[ParlTrack]

Proposal for a regulation
Recital 10

~~(10) A temporary departure from prudent fiscal policy-making should be allowed in case of severe economic downturn of a general nature in order to facilitate economic recovery.~~deleted

2011/02/15
Committee: ECON

Wolf KLINZ, Burkhard BALZ, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point -1 (new)

Regulation (EC) No 1466/97
Article 1

~~[Current text of Article 1 of Regulation (EC) No 1466/97:~~-1. Article 1 is replaced by the following: "Article 1 "Article 1 This Regulation sets out the rules covering the content, the submission, the examination and the monitoring of stability programmes and convergence programmes as part of multilateral surveillance by the Council so as to prevent, at an early stage, the occurrence of excessive general government deficits and to promote the surveillance and coordination of economic policies. This regulation sets out as a general rule that the budget of Member States shall be balanced over the economic cycle, running a surplus in boom years and, if necessary, a deficit in lean years. Member States revenue and expenditure shall in principle be balanced without public borrowing. This is the case if structural public borrowing does not exceed 0.35 % of nominal GDP per year."]

2011/02/15
Committee: ECON

Wolf KLINZ, Ramon TREMOSA i BALCELLS, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 2

The Council, when assessing the adjustment path toward the medium-term budgetary objective, shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically-adjusted budget balance, net of one-off and other temporary measures, required to meet its medium-term budgetary objective, with ~~0.5~~1% of GDP as a benchmark. For Member States with a ~~high~~ level of ~~debt~~government debt above 60% of GDP or excessive macroeconomic imbalances or both, the Council shall examine whether the annual improvement of the cyclically-adjusted budget balance, net of one-off and other temporary measures is higher than ~~0.5~~1% of GDP. The Council shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times.

2011/02/15
Committee: ECON

Wolf KLINZ, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 5

The prudent medium-term of growth should be assessed on the basis of projections over a ~~ten~~five-year horizon updated at regular intervals.

2011/02/15
Committee: ECON

Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 9

In periods of severe economic downturn of a general nature Member States may be allowed to temporarily depart from the adjustment path implied by prudent fiscal- policy making referred to in the fourth subparagraph.deleted

2011/02/15
Committee: ECON

Wolf KLINZ, Anneli JÄÄTTEENMÄKI, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 5

Regulation (EC) No 1466/97
Article 6 – paragraph 2 – subparagraph 2

A deviation from prudent fiscal policy making shall be considered significant if the following conditions occur: an excess over the expenditure growth consistent with prudent fiscal policy-making, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation has a total impact on the government balance of at least 0.25 % of GDP in one single year or of at least 0.251 % of GDP on average per year in two consecutive years.

2011/02/15
Committee: ECON

Wolf KLINZ, Anneli JÄÄTTEENMÄKI, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 8

Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 2

The Council, when assessing the adjustment path toward the medium-term budgetary objective, shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times. For Member States with a high level of debt or excessive macroeconomic imbalances or both, the Council shall examine whether the annual improvement of the cyclically-adjusted budget balance, net of one-off and other temporary measures is higher than ~~0.5~~1% of GDP. For ERM2 Member States, the Council shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically adjusted balance, net of one-off and other temporary measures, required to meet its medium- term budgetary objective, with ~~0.5~~1% of GDP as a benchmark.

2011/02/15
Committee: ECON

Wolf KLINZ, Burkhard BALZ, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 8

Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 5

The prudent medium-term of growth should be assessed on the basis of projections over a ~~ten~~five-year horizon updated at regular intervals.

2011/02/15
Committee: ECON

Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 8

Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 9

In periods of severe economic downturn of a general nature Member States may be allowed to temporarily depart from the adjustment path implied by prudent fiscal- policy making referred to in the fourth subparagraph.deleted

2011/02/15
Committee: ECON

Wolf KLINZ, Anneli JÄÄTTEENMÄKI, Gunnar HÖKMARK, Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 9

Regulation (EC) No 1466/97
Article 10 – paragraph 2 – subparagraph 2

A deviation from prudent fiscal policy making shall be considered significant if the following conditions occur: an excess over the expenditure growth consistent with prudent fiscal policy-making, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation has a total impact on the government balance of at least 0.25% of GDP in one single year or of at least 0.251% of GDP on average per year in two consecutive years.

2011/02/15
Committee: ECON

Olle SCHMIDT

Proposal for a regulation – amending act
Article 1 – point 9

Regulation (EC) No 1466/97
Article 10 – paragraph 2 – subparagraph 4

~~The deviation may be equally not considered in case of severe economic downturn of a general nature.~~deleted

2011/02/15
Committee: ECON

11 Amendments of Olle SCHMIDT related to 2010/0280(COD)

ParlTrack - 2011-2024