Activities of Thierry CORNILLET related to 2018/2101(INI)
Shadow reports (1)
REPORT on the ECB Annual Report 2017 PDF (305 KB) DOC (68 KB)
Amendments (16)
Amendment 44 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the last take up of the TLTRO in 2017 showed an increasing demand by banks in the euro area; whereas the objective of the TLTRO is to stimulate bank lending to the real economy;
Amendment 60 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Reiterates that the independence of the ECB gives the members of the Executive board the freedom to decide, responsibly and based on the respect of appropriate accountability, about participating in fora, including those not open to the wider public, if they consider it is necessary to ensure the best conduct of the ECB monetary policy;
Amendment 70 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; that, while continuing to dramatically affect youth in the EU, EU unemployment is at the lowest level since 2008 welcomes the role of the ECB and the structural reforms undertaken in some Member States as part of the ongoing recovery;
Amendment 78 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, the Brexit negotiations, rising populism across the political spectrum and rising divergences between Member States on the future of European integration, among other causes;
Amendment 86 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; encourages the ECB to takebelieves that it is primarily Member States’ governments responsibility to implement the necessary measures, in to help realinse with its mandate, to help realise this objective; this objective, in order to ensure parliamentary scrutiny at the appropriate level;
Amendment 101 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recognises that risk sharing is, as ECB President Draghi has stated, an effective risk reduction method and that the two should go hand in hand; considers therefore that in parallel to the risk reduction efforts already implemented or well on track, a third pillar should be completed as soon as possible; this third pillar should allow depositors to be better protected both individually and collectively than in the current system;
Amendment 127 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. CallsIs concerned about rapidly rising property prices in certain Member States; calls therefore for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States;
Amendment 135 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Agrees with the ECB’s decision to end the APP, subject to incoming data confirming its medium-term inflation outlook, and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability and reduces incentives to consolidate public finances and to implement structural reforms;
Amendment 147 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; 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; calls, however, for further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs); stresses that the CSPP shall by no means lead to competitive distortions within the internal market;
Amendment 169 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for the continuation of the targeted longer-term refinancing operations (TLTRO), which provide banks with medium-term financing at attractive conditions aund in accordance with their efforts to grant new crediter the condition that these are actually used to grant new credit to the real economy; takes note of an increasing demand by euro area banks in the last TLTRO in 2017, which may be due to expectations of a hike in deposit rates and the possibility of cheap profits; calls on the ECB to closely monitor this development to ensure that the TLTRO are actually used for stimulating bank lending to the real economy;
Amendment 181 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcome the adoption of the agreement on emergency liquidity assistance (ELA), which clarifies the allocation of responsibilities, costs and risks; notes that this agreement is to be reviewed in 2019 at the latest; is of the opinion that granting ELA should be decided at the EU level;
Amendment 207 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Echoes the positions expressed by members of the Executive board on the importance of developing truly European payment systems immune from external disruptions such as those of a political nature;
Amendment 209 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Draws attention to President Juncker's call in his State of the Union 2018 speech to address the international role of the euro and the need for it to play its full role on the international scene; welcomes the willingness of the ECB to work with the Commission and Member States on this crucial issue, in spite of it falling outside the formal mandate of the ECB;
Amendment 211 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policies; stresses that the ECB has improved its communication; believes that the ECB should continue its efforts in order to make its decisions available and understandable to all citizens as well as its actions to maintain price stability in the euro area and therefore preserve the purchasing power of the common currency;
Amendment 212 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policies; decides to review and improve the setup of the monetary dialogue following the examples of the UK Parliament and the US Congress and the feedback provided by the monetary experts commissioned by ECON in March 2014(see PE 518.753);
Amendment 222 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; concluding their terms; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; stresses that the members of the Executive Board must be selected solely on the basis of their recognised standing and professional experience in monetary or banking matters; reiterates its position that the Executive Board needs to significantly improve gender balance, as well as in the ECB staff more generally;