33 Amendments of Philippe LAMBERTS related to 2011/2011(INI)
Amendment 1 #
Motion for a resolution
Citation - 1 (new)
Citation - 1 (new)
– having regard of the G20 summits of London, Pittsburgh, Toronto and Seoul,
Amendment 6 #
Motion for a resolution
Recital A
Recital A
A. whereas the development of the world economy during the last decades generally has been remarkably successful, with the number of people living in relative prosperity increasing from one to four billionassociated with increased financial instability as well as mounting income inequalities between and within countries,
Amendment 14 #
Motion for a resolution
Recital C
Recital C
C. whereas the imbalances of today are nothing new as such, but only a replacement of other imbalances that characterised the global economy for decades, although today greater in magnitude and creating new challenges for global governance and rendering current arrangements insufficienteconomic landscape that has emerged after the end of the Bretton Woods multilateral framework has been characterised by widespread and aggravating global imbalances,
Amendment 18 #
Motion for a resolution
Recital D
Recital D
D. whereas the prevailing monetary arrangements led to substantiG20 Pittsburgh final declaration acknowledged that the lack of a proper multilateral maccumulation of foreign exchange reserves in some economies, which increased the global supply of capital and exerted downward pressure on interest rates, helping to spur the bubble in asset prices that played a central role in the last financialroeconomic coordination framework combined with the deregulation of global financial markets have led to the accumulation of unsustainable trade and investment imbalances and were at the roots of the financial and economic crisis,
Amendment 22 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Amendment 25 #
Motion for a resolution
Recital E
Recital E
Amendment 42 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses that an imbalance as such does not necessarily constitute a threat to financial stability or economic growth as long as such imbalances are not excessive; taking this into account, stresses that global imbalances stemming from structural misalignments and a lack of competitiveness in the domestic economy should be addressed, as this is where the fundamental problems are to be foundrequire a new multilateral supervisory and regulatory framework;
Amendment 49 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recognises that policy-makers around the world have already started to proposed different solutions and reforms of global financial governance to help rebalance the world economy and avoid another slump;
Amendment 57 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses the importance of responsible monetary policies; urges central banks of major economies to consider potential externalities when implementing non- conventional measures such as carry-trade dynamics and the emergence of new asset bubbles;
Amendment 63 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is aware that, ultimately, confidence in the strength of the underlying economy and the depth and sophisticationresilience and stability of its financial markets are the main determinantimportant factors for which currencies are kept as reserves by central banks; stresses that the current system based on the dollar as the main global trade and reserve currency is neither balanced nor sustainable;
Amendment 65 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Statresses that currencies should reflect underlying market fundamentals in order to enhance openness and flexibility and to facilitate economic adjustmente need to establish a truly multilateral exchange rate system in order to limit the degree of exchange rate volatility;
Amendment 71 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Urges members of the IMF to adhere to the Articles of Agreement, especially the commitment to refrain from manipulating the exchange rate, and the relevant provisions of the GATT Agreementexplore and develop a new multilateral framework for exchange rate management; including a commonly accepted monitoring mechanism based on Real Effective Exchange Rates (REER);
Amendment 73 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Asks the IMF to explore further allocation as well as a broader use of Special Drawing Rights (SDR) in particular for the purpose of establishing a new multilateral exchange rate system;
Amendment 77 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Supports the work and commitments of G20 States to implement "medium-term fiscal consolidation differentiated according to National circumstances", pursuing appropriate monetary policies, enhancing exchange rate flexibility to better reflect underlying economic fundamentals, and structural reforms; stresses however that a falling domestic demand in deficit countries due to foauster job creation andity measures combined with an excessive accumulation of savings in the surplus countributees could lead to a global rebalancingshortfall in aggregate demand in the face of a capacity glut;
Amendment 89 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Takes the view that the commitments given in the G20 need to be more concrete and that progress needs to be monitored by an independent more inclusive body, such as the IMF;
Amendment 94 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses the need to agree a set of macroeconomic indicators that will allow thWelcomes steps agreed by the Summit meeting of G-20 Finance Ministers in Paris monitoring to take p 19 February 2011 to measure imbalance at a global levels by a set of indicators; underlines that these indicators should cover internal imbalances, such as public debt and deficits and private savings and debt, as well as external imbalances from trade and investment flows and transfers;
Amendment 98 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Recognizes the need to allow countries to retain the policy space required to limit the speed and change the direction of capital flows;
Amendment 99 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
Amendment 100 #
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Recognizes the need for a comprehensive international supervision and regulation of commodity derivatives; supports the adoption of a set of indicators - such as stocks to consumption ratios and ratios of aggregated notional value of contracts to outstanding aggregated market value of underlying assets - in order to measure the build up of commodity bubbles;
Amendment 105 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls for a more democratic IMF, which implies an open and merit-based election of its managing director, the establishment of a single EU seat on IMF board and a substantial increase in voting rights for developing and transiting nations;
Amendment 115 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Underlines the need for a global understanding and a common approach regarding monetary policy, sustainable public finances and flexible currencies based on economic fundamentals; considers that the global economy should be characterised by free trade in all sectorbased on fair and balanced trade rules integrating high social and environmental standards; stresses that the IMF and WTO should be the core of such a process, with input from the G20 and other relevant bodies;
Amendment 148 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recommends an enhanced macro- prudential dialogue, with a focus on the Atlantic dialogue, even-handed implementation of the Basel III package and further discussions on widening the sTakes the view that the necessity of a trans-Atlantic dialogue on macro- prudential regulation should not prevent the EU from undertaking far-reaching prudential reforms, with the aim to strengthen the resilience of the European banking sector as well as to protect it against unfair compe of supervision to non-bank financial institutiontition from jurisdictions endorsing lower regulatory standards;
Amendment 158 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Stresses the need to develop adequate criteria for identifying systemically important financial institution, with the aim to avoid 'too big or too interconnected to fail' institutions and therefore to reduce systemic risk through the use of additional reserve and capital requirements as well as antitrust laws;
Amendment 159 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Calls on the Basel Committee on Banking Supervision to propose measures to ring-fence the retail banking activities of systemically important institutions and require them to be capitalized on a standalone basis;
Amendment 160 #
Motion for a resolution
Paragraph 17 c (new)
Paragraph 17 c (new)
Amendment 171 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Deems that the establishment of Eurobond for covering a substantial proportion of EU Member State’s public debt issuance, with the aim to finance rebalancing paths while setting conditions to avoid moral hazard would increase financial stability within the euro area and the EU and therefore contribute to enhancing global financial stability;
Amendment 172 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Deems that the need to favour an international level playing field should not prevent the EU nor other regional blocks and countries from strengthening regional arrangements aiming at fully using flexibility provided by WTO and other international standards in order to rebalance macroeconomic fundamentals and increase prosperity;
Amendment 173 #
Motion for a resolution
Paragraph 19 c (new)
Paragraph 19 c (new)
19c. Underlines that the protection of global public goods such as climate change and the fulfilment of global Millennium Objectives for Development could be favoured by an EU qualified market access framework;
Amendment 174 #
Motion for a resolution
Paragraph 19 d (new)
Paragraph 19 d (new)
19d. Calls on the EU to focus on decreasing its energy dependency in order to curb imported inflation and regain commercial balances with oil producing countries;
Amendment 175 #
Motion for a resolution
Paragraph 19 e (new)
Paragraph 19 e (new)
Amendment 176 #
Motion for a resolution
Paragraph 19 f (new)
Paragraph 19 f (new)
19f. Takes the view that the global fight against tax evasion and tax havens shall be enhanced in particular through the adoption of country-by-country reporting as well as comprehensive global multilateral tax information exchange agreements, incorporating automatic, on request and spontaneous information exchange provisions, and covering all jurisdictions including those currently labelled non-cooperative;
Amendment 187 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Underlines that full participation in the global economy is crucial for Europe in order to take advantage of all its opportunitiesa cooperation oriented approach towards a sustainable global economy is crucial for Europe as a leading global player;
Amendment 189 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission to design a EU trade and investment strategy which emphasises a sustainable balance between imports and exports of goods and capital and to revise the EU Strategy “Trade in Global Affairs” of 9 November 2010 accordingly;