14 Amendments of Olle SCHMIDT related to 2010/0281(COD)
Amendment 82 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Regulation EC No. XX/2011 does not address the current situation in the short- term but rather in a structural approach for the medium- to long-term.
Amendment 91 #
Proposal for a regulation
Recital 5
Recital 5
(5) It is appropriate to supplement the multilateral surveillance referred to in Article 121(3) and (4) of the Treaty with specific rules for detection, prevention and correction of macroeconomic imbalances. Macroeconomic imbalances are defined as situations in which a Member State experiences large current account deficits, significant losses of competitiveness, large and unusual increases in asset prices, high levels of or a significant deterioration in external, public sector or private sector indebtedness or a significant risk thereof.
Amendment 130 #
Proposal for a regulation
Recital 11
Recital 11
(11) When assessing imbalances, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. Particular attention should be paid to Member States with large current-account deficits and low competitiveness. The economic adjustment capacity and the track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union, should also be considered.
Amendment 144 #
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on appropriate policy responses. The policy response of the Member State concerned to imbalances 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 regulation. It is important to underline that the recommendations shall respect the Charter of Fundamental Rights of the European Union, Article 153 of the Treaty and collective bargaining between social partners in each Member State.
Amendment 160 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) The envisaged measures for the prevention and correction of macroeconomic imbalances should not lead to a centrally planned economy for the Member States of the European Economic and Monetary Union
Amendment 177 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'imbalances‘ means macroeconomic developments which are adversely affecting, or have the potential adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole. ; 'Imbalances' appears because of the emergence of large current account deficits, significant losses of competitiveness, asset price bubbles, high level of external, public sector or private sector indebtedness, a deterioration of this indebtedness or a significant risk that any of these situations arise.
Amendment 219 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and macrofinancial indicators for Member States. The Commission may set indicative and asymmetric lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 239 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts in accordance with Article -12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard. The list of indicators shall cover at least the following broad set of indicators: (a) internal imbalances, including inter alia private and public debt and its evolution, and asset price developments with particular attention to real estate and financial markets; (b) external imbalances, including inter alia current account balance, net foreign assets position and real effective exchange based on unit labour costs;
Amendment 300 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. If, on the basis of its in-depth review referred to in Article 5 of this Regulation, the Commission considers that a Member State is experiencing imbalances, it shall inform the Council accordingly. The Council, on a recommendation from the Commission, mayshall address the necessary recommendations to the Member State concerned, in accordance with the procedure set out in Article 121(2) of the Treaty.
Amendment 314 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission, may adopt a recommendations in accordance with Article 121(4) of the Treaty to the Council declaring the existence of an excessive imbalance and recommending the Member State concerned to take corrective action. The recommendation by the Commission shall be deemed adopted by the Council unless it decides, by qualified majority to reject the recommendation within ten days of the adoption of the recommendation by the Commission. 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 action. The Council may, as provided for in Article 121(4) of the Treaty, make its recommendations public.
Amendment 338 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Within twoone months after submission of a corrective action plan and on the basis of a Commission report, the Councilmmission shall assess the corrective action plan. If considered sufficient, on the basis of a Commission proposal, the Council shall adopt an opinion, endorsing it. If the actions taken or envisaged in the corrective action plan or their timetable for implementation are considered insufficient to implement the recommendations, the Council shall, on the basis of a Commission proposal, invite the Member State to amend its corrective action plan within a new deadline. The amended corrective action plan shall be examined according to the procedure laid down in this paragraph.
Amendment 346 #
Proposal for a regulation
Article 9 – paragraph 1
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 Councilmmission and the Commissionuncil at regular intervals in the form of progress reports whose frequency shall be established by the Council, following a recommendation of the Commission, in the recommendation referred to in Article 7(2).
Amendment 352 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States’ progress reports shall be made public by the Council.
Amendment 372 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4