Activities of Dimitrios PAPADIMOULIS related to 2019/2129(INI)
Plenary speeches (1)
European Central Bank - annual report 2018 (debate)
Shadow reports (1)
REPORT on the European Central Bank Annual Report for 2018
Amendments (32)
Amendment 9 #
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
– having regard to the ECB Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2017,
Amendment 10 #
Motion for a resolution
Citation 7 b (new)
Citation 7 b (new)
– having regard to the final report of the High-Level Expert Group on Sustainable Finance, 'Financing a sustainable European Economy', published in January 2018,
Amendment 11 #
Motion for a resolution
Citation 7 c (new)
Citation 7 c (new)
– having regard to the Resolution on Sustainable Finance (2018/2007(INI)) adopted by the European Parliament in May 2018 and the Resolution on Sustainable Investments, adopted by the Parliament in May 2019,
Amendment 12 #
Motion for a resolution
Citation 7 d (new)
Citation 7 d (new)
– having regard to the UN 2030 Agenda for Sustainable Development and the Sustainable Development Goals,
Amendment 13 #
Motion for a resolution
Citation 7 e (new)
Citation 7 e (new)
– having regard to the Paris Agreement of the United Nations Framework Convention on Climate Change,
Amendment 16 #
Motion for a resolution
Recital A
Recital A
A. whereas according to the Commission’s Summer 2019 Economic Forecast, the latest figures of 2019 reflect a slowdown from the higher levels of GDP growth in the euro area in 2018, from 1.9 % to 1.2 % in 2019, and in the EU-27, from 2.1 % in 2018 to 1.4 % in 2019, owing to a weaker impetus from external trade uncertainties and to the Brexit;
Amendment 18 #
Motion for a resolution
Recital B
Recital B
B. whereas according to Eurostat figures, the unemployment rate in August 2019 stood at 6.2 % in the EU and 7.4 % in the euro area, the lowest rates since July 2008, with youth unemployment rate more than double the average rate and with extraordinary regional inequalities in unemployment within and among Member States;
Amendment 34 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas, the SMEs, remaining the backbone of the EU economy and society, enhancing economic and social cohesion, need further support;
Amendment 42 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the European Deposit Insurance Scheme has been considerably delayed, despite the clear proposals by the Commission, the ECB and the ESM for the urgent need for the creation of a fully mutualised system of depositors’ protection, as the third pillar of the Banking Union;
Amendment 68 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need for monetary policy to remain accommodative for the foreseeable future; is also concerned by the decreasing growth in industrial production and world trade and the unpreparedness, as Mr. Draghi underlined, of the European economic governance framework to prevent and possibly deal with a looming new economic and financial crisis;
Amendment 72 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Underlines the urgent need to deal with increasing global and European uncertainties and regional inequalities, within and among Member States, which jeopardise the future of European integration;
Amendment 93 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Regrets that youth unemployment remains more than double of the EU average rate and that, despite labour shortages becoming evident in several advanced economies, wages and quality employment have not improved;
Amendment 94 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Notes that, according to the Commission assessment only ten countries, mainly with low debt ratios, intend to be compliant with the Stability and Growth Pact, according to the draft budgetary plans for 2019, indicating the deadlocks and long-standing problems of the Pact, which has to be radically reformed;
Amendment 150 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Welcomes the ECB policy on the European Deposit Insurance Scheme (EDIS) and its support for a fully mutualised system, which is in the same direction with the Commission and the ESM policy, completing in that way the third pillar of the Banking Union, for the benefit of the EU banking system and the depositors’ protection;
Amendment 166 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that very low or negative interest rates offer, despite some short- term positive effects, do not work sufficiently well in offering opportunities to all consumers, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costsas the richest of the population are the ones more likely to benefit from lower borrowing costs thus boosting wealth inequality;
Amendment 184 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
Amendment 192 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Encourages the ECB to look into alternative monetary policy tools such as direct transfers to households; calls on the ECB and tasks the ECON Committee to carry out studies aimed at investigating the potential economic effectiveness of direct transfers in comparison with quantitative easing;
Amendment 204 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement on climate change and that this should be reflected in its policies, with full respect for its mandate and its independence; believes that environmental protection should be prioritised among the secondary objectives of the ECB as specified in Art. 127 TFEU and Art. 3 TEU;
Amendment 208 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes the commitment by the ECB to continue its reinvestment policies beyond the end of the net asset purchases; in this context, calls on the ECB to prioritise the purchasing of bonds connected with long-term strategic investments, which contribute to the transition towards a low-carbon economy, and to immediately develop transparent and standardised criteria for the selection of beneficiaries for the programme that fully incorporate environmental, social and governance factors, therefore divesting from carbon-intensive sectors and firms;
Amendment 210 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Calls on the ECB to complement the EU’s climate efforts by increasing its purchase of EIB-issued green bonds, given the EIB commitment to align all its operations with the Paris Agreement by end 2020 and to dedicate 50% of its support to climate action and environmental sustainability by 2025 and the new Commission proposal to turn the EIB into a European Climate Bank;
Amendment 218 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
Amendment 223 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Calls on the ECB to prepare for the incorporation of the EU sustainable finance and investments (taxonomy) in its policies and to revise its implementation of the principle of market neutrality accordingly, based on Christine Lagarde’s declaration of 4 September;
Amendment 224 #
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Calls on the ECB to disclose the full amounts of profits made by the Eurosystem through ANFAs and SMP from 2010 until the full expiration of the programme, with a specific breakdown per countries which have been subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);
Amendment 228 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the ECB to continue its preparatory efforts to ensure the stability of EU financial markets for all possible contingencies relating to Brexit; calls on the ECB to evaluate the progress achieved in key pieces of EU financial legislation connected to Brexit contingencies, such as EMIR II, and to take all necessary measures in order to minimise the negative consequences of Brexit, especially for regions and countries directly influenced;
Amendment 274 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Agrees with Christine Lagarde that a review of the ECB’s monetary policy framework is timely and warranted in order to ensure that the ECB has the right tools to deliver on its price stability mandate in the future; calls on the ECB to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad range of diverse civil society stakeholders; tasks ECON Committee to carry out its own- initiative report on the topic;
Amendment 277 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; deplores that a similar policy has not been implemented with regard to ABSPP and CBPP3; reiterates that more transparency is required, in particular for CBPP3, given the significant size of the programme;
Amendment 284 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Regrets that the ECB has not yet included Greek bonds in the PSPP despite Greece’s improvements in terms of debt sustainability and re-accession to bonds markets; calls on the ECB to justify why a debt sustainability analysis of the Greek bonds -precondition for inclusion of bonds in QE- has not yet been carried out by the ECB;
Amendment 290 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the increase in accountability under the Presidency of Mario Draghi, and looks forward to even greater transparency, accountability, dialogue and openness with the incoming President by improving, inter alia, the setup of the monetary dialogue, taking into account other national parliament models and the feedback provided by the monetary experts commissioned by ECON in March 2014; regrets that Mrs. Lagarde failed to participate in the European Parliament for the plenary discussion and approval of her appointment;
Amendment 300 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Recalls that the Parliament demands that the ECB should ensure the independence of the members of its internal Audit Committee; urges the ECB to publish declarations of financial interests for its Governing Council members in order to prevent conflicts of interest; urges the ECB to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB, nor by anyone liable to conflict of interest; calls the ECB Governing Council to follow the EU Staff Regulations and Code of Conduct and require a two-year professional abstention period for its outgoing members after the conclusion of their mandate;
Amendment 303 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Regrets the negative attitude of the ECB regarding the European Ombudsman’s case 1697/2016/ANA on the ECB President’s membership in the “Group of Thirty”; calls on the ECB to put an end to the President's membership to the G30, to re-examine the Ombudsman’s recommendations and to carefully review its internal policies in order to protect itself from potential cognitive capture by the financial sector;
Amendment 304 #
Motion for a resolution
Paragraph 20 c (new)
Paragraph 20 c (new)
20c. Deplores the fact that more than 97% of the members of the ECB's advisory groups are from the private financial sector; believes this situations causes bias, conflicts of interest and regulatory capture in the policy-making process; calls for the greater representation of independent academic experts and consumer protection advocates in all advisory bodies;
Amendment 305 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Welcomes the substantial, detailed, section-by-section feedback provided by the ECB on Parliament’s resolution on the 2017 ECB Annual Report; calls on the ECB to continue and further enhance this commitment to accountability and to continue publishing its written feedback on Parliament’s resolution on the ECB annual report each year;