[ParlTrack]

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

2011/02/15
Committee: ECON

Proposal for a regulation
Recital 1 d (new)

(1d) The economic governance framework should be compatible and be at the service of the Union's strategy for sustainable growth and job creation.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 e (new)

(1e) Strengthening economic governance should go hand in hand with reinforcing its legitimacy in the Union, which should be achieved through a closer and more timely involvement of the European Parliament and the national parliaments throughout the economic policy coordination procedures, in documents and in particular in decisions of principle.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 f (new)

(1f) The European semester in which the framework for economic governance is implemented should play a vital role in implementing the requirement under Article 121(1) of the Treaty on the Functioning of the European Union (TFEU) that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and state the reasons for their positions and decisions at all stages of the framework for economic governance.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1

(1) The coordination of the economic policies of the Member States within the Union~~, as provided for by the Treaty, should entail compliance with the guiding principles of stable prices,~~ is geared to the objectives of sustainable growth, employment and a high level of social rights. These objectives mean that economic coordination should take account of controlling inflation, and sound public finances and monetary conditions, a~~nd a sustainable~~s well as balances of payments.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 c (new)

(1c) The framework for enhanced economic governance to be implemented in the European semester shall: (a) define the outlines of a job-creating sustainable growth strategy across the Union, by formulating Broad Economic Policy Guidelines in accordance with Article 121(2) TFEU; (b) establish concerted action to prevent and correct excessive macroeconomic imbalances under the amended Regulation (EU) No .../2011; (c) carry out the effective prevention and correction of excessive public finance imbalances under Regulation (EC) No 1467/97; (d) organise enhanced financial market regulation and supervision, including macro-prudential supervision by the European Systemic Risk Board; (e) establish a permanent and credible financial crisis resolution mechanism that enables Member States to protect the revival of their respective economies, as well as social cohesion and convergence policies, against speculative attacks on their sovereign debts.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 a (new)

(1a) In the name of sound public finances and controlling inflation, the Stability and Growth Pact condemned the European Union to years of mediocre growth, high levels of unemployment and a worsening of its main internal imbalances.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 b (new)

(1b) Until such time as the European Union has a Sustainable Growth and Employment Pact, a framework for enhanced economic governance will be created that is geared to achieving these objectives, and to preventing the occurrence of excessive macroeconomic, macrofinancial and social imbalances within the Union. This framework will be based on the presupposition that the Member States regard their economic policies as a matter of common concern and that they coordinate them among themselves. Given that this is a framework for shared governance, decisions will be adopted by the Council on a proposal from the Commission. Those institutions undertake to respect the principle of transparency, which means that their decisions must be reasoned and made public.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 g (new)

(1g) In order to ensure the transparency of the procedure for coordinating Member States' policies in the European semester and guarantee that the subsidiarity principle is respected, the European Parliament may invite a Member State to explain the decisions and policies adopted before its competent committee.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 h (new)

(1h) In the 'European semester', documents prepared by the Commission relating to the Broad Economic Policy Guidelines and the respective assessment should be debated by Parliament before being adopted by the Council. Likewise, the main documents originating from the Member States and containing national economic and budgetary policy commitments should be voted on by the respective parliaments before being submitted to the Council, in order to guarantee democratic legitimacy and the subsidiarity principle in a context of enhanced economic governance. By 31 December 2011 Parliament, the Council and the Commission will conclude a procedural agreement on parliamentary involvement, which will be revised by 2014 in line with the experience gained.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 i (new)

(1i) The annual policy recommendations by the Commission should be discussed in the European Parliament before being decided on in the Council.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 1 j (new)

(1j) Without prejudice to their rights and obligations under the TFEU, the Member States whose currency is not the euro should have the right to participate in the framework for economic governance and apply the corresponding legislation.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 6

(6) Enforcement of Regulation (EU) No […/…]4 should be strengthened by establishing fines for Member States whose currency is the euro in case of repetitive non-compliance with the recommendations to address excessive macroeconomic imbalances.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 7

(7) Macroeconomic imbalances ~~are likely to~~ generate ~~undue~~ fluctuations in public revenues and spending throughout the economic cycle, ~~affecting headline figures and distorting the picture for fiscal planning and decision-making. Inappropriate f~~distorting the assumed fiscal figures. Fiscal polic~~y choic~~ies based on ~~distorted trend~~faulty assumptions could weaken, and possibly compromise, the sustainability of public finances. If unchecked, fiscal and other macroeconomic imbalances have the potential to reinforce each other and possibly to jeopardise the proper functioning of economic and monetary union. For these reasons ~~a system of correction of macroeconomic imbalances should contribute to the budgetary discipline of~~the creation of a framework for economic governance that makes it possible to coordinate the economic policies of divergent Member States should contribute to the mitigation of asymmetric shocks, to growth that creates jobs and to the sustainability of public finances, particularly in the Member States whose currency is the euro.

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 8

(8) Repeated failure to comply with Council recommendations to address excessive macroeconomic imbalances should, as a rule, be subject to a yearly fine, until the Council establishes that the Member State has taken corrective action to comply with its recommendations.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 9

(9) Moreover, repeated failure of the Member State to draw up a corrective action plan to address the Council recommendations should be equally subject to a yearly fine as a rule, until the Council establishes that the Member State has provided a corrective action plan that sufficiently addresses its recommendations.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 10

(10) To ensure equal treatment between Member States, the fine should be identical for all Member States whose currency is the euro and equal to 0.1% of the gross domestic product (GDP) of the Member State concerned in the preceding year.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 11

(11) The procedure for the application of the fines on the Member States which fail to take effective measures to correct macroeconomic imbalances should be construed in such a way that the application of the fine on those Member States would be the rule and not the exception.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 12

~~(12) The collected fines should be distributed between Member States whose currency is the euro which are neither the subject of an excessive imbalance procedure nor have an excessive deficit.~~deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 13

(13) The power to adopt individual decisions for the application of the fine provided for in this Regulation should be conferred on the Council. As part of the coordination of the economic policies of the Member States conducted within the Council as specified in Article 121(1) of the Treaty, these individual decisions are an integral follow-up to the measures adopted by the Council in accordance with Article 121 of the Treaty and Regulation (EU) No […/…].deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 14

(14) Since this Regulation contains general rules for effective enforcement of Regulation (EU) No […/…], it should be adopted in accordance with the ordinary legislative procedure referred to in Article 121(6) of the Treaty.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Recital 15

(15) Since an effective framework for detection and prevention of macroeconomic imbalances cannot be sufficiently achieved by the Member States because of the deep trade and financial inter-linkages between Member States and the spillover effects of national economic policies on the Union and the euro area as a whole and can be better achieved at Union level, the Union may adopt measures in accordance with the principle 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 the same Article, this Regulation does not go beyond what is necessary to achieve those objectives.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 1 – paragraph 1

~~1. This Regulation sets out a system of fines for effective correction of macroeconomic imbalances in the euro area.~~deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 3

A yearly fine shall be imposed by the Council, acting on a proposal by the Commission, if: (1) two successive deadlines have been set in accordance with Articles 7(2) and 10(4) of Regulation (EU) No […/…], and the Council thereafter concludes in accordance with Article 10(4) of that Regulation that the Member State concerned has still not taken the recommended corrective action, or if (2) two successive deadlines have been set in accordance with Articles 8(1) and 8(2) of Regulation (EU) No […/…], and the Council thereafter concludes in accordance with Article 8(2) of that Regulation that the Member State concerned has again submitted an insufficient corrective action plan.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2

The decision shall be deemed adopted by the Council unless it decides, by qualified majority, to reject the proposal within ten days the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 3 – paragraph 2

~~2. The yearly fine to be proposed by the Commission shall be 0.1% of the GDP of the Member State concerned in the preceding year.~~deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 3 – paragraph 3

3. By derogation from paragraph 2, the Commission may, on grounds of exceptional economic circumstances or following a reasoned request by the Member State concerned addressed to the Commission within ten days of adoption of the Council conclusions referred to in paragraph 1, propose to reduce the amount of the fine or to cancel it.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 3 – paragraph 4

4. If a Member State has paid a yearly fine for a given calendar year and the Council thereafter concludes, in accordance with Article 10(1) of Regulation (EU) No […/…] that the Member State has taken the recommended corrective action in the course of the given year, the fine paid for the given year shall be returned to the Member State pro rata temporis.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 4

Fines collected in accordance with Article 3 of this Regulation shall constitute other revenue, as referred to in Article 311 of the Treaty, and shall be distributed, in proportion to their share in the total gross national income (GNI) of the eligible Member States, between Member States whose currency is the euro and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…] and do not have an excessive deficit as determined in accordance with Article 126(6) of the Treaty.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 5 – paragraph 1

For the measures referred to in Article 3, only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned.deleted

2011/02/15
Committee: ECON

Miguel PORTAS

Proposal for a regulation
Article 5 – paragraph 2

~~A qualified majority of the members of the Council mentioned in the previous paragraph shall be defined in accordance with Article 238(3)(a) of the Treaty.~~deleted

2011/02/15
Committee: ECON

31 Amendments of Miguel PORTAS related to 2010/0279(COD)

ParlTrack - 2011-2024