Activities of Edward SCICLUNA related to 2010/2078(INI)
Plenary speeches (1)
ECB annual report for 2009 - Latest developments on international currency exchange rates (debate)
Amendments (12)
Amendment 8 #
Motion for a resolution
Recital F
Recital F
F. whereas there have been signs of economic stabilisation in the euro area over the second half of 2009 and quarterly growth rates, though still weak, have turned positive, though this trend has not been reflected in all its Member States,
Amendment 10 #
Motion for a resolution
Recital G
Recital G
G. whereas the ECB expected slight growth in the euro area for 2010 before the publicsovereign debt crisis in severaloccurred in a number of countries within the euro area,
Amendment 16 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that substantial imbalances between the euro zone economies have occurredcontinue to exist;
Amendment 32 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the lack of a predefined crisis management mechanism has made a rapid solution to the Greeksovereign debt crisis difficult and will weaken the EMU's ability to react quickly in potential similar situations in the future;
Amendment 43 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that, given the new legal status of the ECB under the Lisbon Treaty, the candidates for the Executive Board proposed by the Council should be subject to special hearings by the relevant parliamentary committee and then be subject to a vote by the European Parliament;
Amendment 55 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the crisis has revealed a trend in the economic policies of recent years which left many countries both within and outside the euro area with an alarming high rate of public debt that will take many years to correct;
Amendment 61 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that this has lead to far reaching austerity measures which are necessary and often overdue, bute crisis together with subsequent 'bail-outs' and economic stimulus packages has led to far reaching austerity measures by some Member States, which at the same time heavily constrain the capacity of governments to act;
Amendment 63 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Cautions that for EU Member States to undertake the biggest collective budgetary cuts in at least 40 years, at a time when the EU economy is still weak and fragile, and interest rates are at their lowest levels, would leave the ECB solely responsible for preventing a further economic slowdown; Justification Under normal circumstances central banks are normally given the task of stabilising the economy while governments undertake measures to correct their public finances, but these are not normal times. In view of the historically low interest rates, the ECB has limited room for manoeuvre.
Amendment 68 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that the lack of credit reaching the real economy stemmed more from lower demand due to diminished activity in the real economy than from the reluctance of banks to grant creditthe reluctance of banks to lend rather than a lack of demand and that this has had negative effects on many firms, particularly SMEs;
Amendment 73 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that the non-standard measures which the ECB has introduced since October 2008 to supportprovide credit to financial institutions have been successful; reiterates that the exit from these measures needs to be well timed and wecarefully coordinated with national governments and their activiti, especially in view of the collective and simultaneous resort to austerity measures in many Member States;
Amendment 86 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Acknowledges that the strength of the euro was partly due to weak economic activity in the US, where the account deficit narrowed shile its decline was clearply to about 2.9% of GDP and the federal budget deficit widened to about 10% of GDP; shares concerns about the expansion of the volume of money in the USied with the lack of trust amongst global markets in some highly indebted EU Member States;
Amendment 93 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Believes that the adoption of the euro by Estonia shows the status of the euro and the attractions of euro membership to Member States despite the publicsovereign debt crisis;