11 Amendments of Zbigniew KUŹMIUK related to 2018/0212(COD)
Amendment 44 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) In addition, in line with the principle of openness towards countries outside the euro area, new projects should be open to voluntary participation by all EU Member States, in particular when they involve the provision of financial support from the general budget of the EU.
Amendment 54 #
Proposal for a regulation
Recital 4
Recital 4
(4) The unprecedented financial crisis and economic downturn that hit the world and the euro area, among others, has shown that in the euro area, for example, available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks.
Amendment 61 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall. The sequence of the crisis in euro area also suggests strong reliance on the single monetary policy to provide for macro- economic stabilisation in severe macro- economic circumstances.
Amendment 77 #
Proposal for a regulation
Recital 8
Recital 8
(8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investment in the event of large asymmetric shocks, a European Investment Stabilisation Function (EISF) should be established.
Amendment 82 #
Proposal for a regulation
Recital 9
Recital 9
(9) Participation in the EISF should be open not only benefito Member States whose currency is the euro but also otherand Member States that participateing in the exchange rate mechanism (ERM II), but also, on a voluntary basis, to Member States outside the euro area.
Amendment 104 #
Proposal for a regulation
Recital 13
Recital 13
(13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States.
Amendment 126 #
Proposal for a regulation
Recital 16
Recital 16
(16) Member States whose currency is the euro which benefit from financial assistance by the ESM, the European Financial Stabilisation Mechanism (EFSM) or the International Monetary Fund (IMF) and which are under a macro-economic adjustment programme within the meaning of Article 7(2) of Regulation (EU) No 472/2013 of the European Parliament and of the Council12 should not benefit from EISF support since their financing needs including for maintaining public investment are addressed via the financial assistance granted. _________________ 12 Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability, (OJ L 140, 27.5.2013, p. 1).
Amendment 149 #
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) In addition, where national budgetary or economic policies are no longer compatible with EU requirements, the EISF loan should be repaid in part or in full.
Amendment 209 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. EISF support shall be available for Member States whose currency is the euro and for other Member States that participate in the exchange rate mechanism referred to in Article 140(1) of the Treaty on the Functioning of the European Unionall Member States on a voluntary basis.
Amendment 214 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) 'agreement' means the intergovernmental agreement concluded between all Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II)the Member States determining the calculation and the transfer of their financial contributions to the Stabilisation Support Fund;
Amendment 276 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. Where national budgetary or economic policies are no longer compatible with EU requirements (i.e. the conditions constituting eligibility criteria for access to the facility), the EISF loan should be repaid in part or in full.