Activities of Elisa FERREIRA related to 2011/2156(INI)
Plenary speeches (1)
ECB annual report for 2010 (debate)
Amendments (11)
Amendment 12 #
Motion for a resolution
Recital D
Recital D
D. whereas on 10 May 2010, the ECB announced ithat the Eurosystem would intervene directly but temporarily in the euro area public and private debt securities markets through the Securities Markets Programme, the book value of settled purchases of which amounted to EUR 77110.5 billion ion June19 August 2011,
Amendment 21 #
Motion for a resolution
Recital E
Recital E
E. whereas most of the long-term government debt of Greece and Portugal is on the ECB balance sheet and the persistent rumours of Greek debt restructuringpersistent rumours of Greek debt restructuring and the impact thereof on the financial markets and the broader economy may again delay the ECB's exit from non-standard measures,
Amendment 42 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the singleprimary objective of ECB is price stability; notesand that de facto financial stability is becoming a second objectiveit thereby contributes to financial stability; also notes the work of the ESRB under the auspices of the ECB on financial stability;
Amendment 106 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes the rapid evolutxpansion of the leverage ratio of the ECB, measured by its capitbalance sheet of the ECB in October 2008; notes, however, that by mid-August 2011 the bal and reserves in relation to assets; notes that this leverage ratio by far exceeds that of other comparable central banks, with the exception of thosece sheet has already shrunk by around 10% from its peak; notes that that the increase is in line with other comparable central banks, and is significantly less than those central banks having implemented quantitative easing programmes, such as the Federal Reserve or the Bank of England;
Amendment 112 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points out that the ECB balance sheet expansion has not led to inflation, due to its increasing role as a central counterparty between euro area banks, which effectively amounts to a monetisation of bank bailoutsand reflects a temporary shift of intermediation from the interbank market to the Eurosystem as well as an increase in assets which will mature over time;
Amendment 118 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. RestatObserves with concern the overreliance of many euro area banks on the liquidity provided by the ECB, in the absence of a fully functional interbank market; notes with concern the collateral policies of the ECB as regards the amount and the quality of asset-backed securities provided to the Eurosystem as collateral, estimated at EUR 488 billion- proportionality of the demand for Eurosystem refinancing by some euro area banks, in the absence of a fully functional interbank market; notes that while in 2010 the Eurosystem accepted on average EUR 488 billion of asset-backed securities as collateral, the eligibility criteria for ABS in Eurosystem credit operations have been tightened significantly which leads to a reduction over time of this amount;
Amendment 141 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Asks for more public information onStates that flows between euro area central banks measured in the Target-2 programme so that these flows arehould not be interpreted as permanently moving from current account surplus countries to deficit countries in order to avoid their financial collapse;
Amendment 153 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for a more integrated macro- prudential policy framework within the monetary policy context, if necessary including differentiated macro-prudential tools in the Union to account for differences between the euro area and non-euro area countries; calls for an analysis of the effectiveness of the new financial supervisory architecture and for an evaluation of the option establishing a single European financial supervisory authority, unifying under its umbrella the current European Supervisory Authorities and the European Systemic Risk Board;to further develop an integrated analytical framework to jointly assess the effects of macro-prudential and monetary policies, while fully respecting that the ECB and the ESRB have separate mandates; calls to further develop the macro-prudential policy toolkit of the ESRB, taking into account national, legal and other financial system specificities; calls for an analysis of the effectiveness of the new financial supervisory architecture and for an evaluation of the option establishing a single European financial supervisory authority, unifying under its umbrella the current European Supervisory Authorities and the European Systemic Risk Board in the context of the upcoming review of the ESRB and the ESAs, as laid down in the respective regulations[1]; [1] In accordance with Article 20 of Regulation No 1092/2010 establishing the ESRB and with articles 81 of Regulations 1093/2010, 1094/2010 and 1095/2010 establishing the EBA, EIOPA and ESMA, respectively.
Amendment 176 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstances;
Amendment 184 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes that the European Stability Mechanism (ESM) acquired the right to purchase government bonds on the secondary market as this could mean a relief for the ECB in the current circumstances;
Amendment 199 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of eurosecurities may constitute the necessary fiscal quantum-leap forward that the Union needs at this juncture; welcomes the rapid implementation of the feasibility report promised by the Commission in its declaration XXX; on the introduction of eurobonds