35 Amendments of Anneli JÄÄTTEENMÄKI related to 2015/2344(INI)
Amendment 36 #
Motion for a resolution
Recital A
Recital A
A. whereas the Treaty on European Union establishes the creation of the single market, whose currency is the euro; whereas the European Monetary Union currently consists of 19 members, two of whomMember States have opt-out clauses, the remaining seven EU Member States having yet to join the euro; whereas no financial liability will be incurred by the two countries with opt-outs from EMU in the framework of any fiscal capacity for the euro area;
Amendment 49 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas economic convergence is a condition for forming a stable common currency, and cohesion policy has not been sufficient in its aim to decrease the divergence between Member States;
Amendment 52 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas rapid technological development risk benefitting different parts of the Eurozone to different degrees leading to further cementing divergence between Member States in the Eurozone;
Amendment 61 #
Motion for a resolution
Recital C
Recital C
C. whereas contrary to the budgetary arrangements in all other federations, the EU budget is largely dependent on contributions from Member State level to EU level, which is different to fully fledged federations;
Amendment 70 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debt crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks in the absence of Member States’ compliance with fiscal surveillance frameworks and structural reforms to increase competitiveness and resilience of their economies, and full labour and capital market integration, both of which play an important shock absorbing function in a monetary union;
Amendment 77 #
Motion for a resolution
Recital F
Recital F
F. whereas, following nominal and increased real convergence in the run-up to the introduction of the common currency, the euro area witnessed structural divergence between 1999 and 2009 with the economies at the centre relying more on exports and tradable activities and the economies in the periphery on non- tradable activities and construction, which made the euro area as a whole less resilient to shocks; whereas regulatory adjustments and structural reforms aimed at reducing risks and improving convergence have been introduced since 2009 at both European and national level, but some euro area Member States still require solidarity and sustainablefar reaching structural reforms in their catching- up process;
Amendment 97 #
Motion for a resolution
Recital G
Recital G
G. whereas progress has been achieved in addressistreng the flaws ofning EMU through legislation such as the Six-Pack and the Two-Pack regulations, the Banking Union as well as through the introduction of the European Semester and the creation of new instruments such as the ESM;
Amendment 175 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuationrequired the carrying out of structural reforms to compensate for the loss of monetary policy as a stabilisation tool; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix;
Amendment 183 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery and a rising public spending ratio in some Member Statein the light of excessive public and private debt levels, unsustainable imbalances, triggered by a lack of structural reforms to foster competitiveness, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the mereand the lack of consolidation of public finances, partly due to non-adherence to agreed budgetary rules, the very existence of the euro area;
Amendment 218 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Observes that in the absence of the willingness of euro area Member States’ governments to take action to rapidly consolidate their public finances and modernise their economies the stabilisation of the economic cycle since the beginning of the crisis has relied almost exclusively on the ECB, and that the reduced options available for monetary policy in a context of zero lower bound rates have led the ECB to implement unconventional monetary policy measures; recalls that the President of the ECB has called for integrated institutions, for a stronger and proactive fiscal policyfiscal surveillance framework on the euro area scale and for euro area Member States to deliver on structural reform;
Amendment 233 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges the results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policiefiscal surveillance frameworks, in particular via the adoption of the Six-Pack and the Two-Pack Regulations, but is concerned by the lack of compliance and enforcement of the revised rule set; welcomes further the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however, that these mechanisms dramatically lacklack full democratic oversight and parliamentary control, and hence ownership;
Amendment 256 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Makes it clear that rapid action is needed to ensure the sustainability of the euro by pursuing structural reforms and sound fiscal policies; stresses that this requires strong joint efforts on the part of the EU and its Member States to implement and enforce structural reforms, ensure compliance with fiscal and macroeconomic surveillance frameworks, to complete the EMU and to restore the trust of citizens and markets;
Amendment 268 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that in order to regain trust, the euro must deliver on its promise of stability, convergence, growth and jobs; regards a fiscal capacity as a vitalpossible element in this enterprise, which can be successful only if solidarity is closely linked to responsibility, meaning that financial support is provided on the basis of clear criteriamoral hazard is prevented and responsibility and solidarity are closely linked, meaning that financial support is provided on the basis of adherence to the fiscal and macroeconomic surveillance framework, the CSRs and to commitments that are being made under specific programmes;
Amendment 294 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes the view that incentives for sound fiscal policymaking and for addresscompliance with the Stability and Growth Pact and pursuing structural weaknessesreform at national level, taking into account the aggregate euro area fiscal stance, are core elements for the functioning of the euro area; considers that a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shocksare core elements for the functioning of the euro area;
Amendment 311 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Stresses that a sufficient degree of wage and price flexibility, and labour mobility need to be guaranteed to ensure that a fiscal capacity is sustainable and does not lead to permanent transfers between Member States;
Amendment 313 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 328 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 354 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that three different funcconditions have to be fulfilled; argues, first, that in order to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’ structural reforms should be incentivised in good economic times; argues, secondly, that differences in the business cycles of euro area Member States stemming from structural differences create the need for an instrument to address asymmetric shocks; considers, thirdly, that symmetric shocks should be addressed so as to increase the resilience of the euro area as a whole before a fiscal capacity can be established, particularly compliance with the Stability and Growth Pact, compliance with the macroeconomic imbalance procedure and effective implementation of the country specific recommendations; argues, that to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’ need to step up efforts to effectively implement structural reforms;
Amendment 365 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 482 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Stresses that significant progress in convergence and sustainable structural reforms is needed in order to reconcile fiscal consolidation, growth, jobs, productivity, competitiveness and the European social model so as to effectively prevent asymmetric shock; considers that financial support from the European level for the implementation of agreeffectively implemented structural reforms in the Member States, while keeping the responsibility for implementation at the national level, is therefore indispensablecould be envisaged on the basis that these reforms enhance growth and create employment;
Amendment 496 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Reiterates its call for the adoption of a ‘convergence code’ based on the country-specific recommendations, as a legal act resulting from the ordinary legislative procedure, to streamline the existing coordination of economic policies into a more effective convergence of economic policies within the European Semester;
Amendment 513 #
Motion for a resolution
Paragraph 26 – introductory part
Paragraph 26 – introductory part
26. Suggests that the convergence code define criteria to be reached within five years, building on the merits of the Maastricht criteria and focusing for the first period on convergence requirements regarding:
Amendment 518 #
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
Amendment 531 #
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
Amendment 546 #
Motion for a resolution
Paragraph 26 – indent 3
Paragraph 26 – indent 3
Amendment 549 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 1
Paragraph 26 – indent 3 – paragraph 1
Amendment 564 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 2
Paragraph 26 – indent 3 – paragraph 2
Amendment 628 #
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 644 #
Motion for a resolution
Paragraph 31
Paragraph 31
Amendment 665 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Considers that the EMF should provide the financial resources for either of these models, which could require increasing the amount of capital; pPoints out that the fundEMF should avoid long-term redistribution effects by ensuring Member States’ contributions are balanced over the cycle;
Amendment 678 #
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 702 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Considers that in the case of symmetric shocks brought about by a lack of internal demand, monetary policy alone cannot reignite the economy, particularly in a context of zero lower bounds; is therefore convinced that public and private investment must be increaentivised, the administrative burden reduced and a proper regulatory framework developed, with a view to stimulating potential growth;
Amendment 712 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Considers that symmetric shocks that are caused by a lack of supply must be diminished by improving the competitiveness of the euro area via appropriate financial incentives, including via the financing of professional training or financial incentives for R&D spendingstructural reforms;
Amendment 726 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that instability in the financial sector could also pose severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop for the Banking Union, as agreed in the SRM;
Amendment 738 #
Motion for a resolution
Paragraph 37
Paragraph 37