113 Amendments of Philippe LAMBERTS related to 2012/2151(INI)
Amendment 47 #
Motion for a resolution
Recital C
Recital C
C. whereas in a globalised information society the need for closer European integration built on the basis of democratic legitimacy is becoming ever more clear;
Amendment 52 #
Motion for a resolution
Recital D
Recital D
D. whereas the Union is at a crossroads and a clear direction needs to be chosen either to combine the forces within the Union and to build a future for a strong and value- driven Union in a globalised world, or to fold back on itself and be forced to submit passively adapt to globalisation for lack of power and influence;
Amendment 64 #
Motion for a resolution
Recital E
Recital E
E. whereas the economic, financial and banking crisis hasand the current severe economic downturn have repeatedly demonstrated that publicexcessive public and private debt at national level and financing problems, a lack of proper and comprehensive regulation of the financial sector, aggravating social inequalities as well as the dexisturbaence of excessive macroeconomic equilibriumimbalances quickly, directly and negatively affect the socio- economic development of the euro area and of the Union as a whole;
Amendment 71 #
Motion for a resolution
Recital F
Recital F
F. whereas there is great concernalarm about the difficult economic and financial situation in which several Member States find themselves, aggravated by the continuous strains on the sovereign bond markets reflected in highunsustainable interest borrowing rates for some countries and considerable financial and economic instability;
Amendment 76 #
Motion for a resolution
Recital G
Recital G
G. whereas the combination of a lack of competitiveness divergences and a low growth potential with high deficits and high public and private debt not only causes harm in some Member States, but also makes vulnerable the euro area as a whole;
Amendment 81 #
Motion for a resolution
Recital H
Recital H
H. whereas recent events have made clear that the euro area is not sufficiently equipped to solve the crisis and to react adequately to regional and global economic shocks within it;
Amendment 86 #
Motion for a resolution
Recital I
Recital I
I. whereas the important role played by the euro, both within the euro area and at the global level, as the second most important international reserve currency, riskis being increasingly undermined the longer the crisis persists;
Amendment 90 #
Motion for a resolution
Recital J
Recital J
J. whereas over the last decade the euro has brought Union citizens many benefits, such as price stability, protection against currency fluctuationssuppression of currency conversion within the euro area, the impossibility of non-cooperativeminal competitive devaluations, lower interest rates, the encouragement of the integration of financial markets and easier cross-border capital movement;
Amendment 110 #
Motion for a resolution
Recital N
Recital N
N. whereas Union and national policy makers should continuously explain to their citizens the benefits, implications and challenges of a single currency, including the costs and risks linked to a break up of the euro area;
Amendment 143 #
Motion for a resolution
Recital V
Recital V
V. whereas the growing divide between core and peripheral countries in the Union should not become chronic in nature; whereas a permanent framework must be created in which Member States in difficulty should be able to rely on solidarity-based support from other Member States; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Unionin a smart and differentiated way Union rules regarding budgetary discipline as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro- plus pact and the macro-economic imbalances procedure taking into account country-specific circumstances;
Amendment 171 #
Motion for a resolution
Recital Z
Recital Z
Z. whereas the report drawn up by the four Presidents represents the first long-term plan which unambiguously chooses the way forward and seeks to break the cycle of distrust by means of structural measures;
Amendment 186 #
Motion for a resolution
Recital AD
Recital AD
AD. whereas future Treaty changes should not be an obstacle to the swift implementation of what can already be achieved under the existing Treaties; whereas much can be achieved within spite of the fact that much can be achieved within the current institutional framework it has become evident that the current institutional setting has reached its limits; whereas a Treaty revision by means of an open- ended Convention is an essential step for providing the current institutional frameworknecessary foundation for a genuine economic and monetary union built on democratic legitimacy;
Amendment 203 #
Motion for a resolution
Recital AF
Recital AF
AF. whereas the operationmeasures to stabilise the financial system to date, can be called successful but have been insufficient to fully restore confidence; whereas the European Central Bank (ECB) has played a pivotal role in these rescue operations without losing sight of its core objective, namely guaranteeing price stability;
Amendment 206 #
Motion for a resolution
Recital AG
Recital AG
AG. whereas the Treaty-based guaranteedoperational independence of the ECB in the field of monetary policy remains a cornerstone for the credibility of EMU and the single currency;
Amendment 213 #
Motion for a resolution
Recital AH
Recital AH
AH. whereas the precarious situation of the banking sector in several Member States and the Union as a whole threatens the public finances and the cost of management of the banking crisis falls too heavily on taxpayers; whereas the existing mechanisms and structures are insufficient to prevent mutual contagionnegative spill-over effects;
Amendment 220 #
Motion for a resolution
Recital AI
Recital AI
AI. whereas breaking up the negative feedback loops between sovereigns, banks and the real economy is crucial for a smooth functioning of the EMU;
Amendment 225 #
Motion for a resolution
Recital AJ
Recital AJ
AJ. whereas the European Parliament has repeatedly asserted that there is an urgent need for additional and far-reaching measures to solve the crisis in the banking sector; whereas a distinction should be made between short-term measures to stabilise an acute bank crisis situation and medium and long-term measures aimed at the realisation of a fully operational European banking union;
Amendment 228 #
Motion for a resolution
Recital AK
Recital AK
AK. whereas all measures taken in the context of such a banking union should not hamper the continued proper functioning of the internal market for financial services and the free movement of capital;
Amendment 235 #
Motion for a resolution
Recital AM
Recital AM
AM. whereas the Union would benefit from proposals that introducethe establishment of a single European supervisory mechanism for financialbanking institutions, a single European deposit guarantee scheme and a single European recovery and resolution scheme;
Amendment 246 #
Motion for a resolution
Recital AN
Recital AN
AN. whereas the scope of the deposit guarantee and crisis management framework should mirror that of the single supervisory mechanism in terms of the banks covered (symmetry); whereas the deposit guarantee framework should ensure an appropriate and context based plurality of models;
Amendment 254 #
Motion for a resolution
Recital AO
Recital AO
AO. whereas supervisory authorities in general should detect problems at an early stage to prevent crises from occurring and maintaining financial stability and resilience;
Amendment 256 #
Motion for a resolution
Recital AP
Recital AP
AP. whereas most of the banking supervisory powers in the Union today remain in the hands of national supervisors with the European Supervisory Authority (European Banking Authority) (EBA), established by Regulation (EU) No 1093/2010[1] in a coordinatingsecondary role; whereas the current system of national supervision has proven to be too fragmented to face current challenges;
Amendment 260 #
Motion for a resolution
Recital AQ
Recital AQ
AQ. whereas a high-quality and uniformeffective European supervisory mechanism is indispensable to avoid competitive distortions, to guarantee a level playing field between all financial institutions and to restore cross-border confidence;
Amendment 265 #
Motion for a resolution
Recital AR
Recital AR
AR. whereas a clear division of operational responsibilities should be agreed between a European supervisory mechanism and the national supervisory authorities, depending on the size and naturecharacteristics and business models of banks and the nature of the supervisory tasks;
Amendment 270 #
Motion for a resolution
Recital AS
Recital AS
AS. whereas the European level of supervision should have ultimate responsibility for all financial institutions within the countries included in the system, for the guidance ofincluding the effective implementation of the legal European framework proactive early warnings and preventive intervention, overall guidance and tasks delegation to national supervisory authorities and more generally for determining the overall strategic supervisory framework;
Amendment 274 #
Motion for a resolution
Recital AT
Recital AT
AT. whereas European supervision of financial institutions within the euro area is an absolute priority to takif the purpose is to take comprehensive measures to tackle the crisis;
Amendment 283 #
Motion for a resolution
Recital AU
Recital AU
AU. whereas, for reasons of efficiency and quick action, it is recommended to confer European supervision to the ECB, given its widely recognised expertise, access to information resources and significant credibility; the necessary condition set by the Eurogroup for a direct recapitalization of banking institutions in the euro area is the establishment of a single supervisory mechanism; whereas, for reasons of legal feasibility within the Treaty framework and given the acute emergency situation and hence, the need for quick action, it is recommended to confer European supervision to the ECB, given its widely recognised expertise, access to information resources and significant credibility; whereas such a measure is without prejudice to a future and more comprehensive supervisory architecture fully separated from Monetary policy to be adopted by ordinary legislative procedure;
Amendment 291 #
Motion for a resolution
Recital AW
Recital AW
AW. whereas it is of paramount importance that effective safeguards are introduced to avoid conflicts of interest between the ECB's monetary policy and its supervisory powers; whereas any possible erosion of the ECB's authority for monetary policy as well as any erosion of supervisory powers due to monetary policy imperatives needs to be excluded by the setting up within the ECB of a legally independent and accountable supervisory board;
Amendment 299 #
Motion for a resolution
Recital AX
Recital AX
AX. whereas the ECB will need appropriate budgetary and human resources to ensure an objective and integrated oversight of the European banking systemthat the specific tasks conferred to it relating to the supervision of credit institutions are carried out effectively;
Amendment 301 #
Motion for a resolution
Recital AX a (new)
Recital AX a (new)
AXa. whereas the coordination and the expression of a common position of relevant national competent authorities by the ECB within the EBA board required by the single supervisory mechanism needs an appropriate, well-designed and democratically accountable decision making process adopted under the ordinary legislative procedure;
Amendment 305 #
Motion for a resolution
Recital AY
Recital AY
AY. whereas the operational independence of the European single supervisory mechanism from political and industry influence does not exempt it from explaining, justifying and being accountable to the European Parliament, on a regular basis and whenever the situation requires, for the actions and decisions taken in the field of European supervision, given the impact that supervisory measures may have on public finances, banks, employees and customers; whereas an effective democratic accountability requires inter alia nomination, inquiry, investigation as well as budgetary scrutiny powers conferred to the European Parliament;
Amendment 312 #
Motion for a resolution
Recital BA
Recital BA
BA. whereas it is a major achievement that in the future and in any case as soon as possible the European Stability Mechanism (ESM) will, under certain conditionsondition of the establishment of a single supervisory mechanism, be able to fund banks in difficulties directly; whereas for this reason making the single supervisory mechanism operational is the first and most urgent task in the realisation of the banking union;
Amendment 315 #
Motion for a resolution
Recital BB
Recital BB
BB. whereas a single set of rules (single rule book), to be developed by EBA, should ensure fully harmonised rules and their uniform application across the Union; whereas the completion of the single rule book on banking supervision and more broadly harmonised and enhanced prudential requirements isare a precondition for the effective functioning of the single supervisory mechanism, since the European supervisor cannot work with diffvergent national prudential rules;
Amendment 320 #
Motion for a resolution
Subheading 4
Subheading 4
European system of Deposit guarantee schemes
Amendment 323 #
Motion for a resolution
Recital BC
Recital BC
BC. whereas deposit guarantee schemes are only one type of instrument which should guaranteenhance financial stability; whereas they are part of a larger financial safety net consisting of regulation, prudential supervision, deposit protectiona recovery and resolution framework and a lender of last resort;
Amendment 329 #
Motion for a resolution
Recital BD
Recital BD
BD. whereas deposit guarantee schemes have played an important role during the financial crisis to protect the assets of depositors, maintain financial stability, avoid bank runs and pre-gainserve depositor confidence;
Amendment 332 #
Motion for a resolution
Recital BE
Recital BE
BE. whereas a balance should be struck between, on the one hand, an excessive protection of risks taken by financial institutions, which increases the risk of moral hazard and, and on the other, insufficient protection which undermines confidence in and the credibility ofthe effective protection of depositors and core banking services required by the real economy should go hand in hand with the elimination of 'too big' or 'too interconnected' to fail institutions so as to reduce to the minimum extent possible the financial systemvolvement of tax payers resources;
Amendment 338 #
Motion for a resolution
Recital BF
Recital BF
BF. whereas after the increase of the deposit protection to a uniform Union level of EUR 100 000 the current Commission proposal for a European system of deposit guarantees is another step in the right direction, even though new steps are urgently required; whereas the Commission proposal mainly aims at the harmonisation of national systems in the area of the offered guarantees as well as their financing and some provisions regarding the coordination of national deposit guarantee schemes instead of a more ambitious Union level joint guarantees and burden sharing;
Amendment 347 #
Motion for a resolution
Recital BG
Recital BG
BG. whereas the introduction of a single European deposit guarantee fund should be the ultimate goal, further increasing the credibility of the scheme; the development of a similar scheme is justified considering the introduction of a European structure for prudential supervision and a European recovery and resolution framework; whereas the Commission is expected to release an upgraded legislative proposal in the coming months for an enhanced deposit guarantee scheme for the euro area;
Amendment 355 #
Motion for a resolution
Recital BH
Recital BH
BH. whereas a single deposit guarantee scheme respecting the plurality of models should cover all banks within the countries included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions;
Amendment 360 #
Motion for a resolution
Subheading 5
Subheading 5
Single recovery and resolution scheme and recovery framework
Amendment 364 #
Motion for a resolution
Recital BI
Recital BI
BI. whereas speed, proactive and early intervention, due diligence, access to quality information and credibility are essential in managing bank crises; whereas the overall purpose of an effective resolution scheme and recovery framework is to minimise the potential use of tax payer resources needed for the recovery and resolution of banking institutions;
Amendment 371 #
Motion for a resolution
Recital BJ
Recital BJ
BJ. whereas a single European recovery and resolution authority (ERRA) should be established, preferably in parallel with the single supervisory mechanism, for restoring the viability of banks in difficulties and resolving non-viable financial institutions;
Amendment 389 #
Motion for a resolution
Recital BN
Recital BN
BN. whereas the Commission proposal on recovery and resolution tools for banks in crisis is a step in the right direction; whereas the Commission is expected to release an upgraded legislative proposal for an enhanced recovery and resolution framework for the euro area;
Amendment 393 #
Motion for a resolution
Recital BO
Recital BO
BO. whereas progress also must be made to create a single European recovery and resolution fund which is essential to guarantee at all times the stability of the financial system and to manage the resolution of financial institutions, whatever their size or nature, while safeguarding public finances and reducing to the minimum extent possible the use of tax payer resources;
Amendment 398 #
Motion for a resolution
Recital BP
Recital BP
BP. whereas it is necessary for the protection of private savings to keep separatea functional separation while ensuring an effective articulation of European funds for deposit guarantee and recovery and resolution;
Amendment 404 #
Motion for a resolution
Recital BQ
Recital BQ
BQ. whereas European resolution and deposit guarantee mechanisms should have a strong financial structure built on risk- adjusted contributions from the industry, with European public money only serving as an ultimate backstop to be reduced to its minimum extent possible; whereas a far reaching single toolbox and ladder of intervention are required for an effective single resolution framework;
Amendment 407 #
Motion for a resolution
Recital BR
Recital BR
BR. whereas if the ESM is chosen to work as an additional fiscal safety net for the financial institutions in the euro area, sufficient financial resources have to be foreseen to perform these additional missions in a credible manner; whereas the ESM should be integrated into the Union acquis;
Amendment 414 #
Motion for a resolution
Recital BS
Recital BS
BS. whereas sound public finances and credible plans for balanced budgets over the cycle are a basic requirement for long- term economic and financial stability, for the welfare state and for the payment of the costs of the expected demographic development;
Amendment 419 #
Motion for a resolution
Recital BT
Recital BT
BT. whereas the current severe economic downturn in the euro area requires more resolute action from the Commission in order to fully and proactively use the flexibilities embedded in Union fiscal rules allowing a differentiated path for budgetary consolidation taking into account country specific circumstances and the particular care to be provided to prioritising investments in future-oriented areas; whereas the smooth functioning of EMU requires a full and swift implementation of the measures already agreed upon under the reinforced economic governance framework (such as the reinforced SGP and the Fiscal Compact);
Amendment 428 #
Motion for a resolution
Recital BU
Recital BU
BU. whereas the crisis has made clear the need for a qualitative step towards a more robust fiscal union with more effective mechanisms to correct unsustainable fiscal and macro-financial trajectories, debt levels and set the upper limits of budget balance of Member States;
Amendment 442 #
Motion for a resolution
Recital BW
Recital BW
BW. whereas the trilogue negotiations on the so-called ‘'two-pack’' regulations should soon lead to concrete political results; whereas the Council should abandon its reluctance on the dossier;
Amendment 460 #
Motion for a resolution
Recital BZ
Recital BZ
BZ. whereas the common issuance of debt is in the longer run a corollary ofa corollary for the smooth functioning of the EMU;
Amendment 469 #
Motion for a resolution
Recital CA
Recital CA
CA. whereas as a necessary precondition for common issuance of debt a sustainable fiscal framework needs to be in placehas been established over the last two years, aimed at both enhanced economic governance, fiscal discipline and SGP compliance, as well as control instruments to prevent moral hazard; whereas the common issuance of sovereign debt under limited forms such as by means of a redemption fund as foreseen in the 'two pack' is urgently required so as to ensure the level of commitment required for a truly sustainable et resilient EMU;
Amendment 480 #
Motion for a resolution
Recital CB
Recital CB
CB. whereas it must be kept in mind that the introduction in a hasty or not credible way of instruments for common issuance of debt may lead to uncontrollable consequences and the loss of long-term trust in the euro area's capacity to act decisively;
Amendment 503 #
Motion for a resolution
Recital CD
Recital CD
CD. whereas fiscal discipline is a necessary but not a sufficient condition to get out of the crisis, in-depth structural reforms for the ecological and resource-efficient transformation of the European economy and initiatives are also needed to ensure a qualitative and sustainable growth and employment in a socially just society; whereas structural reforms yield only in the long term;
Amendment 510 #
Motion for a resolution
Recital CE a (new)
Recital CE a (new)
CEa. Whereas a more resilient EMU requires, as a matter of urgency, a sustained and symmetric reduction of excessive macroeconomic imbalances including a reduction of excessive private debt;
Amendment 514 #
Motion for a resolution
Recital CF
Recital CF
CF. whereas the Pact for Growth and Jobs, which was approved at the European Summit of 28 and 29 June 2012, can bring an important contribution to growth, employment and improved European competition capacities, the Union and the Member States must take on their responsibility and act quickly; whereas the shift in focus by adopting a Growth Pact is welcomed even though 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 533 #
Motion for a resolution
Recital CH
Recital CH
CH. whereas the instrument of enhanced cooperation should be used more frequently in the field of taxation; whereas reference can be made to the European Parliament's position on the common consolidated corporate tax base (CCCTB) and the financial transactions tax (FTT); whereas a necessary element of a genuine EMU would be a Tax Pact for enhanced harmonisation of tax policy including far reaching provisions for eliminating tax avoidance and setting overall minimum standards;
Amendment 543 #
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that reduces structural unemployment, especially for youth, old persons and women, whereas a youth European job guarantee scheme would be an appropriate instrument for that purpose; whereas further Union instruments need to be diligently established for social protection and stabilisation;
Amendment 550 #
Motion for a resolution
Recital CJ
Recital CJ
CJ. whereas binding coordination at Union level might be considered for certain key economic policy issues particularly relevant for growth and employment; whereas a legal framework aiming at putting 'Europe 2020' commitments on the same foot as budgetary commitments so as to increase the quality of public spending and the overall sustainability of public finances should be established would be a key element of enhanced and more binding coordination of economic policy; whereas common standards and procedures regarding National Reform Programmes to be defined under the ordinary legislative procedure are required for that purpose;
Amendment 555 #
Motion for a resolution
Recital CK
Recital CK
CK. whereas sustainable lasting public finance is not only a matter of an economic use of the scare government resources, but also of a fair and Union harmonised taxation, of a well-organised collection of taxes, of a better fight against all forms of tax evasion, and of a well- designed tax system that avoids the combination of high marginal rates with low tax bases and plugs the holes used by companies for aggressive tax planning and for dodging taxes;
Amendment 564 #
Motion for a resolution
Recital CM
Recital CM
CM. whereas due to the ongoing crisis the debate has grown not only on the governance of EMU but also on the democratic nature of the decision making within EMU and the need to increase democratic legitimacy and accountability of the whole construction;
Amendment 574 #
Motion for a resolution
Recital CN
Recital CN
CN. whereas the European Council has acted responsiblyprocrastinated for the past years in the management of the crisis, formulating numerous proposals to find a way out of the crisis for which in the Treaties not always a clear competence to the Union has been assigned;
Amendment 587 #
Motion for a resolution
Recital CP
Recital CP
CP. whereas measures taken at Union level are often perceived as being ‘"too little, too late’" due to inter alia the procedures arising from the democratic legislative process, the lack of a European institutional substructure or own Union resources to intervene directly to tackle a crisis situation, but also due to an overall complacency about the severity of the crisis and the means as well as the degree of proactivity required for drawing a line under it;
Amendment 591 #
Motion for a resolution
Recital CQ a (new)
Recital CQ a (new)
CQa. whereas the crisis and the mainly intergovernmental response to it has revealed that the current institutional setting has been overstretched and hence reached its limits; whereas a Treaty revision by means of an open-ended Convention is an essential step for providing the necessary foundation for a genuine economic and monetary union built on democratic legitimacy;
Amendment 592 #
Motion for a resolution
Recital CQ b (new)
Recital CQ b (new)
CQb. whereas the intergovernmental instruments that have been created since the start of the crisis in December 2009 should be communitarised;
Amendment 593 #
Motion for a resolution
Recital CQ c (new)
Recital CQ c (new)
CQc. whereas more democratic scrutiny, participation and codecision in relation to economic, monetary and social policy, taxation, the Multiannual Financial Framework and own resources is required; whereas currently existing passerelle clauses should be activated with that purpose; whereas ideas such as the direct election of the Commission President should be seriously considered;
Amendment 615 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission, in addition to the measures which can and must be taken swiftly under the existing Treaties, to list the institutional developments and the appropriate time bound and detailed roadmap which may prove necessary in order to establish a stronger EMU architecture, based on the need for a banking union, a fiscal union and an economic union built on enhanced democratic legitimacy;
Amendment 627 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 1
Annex – part 1 – point 1.1 – paragraph 1
The legislative act to be adopted should create a high-quality single European supervisory mechanism within the ECB (European supervisor) to ensure the effective application of prudential rules, risk control and crisis prevention concerning credit institutions and other financial institutions throughout the Union.
Amendment 631 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 2
Annex – part 1 – point 1.1 – paragraph 2
The legal basis, form and content of the proposal should provide for the possibility of full participation of all Member States in the European single supervisory mechanism.
Amendment 639 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 4
Annex – part 1 – point 1.1 – paragraph 4
The proposal should be subject to full and extensive democratic scrutiny by the European Parliament.
Amendment 650 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 7
Annex – part 1 – point 1.1 – paragraph 7
The European supervisor needs to be fully accountable to the European Parliament for the actions and decisions taken in the field of European supervision and should report on a quarterly basis to the competent committee of the European Parliament. The European Parliament should be conferred powers of inquiry, investigation, as well as budgetary control capacities;
Amendment 651 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 7 a (new)
Annex – part 1 – point 1.1 – paragraph 7 a (new)
The decision-making processes within the single supervisory mechanism should be specified in the relevant legislative proposal under ordinary legislative procedure;
Amendment 660 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
- supervise all financialbanking institutions within the countries included in the system but with a clear division of operational responsibilities between the European and national supervisors depending on the size and naturebusiness models of banks and the nature of the supervisory tasks;
Amendment 667 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 2
Annex – part 1 – point 1.1 – paragraph 9 – indent 2
– take due account of the impact of its activities on competition and innovation within the internal market, the Union's global competitiveness, financial inclusion, consumer protection and the Union's strategy for jobs and growth;
Amendment 672 #
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
– protect the stability and resilience of the financial system, the transparency of markets and financial products and the protection of depositors and investors;
Amendment 685 #
Motion for a resolution
Annex – part 1 – point 1.2 – title
Annex – part 1 – point 1.2 – title
Recommendation 1.2 relating to a European system of deposit guarantee schemes
Amendment 689 #
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 1
Annex – part 1 – point 1.2 – paragraph 1
The legislative act to be adopted should update and supplement the Commission's proposal of 12 July 2010 for a directive on Deposit Guarantee Schemes in order to introduce a stronger European dimension to deposit protection.
Amendment 694 #
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 2
Annex – part 1 – point 1.2 – paragraph 2
The proposal should create a single European system deposit guarantee fundschemes (ESDGFS) and ensure that the level of funds available at Union level are adequate to provide a high level of protection to eligible depositbuilt on mandatory community joint guarantee and burden sharing to eligible deposits while respecting the plurality of models. The ESDGFS should cover all banks in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions.
Amendment 701 #
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 3
Annex – part 1 – point 1.2 – paragraph 3
– In order to maximise the protection of private savings, the ESDGFS should be kept functionally separated from the single recovery and resolution fund while ensuring an appropriate articulation with it (see recommendation 1.3 below).
Amendment 704 #
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 4
Annex – part 1 – point 1.2 – paragraph 4
The ESDGFS should have a strong financial structure built on contributions from industry, with European public money only serving as an ultimate backstop reduced to its minimum possible extent.
Amendment 708 #
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 5
Annex – part 1 – point 1.2 – paragraph 5
All deposits denominated in euro should be subject to a particular regime. Under that particular regime, the obligation on Member States to ensure that the ESDGFS has adequate funding should be a collective one in the case of Member States whose currency is the euro.
Amendment 714 #
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6
Annex – part 1 – point 1.2 – paragraph 6
A vehicle should be established or designated to provide reassurance that that the collective obligation will be met. That vehicle could be thean enhanced ESM.
Amendment 721 #
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 1
Annex – part 1 – point 1.3 – paragraph 1
1. The legislative act to be adopted should update and supplement the current proposal for a directive establishing a framework for the recovery and resolution of credit institutions and investment firms in order to create a European scheme for the application of resolution measures to institutions subject to direct supervision under the single supervisory mechanism.
Amendment 726 #
Motion for a resolution
Annex – part 1 - point 1.3 – paragraph 2
Annex – part 1 - point 1.3 – paragraph 2
A body at the European level should be established or designated to exercise the required resolution tools in respect of those institutions (ERRA). The overall purpose of an effective resolution scheme and recovery framework is to minimise the potential use of tax payer resources needed for the recovery and resolution of banking institutions; This body should enjoy a wide independence. Its head should be appointed after confirmation by the European Parliament.
Amendment 734 #
Motion for a resolution
Annex – part 1 - point 1.3 – paragraph 3
Annex – part 1 - point 1.3 – paragraph 3
- In order to ensure adequate resources are available for resolution actions to be taken, a fund should be created aimed at preserving stability and limiting contagionnegative spill-over effects from failing banks.
Amendment 736 #
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 4
Annex – part 1 – point 1.3 – paragraph 4
The fund should be pan-European, funded ex-ante on a risk adjusted basis by the institutions concerned, and functionally separated from deposit-guarantee schemes while ensuring an effective articulation with it.
Amendment 739 #
Motion for a resolution
Annex – part 1 - point 1.3 – paragraph 5
Annex – part 1 - point 1.3 – paragraph 5
The resolution scheme should have a strong financial structure built on risk- adjusted contributions from industry with public money only serving as an ultimate backstop and to the minimum extent possible. However, Member States should have an obligation to ensure that the fund is of an adequate size.
Amendment 746 #
Motion for a resolution
Annex – part 1 - point 1.3 – paragraph 6
Annex – part 1 - point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. That vehicle could be thean enhanced ESM.
Amendment 749 #
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 7
Annex – part 1 – point 1.3 – paragraph 7
The proposal should also accord with other aspects of the European Parliament's resolution of 7 July 2010 with recommendations to the Commission on Cross-Border Crisis Management in the Banking Sector, such as harmonisation of insolvency laws and, common risk assessments, a single toolbox and a 'ladder of intervention'.
Amendment 750 #
Motion for a resolution
Annex – part 1 - point 1.3 a (new)
Annex – part 1 - point 1.3 a (new)
Amendment 751 #
Motion for a resolution
Annex – part 2 – point 2.1 – paragraph 1 – indent 3
Annex – part 2 – point 2.1 – paragraph 1 – indent 3
- assessing the budgetary plans including a qualitative assessment of public investments and expenditures related to 'Europe 2020' objectives;
Amendment 754 #
Motion for a resolution
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 a (new)
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 a (new)
– An initiative specifying a set of programmes required for mobilizing additional long term investment of around 1 % of GDP for enhancing sustainable growth and complementing the required structural reforms for the ecological transformation of the European economy and a green job-rich recovery;
Amendment 758 #
Motion for a resolution
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 b (new)
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 b (new)
- the immediate establishment of a European redemption fund as well as the immediate issuance of common short- term debt in the form of eurobills to reduce spreads, protect Member States from panic induced by negative externalities and the negative feedback loop between sovereign and banking crises;
Amendment 759 #
Motion for a resolution
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 c (new)
Annex – part 2 – point 2.1 – paragraph 1 – indent 7 c (new)
- a roadmap towards fully fledged eurobonds with appropriate governance safeguards;
Amendment 760 #
Motion for a resolution
Annex – part 2 – point 2.2 – paragraph 1
Annex – part 2 – point 2.2 – paragraph 1
The Fiscal Compact should be transposed intoreplaced and improved by secondary Union legislation as soon as possible.
Amendment 763 #
Motion for a resolution
Annex – part 2 - point 2.2 – title
Annex – part 2 - point 2.2 – title
Recommendation 2.2 on the communautarisation of the Fiscal Compact
Amendment 771 #
Motion for a resolution
Annex – part 2 – point 2.3 – paragraph 1
Annex – part 2 – point 2.3 – paragraph 1
- Enhanced cooperation should be used more frequently in the field of taxation (such as for establishment of a CCCTB with a minimum rate or a financial transaction tax) since harmonised frameworks for taxation will enhance budgetary policy integration.
Amendment 785 #
Motion for a resolution
Annex – part 2 - point 2.5 – paragraph 1
Annex – part 2 - point 2.5 – paragraph 1
The free movement of capital cannot be used as a way to avoid tax, in particular for Member States whose currency is the euro and that are experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. Therefore the Commission should finalise international agreement rounds and table proposals to improve cooperation and coordination between tax authorities. In addition, concrete changes in Union tax law in the form of a 'Tax Pact' to plug the holes used by companies for aggressive tax planning and for dodging taxes as well as comprehensive proposals tackling all aspects of tax havens and fiscal evasion within and beyond the borders of the Union.
Amendment 786 #
Motion for a resolution
Annex – part 2 - point 2.5 – paragraph 1 a (new)
Annex – part 2 - point 2.5 – paragraph 1 a (new)
Establish a financial transaction tax under enhanced cooperation in conformity with the provisions of Articles 326 to 333 TFEU;
Amendment 796 #
Motion for a resolution
Annex – part 3 – point 3.1 – paragraph 1 a (new)
Annex – part 3 – point 3.1 – paragraph 1 a (new)
A legal framework aiming at putting 'Europe 2020' commitments on the same foot as budgetary commitments so as to increase the quality of public spending and the overall sustainability of public finances should be established for enhanced and more binding coordination of economic policy. In the same rationale, common standards and procedures regarding National Reform Programmes should be defined under ordinary legislative procedure.
Amendment 797 #
Motion for a resolution
Annex – part 3 - point 3.1 – paragraph 1 a (new)
Annex – part 3 - point 3.1 – paragraph 1 a (new)
The Commission and the Council should fully and proactively use the flexibilities embedded in Union fiscal rules allowing a differentiated path for budgetary consolidation taking into account country-specific circumstances and the particular care to be provided to prioritising investments in future-oriented areas in case of a severe economic downturn;
Amendment 798 #
Motion for a resolution
Annex – part 3 - point 3.1 – paragraph 1 b (new)
Annex – part 3 - point 3.1 – paragraph 1 b (new)
The Commission and the Council should fully and proactively use the flexibilities embedded in Union fiscal rules allowing a differentiated path for budgetary consolidation taking into account country-specific circumstances and the particular care to be provided to prioritising investments in future-oriented areas in case of a severe economic downturn;
Amendment 799 #
Motion for a resolution
Annex – part 3 – point 3.1 – paragraph 1 c (new)
Annex – part 3 – point 3.1 – paragraph 1 c (new)
A youth European job guarantee scheme should be established and further Union instruments for European social protection and minimum social standards should be diligently explored;
Amendment 804 #
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – indent 1
Annex – part 3 – point 3.2 – paragraph 1 – indent 1
- The development and strengthening of the internal market and fostering international trade links are central to stimulating sustainable economic growth, increasing competitiveness and addressing a symmetric reduction of excessive macroeconomic imbalances; therefore, the Commission should be required to take into account in its Annual Growth Survey what steps Member States have taken to complete the internal market;
Amendment 808 #
Motion for a resolution
Annex – part 3 - Point 3.2 – paragraph 1 – indent 3
Annex – part 3 - Point 3.2 – paragraph 1 – indent 3
- The involvement of regional and local authorities ands well as social partners in the planning and implementation of relevant programmes should be increased, in order to increase the feeling of responsibility for the goals of the strategy at all levels and ensure greater awareness on the ground of its objectives and results;
Amendment 809 #
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – indent 5
Annex – part 3 – point 3.2 – paragraph 1 – indent 5
- The Commission should clearly assess, in the Annual Growth Survey, the main economic and fiscal problems of the Union and individual Member States, propose priority measures to overcome those problems, and identify the initiatives taken by the Union and the Member States to support enhanced competitiveness and long-term investment, to remove obstacles to sustainable growth, to achieve the targets laid down in the Treaties and the current "Europe 2020" strategy, to implement the seven flagship initiatives and to reduce macroeconomic imbalances. The Commission should fully disclose its underlying macroeconomic methodologies and assumptions;
Amendment 810 #
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – indent 9
Annex – part 3 – point 3.2 – paragraph 1 – indent 9
- The Council should come to the European Parliament in July to explain any significant changes it has made to the Commission's proposed country-specific recommendations; according to the principle 'comply or explain', the Commission should take part in this hearing to provide its views on the situation;
Amendment 820 #
Motion for a resolution
Annex – part 4 – point 4.2 – paragraph 1
Annex – part 4 – point 4.2 – paragraph 1
The operations of the EFSF/ESM and any future similar structure, should be subject to regular democratic scrutiny by the European Parliament. The ESM should be communautarised.
Amendment 822 #
Motion for a resolution
Annex – part 4 – point 4.3 – indent 1
Annex – part 4 – point 4.3 – indent 1
- The European Parliament should vote as co-legislator before the Spring Council on the Annual Growth Survey with proposals for amendments to be submitted to the European Council; the President of the European Parliament shall present at the European Spring Council the Parliament’s views on the Annual Growth Survey;
Amendment 823 #
Motion for a resolution
Annex – part 4 – point 4.3 – indent 1 a (new)
Annex – part 4 – point 4.3 – indent 1 a (new)
- The overall functioning of the cooperation and coordination between national parliaments and the European Parliament should be improved;
Amendment 828 #
Motion for a resolution
Annex – part 4 – Point 4.4 – indent 1
Annex – part 4 – Point 4.4 – indent 1
- In order to reinforce transparency, the ECB, the Ecofin and the Eurogroup should be required to transmit to the European Parliament key internal documents, agendas and background material in advance of their meetings including those relating to the EFC;