Activities of Carl HAGLUND related to 2011/0385(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area PDF (400 KB) DOC (610 KB)
Amendments (22)
Amendment 52 #
Proposal for a regulation
Recital 1
Recital 1
(1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance within and outside the framework of the Union.
Amendment 87 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/or that receive or mayhave requested or receive financial assistance from one or several other States, the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism (EFSM), the European Stability Mechanism (ESM) or other International Financial Institutions (IFI), such as the International Monetary Fund (IMF). Financial assistance covers all forms of financial support including pre- cautionary financial assistance.
Amendment 90 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1a. In addition to complying with Regulation (EC) No 1466/97, Member States shall ensure that the budgetary position of the general government is balanced or in surplus. The budgetary position of the general government shall be deemed to be balanced if the annual structural balance of the general government is at its country-specific medium-term objective as defined in the revised Stability and Growth Pact without showing a structural deficit of the gross domestic product at market prices. Member States may temporarily deviate from their medium-term objective or the adjustment path towards it in exceptional circumstances as defined in the Stability and Growth Pact.
Amendment 99 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. The Commission mayshall decide to make a Member State experiencing or threatened with severe difficulties with regard to its financial stability, which are likely to have adverse spill-over effects on other Member States whose currency is the euro, subject to enhanced surveillance. The Member State concerned shall be given the possibility to express its views beforehand. The Commission shall decide every six months whether to prolong the enhanced surveillance.
Amendment 107 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The Commission shall decide to make a Member State requesting or receiving a financial assistance on a precautionary basis from one or several other States, the EFSF, the ESM or any other International Financial Institution, such as the IMF, subject to enhanced surveillance. The Commission shall establish a list of the precautionary financial assistance instruments concerned and keep it updated to take into account possible changes in the financial support policy of the EFSF, the EFSM, ESM or of any other relevant International Financial Institution.
Amendment 112 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. PThe Commission may decide that paragraph 2 shall not apply to a Member State receiving a financial assistance on a precautionary basis in the form of a credit line which is not conditioned to the adoption of new policy measures by the concerned Member State, as long as the credit line is not drawn.
Amendment 122 #
Proposal for a regulation
Article 3 – paragraph 3 – introductory part
Article 3 – paragraph 3 – introductory part
3. On a request from the Commissionuncil or on its own initiative, the Commission may decide that, the Member State under enhanced surveillance shall:
Amendment 136 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC) - or to any subcommittee the latter may designate for that purpose - and to the competent committee of the European Parliament and assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No 1467/97.
Amendment 146 #
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council, acting by qualified majority on a proposal from the Commission, mayshall recommend to the Member State concerned to seek financial assistance and to prepare a macro- economic adjustment programme. The Council mayshall decide to make this recommendation public.
Amendment 148 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. When taking a decision in accordance with paragraph 5, the Commission's proposal shall be deemed to have been adopted by the Council, unless the Council decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision.
Amendment 157 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
A Member State wishintending to obtainrequest financial assistance from one or several other States, the EFSF, the EFSM, the ESM, the International Monetary Fund (IMF) or another institution outside of the Union framework shall immediately inform the Council, the Commission and the ECB of its intention. The EFC, or any subcommittee the latter may designate for that purpose, shall hold a discussion on this envisaged request, after having received an assessment from the Commission.
Amendment 163 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Where financial assistance is sought from the EFSF, the EFSM or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of the sustainability of the government debt of the Member State concerned, including the Member State's ability to repay the envisaged financial assistance, and forward it to the EFC or to any subcommittee the latter may designate for that purpose.
Amendment 169 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A Member State requesting or receiving financial assistance from one or several other States, the IMF, the EFSF, the EFSM or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures.
Amendment 178 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Council, acting by qualified majority on a proposal from the Commission, shall approve the adjustment programmeon a proposal from the Commission, shall approve the adjustment programme. The Commission's proposal shall be deemed to have been adopted by the Council, unless it decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision. The Council shall make the decision public.
Amendment 181 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC or any subcommittee the latter may designate for that purpose and the competent committee of the European Parliament. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply. In the case of insufficient cooperation, the Council, on a proposal from the Commission, may address a public request to the Member State concerned laying down the action to be taken by that Member State.
Amendment 187 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Commission - in liaison with the ECB - shall examine with the Member State concerned the changes that may be needed to its adjustment programme. The Council, acting by a qualified majority on a proposal from the Commission, shall decide on any change to be made to the adjustment programme. The Commission's proposal shall be deemed to have been adopted by the Council, unless it decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision. The Council shall make the decision public.
Amendment 194 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the Council, acting by qualified majority on a proposal from the Commission, mayshall decide that the Member State concerned does not comply with the policy requirements contained in the adjustment programme. The Commission's proposal shall be deemed to have been adopted by the Council, unless it decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision. The Council shall make the decision public.
Amendment 231 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. A Member State shall be under post- programme surveillance as long as a minimum of 75% of the financial assistance received from one or several other Member State(s), the EFSM, the EFSF or the ESM has not been repaid. The Council, acting on a qualified majority on a proposal from the Commission, may extend the duration of the post programme surveillance. The Commission's proposal shall be deemed to have been adopted by the Council, unless it decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision. The Council shall make its decision public.
Amendment 240 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The Council, acting by qualified majority on a proposal from the Commission, may adopt a recommend toation that the Member State under post programme surveillance to adopt corrective measures. The Commission's proposal shall be deemed to have been adopted by the Council, unless it decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision. The Council shall make the recommendation public.
Amendment 243 #
Proposal for a regulation
Article 11 – paragraph 4 a (new)
Article 11 – paragraph 4 a (new)
4a. The competent committee of the European Parliament may invite the Member State concerned to participate to an exchange of views on the progress made under post-programme surveillance.
Amendment 244 #
Proposal for a regulation
Article 11 – paragraph 4 b (new)
Article 11 – paragraph 4 b (new)
4b. The parliament of the Member State concerned may invite the Commission to participate in an exchange of views on the post-programme monitoring.
Amendment 245 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
For the measures referred to in Articles 2(1), 3, 6(2), 6(4) and 11(4),this Regulation only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned.