Activities of José GUSMÃO related to 2022/2037(INI)
Plenary speeches (1)
European Central Bank - annual report 2022 (debate)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2022
Amendments (21)
Amendment 32 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Amendment 36 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
C b. whereas the analysis by the ECB has shown that the rise in profits, not wages, has been one of the key factors in explaining the current inflation2a; _________________ 2a Isabel Schnabel, “The Globalisation of Inflation”. https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220511_1~e9ba02e127.e n.html
Amendment 62 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandaten obstacle to a democratic monetary policy; notes that such independence renders the ECB immune to democratic scrutiny, while its single mandate to maintain price stability leads to a recurrent bias towards the interests of financial sector agents;
Amendment 67 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
Amendment 73 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. WelcomesNotes that the Republic of Croatia asis now the 20th member country of the euro area;
Amendment 81 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability and promoting full employment today requires even closer coordination between fiscal, monetary and structural policies, as addressing supply- side shocks requires significant public and private investments to address supply bottlenecks, promote greater supply-chain resilience and a shift away from fossil fuels;
Amendment 96 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without asufficient fiscal capacity at European level to respond to external shocks;
Amendment 104 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 111 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is alarmconcerned that euro area inflation has continued to rise and has reached undesirably high levels; stresses that headline inflation rose to a record 9.1 % in August 2022; stresses that energy is by far the most significant driver of inflation (38.3 %), followed by food prices (10.6 %);
Amendment 121 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note ofRegrets recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employment; calls on the ECB to revert the rise in interest rates and to take the necessary actions to ensure low interest rates in the Euro Area;
Amendment 144 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent yearand the decline in unionization in recent years; recalls that real wages have been falling substantially over the last months in Euro Area countries;
Amendment 147 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Notes that the analysis4a carried out by the ECB itself has shown that the rise in profits, not wages, has beenone of the key factors in the current inflationary period; _________________ 4a Isabel Schnabel, “The Globalisation of Inflation”.https://www.ecb.europa.eu/pres s/key/date/2022/html/ecb.sp220511_1~e9b a02e127.en.html
Amendment 148 #
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9 b. Regrets that the ECB has justified its decision to raise interest rates with the argument that “many are worried that price increases are here to stay”5a,despite the fact that there is no supporting evidence on the role of expectations in influencing current inflation and there is no academic consensus on this issue; _________________ 5a ECB Explainer: https://www.ecb.europa.eu/ecb/educationa l/explainers/tell-me- more/html/interest_rates.en.html
Amendment 149 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizonregrets that this review did not encompass the definition of a double mandate for the central bank to keep price stability and promote full employment, following the example of comparable economic areas such as the US;
Amendment 171 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomestakes note of the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area; regrets that the use of this instrument is subject to a discretionary evaluation of each Member-States public finances by the central bank, as well as to the compliance with current fiscal rules laid down in the SGP, which can have counterproductive effects in terms of debt sustainability;
Amendment 182 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow European banks to earn billions in extra profit, which may amount to 24 billion until 20246a; regrets the fact that the ECB has not yet addressed this issue; and calls on the central bank to quickly close this loophole; _________________ 6a Calculations by Morgan Stanley analysts, quoted by Financial Times (https://www.ft.com/content/5ce8f458- 8a59-4789-820a-8c59ed67f416)
Amendment 195 #
Motion for a resolution
Subheading 3
Subheading 3
Amendment 208 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the ECB to coordinate with the European Parliament to specify othe secondary objectivesr equally important objectives, such as the promotion of full employment; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expected to deliver on its secondarythese objectives;
Amendment 220 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of socially and environmentally sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact those objectives;
Amendment 243 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Is concerned about the implications of higher interest rates on debt sustainability in the Euro Area; notes that public debt spreads for the Euro Area Southern periphery are again on the rise; calls on the ECB to halt the current trajectory and keep low interest rates so as to avoid another euro crisis;
Amendment 308 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)