Activities of Wolf KLINZ related to 2017/0333R(APP)
Shadow reports (1)
INTERIM REPORT on the proposal for a Council Regulation on the establishment of the European Monetary Fund PDF (182 KB) DOC (73 KB)
Shadow opinions (1)
OPINION on the proposal for a Council regulation on the establishment of the European Monetary Fund
Amendments (14)
Amendment 12 #
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Suggests to task the EMF with evaluating and making recommendations on the implementation of the Union fiscal framework and the appropriateness of the actual fiscal stance at euro area and national level in order to ensure independent assessments of the member states’ budgets and economic forecasts;
Amendment 13 #
Draft opinion
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Requests that the EMF is complemented with an insolvency procedure for sovereigns. This would increase the incentives for sound fiscal policies and avoid that investors consider lending to unsustainably run economies;
Amendment 14 #
Draft opinion
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Requests that, together with the transformation of the ESM into the European Monetary Fund, risk weighting should be introduced with regard to sovereign bonds on banks’ books. Banks have been and are still to a large extent intertwined with their sovereigns by holding significant amounts of national public debt. This reform would motivate banks to focus on the solidity rather than the nationality of sovereign bonds;
Amendment 48 #
Motion for a resolution
Recital C
Recital C
C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward convergence; whereas risk reduction and risk sharing should go hand in hand; whereas risk reduction should precede risk sharing in deepening the EMU;
Amendment 90 #
Motion for a resolution
Recital H
Recital H
H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the needpossibility to establish a European Deposit Insurance Scheme (EDIS);
Amendment 102 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Suggests that the ESM be renamed not the European Monetary Fund (EMF) but the European Stability Fund (ESF)retain its current name, which is recognised on the capital market, making it clear that the eurozone’s monetary policy remains the competence of the ECB;
Amendment 115 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’; acknowledges, in this context, the positive contribution of the ESM, despite its intergovernmental nature, towards addressing the weaknesses of the institutional setting of the EMU, namely by providing financial assistance to several Member States affected by the financial crisis and the Great Recession;
Amendment 152 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESFM should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESFM must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro area;
Amendment 175 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlap the normal macroeconomic and fiscal surveillance provided for in the EU’s financial rules and regulations, which must remain the Commission’s exclusive competenceuggests to task the ESM with evaluating and making recommendations on the implementation of the Union fiscal framework and the appropriateness of the actual fiscal stance at euro area and national level in order to ensure independent assessments of the member states’ budgets and economic forecasts;
Amendment 182 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Requests that the reformed ESM is complemented with an insolvency procedure for sovereigns. This would increase the incentives for sound fiscal policies and avoid that investors consider lending to unsustainably run economies;
Amendment 184 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Requests that together with reforming the ESM risk weighting should be introduced with regard to sovereign bonds on banks’ books. Banks have been and are still to a large extent intertwined with their sovereigns by holding significant amounts of national public debt. This reform would motivate banks to focus on the solidity rather than the nationality of sovereign bonds.
Amendment 189 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights the need for an efficient decision-making procedure in the reformed ESM, particularly in the case of urgent situations while safeguarding, where applicable, the prerogatives of national parliaments;
Amendment 200 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESFM can offer liquidity support in case of resolution and serve as a , once signifincancial backstop for the SRF; calls for the SRF to be made operational as soon as possible and, t risk reduction has taken place in all participating Member States, serve as a fin any case, before 2024cial backstop for the SRF;
Amendment 221 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Underlines the risks arising from the delay in completing the banking union; welcomes, in this context, the European Council’s commitment to a common backstop for the SRF and recalls the need also to establish the EDIS;