23 Amendments of Marco FALCONE related to 2024/2054(INI)
Amendment 32 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas, without prejudice to the primary objective of price stability, the ECB should also support the general economic policies in the Union with a view to contributing to the achievement of the Union’s objectives laid down in Article 3 TEU;
Amendment 37 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding the monetary and financial stability of the euro; supports the ECB's aim to take action where necessary to safeguard stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area;
Amendment 79 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. WarnsCalls on the ECB against the temptation toto steadily lower interest rates, too quickly, given the risk that inflation levels could start increasing again; stresses that the ECB itself expects a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in energy prices drop out of the annual ratesaking into account the prudential principles which must always prevail in a system that combines monetary stability and support for the economy;
Amendment 89 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the ECB to take effective measures to nevertheless support competitiveness and public investment;
Amendment 91 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 102 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 119 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Welcomes the ECB’s commitment to establishing a fully fledged European deposit insurance scheme;
Amendment 120 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Firmly believes that the key economic objectives in the coming years should be high levels of socially, environmentally and economically sustainable growth; a social market economy that brings both competitiveness gains and employment growth; stresses the importance of the European Pillar of Social Rights in upholding the European way of life; emphasises that these objectives will be best achieved in a context of macroeconomic stability;
Amendment 129 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 136 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 146 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 160 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Supports the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market and decreased levels of so as to balance market liquidity requirements and inflation levels;
Amendment 169 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore gradually reduce the size of its balance sheetCalls on the ECB to review its purchase programmes in order to keep them in line with its budgetary stance, while aligning the latter with the principles of competitiveness, which should underpin the concept of euro area growth;
Amendment 182 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. RegretNotes the establishment of the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not juste the legal prohibition of monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member Stateasset purchase scheme within a wider programme designed to make monetary stability consistent across the euro area;
Amendment 192 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stresses that the suitability of purchases under the TPI wshould merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levelsbe decoupled from the assessment of the autonomous fiscal policies of the individual Member States and the sustainability of their debt, with a view to bringing balance and harmony to the European economy;
Amendment 196 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls on the ECB, in continuity with previous investments carried out under its APP - PEPP programmes, to consider securitisation as a means of strengthening the European market for both originators and investors, and suggests experimenting with European secured notes as a new long-term financing instrument for SMEs;
Amendment 199 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Stresses that uniform transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; points out that excessive divergence in sovereign yields makes credit conditions inconsistent with the uniform transmission of monetary policy and makes a reduction of public debt particularly difficult;
Amendment 202 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, in payments and improved financial inclusion and the availability of an offline back-up payment system; stresses that the offline component could prove problematic as a result of the significant costs of implementation and long development periods, which offer minimum benefits to users; also stresses that the limited visibility of information on the beneficiary and the payer would reduce the effectiveness of the PSPs in the fight against money laundering, terrorism financing and fraud, and that, therefore, the dual offline features should be designed as a mere short-term emergency fix, in order to avoid misuse or illegal activity;
Amendment 221 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates thatThe introduction of the digital euro should serve as a complement to physical cash, that itwhich should not replace cash entirely and that cash should remain available at all timebe maintained to ensure a plurality of payment means;
Amendment 222 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Highlights that the digital euro should be designed so as to safeguard ongoing private sector investments in strategic areas, particularly those enhancing instant credit transfers, as stated in the regulation on instant credit transfers (Regulation 886/2024 - DPI), and that, in order to provide assurance on the users of these financial services, it is necessary to avoid market positions of non-European entities as well as extra charges for end users, in view of the need to avoid complexity and excessive costs;
Amendment 245 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls on the ECB, while respecting its independence, to address market failures and ensure the efficient allocation of resources over a long-term horizon, while remaining as apolitical as possible, respecting market neutrality in several instances;
Amendment 252 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24b. Stresses that appropriate deposit limits are vital to promote the digital euro and at the same time cap transaction volumes within predetermined time frames and absolute values;
Amendment 273 #
Motion for a resolution
Paragraph 28
Paragraph 28