Autumn Package, and mitigates contractionary effects by maintaining high levels of public and private investment while the Member States fiscal consolidation measures tighten public budgets; underlines that the RRF will expire by the end of 2026 and threaten a substantial decrease in public investment in our common European priorities; urges the self-proclaimed 'Investment Commission' to provide an answer how to tackle the huge demand for public investment even after the end of the RRF in 2026 and without cutting budgetary resources in other important areas;
Amendment 269 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16 b. Stresses that despite the EU's ambitious goals, the funding gap remains the critical weakness in its drive to prepare the Single Market for the future; acknowledges that despite a huge amount of investments has to come from the private sector, significant public funding is essential not only to stimulate private investment but also to strengthen Europe’s industrial base and competitiveness on a global scale;
Amendment 270 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16 c. Highlights that the President of the Commission identifies the impact of climate change, resulting in extreme weather events such as floods, fires and droughts, as one of the greatest risks to our security throughout the year and across our Union and concludes that the EU must step up work on climate resilience and preparedness;
Amendment 271 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 d (new)
Paragraph 16 d (new)
16 d. Stresses that higher energy prices than international peers erode the cost competitiveness of several industries; calls for the development and implementation of a comprehensive Union-wide strategy to complement and bring together national strategies for effective electrification and the green transition, including via a sharp increase in the production of renewable energy and further cuts in the use of imported fossil fuels;
Amendment 272 #
2024/2112(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that the rigorous application of the fiscal rules themselves is not a sufficient condition for achieving an optimal fiscal stancealls on the Commission and the Council to propose and explore ideas such ats all times; calls on the Commission and the Council to propose a mechanism common EU investment instrument that helps ensure that the cyclical position for the EU as a whole is, when appropriate , at all times appropriate to the macroeconomic outlook;
Amendment 276 #
2024/2112(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that the rigorous application of the fiscal rules themselves is not a sufficient condition for achieving an optimal fiscal stance at all times; calls on the Commission and the Council to propose a mechanism that helps ensure that the cyclical position for the EU as a whole is at all times appropriate to the macroeconomic outlook;
Amendment 293 #
2024/2112(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. LamentNotes the fact that the rate of ‘fully implemented’ country-specific recommendations (CSRs) has dropped from 18.1 % (in the period 2011-2018) to 13.9 % (in the period 2019-2023); expects the implementation rate of the Country- Specific Recommendations (CSRs) to increase as the revised EU economic governance framework comes into full effect in the upcoming years;
Amendment 296 #
2024/2112(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Laments the factNotes that the rate of ‘fully implemented’ country-specific recommendations (CSRs) has dropped from 18.1 % (in the period 2011-2018) to 13.9 % (in the period 2019-2023);
Amendment 305 #
2024/2112(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. RecallNotes the Member States’ obligation to address the relevant CSRsdescribe the action to address the relevant in both their economic and social dimensions as expressed under the European Semester in their national fiscal plans;.
Amendment 307 #
2024/2112(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Recalls the Member States’ obligation to address the relevant CSRs in both their economic and social dimensions as expressed under the European Semester in their national fiscal plans;
Amendment 315 #
2024/2112(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 328 #
2024/2112(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Stresses that public revenues, as well as public expenditure, are essential to ensure the sustainability of public finances; considers it therefore necessary to subject the level of taxes and duties in Member States to greater European coordination to avoid tax competition; emphasizes in this regard the task assigned to the Commissioner for the Economy and Productivity to ensure that tax system play a crucial role in supporting Europe’s decarbonisation and competitiveness and ensures social fairness;
Amendment 330 #
2024/2112(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20 b. Welcomes the Commission’s proposal to step up efforts to improve preparedness for adverse developments, including climate change and nature related risks, especially in regions most exposed; urges those challenges to be considered in the next Country-Specific Recommendations;
Amendment 1 #
2024/2055(INI)
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
– having regard to its resolution of 25 March 2021 on strengthening the international role of the euro,
Amendment 2 #
2024/2055(INI)
Motion for a resolution
Citation 8 b (new)
Citation 8 b (new)
– having regard to the ECB recommendation of 15 December 2020 on dividend distributions during the COVID- 19 pandemic,
Amendment 3 #
2024/2055(INI)
Motion for a resolution
Citation 19 a (new)
Citation 19 a (new)
– having regard to the standards of the Basel Committee on Banking Supervision on the prudential treatment of cryptoasset exposures, of 16 December 2022,
Amendment 6 #
2024/2055(INI)
Motion for a resolution
Citation 24 a (new)
Citation 24 a (new)
– having regard to the ECB Occasional Paper Series 'The Road to Paris: stress testing the transition towards a net-zero economy',
Amendment 7 #
2024/2055(INI)
Motion for a resolution
Citation 29 a (new)
Citation 29 a (new)
– having regard to the Eurogroup statement of 16 June 2022 on the future of the Banking Union,
Amendment 9 #
2024/2055(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Banking Union (BU) encompasses the Single Supervisory Mechanism, the Single Resolution Mechanism and high minimum standards in the area of deposit insurancethe European Deposit and Insurance Scheme (EDIS); whereas, despite its Committee on Economic and Monetary Affairs adopted a report on the Commission’s proposal to establish a European deposit insurance scheme in April 2024, the Banking Union remains incomplete; whereas the creation of an EDIS is not only a requirement for the completion of the BU but also crucial for the mitigation of the risk exposure of the financial sector;
Amendment 15 #
2024/2055(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the EU should ensure timely, full and faithful implementation of Basel III standards;
Amendment 17 #
2024/2055(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a completed BU would improve the competfully developed BU would be a positive development for citivzeness and stability of the banking sector and consumer choice, and facilitate access to financingthe EU economy, providing the basis for a more stable banking system, reduction of systemic risk, enhanced competition, improved consumer choice and protection, increased opportunities for cross-border banking and access to retail financial services, greater economic investment, better access to funding for households and businesses, and lower costs for banks’ customers, while ensuring that public funds are not used to bail out the banking sector; whereas the 'too big to fail' risk has not yet been fully addressed;
Amendment 28 #
2024/2055(INI)
Motion for a resolution
Recital D
Recital D
D. whereas a strong banking sector is key to delivering economic growth, increasing the possibility of homeownership, fostering investment and job creation, financing small and medium- sized enterprises (SMEs) and start-ups and ensuring the transition to a green and digital economy;
Amendment 36 #
2024/2055(INI)
Motion for a resolution
Recital E
Recital E
E. whereas in April 2024, it adopted its position on the review of the crisis management and deposit insurance framework; whereas the CMDI should not be considered as a replacement for an EDIS;
Amendment 37 #
2024/2055(INI)
Motion for a resolution
Recital F
Recital F
Amendment 39 #
2024/2055(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas consumers of banking services should be better protected by granting them access to transparent fee structures, fair lending practices, and enhanced customer data protection;
Amendment 41 #
2024/2055(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
F b. whereas the completion of the Capital Markets Union (CMU) requires the establishment of common rules and effective tools to reduce internal market fragmentation and facilitate access to alternative financing;
Amendment 42 #
2024/2055(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
F c. whereas financial institutions rely increasingly on the use of information and communications technology (ICT); whereas the EU banking sector must increase its cyber resilience to ensure that ICT systems can withstand various types of cyber security threats;
Amendment 43 #
2024/2055(INI)
Motion for a resolution
Recital F d (new)
Recital F d (new)
F d. whereas the digitalisation of finance provides important opportunities for the banking sector and has brought about important technological advances in the EU banking sector through increased efficiency in the provision of banking services and a greater appetite for innovation; whereas it also poses challenges, including with regard to data protection, reputational risks, anti-money laundering (AML), and consumer protection concerns;
Amendment 44 #
2024/2055(INI)
Motion for a resolution
Recital F e (new)
Recital F e (new)
F e. whereas interest rate hikes have had a negative impact on the borrowing capacity of households and the capacity of borrowers to repay debt and make EU banks vulnerable to potential losses in the future; whereas risks stemming from interest rate hikes have been so far properly addressed;
Amendment 45 #
2024/2055(INI)
Motion for a resolution
Recital F f (new)
Recital F f (new)
F f. whereas EU banks have withstood the impact of Russian aggression; whereas they play a pivotal role in ensuring the ongoing implementation of and compliance with the sanctions imposed by the EU against Russia in response to the invasion; whereas further coordination is needed to avoid circumvention of sanctions;
Amendment 46 #
2024/2055(INI)
Motion for a resolution
Recital F g (new)
Recital F g (new)
F g. whereas climate change, environmental degradation and the transition to a low-carbon economy are factors to be taken into account when assessing the sustainability of banks’ balance sheets, as a source of risk potentially impacting investments across regions and sectors;
Amendment 47 #
2024/2055(INI)
Motion for a resolution
Recital F h (new)
Recital F h (new)
F h. whereas the EU and the UK have signed a Memorandum of Understanding on Financial Services Regulatory Cooperation, and this cooperative approach should underpin long-term EU- UK relations particularly in the area of banking; whereas the Commission has again extended its temporary permit allowing EU banks and fund managers to use UK clearing houses;
Amendment 49 #
2024/2055(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Asks the Commission to ensure that the completion of BUthe BU and the Capital Markets Union remains a key priorityies; highlights that bothis projects offers households and SMEs access to broader funding, increases financial stability, reduces the impact of economic downturns, funds the transition to a green and digital economy and unlocks the EU’s growth potential;
Amendment 57 #
2024/2055(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Calls on the Commission to create a database at EU level to foster access to information and coordination among sanctions enforcement authorities in Members States and help close gaps in targeted sanctions implementation; highlights AMLA’s role in supporting sanctions implementation and in detecting risks of sanctions evasion;
Amendment 70 #
2024/2055(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 86 #
2024/2055(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Acknowledges that EU banks still operating in Russia have downsized their activity; calls on supervisory institutions to further assisensure that those banks in pushing ahead with exiting the Russian market;
Amendment 89 #
2024/2055(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 101 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Encourages the use of profits to build buffers, thus safeguarding the stability of the financial system; notes that the temporary suspension of dividend distribution and share buyback was effective in safeguarding banks’ resilience during the COVID-19 crisis; calls for the introduction of a binding limitation of dividend distribution and buyback in times of crisis;
Amendment 106 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Restates the importance of a European safe asset in the euro area as a way to help stabilise financial markets and allow banks to reduce the exposure of their balance sheets to national sovereign debt; considers that NextGeneration EU provides high-quality, low-risk European assets, allowing for a rebalancing of sovereign bonds on banks’ balance sheets; highlights the importance of preserving the availability of safe assets in a permanent manner;
Amendment 109 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Recalls that the IMF's World Financial Stability Report published in October 2024 identifies the non-bank financial sector as a potential source of risk, citing its interconnections, the possible mismatch of liquidity, and the lack of transparency;
Amendment 110 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5 d. Highlights the role of the banking sector in supporting the transition to a digitalised and carbon neutral economy, in channelling funds to renewable energy sources and in supporting the achievement of the objectives of the EU Green Deal and the EU Climate Law; takes note of EU banks continuing to reduce their exposure to energy intensive and fossil fuel corporates; notes that fossil fuels are the main contributor to accelerating climate change, and that many fossil fuel assets will need to be abandoned before the end of their economic life, losing all of their value and becoming stranded assets;
Amendment 111 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 e (new)
Paragraph 5 e (new)
5 e. Regrets the failure of financial institutions to ensure gender-balance, especially in their management bodies; stresses that gender balance on boards and in the workforce brings both societal and economic returns; calls on financial institutions to regularly update their diversity and inclusion policies and to help foster healthy working cultures which prioritise inclusivity; calls on supervisory authorities to make use of their supervisory powers to address the lack of diversity and gender-balance in the management bodies of financial institutions;
Amendment 114 #
2024/2055(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the adoption by co- legislators of the new banking package implementing Basel III standards in the EU; stresses that the Commission should evaluate thoroughly whether a delay in implementation is necessary to maintain the competitiveness of EU banks; welcomes, in this regard, the delegated act postponing the date of application of the new market risk framework by one year to 1 January 2026;
Amendment 140 #
2024/2055(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 172 #
2024/2055(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Notes that the ECB takes into account climate- and nature-related financial risks in its supervisory practices and monitors growing physical and transition risks closely; welcomes, among other things, the ECB’s second economy- wide climate stress test in September 2023; takes note of the conclusions of the ECB’s Occasional Paper Series No. 328 on ‘The Road to Paris: stress testing the transition towards a net-zero economy’ as it claims that the best way to achieve a net-zero economy for firms, households and banks in the euro area is to accelerate the green transition to a rate that is faster than under current policies;
Amendment 176 #
2024/2055(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Acknowledges the progresses made over the last 10 years through the establishment of the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM); calls for the total completion of the Banking Union, particularly through the setting up of a fully-fledged European Deposit Insurance Scheme (EDIS);
Amendment 182 #
2024/2055(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the objective of the proposal on crisis management and deposit insurance of ensuring a more consistent approach across all Member States to the application of resolution tools and deposit protection to enhance financial stability, taxpayer protection and depositor confidence; notes that small banks do not pose any risks to financial , as well as for the mitigation of any measures which could create excessive moral hazard; highlights that financial stability is best ensured when small and medium-size banks having a positive public interest assessment are given access to EU-level resolution; recalls that the proposed CMDI framework must not be preclude the estabilityshment of an EDIS;
Amendment 189 #
2024/2055(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Highlights the importance of preserving shareholders’ and creditors’ primary responsibility for bearing losses in the event of a bank’s failure, which is still a key lesson learned from the global financial crisis; stresses that the bail-in of shareholders and creditors must remain the main source for resolution financing before any recourse is made to industry-funded sources;
Amendment 195 #
2024/2055(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls that a sufficient minimum requirement for own funds and eligible liabilities is crucial for a credible resolution framework and for ensuring that resolution authorities have sufficient flexibility to effectively apply the resolution strategies needed in a specific crisis situation; warns that reductions in this minimum requirement, resulting from specific resolution strategies in the resolution planning phase, could hamper the resolvability of banks;
Amendment 209 #
2024/2055(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Recalls that banks need to continue to meet their obligations and perform their key functions after the implementation of a resolution decision; is concerned that banks might face liquidity stress in resolution immediately after regaining market access; calls for the EU institutions to agree on a solution that provides confidence and enhances predictability;
Amendment 228 #
2024/2055(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Underlines the fact that the Commission’s proposal to establish a European deposit insurance scheme was published back in 2015, and that the landscape has changed significantly since the; supports the position reached in the ECON Committee in April 2024 regarding EDIS; highlights the need for a fully fledged EDIS with risk-based contributions that enables loss absorption;
Amendment 239 #
2024/2055(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 248 #
2024/2055(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 255 #
2024/2055(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 258 #
2024/2055(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 17 #
2024/2054(INI)
Motion for a resolution
Recital F
Recital F
Amendment 62 #
2024/2054(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets that inflation levels remain above the ECB’s target of 2 % in some Member States; emphasisCommends the ECB for bringing inflation in line with its target; emphasises the downsides of high interest rates, particularly its restrictive effects on disposable income; notes that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices that ensures an efficient allocation of resources;
Amendment 82 #
2024/2054(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Warns the ECB against the temptation to lower interest rates too quickslowly, given the risk that inflation levels could start increasing againnegative impact on the borrowing capacity of households and the capacity of borrowers to repay debt, particularly related to housing loans, but also the lower growth prospects for the euro area; stresses that the ECB itselfonly expectsed a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in energy prices drop out of the annual rates;
Amendment 94 #
2024/2054(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocksa permanent fiscal capacity in order to become an optimal currency area; notes the importance of public investment and solid fiscal policies in the Member States in order to be able to respond to external shocks; welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration;
Amendment 132 #
2024/2054(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 138 #
2024/2054(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 164 #
2024/2054(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 246 #
2024/2054(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Deeply regrets that the ECB remains an exception among central banks by not incorporating the pursuit of full employment in its primary mandate; urges the review thereof, in order to ensure that monetary policy is socially- balanced;
Amendment 282 #
2024/2054(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Notes the record profits in Euro Area's banking sector, resulting from the higher interest rate environment; encourages the use of these profits to build buffers, thus safeguarding the stability of the financial system; notes that the temporary suspension of dividend distribution and share buy back was effective in safeguarding banks’ resilience during the COVID-19 crisis; calls for the introduction of a binding limitation of dividend distribution and buy back in times of crisis;
Amendment 51 #
2024/0258(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) Recognizing that Moldova’s integration into the EU single market can deliver immediate and tangible socio- economic benefits, the use of grants and loans under this regulation should prioritize measures to support the country’s export growth. These include permanent liberalization of tariff-rate quotas for key Moldovan exports, facilitation of trade through infrastructure and regulatory alignment, and strengthening Moldova’s integration into EU-led social and economic initiatives and programs.
Amendment 55 #
2024/0258(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) The Facility should be supported with resources from the Neighbourhood, Development and International Cooperation Instrument – Global Europe amounting to EUR 420 million and a maximum amount of EUR 1 500 million in loans for the period from 2025-2027. The amount should cover the 9% provisioning required for the loans corresponding to EUR 135 million, support provided by the Union for projects approved under the NIP, as referred to in Article 18(2), and complementary support, including support to civil society organisations and technical assistance. The non-repayable support should be financed from the envelope allocated to the Neighbourhood geographic programme under Article 6(2), point (a), of Regulation (EU) 2021/947. All provisions under Regulation (EU) 2021/947 should apply unless otherwise mentioned in this RegulationIn order to maximise EU financial support, the 9 % provisioning required for the loans corresponding to EUR 135 million should be covered from the NDICI- Global Europe Emerging challenges and priorities cushion, in line with Articles 6(3) and 17 of Regulation (EU) 2021/947. All provisions under Regulation (EU) 2021/947 should apply unless otherwise mentioned in this Regulation. In particular, Moldova should remain eligible for NDICI regional, thematic and rapid response programmes. The proposed Facility is closely modelled on the Reform and Growth Facility for the Western Balkans.
Amendment 56 #
2024/0258(COD)
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28 a) In order to better contribute to Moldova’s socio-economic dimension and ensure that funding under the Facility aligns with Moldova’s fiscal capacity and reform objectives, the balance between non-repayable support and concessional loans should be yearly assessed.
Amendment 64 #
2024/0258(COD)
Proposal for a regulation
Recital 42
Recital 42
(42) The Facility Agreement should also include indicators for assessing progress towards the achievement of general and specific objectives of the Facility set out in this Regulation. Those indicators should be based on internationally agreed indicators. Indicators should also, to the extent possible, be coherent with the key performance indicators included in Commission Implementing Decisionproposal of Delegated Act for the approvingal of the Reform Agendas for the Western Balkans under Regulation (EU) 2024/1449 and in the EFSD+ Results Measurement Framework. The indicators should be relevant, accepted, credible, easy, and robust.
Amendment 67 #
2024/0258(COD)
Proposal for a regulation
Recital 43
Recital 43
(43) The Commission should assess the Reform Agenda based on the list of criteria set out in this Regulation. In order to ensure uniform conditions for the implementation of this Regulation, implementing powers should be conferred on the Commission to approve the Reform Agendathe Commission should be empowered to adopt a delegated act. The Commission will duly take into account Council decision 2010/427/EU (11) and the role of the European External Action Service (EEAS), where appropriate.
Amendment 69 #
2024/0258(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) The work programme approved by delegated act within the meaning of Article 110(2) of Regulation (EU, Euratom) 2024/2509 adopted in accordance with the relevant provisions of Regulation (EU) 2021/947 should cover the amounts funded from the envelope allocated to the Neighbourhood geographic programme under Article 6(2), point (a), of Regulation (EU) 2021/947.
Amendment 70 #
2024/0258(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) Given the need for flexibility in the implementation of the Facility, it should be possible for Moldova to make a reasoned request to the Commission to amend the implementing decisionpropose to amend the delegated act, where the Reform Agenda, including relevant payment conditions, is no longer achievable, either partially or totally, because of objective circumstances. Moldova should be able to make a reasoned request to amend the Reform Agenda, including by proposing addenda, where relevant. The Commission should be able to amend the implementing decisionpropose to amend the delegated act.
Amendment 72 #
2024/0258(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) Considering that the financial risks associated with the support to Moldova in the form of loans under the Facility is comparable to the financial risks associated with lending operations under Regulation (EU) 2021/947, provisioning for the financial liability from loans under this Regulation should be constituted at the rate of 9 %, in line with Article 214 of Regulation (EU, Euratom) 2024/2509 and the funding of the provisioning should be sourced from the envelope allocated to the Neighbourhood geographic programmeemerging challenges and priorities cushion under Article 6(2)(a3) of Regulation (EU) 2021/947.
Amendment 73 #
2024/0258(COD)
Proposal for a regulation
Recital 49
Recital 49
(49) In order to ensure that Moldova disposes of start-up funding for the implementation of the first reforms, it should have access to up to 720 % of the total amount provided for in this Facility, after deduction of complementary support, including support to civil society organisations and technical assistance, and provisioning for loans, in the form of a pre- financing, subject to availability of funding and to the respect of the preconditions for support under the Facility.
Amendment 75 #
2024/0258(COD)
Proposal for a regulation
Recital 50
Recital 50
(50) It is important to guarantee both flexibility and programmability in providing Union support to Moldova. Moldova should submit on a six-monthly basis a duly justified request for the release of funds at the latest two months after the timeline for the planned fulfilment of steps, set in the Commission Implementing DecisionDelegated Act approving the Reform Agenda. For that purpose, funds under the Facility should be released according to a fixed semi-annual schedule, subject to availability of funding, on the basis of a request for the release of funds submitted by Moldova and following verification by the Commission of the satisfactory fulfilment of both the general conditions related to macro-financial stability, sound public financial management, transparency and oversight of the budget and the relevant payment conditions. Where a payment condition is not fulfilled as per the indicative timeline set in the decision approving the Reform Agenda, the Commission could withhold in whole or in part the release of funds corresponding to that condition, following a methodology on partial payments. The release of the corresponding withheld funds could take place during the next window for the release of funds and up to twelve months after the original deadline set out in the indicative timeline, provided that the payment conditions have been fulfilled. In the first year of implementation, that deadline should be extended to 24 months from the initial negative assessment.
Amendment 77 #
2024/0258(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) The Commission should provide, upon request of the European Parliament in the framework of the discharge procedure, with detailed information about the implementation of the Union budget under the Facility, in particular as regards audits carried out, including weaknesses identified and corrective measures taken, and as regards projects approved under NIP, including where applicable the amount of Moldova’s co-financing as well as other sources of contributions including from other Union financing instruments.
Amendment 98 #
2024/0258(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
Article 6 – paragraph 2 – subparagraph 1
The non-repayable financial support shall be financed for the period from 1 January 2025 to 31 December 2027 from the envelope allocated to the Neighbourhood geographic programme under Article 6(2), point (a) of Regulation (EU) 2021/947. It shall cover provisioning for loans amounting to EUR 135 million, support provided by the Union for projects approved under the NIP, as referred to in Article 18(2)and complementary support, including support to civil society organisations and technical assistance. That funding shall be implemented in accordance with Regulation (EU) 2021/947. The provisioning for loans amounting to EUR 135 million shall be covered from the NDICI-Global Europe Emerging challenges and priorities cushion in accordance with Articles 6(3) and 17 of Regulation (EU) 2021/947.
Amendment 100 #
2024/0258(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The release of the Union’s assistance shall be managed by the Commission in a manner consistent with the key principles and objectives of reforms set out in the Reform Agenda. All funds, with the exception of complementary support referred to in paragraph 2, and resources referred to in paragraph 5, shall be provided in twice- yearly instalments based on the completion of the necessary reforms in the specified timelines as agreed in the reform agenda and agreed in the Commission Implementing DecisionDelegated Act.
Amendment 102 #
2024/0258(COD)
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. An amount of up to 12% of the non- repayable support referred to in paragraph 2 may be used for technical and administrative assistance for the implementation of the Facility, such as preparatory actions, monitoring, control, audit and evaluation activities, which are required for the management of the Facility and the achievement of its objectives, in particular studies, meetings of experts, training consultations with Moldova’s authorities, namely the Court of Auditors of Moldova, conferences, consultation of stakeholders, including local and regional authorities and civil society organisations, information and communication activities, including inclusive outreach actions, and the corporate communication of the political priorities of the Union, insofar as they are related to the objectives of this Regulation, expenses linked to IT networks focusing on information processing and exchange, corporate information technology tools, as well as all other expenditure at headquarters and Union delegation for the administrative and coordination support required for the Facility. Expenses may also cover the costs of activities supporting transparency and of other activities such as quality control and monitoring of projects or programmes on the ground and the costs of peer counselling and experts for the assessment and implementation of reforms and investments.
Amendment 105 #
2024/0258(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Reform Agenda shall be results-based and include indicators for assessing progress towards the achievement of the general and specific objectives set out in Article 3. Those indicators shall be based, where appropriate and relevant, on internationally agreed indicators and those already available related to the Moldova’s policies. Indicators shall also be coherent, to the extent possible, with the key performance indicators included in Commission Implementing DecisionDelegated Act approving the Reform Agendas for the Western Balkans under Regulation (EU) 2024/1449 and in the EFSD+ Results Measurement Framework.
Amendment 106 #
2024/0258(COD)
Proposal for a regulation
Article 13 – title
Article 13 – title
Amendment 107 #
2024/0258(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. 1. In case of positive assessment, the Commission shall approve by means of an implementing decisionpropose to approve by delegated act the Reform Agenda submitted by Moldova, in accordance with Article 12 or, where applicable, of the amended Agenda submitted in accordance with Article 14. The provisions of Article 25(2) shall apply to the adoption of that implementing decisiondelegated act.
Amendment 108 #
2024/0258(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The Commission implementing decisionproposal for delegated act, referred to in paragraph 1, shall set out the reforms to be implemented by Moldova concerned, the investment areas to be supported and the payment conditions stemming from the Reform Agenda, including the timetable.
Amendment 109 #
2024/0258(COD)
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2 a. The Commission shall be empowered to adopt delegated acts to supplement this Regulation in order to set out the common indicators to be used for reporting on the progress and for the purpose of monitoring and evaluation of the Framework towards the achievement of the general and specific objectives;
Amendment 110 #
2024/0258(COD)
Proposal for a regulation
Article 13 – paragraph 3 – introductory part
Article 13 – paragraph 3 – introductory part
3. The Commission implementing decisionproposal for a delegated act, referred to in paragraph 1, shall also lay down:
Amendment 112 #
2024/0258(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Where the Reform Agenda, including relevant payment conditions, is no longer achievable by Moldova, either partially or totally, because of objective circumstances, Moldova may propose an amended Reform Agenda. In that case, Moldova may make a reasoned request to the Commission to amend its implementing decisionpropose amendements to the delegated act referred to in Article 13(1).
Amendment 113 #
2024/0258(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The Commission may amend the implementing decisionpropose amendements to the delegated act, in particular to take into account a change of the amounts available in line with the principles under Article 19.
Amendment 114 #
2024/0258(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the Commission considers that the reasons put forward by Moldova justify an amendment to its Reform Agenda, the Commission shall assess the amended Agenda in accordance with Article 12 and may amend the implementing decisionpropose amendements to the delegated act referred to in Article 13(1) without undue delay.
Amendment 118 #
2024/0258(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Following the submission of the Reform Agenda to the Commission, Moldova may request the release of a pre- financing of up to 720 % of the total amount foreseen under this Facility in accordance with Article 6(1), after deduction of complementary support, including support to civil society organisations and technical assistance, and provisioning for loans.
Amendment 120 #
2024/0258(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. The Commission may release the requested pre-financing after the adoption of its implementing decisionthe delegated act referred to in Article 13 and the entry into force of the Facility Agreement and of the loan agreement referred to in Articles 8 and 15 respectively. The funds shall be released in accordance with Article 19(3), first sentence, and subject to the respect of the preconditions set out in Article 5.
Amendment 122 #
2024/0258(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Twice per year, Moldova shall submit a duly justified request for the release of funds at the latest two months after the timeline set in the Commission Implementing DecisionDelegated Act in respect of fulfilled payment conditions related to the quantitative and qualitative steps as set out in the Reform Agenda.
Amendment 123 #
2024/0258(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. The Commission shall assess without undue delay whether Moldova has met the preconditions set out in Article 5 and the principles for financing set out in Article 10(3) and achieved satisfactory fulfilment of the payment conditions set out in the Commission implementing decisionDelegated Act referred to in Article 13. In case the Commission finds that payment conditions for which it had previously paid have been reversed by Moldova, the Commission will reduce future disbursements by an equivalent amount. The Commission may be assisted by experts, including experts from Member States. In the event that a request for the release of funds or a request for payment includes a step related to Chapter 32, referred to in Article 19(2), the Commission may not adopt a decision authorizing the release of funds unless it assesses such step positively.