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40 Amendments of Inese VAIDERE related to 2020/2075(INI)

Amendment 19 #
Motion for a resolution
Citation 37 a (new)
— having regard to the European Auditor's Special Report 03/2018 Audit of the Macroeconomic Imbalance Procedure (MIP),
2021/04/23
Committee: ECON
Amendment 20 #
Motion for a resolution
Citation 37 b (new)
— having regard to the European Court of Auditor's Special Report 16/2020: The European Semester – Country Specific Recommendations address important issues but need better implementation,
2021/04/23
Committee: ECON
Amendment 48 #
Motion for a resolution
Paragraph 1
1. WelcomesTakes note of the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes note of the proposed conditions for deactivating the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon the health, social and economic situation across Member States in order to ensure that fiscal support is provided for as long as neededthe Union;
2021/04/23
Committee: ECON
Amendment 64 #
Motion for a resolution
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance ofthat it would be desirable to havinge a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC, but insists that it is not a necessary precondition for the deactivation of the GEC;
2021/04/23
Committee: ECON
Amendment 71 #
Motion for a resolution
Paragraph 3
3. Calls on the Commission to put forward guidelines for a transition period until the new fiscal framework is in place, during which time no excessive deficit procedure should be activated and with the possibility to use the ‘unusual event clause’ on a country-specific basis to prevent premature fiscal consolidation;deleted
2021/04/23
Committee: ECON
Amendment 81 #
Motion for a resolution
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, and therefore calls for the Vade Mecum and the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending;
2021/04/23
Committee: ECON
Amendment 90 #
Motion for a resolution
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; considers that the fiscal support measures should become more targeted as the recovery progresses; calls on the Commission not to have the general escape clause activated longer than strictly necessary; calls on the Commission to develop a credible exit strategy from the crisis measures;
2021/04/23
Committee: ECON
Amendment 107 #
Motion for a resolution
Paragraph 6
6. Calls on the Member States to embed the high-quality fiscal support in credible medium-term frameworks, bearing in mind that emergency measures are temporary, limited and targeted; calls on the Member States to monitor fiscal risks, namely contingent liabilities, as appropriate and ensure long-term fiscal sustainability;
2021/04/23
Committee: ECON
Amendment 112 #
Motion for a resolution
Paragraph 7
7. Welcomes the coordinated policy response of governments and EU institutions aimed at avoiding a sharp increase in corporate insolvencies and unemployment; warns that an abrupt and uncoordinated withdrawal of support measures could lead to financial distressslow down the speed of the economic recovery; points out, however, that the robust fiscal response to the Covid-19 crisis raises new concerns in relation to debt sustainability;
2021/04/23
Committee: ECON
Amendment 118 #
Motion for a resolution
Paragraph 7 a (new)
7a. Notes that the Covid-19 crisis has shown that those Member States that have built fiscal buffers ahead of time, were in a better position to quickly mobilise fiscal stimulus packages without the associated rise in borrowing costs; notes that his example proves the value of a prudent approach to fiscal policy;
2021/04/23
Committee: ECON
Amendment 119 #
Motion for a resolution
Paragraph 7 b (new)
7b. Notes that the increased private and public debt levels due to the pandemic are a burden for future generations and might be a drag on the recovery;
2021/04/23
Committee: ECON
Amendment 135 #
Motion for a resolution
Paragraph 8
8. Stresses the importance ofNotes that complementarity between monetary and fiscal policies have helped to deliver the required support post- COVID-19; considers that the low interest rate environment has implications for fiscal poECB's primary objective is price stability and that monetary policy support can be withdrawn at any point in time in light of unfavourable developments in relation to price stabilicty; warns against a premature tightening of monetary and fiscal policyMember States against relying too heavily on an accommodating monetary policy stance;
2021/04/23
Committee: ECON
Amendment 145 #
Motion for a resolution
Paragraph 9
9. Underlines that structural factors are likely to keep rates low in the long term; considers that macroeconomic policies should address the factors underlying secular stagnation;deleted
2021/04/23
Committee: ECON
Amendment 152 #
Motion for a resolution
Paragraph 10
10. Calls for an appropriate fiscal and monetary policy mix that work together towards achieving the EU’s objectives;deleted
2021/04/23
Committee: ECON
Amendment 166 #
Motion for a resolution
Paragraph 11
11. Highlights that public debt levels have increased and that some Member States already have a sizeable debt legacy; notes with concern that the average debt- to-GDP ratio of EU Member States will surpass 100% in 2021; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower today; points out that this environment will not necessarily last going forward and that the interest rate environment can change fast, while reducing debt levels may take a considerable period of time;
2021/04/23
Committee: ECON
Amendment 182 #
Motion for a resolution
Paragraph 12
12. Stresses that debt service costs are expectedlikely to remain low for the foreseeablenear future and primary deficits are likely tomay be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; points out though that some Member States have had structural problems to achieve sufficiently high growth rates in the past;
2021/04/23
Committee: ECON
Amendment 210 #
Motion for a resolution
Paragraph 14
14. Stresses the importance of pursuing a broad and transparent DSA, transparent and thorough debt sustainability assessment in order to set an appropriate country-specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamics;
2021/04/23
Committee: ECON
Amendment 213 #
Motion for a resolution
Paragraph 14 a (new)
14a. Points out that the metrics at the heart of the economic governance framework must be easily observable and controllable by political decision makers in order to increase transparency and comprehensibility for both policy makers and the public; notes that concepts such as an output gap analysis do not satisfy those criteria;
2021/04/23
Committee: ECON
Amendment 223 #
Motion for a resolution
Paragraph 15
15. Calls onInvites the Commission to relaunch the debate on the reformview of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
2021/04/23
Committee: ECON
Amendment 245 #
Motion for a resolution
Paragraph 16
16. Calls for the renewed fiscal framework to promote debt sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence;
2021/04/23
Committee: ECON
Amendment 250 #
Motion for a resolution
Paragraph 16 a (new)
16a. Notes that as a general rule public borrowing should only be used to finance productive investments and must not be used to finance recurring general expenditures;
2021/04/23
Committee: ECON
Amendment 256 #
Motion for a resolution
Paragraph 17
17. Suggests focusing the fiscal targets on the achievement of a single credible debt anchor and a declining path towards it aimed at reducing high debt ratios in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States;
2021/04/23
Committee: ECON
Amendment 265 #
Motion for a resolution
Paragraph 18
18. Proposes an expenditure rule with a 20 20 ceiling on nominal public expenditure when a country’s public debt exceeds a certain threshold; proposes that in such a case, the annual expenditure growth rate of that Member State shall be two percentage points lower than the average GDP growth rate of the past three years; _________________ 20 A ceiling fixed for 3-5 years that would depend on the expected potential output growth, expected inflation and the distance from the debt anchor.
2021/04/23
Committee: ECON
Amendment 274 #
Motion for a resolution
Paragraph 19
19. Notes that the country-specific path outcome should result from a discussion between each Member State and the Commission, after a consultation with the EFB in the context of the European Semester; considers that the expenditure rule should also include a correction mechanism to remove cyclical items;
2021/04/23
Committee: ECON
Amendment 281 #
Motion for a resolution
Paragraph 20
20. Underlines that expenditure rules allow forhave built-in automatic stabilisers to operate and are under the direct control of the governmentation properties1a; argues that while potential output growth is unobservable and has to be estimated, it is less likely to be subject to revisions than the output gap; _________________ 1a See. p. 89 of EBF Assessment of EU fiscal rules with a focus on the six and two-pack legislation.
2021/04/23
Committee: ECON
Amendment 288 #
Motion for a resolution
Paragraph 21
21. Proposes, in line with the EFB, ‘ onthat the general escape clause, should only be triggered based on an independent and thorough economic judgeassessment; notes however, that such assessment should be based on pre-defined metrics, thresholds and procedures;
2021/04/23
Committee: ECON
Amendment 294 #
Motion for a resolution
Paragraph 22
22. Shares the EFB’s opinion that sustainable growth-enhancing public investments should be exempt from the expenditure rule, in particular those investments that are aligned with the EU’s long-term objectives of the NGEU;deleted
2021/04/23
Committee: ECON
Amendment 324 #
Motion for a resolution
Paragraph 24
24. Agrees with the opinion of the EFB and others21 that a deepening of the Economic and Monetary Union (EMU) would be helped by a central fiscal capacity, which could help cushion idiosyncratic shocks, whether common or country-specific, in a timely manner; _________________ 21 International Monetary Fund and the European Central Bank.deleted
2021/04/23
Committee: ECON
Amendment 342 #
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a step towards a permanent EU safe asset; _________________ 22 NGEU & SURE bonds.
2021/04/23
Committee: ECON
Amendment 357 #
Motion for a resolution
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknessespoor enforcement;
2021/04/23
Committee: ECON
Amendment 363 #
Motion for a resolution
Paragraph 26 a (new)
26a. Agrees with the European Court of Auditor's assessment that although the MIP is generally well designed, the Commission is not implementing it in such a way as to ensure the effective prevention and correction of imbalances1a; _________________ 1a https://www.eca.europa.eu/Lists/ECADoc uments/SR18_03/SR_MIP_EN.pdf
2021/04/23
Committee: ECON
Amendment 365 #
Motion for a resolution
Paragraph 27
27. Calls for the MIP to be reformed to make its indicators and recommendations more forward-looking and symmetrical with regard to over- and undershooting target values, and to focus on indicators under the control of policymakers and geared towards reducing intra-euro area imbalances; considers that greater compliance with pared-back recommendations must be achieved and MIP-relevant country- specific recommendations should focus on policy actions that can have a direct impact on imbalances;deleted
2021/04/23
Committee: ECON
Amendment 383 #
Motion for a resolution
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacy;
2021/04/23
Committee: ECON
Amendment 386 #
Motion for a resolution
Paragraph 29 a (new)
29a. Notes that the enforcement of EU fiscal rules in the past has been poor, which is partly due to the political nature of the process; suggests therefore that the supervision and enforcement of the economic governance framework should be attributed to a completely independent authority such as the European Stability Mechanism (ESM);
2021/04/23
Committee: ECON
Amendment 400 #
Motion for a resolution
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of fiscal sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidancethe European Semester to focus on fiscal discipline, competitiveness and structural reforms;
2021/04/23
Committee: ECON
Amendment 407 #
Motion for a resolution
Paragraph 30 a (new)
30a. Agrees with the European Court of Auditor's assessment that the Country Specific Recommendations in the European Semester are a useful tool, but need better implementation1a; _________________ 1a https://www.eca.europa.eu/en/Pages/DocI tem.aspx?did=54357
2021/04/23
Committee: ECON
Amendment 414 #
Motion for a resolution
Paragraph 32
32. Calls for more involvement of national productivity councils in the MIP process;deleted
2021/04/23
Committee: ECON
Amendment 429 #
Motion for a resolution
Paragraph 34
34. Recalls its position23 that an ‘additional budgetary capacity for the euro area’ should be included in the fiscal capacity; _________________ 23European Parliament resolution of 16 February 2017 on budgetary capacity for the euro area, OJ C 252, 18.7.2018, p. 235.deleted
2021/04/23
Committee: ECON
Amendment 451 #
Motion for a resolution
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presidents;
2021/04/23
Committee: ECON
Amendment 458 #
Motion for a resolution
Paragraph 37
37. Recalls its call for the ESM to be integrated into EU law under the Community method;deleted
2021/04/23
Committee: ECON