[ParlTrack]

Proposal for a regulation
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The European Parliament rejects the Commission proposal.

2011/02/16
Committee: ECON

Proposal for a regulation
Recital 1 b (new)

(1b) The EU-2020 strategy, which replaced the Lisbon Strategy, the latter having failed to produce a successful result, cannot possibly fulfil the objectives of full employment and prosperity for all Europeans.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 1 c (new)

(1c) Recovery from the crisis and avoidance of any further crisis cannot be achieved by using the very economic instruments and economic model which created it. Failure to recognise this will mean that any recovery will be at the expense of European workers.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 1 d (new)

(1d) Experience gained during the first decade of functioning of economic and monetary union demonstrates the need to adopt the following objectives and principles: solidarity between the Member States, genuine economic convergence and the promotion of sustainable growth and full employment.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 2 a (new)

(2a) EMU operating rules and the Stability and Growth Pact are failing to promote economic convergence in the euro area. On the contrary, they are creating and perpetuating macroeconomic imbalances, widening the gulf between the developed and the less-developed countries and, by extension, increasing the disparities in European living standards.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 2 b (new)

(2b) A fundamental change to the operation of the Stability and Growth Pact is necessary so as to bring it into line with the criteria of solidarity between Member States, genuine economic convergence and the promotion of sustainable growth and full employment, while avoiding financial, economic and social austerity policies.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 2 b (new)

(2b) Member States outside the euro area are not obliged to implement this regulation.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 3

(3) Additional sanctions are necessary to make the enforcement of budgetary surveillance more effective in the euro area. Those sanctions should enhance the credibility of the fiscal surveillance framework of the Union.deleted

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 3 a (new)

(3a) The principles set out in the Union’s financial framework can only achieve credibility through a fundamental change in its objectives. The new objectives must be to promote solidarity, democracy, genuine economic convergence and the social welfare of all Europeans.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 5

(5) Sanctions for Member States whose currency is the euro in the preventive part of the Stability and Growth Pact should provide incentives for prudent fiscal policy-making. Such policy-making should ensure that the growth rate of government expenditure does not normally exceed a prudent medium-term growth rate of gross domestic product (GDP), unless the excess is matched by increases in government revenues or discretionary revenue reductions are compensated by reductions in expenditure.deleted

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 15

(15) Since the objective to create a uniform sanction mechanism cannot be sufficiently achieved at the level of the Member States, the Union may adopt measures in accordance with the principles of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective.deleted

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Recital 15 a (new)

(15a) In the light of Article 48(2) of the Treaty on European Union, additional powers cannot be granted to the European Commission.

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Article 1

~~1. This Regulation sets out a system of sanctions for enhancing the enforcement of the preventive~~Subject matter and sco~~rrective parts of the Stability and Growth Pact in the euro area. 2. This Regulation shall apply to Member States whose currency is the euro.~~pe deleted

2011/02/16
Committee: ECON

Nikolaos CHOUNTIS

Proposal for a regulation
Article 2

For the purpose of this Regulation: (1) 'the preventive part of the Stability and Growth Pact' means the multilateral surveillance system as organised by Regulation (EC) No 1466/97 of July 1997; (2) 'the corrective part of the Stability and Growth Pact' means the procedure for the control of Member States’ excessive deficit as regulated by Article 126 of the Treaty and Regulation (EC) No 1467/97 of 7 July 1997; (3) 'exceptional economic circumstances' means circumstances where an excess of a government deficit over the reference value is considered exceptional within the meaning of the second indent of Article 126(2)(a) of the Treaty and as specified in Regulation (EC) No 1467/97.Definitions deleted

2011/02/16
Committee: ECON

14 Amendments of Nikolaos CHOUNTIS related to 2010/0278(COD)

ParlTrack - 2011-2024