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25 Amendments of Miguel PORTAS related to 2010/0281(COD)

Amendment 55 #
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 has as its objectives sustainable growth, employment and high standards of social rights. These objectives are such as to justify economic coordination taking account of measures to contain inflation, sound public finances and monetary conditions, and a sustainablthe balance of payments.
2011/02/16
Committee: ECON
Amendment 76 #
Proposal for a regulation
Recital 3
(3) In particular, surveillance of the economic policies of the Member States should be broadened beyond budgetary surveillance to prevent excessive macroeconomic imbalances and help the Member States affected devise corrective plans before divergences become entrenched. This broadening of the economic surveillance framework should go in parallel with deepening of fiscal surveillancewithin the Union.
2011/02/16
Committee: ECON
Amendment 96 #
Proposal for a regulation
Recital 6
(6) This procedure should rely onestablish an alert mechanism for early detection of emerging macroeconomic imbalances. It should be based on use of an indicative and transparent scoreboard combined with economic and social judgment.
2011/02/16
Committee: ECON
Amendment 99 #
Proposal for a regulation
Recital 7
(7) TIf the scoreboard is to function effectively as a basis for better macroeconomic surveillance, it should consist of a limited set of economic and, financial and social indicators relevant to detection of macroeconomic imbalances, with corresponding indicative thresholds which should not be seen as economic policy imperatives. The composition of the scoreboard mayshould evolve in time, inter alia due to evolving threats to macroeconomic stability or enhanced availability of relevant statisticso as to take account of the evolutionary character of macroeconomic imbalances, notably via the introduction of new indicators or thresholds or the modification of the existing ones.
2011/02/16
Committee: ECON
Amendment 109 #
Proposal for a regulation
Recital 8
(8) The crossing of one or more indicative thresholds need not necessarily imply that macroeconomic imbalances are emerging, as economic policy-makinganalysis should take into account inter- linkages between macroeconomic variables. Economic judgment should ensure thatThe scoreboard should not be used mechanically: the interpretation of imbalances should make use of all pieces of information, whether they are from the scoreboard or not, areduly put in perspective and becommade part of a comprehensive analysis.
2011/02/16
Committee: ECON
Amendment 115 #
Proposal for a regulation
Recital 9
(9) Based on the multilateral surveillance procedure and the alert mechanism, the Commission should, by means of a preliminary assessment, identify the Member States to be subject to an in-depth review. The realisation of this review should not presume the existence of excessive macroeconomic imbalances or that their causes are purely internal to the Member States concerned. The in-depth review should encompass a thorough analysis of sources of imbalances inand the capacity of the Member State under review. It should be discussed to deal within the Council and the Euro Group for the Member States whose currency is the eurom. The preliminary assessment should be considered as a normal procedure at the diagnostic stage.
2011/02/16
Committee: ECON
Amendment 127 #
Proposal for a regulation
Recital 11
(11) When assessing imbalances, account should be taken of their causes, of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and, financial and social spillovers to other Member States. The economic adjustment capacity and the track record of the Member State concerned as regards compliance with earlier recommendations issued under this RegulationIt is necessary to determine whether the imbalances are structural or short-term in nature and whether their causes lie in national, Community or external factors. It is also necessary to take account of the interrelations between Member States' political choices and otheir recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particularcollateral effects. Finally, also to be taken into account are the economic adjustment capacity and the track record of the Member State concerned as regards compliance with the broad guidelines for the economic policies of the Member States and of the Union, should also be considered and the consequences of those recommendations.
2011/02/16
Committee: ECON
Amendment 133 #
Proposal for a regulation
Recital 11 a (new)
(11a) Assessment of imbalances should take account of the objectives of the growth and employment strategy, as well as the need to use that strategy as an instrument for sustainable internal cohesion, contributing to making the Union the world's most competitive economy. Account must be taken of the medium-term growth objectives and of those fixed for the primary current account balance.
2011/02/16
Committee: ECON
Amendment 141 #
Proposal for a regulation
Recital 12
(12) If macroeconomic imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on, suggesting appropriate policy responsguidelines. The policy response of the Member State concerned to imbalancethose recommendations should be timely and should use all available policy instruments under the control of public authorities. It should be tailored to the specific environment and circumstances of the Member State concerned and cover the main economic policy areas, potentially including fiscal and wage policies, labour markets, product and services markets and financial sector regulationinvolve all the main interested parties at national level, notably the national parliament. In this dialogue, the parties should recognise the specific environment and circumstances of the Member State concerned and should aim at the medium- and long-term convergence of its macroeconomic policy, establishing objectives falling under a Union strategy for sustainable growth and employment.
2011/02/16
Committee: ECON
Amendment 207 #
Proposal for a regulation
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and, macrofinancial indicators for Member States. Tand social indicators and should permit the Ccommission may set indicative lower or upper thresholds fparison of short-, medium- and long-term trends between the different Member States. For these indicators, to serve as alert levels. The thresholds applicable to Member States whose currency ihe Commission shall set indicative and symmetrical thresholds twhe euro may be different from those applicable to the other Member Statere relevant, to serve as alert levels.
2011/02/16
Committee: ECON
Amendment 221 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
2a. The indicators shall reflect trends in the three main economic sectors in each Member State – goods and services, labour and capital – and their repercussions for social cohesion.
2011/02/16
Committee: ECON
Amendment 232 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts, pursuant to Article 12a and subject to the conditions set out in Articles 12b and 12c, measures determining the list of relevant indicators which should be included in the scoreboard. This list shall include all of the following indicators: (a) internal imbalances, including private debt/public debt and their evolution; and the evolution of asset prices, with particular attention to property and the financial markets; (b) external imbalances, including the composition, present state and evolution of the current account balance; the evolution of the market share of exports on EU and third-country markets; and the net state of external assets; (c) the evolution of the internal market, including a mobile average of comparative real growth over a five-year period; an indicator of growth and employment trends, including product energy consumption and public and private R & D investment; and the flow of foreign direct investment in the EU and third countries; (d) social imbalances, including indicators for income inequality, the prevalence of low wages, workers under the poverty threshold, unemployment rates, the participation of wages in national income and unit profit rates.
2011/02/16
Committee: ECON
Amendment 254 #
Proposal for a regulation
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an economic and, financial and social assessment putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicator relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies thea possible emergence of imbalances in the Member State in question, another Member State or the Union as a whole. All available information shall be taken into account and conclusions shall not be drawn from the scoreboard .
2011/02/16
Committee: ECON
Amendment 262 #
Proposal for a regulation
Article 4 – paragraph 3
3. The report shall identify Member States that the Commission considers tomay be affected by, or at risk of, serious macro- economic and social imbalances.
2011/02/16
Committee: ECON
Amendment 271 #
Proposal for a regulation
Article 5 – paragraph 1
1. Taking account of the discussions in the European Parliament, the Council and the Euro Group, as provided for in Article 4(4), the Commission shall prepare an in- depth review for each Member State it considers could be affected by, or at risk of, imbalances. This assessment shall constitute a standard procedure and shall include an evaluation of whether the Member State in question is affected by imbalances, and of whether these imbalances constitute excessive imbalances. are excessive and of how serious they are. The in-depth assessment shall be based on detailed investigation of the specific circumstances of each Member State and its links with the other Member States, and in a very broad spread of economic and social variables. This assessment shall be undertaken in conjunction with the surveillance missions to the country concerned in accordance with Article 12 and shall yield appropriate recommendations, taking due account of the principle of subsidiarity.
2011/02/16
Committee: ECON
Amendment 282 #
Proposal for a regulation
Article 5 – paragraph 2 – point a a (new)
(aa) the origin of the imbalances identified, including the deep trade and financial inter-linkages between the Member States and the spill-over effect of national economic policies on the Union and the euro area, in which case the Commission shall recommend appropriate measures, taking due account of the principle of subsidiarity.
2011/02/16
Committee: ECON
Amendment 304 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
2a. The Council shall decide whether it is necessary to make fresh recommendations, on the basis of a Commission report on the reply sent to it by the Member States concerned.
2011/02/16
Committee: ECON
Amendment 318 #
Proposal for a regulation
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommendingsuggesting that the Member State concerned to take correctiveadopt an action plan. Those recommendations shall set out the nature of the imbalances and specify the corrective action to be taken in detail and the deadline within which the Member State concerned must take such corrective actionhat the Council thinks needs to be taken and the deadline within which it should be implemented. The Council may, as provided for in Article 121(4) of the Treaty, make its recommendations public.
2011/02/16
Committee: ECON
Amendment 330 #
Proposal for a regulation
Article 8 – paragraph 1
1. Any Member State for which an excessive imbalance procedure is opened shall submit a corrective, after consulting its national Parliament, submit an action plan to the Council and the Commission within a deadline to be defined in the recommendations in accordance with Article 7. The corrective actionat plan shall set out the specific and concrete policy actionmeasures the Member State concerned has implemented or intends to implement and shall include a timetable for implementation thereof.
2011/02/16
Committee: ECON
Amendment 333 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
1a. The action plan shall be compatible with the pact on sustainable growth and employment and with the economic and social convergence programmes.
2011/02/16
Committee: ECON
Amendment 343 #
Proposal for a regulation
Article 9 – paragraph 1
1. The Commission shall monitor implementation of the recommended corrective action and of the corrective action plan by the Member State concerned. For this purpose, the Member State shall report to the Council and the Commission at regular intervals in the form of progress reports whose frequency shall be established by the Council in the recommendation referred to in Article 7(2).
2011/02/16
Committee: ECON
Amendment 348 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
1a. Following a progress report by the Member State, the appropriate Commissioner and the Chair of the Euro Group (where appropriate) shall present a report to the European Parliament.
2011/02/16
Committee: ECON
Amendment 359 #
Proposal for a regulation
Article 9 – paragraph 3
3. The Commission may carry out surveillance missions to the Member State concerned to monitor implementation of the correctivthe action plan.
2011/02/16
Committee: ECON
Amendment 374 #
Proposal for a regulation
Article 10 – paragraph 4
4. Where it concludes that the Member State has not taken the recommended corrective acimplemented the Council's recommendations, the Councillatter, on a recommendation from the Commission, shall adopt or amend the revised recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for corrective action by when another assessment in accordance with this Article shall be conductedif necessary setting a new deadline.
2011/02/16
Committee: ECON
Amendment 380 #
Proposal for a regulation
Article 10 – paragraph 5
5. Where the Council, on the basis of the recommendation by the Commission in accordance with paragraph 4, concludes that the Member State has takenimplemented the recommended corrective actionations suggested or, if it has not done so, has presented satisfactory results as far as the correction of the imbalances is concerned, the excessive imbalance procedure shall be held in abeyance.
2011/02/16
Committee: ECON