Activities of Hans-Peter MARTIN related to 2009/2090(INI)
Plenary speeches (1)
ECB annual report for 2008 - Report on the 2009 Annual Statement on the Euro Area and Public Finances (debate)
Amendments (9)
Amendment 2 #
Motion for a resolution
Recital A
Recital A
A. whereas the financial and economic crisis has seen the worst global economic decline since the 1930s, whose repercussions will continue to have a major impact on countries' economic and social fabric for years to come,
Amendment 4 #
Motion for a resolution
Recital E
Recital E
E. whereas the average government debt ratio in the euro area increased from 66,2 % of GDP at the end of 2007 to 69,6 % at the end of 2008, and that ratio is expected to increase further in the coming yearswhereas a further massive increase in that ratio is expected in the coming years, a development which will have adverse repercussions for the EU Stability Pact,
Amendment 14 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Asserts that 2008 was the year in which, in response to the disastrous economic and financial crisis and its far-reaching repercussions, the ECB had to take some of the toughest decisions it has faced since its inception;
Amendment 18 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Expresses serious concern that very many commercial banks did not pass on interest rate cuts to their customers when the ECB's interest rates reached their lowest levels, a stance at odds with the intentions of current monetary policy;
Amendment 22 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes thatCriticises the fact that, in the face of the deepest worldwide recession since the 1930s, the ECB's interest rate cuts were less radical than those taken by other central banks, including the US Federal Reserve and the Bank of England in the UK, and compared with what manyost economic observers expected at the time;
Amendment 23 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Expresses disappointment that the extra liquidity injected by the ECB did not sufficiently ease the disastrous credit crunch faced by industry, particularly small and medium sized businesses, the cornerstones of the Member States' economies, and was instead used by too many banks to improve their margins and cover losses, with the result that in late 2009 countries such as Germany are still facing the threat of credit crunches;
Amendment 32 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Agrees with the ECB that the increasing complexity of financial instruments has led to heightened systemic risk; adds that this has led to an increasing lacke main reason for this is that this increasing complexity has not been matched by greater transparency and more stringent supervision of financial instruments and that this has led to a major crisis of public confidence in financial institutions;
Amendment 36 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Concurs with the ECB about the need to learn lessons from the crisis; in particular that management of risk and liquidity in the financial system, and the transparency of financial markets and institutions must be improved if a similar crisis is not to be repeatedsubstantially improved, since otherwise there is a real danger of a similar or even more serious crisis occurring in the very near future;
Amendment 45 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. States that Member States should continue with their current fiscal stimulus measures to protect jobs, encourage investment and stimulate growth; takes the view, further, that implementing these vital measures must not serve to distract Member States' attention from the significant issue of their budget deficits;