42 Amendments of Philippe LAMBERTS related to 2012/2028(INI)
Amendment 11 #
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
- having regard of the euro area summit statement of the 29 June 2012
Amendment 12 #
Motion for a resolution
Citation 5 b (new)
Citation 5 b (new)
- having regard of the report of the President of the European Council Towards a genuine economic and monetary union issued the 25th June 2012
Amendment 43 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the various crisis mitigation and resolution efforts of the European institutions, particularly the establishment of the EFSM, the EFSF, the SMP and the LTRO programmes, and the agreement on the ESM and the fiscal compacts well as on the efficient functioning of the TARGET II system; points out that such mechanisms already represent a mutualisation of risks and contingent liabilities that need to be complemented with further measures in order to ensure an appropriate democratic decision making and scrutiny that need to be associated with any form of mutualisation within the EMU;
Amendment 46 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Remains extremely concerned about the ongoing euro area crisis and the threat it represents to the well being of millions of people experiencing poverty and unemployment across the EU as well as to the integrity of Economic and Monetary Union;
Amendment 48 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Welcomes the proposals by Presidents Van Rompuy, Barroso, Juncker and Draghi "Towards a genuine Economic and Monetary Union"; considers that they provide a key contribution for the long term vision required for a stronger Union, which needs to be built on enhanced democratic legitimacy, based on the Community method and accompanied by a time bound roadmap;
Amendment 50 #
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Takes note of the steps taken by the European Council; welcomes the Euro area summit commitment to break the vicious circle between banks and sovereigns by foreseeing that the ESM can directly recapitalize banks but points out that this possibility cannot be activated immediately since it is conditioned by agreement on a single supervisory mechanism;
Amendment 59 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fiscal consolidation and structural reform efforts undertaken by Member States; reminds that Member States need to pursue differentiated growth-friendly fiscal consolidation; welcomes in that respect the shift in focus within the Council expressed by the adoption of a Growth Compact but reminds that the mobilisation of funds for growth enhancing measures from structural funds only concern a reallocation of existing funds, thus not providing additional financial resources;
Amendment 61 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Deems that the current recessionary spiral in the euro area requires more resolute action from the Commission in order to fully and proactively use the flexibilities embedded in EU fiscal rules in case of a severe economic downturn allowing a differentiated path for budgetary consolidation taking into account country specific circumstances and the particular care to be provided to prioritising green investments in future- oriented areas;
Amendment 62 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Urges the Commission in the same spirit to put forward specific proposals related to an 'investment compact' in accordance with the European Parliament position on the 'two pack' aiming at promoting long term investments and complementing the required structural reforms for the ecological transformation of the European economy and a green job rich recovery including a binding Youth Job Guarantee scheme;
Amendment 68 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned and alarmed, however, that despite Member States‘' reform and consolidation efforts euro area sovereign bond markets are in distress, reflected in widening spreads and high volatility;
Amendment 79 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that there is an urgent need to further discussendorse a longer-term vision for the euro area on the basis of the proposals of the four Presidents accompanied by a time bound roadmap which ensures sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence;
Amendment 99 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Underlines in that spirit that an enhanced and genuine Economic and Monetary Union must go hand in hand with a reinforced democratic legitimacy and accountability including inter alia: - the communautarisation of all the instruments that have been created since the start of the crisis in December 2009, including the EFSF the ESM; - enhanced scrutiny and accountability of the ECB by means of the ordinary legislative procedure as foreseen in article 129 and protocol IV; - more democratic decision making in relation to economic, monetary and social policy, taxation policy, as well as the Multiannual Financial Framework and own resources;
Amendment 100 #
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Calls furthermore for the start of a process for a reform of the European Union institutions and decision-making procedures through a Convention, engaging not only the European institutions and national parliaments but also social partners, civil society and other stakeholders in a broad public debate on a deeper political, economic, social and fiscal integration of the European Union;
Amendment 113 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds can foster stability in the euro area, help preserve the integrity of the EMU which is currently under an existential threat and be an additional element to incentivise compliance with the stability and growth pact; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex, similar to the Maastricht criteria for introducing the single currency; while breaking the feedback loop between sovereign and banking crises and panic induced negative externalities which create massive market distortions and generate implicit subsidies to Member States experiencing abnormally low interest rates on their sovereign bonds;
Amendment 146 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges Member States to seriousimmediately consider the option of immediately establishing a European Redemption Fund as foreseen in the European Parliament position on the 'two pack' in order to allow participating countries to reduce excessive debt over a maximum period of 25 years by using the interest rate savings for debt reduction;
Amendment 155 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges Member States to seriousimmediately consider the immediate issuance of common short- term debt in the form of eurobills to protect Member States with fundamentally sustainable fiscal polices from illiquidity runs and the negativ, the feedback loop between sovereign and banking crises and panic induced negative externalities which create massive market distortions and generate implicit subsidies to Member States experiencing abnormally low interest rates on their sovereign bonds;
Amendment 160 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Regrets that no decision was taken so far to provide the ESM with a banking license; urges Member States to seriously consider the option of immediately granting the EFSF/ESM with a banking licence as a bridging measure in order to allow it to leverage itself and provide a more diligent response to the current challenges;
Amendment 169 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to prepare contingency plans allowing a rapid implementation of these schemes including a surveillance and reporting framework on the basis of article 121 aiming at monitoring on a quarterly basis progress made by euro area Member States and by the euro area as a whole towards a reinforced and genuine Economic and Monetary Union as well as measures aiming at coordinating the issuance of sovereign debt instruments non covered by any mutualisation framework;
Amendment 171 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Underlines that a more resilient EMU requires as a matter of urgency a sustained and symmetric reduction of excessive macroeconomic imbalances;
Amendment 186 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
Amendment 188 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Believes that an enhanced and genuine Economic and Monetary Union requires as a element of a roadmap towards a genuine EMU concrete changes in EU tax law to plug the holes used by companies to dodge taxes, comprehensive legislative proposals tackling all aspects of tax havens a fiscal evasion and a CCCTB with harmonized minimum rates; asks in that spirit the Commission to ensure an appropriate follow up to the forthcoming requests of Member States that wish to the establish a financial transaction tax under enhanced cooperation in conformity with the provisions of article 331 TFEU;
Amendment 190 #
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Asks the Commission and the Eurogroup to diligently implement the commitment to allow the ESM to recapitalize directly banking institutions and as a bridging measure before the establishment of a single supervisory mechanism to fully use for that purpose the supervisory powers foreseen in the EBA regulation allowing binding decisions to National competent authorities and banking institutions in emergency situations;
Amendment 210 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Believes that if the blue-bond/red-bond system proves to be beneficial to the euro area as a whole, a further step, requiring a Treaty change, should be envisaged in the roadmap to a genuine Economic and monetary Union, which is the issuance of bonds under joint and several liability;
Amendment 242 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 b (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1 b (new)
- restriction of participation to Member States which have satisfied all the criteria of the Stability and Growth Pact for at least three consecutive years prior to the introduction of the fund;
Amendment 249 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
- limit participation to Member States without an adjustment full assistance programme; provide for a phasing in of Member States that have successfully completed an adjustment programme;
Amendment 254 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
- oblige Member States to autonomously redeem the transferred debt over a period of maximum 25 years by using the interest rate savings for debt redemption which could be shorter if the growth rate is higher than foreseen25 years;
Amendment 261 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3 a (new)
- Member States shall have in place numerical fiscal rules that implement in the national budgetary processes their medium-term budgetary objective as defined in Article 2a of Regulation (EC) No 1466/97 and lodge guarantees to adequately cover loans provided by the Fund;
Amendment 262 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
Amendment 266 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
- implement the new framework of economic governance together with a bindingreinforced EU 2020 and structural reform agenda monitored by the Commission;
Amendment 268 #
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
- Provide the ESM with a banking licence;
Amendment 288 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2
- maximum maturity of eurobills (amounting to maximumaround 10% of GDP) of up to one year, which allows for continued monitoring and due to short term maturity frequent renewal of guarantees;
Amendment 292 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 3 a (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 3 a (new)
- adopt measures for the coordination of the issuance of sovereign debt instruments non covered by any mutualisation framework;
Amendment 293 #
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4
- providForesee for dismissible participation by a decision of the national parliament;
Amendment 306 #
Motion for a resolution
Annex - Phase 2 - Title
Annex - Phase 2 - Title
Phase 2 - Blue bond proposal: yearly allocated debt ≤ 60 % of GDP to be issued in common without a Treaty change
Amendment 313 #
Motion for a resolution
Annex - Phase 2 - Paragraph 2
Annex - Phase 2 - Paragraph 2
The Commission puts forward proposals for the setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes according to principles such as:
Amendment 320 #
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
- limit participation to Member States that comply with the Stability and Growth Pact and the fiscal compact and are not under an full adjustment programme;
Amendment 322 #
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Amendment 324 #
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 4
Annex - Phase 2 - Paragraph 2 - Subparagraph 4
- design an allocation mechanism taking into account the respect of the fiscal discipline, historic spreads and weighted by borrowing requirements;
Amendment 329 #
Motion for a resolution
Annex - Phase 3 - Title
Annex - Phase 3 - Title
Phase 3 - CFull common issuance of national debt involving a Treaty change
Amendment 334 #
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
On the basis of the work of the committee, the Commission or the European Parliament puts forward, if appropriate, proposals for a Treaty change (and where necessary, Member States’ constitutional changes) and the setting up of a system for the common issuance of bonds according to the following principles:
Amendment 342 #
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 2
Annex - Phase 3 - Paragraph 1 - Subparagraph 2
- establish a European debt agency for the issuance of bonds, or confer this task to thea communitarized ESM;
Amendment 352 #
Motion for a resolution
Annex - Phase 4 - Paragraph 1
Annex - Phase 4 - Paragraph 1
The Commission, after having prepared all eventual changes to the EU legal framework, puts forward proposals for possible issuance of bonds to finance EU investments for EU public goodsoverarching objectives by means of an EU sustainable investments strategy for EU and global public goods aiming at facilitating the ecological transformation of the EU and global economy (e.g. infrastructure, research and development, resource efficiency, renewable energies, etc.) as well as serving as an instrument to facilitate fiscal adjustment in response to external shocks when cross-border effects are at play.