41 Amendments of Edward SCICLUNA related to 2010/0276(CNS)
Amendment 57 #
Proposal for a regulation – amending act
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided by the Treaty, should entail compliance with the guiding principles of stable prices, sound and sustainable public finances and monetary conditions and a sustainable balance of payments as well as with Article 9 of the Treaty.
Amendment 73 #
Proposal for a regulation – amending act
Recital 3
Recital 3
(3) The Stability and Growth Pact is based on the objective of sound and sustainable government finances as a means of strengthening the conditions for price stability and for strong sustainable growth underpinned by financial stability and conducive to employment creation. Accordingly, its implementation must be measured against its ability to meet these objectives.
Amendment 78 #
Proposal for a regulation – amending act
Recital 4
Recital 4
(4) The common framework for economic governance requireneeds to be enhanced, including with regard toimproved budgetary surveillance, in line with the high degree of integration achieved bybetween Member States economies within the European Union, and particularly in the euro area.
Amendment 80 #
Proposal for a regulation – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) Member States should provide for fiscal arrangements such as national fiscal rules, respecting the principles laid down in Council Directive (....) on requirements for budgetary frameworks of the Member States, and provide for fully independent public institutions to be involved in the budgetary process and medium-term budgetary framework. National budgetary rules should be complementary to the Member States' commitments under the Stability and Growth Pact. National institutions should play a more prominent role in budgetary surveillance to strengthen national ownership, enhance enforcement through national public opinion and complement the economic and policy analysis that exists at EU level.
Amendment 88 #
Proposal for a regulation – amending act
Recital 4 b (new)
Recital 4 b (new)
(4b) The improved economic governance framework should incorporate policies for sustainable growth and job creation and an effective framework to prevent excessive budget deficits and debts, alongside a robust framework for preventing and correcting macro- economic imbalances, stronger financial market regulation and supervision as well as a credible permanent financial stability mechanism.
Amendment 93 #
Proposal for a regulation – amending act
Recital 4 c (new)
Recital 4 c (new)
(4c) The Stability and Growth Pact and the Union's economic governance framework as a whole should complement and be compatible with a Union strategy for growth and job creation that boosts the Union's competitiveness and social stability.
Amendment 94 #
Proposal for a regulation – amending act
Recital 4 d (new)
Recital 4 d (new)
(4d) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy in the establishment of economic governance, which should be achieved through closer and timelier involvement of the European Parliament and national parliaments throughout the procedure of economic policy co-ordination.
Amendment 100 #
Proposal for a regulation – amending act
Recital 4 e (new)
Recital 4 e (new)
(4e) The Commission should have a stronger and more independent role in the enhanced surveillance procedure as regards Member-State-specific assessments, monitoring, missions, recommendations and warnings. This Regulation should enter into force as soon as possible after its adoption. The Commission should, however, when making proposals for measures to implement this Regulation, take into account the current economic situation of the concerned Member States and all other relevant factors.
Amendment 101 #
Proposal for a regulation – amending act
Recital 4 f (new)
Recital 4 f (new)
(4f) Article 3 of the Protocol (No 12) on the excessive deficit procedure annexed to the Treaties provides that Member States ensure that national procedures in the budgetary area enable them to meet their Treaty obligations in this area of policy.
Amendment 117 #
Proposal for a regulation – amending act
Recital 5 b (new)
Recital 5 b (new)
(5b) The debt criteria should be better integrated in each step of the excessive deficit procedure in order to ensure the sustainability of public finances while maintaining adequate levels of public investment.
Amendment 119 #
Proposal for a regulation – amending act
Recital 5 c (new)
Recital 5 c (new)
(5c) The framework to control public and private debt should support long-term growth and take due account of the anti- cyclical role of budgetary policy, and should, during downturns, be combined with efforts to stimulate the economy, such as public investment.
Amendment 121 #
Proposal for a regulation – amending act
Recital 6
Recital 6
(6) Implementing the existing excessive deficit procedure on the basis of both the deficit criterion and the debt criterion requires the defining ation of a cyclically- adjusted numerical benchmark against which to assess whether the ratio of government debt to gross domestic product is sufficiently diminishing and approaching the reference value at a satisfactory pace.
Amendment 128 #
Proposal for a regulation – amending act
Recital 7
Recital 7
(7) The establishment of the existence of an excessive deficit based on the debt criterion and the steps leading to it should not be based solely on non-compliance with the cyclically-adjusted numerical benchmark, but always take into account the whole range of relevant factors covered by the Commission report under Article 126(3) of the Treaty.
Amendment 143 #
Proposal for a regulation – amending act
Recital 10
Recital 10
(10) In order to support the monitoring of compliance with Council recommendations and notices for the correction of the situations of excessive deficit, there is a need that these specify annual budgetary targets consistent with the required fiscal improvement in cyclically adjusted terms, net of fiscal one-offs and other temporary measures.
Amendment 145 #
Proposal for a regulation – amending act
Recital 11
Recital 11
(11) The assessment of effective action will benefit from taking compliance with general government expenditure and tax revenue targets as a reference in conjunction with the implementation of planned specific revenue measures.
Amendment 155 #
Proposal for a regulation – amending act
Recital 14 a (new)
Recital 14 a (new)
(14a) The economically and politically more sensitive incentives and sanctions should take due account of the structure of the national deficit and debt within the context of the economic cycle in order to avoid a pro-cyclical fiscal policy, and the structural composition of public revenue and expenditure needed to enact growth- delivering reforms particularly in the framework of the Union's growth and employment objectives.
Amendment 161 #
Proposal for a regulation – amending act
Recital 14 b (new)
Recital 14 b (new)
(14b) The Council and the Commission should make their positions and decisions public at appropriate stages of the economic policy coordination procedures, while fully respecting the provisions laid down in the Treaties, in order to ensure effective peer pressure, while the European Parliament may invite a representative from the Member State concerned to explain at public hearings before its competent committee its decisions and policies.
Amendment 167 #
Proposal for a regulation – amending act
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1467/97
Article 1– paragraph 2
Article 1– paragraph 2
2. For the purpose of this Regulation : - 'participating Member States' shall mean thosemeans those Member States whose currency is the euro, and - 'Member States with a derogation' means Member States other than those whose currency is the euro including Member States whose currency is not the euro but who have been admitted into ERM II under the terms of their accession treaty to the Union.'
Amendment 182 #
Proposal for a regulation – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 1467/97
Article 2– paragraph 1a
Article 2– paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) is to be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126 (2) (b) of the Treaty if the differential with respect to the reference value has reduced over the previous three years at a rate of the order of one-twentieth per year. A reduction of the differential with respect to the reference value of less that one-twentieth per year over a three year period may, nevertheless, be considered to be satisfactory if this lesser reduction is due to new government debt for public investment. The definition of what shall constitute public investment conducive to achieving the Union's growth and employment objectives within the scope of this regulation shall be laid down by the Commission through a delegated act, respecting the principles laid down in Council Directive [...] on requirements for budgetary frameworks of the Member States. In order to take due account of the economic cycle in the case of an annual GDP volume growth rate below 1%, the Commission will define a proportionate benchmark below one-twentieth for determining the average rate of reduction referred to above. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application.
Amendment 190 #
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article. The report shall appropriately reflect developments in the medium-term economic position (in particular potential growth, prevailing cyclical conditions, inflation, excessive macroeconomic imbalances)mployment and unemployment in accordance with Article 9 of the Treaty, excessive macroeconomic imbalances), the private sector net savings position and developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in “good times”, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States). The report shall also analyse developments in the medium-term debt position as relevant (in particular, it shall appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock-flow operations, accumulated reserves and other government assets; public guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent that it may rep, and private debt). The exact nature of the information mentioned above should be in full compliance with Council Directive (....) on requiresment a contingent implicit liability for the government)s for budgetary frameworks of the Member States. Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to strategic public investment made to support structural reforms as part of the implementation of the Union's growth and employment objectives, alongside financial contributions towards fostering international solidarity and to achieving Union policy goals, including financial stability and social and regional cohesion.
Amendment 202 #
Proposal for a regulation – amending act
Article 1 – point 2 – point d
Article 1 – point 2 – point d
Regulation (EC) No 1467/97
Article 2 – paragraph 4
Article 2 – paragraph 4
Amendment 215 #
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
Amendment 230 #
Proposal for a regulation – amending act
Article 1 – point 3 – point b
Article 1 – point 3 – point b
Regulation (EC) No 1467/97
Article 3 – paragraph 3
Article 3 – paragraph 3
(b) In paragraph 3, the reference to 'Article 4(2) and (3) of Regulation (EC) No 3605/93' is replaced by the reference to ' is amended as follows: "The Council shall decide on the existence of an excessive deficit in accordance with Article 126(6) TFEU, as a rule within three months of the reporting dates established in Article 3(2) and (3) of Regulation (EC) No 479/2009'. When it decides that an excessive deficit exists, the Council shall at the same time make recommendations to the Member State concerned in accordance with Article 126(7) TFEU."
Amendment 234 #
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstances. In the recommendation, the Council shall request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of fiscal one-off and other temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 238 #
Proposal for a regulation – amending act
Article 1 – point 3 – point c a (new)
Article 1 – point 3 – point c a (new)
Regulation (EC) No 1467/97
Article 3 – paragraph -4 a (new)
Article 3 – paragraph -4 a (new)
(ca) the following paragraph -4a is inserted: "-4a. The Commission may request additional reporting from the Member State concerned."
Amendment 239 #
Proposal for a regulation – amending act
Article 1 – point 3 – point c a (new)
Article 1 – point 3 – point c a (new)
Regulation (EC) No 1467/97
Article 4 – paragraph -4 b (new)
Article 4 – paragraph -4 b (new)
Amendment 242 #
Proposal for a regulation – amending act
Article 1 – point 3 – point d
Article 1 – point 3 – point d
Regulation (EC) No 1467/97
Article 3 – paragraph 4a
Article 3 – paragraph 4a
4a. Within the deadline of six month at mosts provided for in paragraph 4, the Member State concerned shall report to the Commission and the Council on action taken in response to the Council recommendation under Article 126(7) of the Treaty. The report shall include the targets for the government expenditure and for the discretionary measures on the revenue side consistent with the Council recommendation under Article 126(7) of the Treaty, as well as information on the measures taken and the nature of those envisaged to achieve the targets. The report shall be made public.
Amendment 245 #
Proposal for a regulation – amending act
Article 1 – point 3 – point d a (new)
Article 1 – point 3 – point d a (new)
Regulation (EC) No 1467/97
Article 3 – paragraph 4a a (new)
Article 3 – paragraph 4a a (new)
(da) the following paragraph 4a a is inserted: 4a a. The European Parliament may invite a representative from the Member State concerned to explain its economic and budgetary policy and the action it intends to take to correct the excessive deficit situation before its competent committee.
Amendment 250 #
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, may notably extend the deadline for the correction of the excessive deficit by one year as a rule. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences foron government finances against the economic forecasts in its recommendation. The Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 252 #
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1467/97
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The Council, when considering whether effective action has been taken in response to its recommendations made in accordance with Article 126(7) of the Treaty, shall base its decision on the report submitted by the Member State concerned in accordance with Article 3(4a) of this Regulation and its implementation as well as on the assessment made within the Excessive Imbalances Procedure and on any other publicly announced decisions by the Government of the Member State concerned.
Amendment 258 #
Proposal for a regulation – amending act
Article 1 – point 5 – point a
Article 1 – point 5 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) of the Treaty shall be taken within two months of the Council decision establishing that no effective action has been taken in accordance with Article 126(8). In the notice, the Council shall request that the Member State achieve annual budgetary targets which, on the basis of the forecast underpinning the notice, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of fiscal one-offs and other temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the notice. The Council shall also indicate measures conducive to the achievement of these targets.
Amendment 262 #
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
1a. Following the Council notice given in accordance with Article 126(9) of the Treaty, the Member State concerned shall report to the European Parliament, the Commission and the Council on action taken in response to the Council notice. The report shall include the targets for the government expenditure and for the discretionary measures on the revenue side as well as information on the actions being taken in response to the specific Council recommendations so as to allow the Council to take, if necessary, the decision in accordance with Article 6 (2) of this Regulation. The report shall be made public.
Amendment 263 #
Proposal for a regulation – amending act
Article 1 – point 5 – point b a (new)
Article 1 – point 5 – point b a (new)
Regulation (EC) No 1467/97
Article 5 – paragraph 1a a (new)
Article 5 – paragraph 1a a (new)
Amendment 266 #
Proposal for a regulation – amending act
Article 1 – point 5 – point b a (new)
Article 1 – point 5 – point b a (new)
Regulation (EC) No 1467/97
Article 5 – paragraph 1a b (new)
Article 5 – paragraph 1a b (new)
(ba) the following paragraph 1ab is inserted: "1ab. The European Parliament may invite a representative of the Member State concerned to explain its economic and budgetary policy and the action it intends to take before its competent committee."
Amendment 271 #
Proposal for a regulation – amending act
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1467/97
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The Council, when considering whether effective action has been taken in response to its notice made in accordance with Article 126(9) of the Treaty, shall base its decision on the report submitted by the Member State concerned in accordance to Article 5(1a) of this Regulation and its implementation as well as on the assessment made within the Excessive Imbalances procedure and on any other publicly announced decisions by the Government of the Member State concerned.
Amendment 280 #
Proposal for a regulation – amending act
Article 1 – point 10 – subpoint a a (new)
Article 1 – point 10 – subpoint a a (new)
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
(aa) the following paragraph 1a is inserted: "1a. The Commission shall maintain a permanent dialogue with the authorities of Member States in accordance with the objectives of this Regulation. In this regards, the Commission shall carry out, in all Member States, visits for the purpose of regular dialogue and, where appropriate, surveillance."
Amendment 281 #
Proposal for a regulation – amending act
Article 1 – point 10 – point a b (new)
Article 1 – point 10 – point a b (new)
(ab) the following paragraph 1b is inserted: "1b. When maintaining dialogue or organising surveillance visits, the Commission shall, if appropriate, transmit its provisional findings to the Member State concerned for comments."
Amendment 282 #
Proposal for a regulation – amending act
Article 1 – point 10 – subpoint a c (new)
Article 1 – point 10 – subpoint a c (new)
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – subparagraph 1 c (new)
Article 10 – paragraph 1 – subparagraph 1 c (new)
(ac) the following paragraph 1c is inserted: "1c. The Commission shall inform the Economic and Financial Committee and the competent committee in the European Parliament of the reasons for surveillance visits."
Amendment 290 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall comprise a fixed component equal to 0,2 % of GDP, and a variable component. The variable component shall amount to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and either the reference value for government deficit or, if non compliance with budgetary discipline includes the debt criterion, the general government balanc, with the latter based on an assessment by the Council on whether the participating Member State has a percentage of GDP that should have been achieved in the same year according to the notice issued undertaken effective action in accordance with Article 126 (9) of the Treaty.
Amendment 298 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any single fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,52 % of GDP.
Amendment 309 #
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue referred to in Article 311 of the Treaty and shall be distributed among participating Member States which do not have excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…], in proportion to their share in the total gross national income (GNI) of the eligible Member Statescredited to the European Financial Stability Mechanism or equivalent institution.