39 Amendments of John PURVIS related to 2008/2334(INI)
Amendment 23 #
Motion for a resolution
Recital A
Recital A
A. whereas the unprecedented dimension of the current financial crisis and the depth of the ensuing downturn requires an urgent need to rethink considered overhaul, at European Union and at an international level, of the regulatory and governance framework of financial markets,
Amendment 29 #
Motion for a resolution
Recital C
Recital C
C. whereas the consequences of the financial crisis on the real economy result in exceptional economic circumstances that require exceptional measures and decisions and whereas public intervention, although inevitable, drives a wedge between the gains of the approprivate sector in the recent past and the losses of theroles of the private and public sectors in the present and near futuremore normal times,
Amendment 34 #
Motion for a resolution
Recital D
Recital D
D. whereas the short-term actions initiated by individual Member States require comprehensive EU coordination to guarantee a joint-multiplier effect on the one hand and to avoid spill-over effects and, distorted markets and wasteful duplication of efforts on the other,
Amendment 38 #
Motion for a resolution
Recital E
Recital E
E. whereas Member States’ different capacities to engage in recovery programmes should be recognised; whereas a sizeable complementary European Union approach with strong focus on multi-a mutually supportive mix of policy mix measures in the fields of economic, environment, employment and social policies should be developed,
Amendment 41 #
Motion for a resolution
Recital F
Recital F
F. whereas joiningmembership of the euro area has proved to enhance economic stability in the relevant Member States; whereas, however,, but also at substantial personal, business, social and financial cost, so that citizens expect, particularly inin such a time of economic recession, a strong enforcement of the Treatyresponse by the European Union's provisions on social and regional cohesion,
Amendment 47 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. welcomes the Commission's prompt initiative to launch a European economic recovery plan (Recovery Plan) as a reaction to the serious ongoing downturn; regrets, however, that the Community dimension of that proposal amounts to only 15 % of the budget for the recovery programme;
Amendment 55 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. stresses that the top priority of the Recovery Plan must be to protect citizens of the Union from the effects of the financial crisis, as they are the most strongly affected whether as workers, as members of households, or as entrepreneurs, and to assist them through any necessary transition to new and rewarding areas of employment and endeavour;
Amendment 60 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. insists that all financial aid be timely, targeted and temporary, so that it ceases once the worst of the crisis has been overcome; warns of possible crowding-out effects; urges for a return to sound state finance as soon as possible in order to avoid putting too much burden on future generations, to avoid, to the greatest extent possible, and to restrict to the shortest time possible, distortions to the EU markets;
Amendment 64 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. calls on the Commission to develop a plan with defined timings for the disbandment of temporary departures from EU competition policy so as to restore, as soon as practicable, the fair competitive market defined in the Treaties;
Amendment 68 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. strongly regrets the absence of clear growth and job benchmarks and targets from the Recovery Plan;while accepting the need to adjust to a globally competitive environment, calls for the European Union to agree on sustainable job creation, the safeguarding of employment where economically possible, and the prevention of mass unemployment as its mostvery important common goals, which should help determine the size and components of the Recovery Plan;
Amendment 71 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. recommends, as an essential requirement for effectiveness, that the coordination of national recovery plans allows for each programme to be tailored to each country's specific needs, but taking into account the common interest and the assurance of the strongest possible multiplier effect, nameespecially on employment;
Amendment 74 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. strongly calls focalls for assessing whether new horizontal initiatives at European Union level, given that different national capacities and margins of budgetary manoeuvre may generate very asymmetric outcomes across Europe might be necessary;
Amendment 79 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. calls onsupports the Commission to give clear guidance on the interpretation of the flexibility clause of the revised Stability and Growth Pact, namely when addressing short-term investment decisions which are compatible with medium-term budgetary targets and conducive to sustainable growth and long- term Lisbon goal´s commitment to the revised Stability and Growth Pact and notes its willingness to use all the flexibility which is provided for by the pact in order to allow Member States to respond adequately to the economic crisis;
Amendment 88 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. welcomes the short-term measures adopted to return confidence to the financial system; recalls that those emergency measures are insufficient to tackle one of the fundamental problems at the source of the crisis, namely excessivtreme risk- taking, leveraging and rewarding short- termism;
Amendment 93 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. warns of possible ill-considered, over- hasty and excessive regulation of the financial sector which could render economic recovery and innovation in the field of financial products impossible and reduce the attractiveness of EU financial markets, diverting financial flows and enterprises towards third markets;
Amendment 98 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. restates that safeguarding the savings of, and credit provision for, individuals and undertakings, including SMEs, areis the overriding justifications for the current exceptional public intervention in the financial system; reminds Member State governments of their responsibility infor the use of public money forin rescue plans and strongly recommends that a set of adequate incentives anddequate surveillance and, as necessary, sanctions be introduced to ensure the achievement of such goals;
Amendment 102 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. recalls the necessity for regulators and appropriate Member States' authorities to scrutinise in depth the bankings and bankers' activities over the last months in depth, so as to determine whether reprehensible and even criminal behaviour might have contributed to the banking meltdown;
Amendment 105 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. insistsaccepts that, only after due consideration onf the need forprobable consequences, conditionality tomay be attached to the banking sector rescue plans where and if needed in terms of dividend distribution, remuneration policy, provision of credit, lending conditions and protection of social policy terms;
Amendment 109 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. insists that prime consideration must be given to recovering to normal levels of credit extension by banks when considering any new regulatory environment particularly in the interests of reviving the securitisation process as essential to the recovery of finance for mortgages, car finance and credit card funding;
Amendment 125 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 131 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. reaffirms that more transparency and better risk-management provide most of the solutions to further crisis-prevention and that the regulatory reform must be all- encompassing, applying to all actors and transactions in the financial markets; underlines that regulatory initiatives must cover executive remuneration, transparency, leverage, capital requirements and securitisation; reminds the Commission of its obligation to respond to Parliament's requests on the regulation of hedge funds and private equity;
Amendment 137 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. strongly recommends that sufficient, affordable and reasonably secure access to credit is urgently guaranteed across the European Union to SMEs, citizens and to those sectors in which a sustainable future is endangered due to the crisislack of credit; calls on the Commission to ensure exchanges of best practices in this respect;
Amendment 145 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. calls for a true European Pact for Employment; supports the Commission's initiative to put forward European Social Fund spending, to promote the development and matching of skills;
Amendment 152 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. calls on the Commission urgently to assess the recession risks affecting industrial sectors across Europe in order pro-actively to intervene at European Union level, if needed;
Amendment 163 #
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 170 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. calls on the development offor refining the recovery instruments and policies both at European Union and at Member State level, capable of boosting demand and confidence across the European Union, in accordance with a common set of priorities within the Lisbon strategy, such as: investing in education, skills and lifelong learning, energy efficiency and green technologies, broadband networks, urban transport, creative industries and services, health services, and services for children and older people;
Amendment 184 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. calls for adequate detailed criteria and standards to be developed for close monitoring and permanent reassessment of the effectiveness of the recovery plans, bearing in mind that the full extent of the crisis and the requisite remedies cannot yet be totally assessed;
Amendment 187 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. considers that the present disinflationary recessive environment still renders a broadstrict interpretation of the ECB mandate crucial; underlines that the ECB has a responsibility to ensure supportive monetary policy for recoverymonetary and fiscal discipline in the euro area;
Amendment 190 #
Motion for a resolution
Paragraph 34 - introductory part
Paragraph 34 - introductory part
34. calls upon all relevant parties - Parliament, Council, the Commission and the social partners at European Union and national level - to work together on the basis of the following suggestions, to be agreed upon, during the Spring European Council in March 2009:
Amendment 191 #
Motion for a resolution
Paragraph 34 - indent 1
Paragraph 34 - indent 1
- the development of mutual reinforcement of stability, and growth-oriented macro- economic policies by making stability policy and investment a matter of common and multi-tually supportive concern;
Amendment 193 #
Motion for a resolution
Paragraph 34 - indent 2
Paragraph 34 - indent 2
- the establishment of a binding framework for Member States within which they consult each other and the Commission before taking major economic policy decisions, based on a common understanding of problems and, priorities while accepting some national specificitiesand the remedial measures which are necessary and appropriate;
Amendment 195 #
Motion for a resolution
Paragraph 34 - indent 5
Paragraph 34 - indent 5
- the strengthening of the economic governance of the euro area in line with the recommendations set out in its resolution on the EMU@10;
Amendment 206 #
Motion for a resolution
Paragraph 36
Paragraph 36
Amendment 208 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. calls on Member States to consider the implications of Eurobonds as a low-cost financing instrument for major European political priorities; stresses that issuing common euro area bonds would reduce the spreads and attract domestic and foreign saving, economic and financial priorities;
Amendment 210 #
Motion for a resolution
Paragraph 37
Paragraph 37
Amendment 212 #
Motion for a resolution
Paragraph 37
Paragraph 37
37. calls, once more, for the urgent strengtheningreappraisal of the European budget, by reassessing its size and expenditure structure, particularly in light of the constraints imposed by an enlarging and deepening monetary union;
Amendment 213 #
Motion for a resolution
Paragraph 38
Paragraph 38
Amendment 216 #
Motion for a resolution
Paragraph 39
Paragraph 39
39. strongly calls for the European Union per se to play a leading role in international fora, notably in the Financial Stability Forum (FSF) and International Monetary Fund (IMF), and at the coming meetings of the G20; considers it especially important to strengthen the multilateral surveillance of currency areas and financial market regulation, notably as concerns hedge funds and closing regulatory and tax havens; recalls that, in times of free global capital flows, convergence is at the heart of a true level playing field and of a comprehensive regulatory and supervisory framework;
Amendment 219 #
Motion for a resolution
Paragraph 40
Paragraph 40
40. strongly recommends that the impacts of international transactions on the real economy across the European Union, particularly as regards trade, climate change and finance, be duly assessed; supports enhanced international dialogue with the most important currency blocks to avoid the consequences of currency manipulation and volatility on the real economy;