73 Amendments of Pascal CANFIN related to 2023/0138(COD)
Amendment 196 #
Proposal for a regulation
Recital 9
Recital 9
(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ensurshould contribute sustained and gradual debt reduction and sustainable and inclusive growth and resilience, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).
Amendment 212 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
Amendment 251 #
Proposal for a regulation
Recital 20
Recital 20
(20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections.
Amendment 260 #
Proposal for a regulation
Recital 22
Recital 22
(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: are growthresilience-enhancing, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.
Amendment 274 #
Proposal for a regulation
Recital 27
Recital 27
(27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Unionmaintained and adapted to the medium-term fiscal- structural plans.
Amendment 302 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for sustainable and inclusive growth and quality employment.
Amendment 327 #
(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a). The government expenditure aggregate should be adjusted by averaging the investment expenditure over seven years;
Amendment 348 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the national medium-term fiscal-structural plan, including the net expenditure path, and of the reforms and investment commitments included in its national medium-term fiscal-structural plan;
Amendment 369 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
In order to ensure closer coordination of economic and employment policies and sustaineable upward convergence of the economic and social performance of the Member States in line with Union common priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 388 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) the submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, where appropriate, as well as their monitoring via the annual progress reports;
Amendment 396 #
Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)
Article 3 – paragraph 2 – point e a (new)
(e a) the formulation and the surveillance of the implementation recommendations on the common priorities listed in Article 12(1), point (ba), in particular past and current investments and each member states investment gaps associated to those priorities.
Amendment 427 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure after the submission of a proposal by the Member State and the dialogue in accordance with the procedure referred to in Article 7. The technical trajectory for net expenditure shall covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public.
Amendment 440 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the publicby the end of the adjustment period, at the latest, the 10-year debt tratio is put or remainjectory in the absence of further budgetary measures is on a plausibly downward path, or stays at prudent levels;
Amendment 449 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period;
Amendment 459 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
Amendment 467 #
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
Amendment 493 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
Amendment 508 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
The technical trajectories shall be differentiated for each Member State. The criteria for setting the technical trajectories are set out in Annex I.
Amendment 515 #
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or, by [1 March] of the last year covered by the ongoing medium-term fiscal-structural plan or as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:
Amendment 518 #
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) the underlying medium-term public debt pits macrojection framework and resultonomic forecast and assumptions;
Amendment 523 #
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) its macunderlying medium-term public debt projeconomic forecast and assumptiontion framework and results;
Amendment 540 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan while taking into account the investment needs of those Member States to deliver on the common European priorities listed in Article 12, point (ba).
Amendment 541 #
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
Amendment 551 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Assessment of plausibility and debt sustainability
Amendment 585 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
Each Member State shall submit to the Council and to the Commission a new national medium-term fiscal-structural plan before end-April of the last year covered by the ongoing medium-term fiscal-structural plan.
Amendment 624 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explainingduly justify the difference.
Amendment 635 #
Proposal for a regulation
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
(a) ensure the primary structural fiscal adjustment necessary to put or keep public debt on a plausibly downward path by the end of the adjustment period at the latest, or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;
Amendment 638 #
Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)
Article 12 – paragraph 1 – point a a (new)
(a a) assess the national public and private investment gaps to achieve the common priorities of the Union listed in Article 12;
Amendment 652 #
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmapthe national investment gap as identified in the national fiscal-structural plans;
Amendment 658 #
Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)
Article 12 – paragraph 1 – point b a (new)
(b a) explain the consistency of the plan with the common priorities of the Union, as follows: (a) The European Green Deal, including the objectives of the Regulation 2021/1119 (European Climate Law) and the National Energy and Climate Plans; (b) The European Pillar of Social Rights including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 2030, and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.
Amendment 659 #
Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)
Article 12 – paragraph 1 – point b a (new)
(b a) explain the consistency of the plan with the common priorities of the Union, as follows: (a) The European Green Deal, including the objectives of the Regulation 2021/1119 (European Climate Law) and the National Energy and Climate Plans; (b) The European Pillar of Social Rights including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 2030, and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.
Amendment 665 #
Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)
Article 12 – paragraph 1 – point b b (new)
(b b) quantify the current and planned expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level) and explain their consistency with the reduction of the investment gap referred to in point (aa) within the timeframe of the plan;
Amendment 667 #
Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)
Article 12 – paragraph 1 – point b b (new)
(b b) disclose the change of public debt net of the sum of the cumulative investment undertaken in support of each common priority of the Union referred to in Article 12, point (ba);
Amendment 676 #
Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)
Article 12 – paragraph 1 – point d a (new)
(d a) quantify the current and planned green transition expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level).
Amendment 681 #
Proposal for a regulation
Article 12 – paragraph 1 – point d b (new)
Article 12 – paragraph 1 – point d b (new)
(d b) list the significant investments that support or carry out economic activities that do significant harm to any environmental objective within the meaning of the ‘Do no significant harm’ referred to in Article 17 of Regulation (EU) 2020/852;
Amendment 697 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with the degree of public debt challengesnational investment gap as identified in the national fiscal- structural plans referred to in Article 12, point (aa), and challenges to medium- term growth in the Member State concerned.
Amendment 703 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – introductory part
Article 13 – paragraph 2 – subparagraph 2 – introductory part
The set of reforms and investment commitments shall fulfil, taken altogether, several of the following criteria:
Amendment 706 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i
Article 13 – paragraph 2 – subparagraph 2 – point i
(i) be growth enhancing; sustainable and growth enhancing while respecting the targets set in Regulation (EU) 2021/1119 (European Climate Law);
Amendment 709 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i
Article 13 – paragraph 2 – subparagraph 2 – point i
(i) be growth and resilience enhancing;
Amendment 723 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii
Article 13 – paragraph 2 – subparagraph 2 – point iii
(iii) address the common priorities of the Union referred to in Annex VIrticle 12, point (ba);
Amendment 733 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v
Article 13 – paragraph 2 – subparagraph 2 – point v
Amendment 746 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed, front-loadedistributed proportionally throughout the period covered by the plan and at the latest by the end of the adjustment period, time-bound and verifiable.
Amendment 753 #
Proposal for a regulation
Article 13 – paragraph 4
Article 13 – paragraph 4
4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned canshall be taken into account for an extension of the adjustment period.
Amendment 771 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment periodlast year covered by the ongoing medium-term fiscal-structural plan if there are objective circumstances preventing the implementation of the originalngoing national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal-structural plan is requested by a new government.
Amendment 784 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow backloading of the fiscal adjustment effort and shall not lead to a lower fiscal adjustment efforthe new technical trajectory shall as a rule uphold the ambition of the previous fiscal path.
Amendment 791 #
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The Commission shall in particular assess, if applicable, whether any extension of the adjustment period is to continue to apply under the revised national medium- term fiscal- structural plan, taking into account the implementation of thea revised set of reform and investment commitments underpinning the extension under the original plan and the changes in terms of public debt challenges under the revised national medium-term fiscal- structural plan.
Amendment 825 #
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
Amendment 834 #
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
Amendment 842 #
Amendment 862 #
Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)
Article 15 – paragraph 2 – point f a (new)
(f a) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, point (b).
Amendment 872 #
Proposal for a regulation
Article 15 – paragraph 3 – point b
Article 15 – paragraph 3 – point b
Amendment 904 #
Proposal for a regulation
Article 18 – paragraph 1 – point b
Article 18 – paragraph 1 – point b
(b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a)2;
Amendment 908 #
Proposal for a regulation
Article 18 – paragraph 1 – point c
Article 18 – paragraph 1 – point c
(c) the Member State fails to submit a new national medium-term fiscal-structural plan at the end of the periodlast year covered by the previous national medium-term fiscal- structural plan.
Amendment 912 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend that the Member State concerned submits an amended national medium-term fiscal-structural plan with a revised net expenditure path withof a shorter adjustment period.
Amendment 920 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, by 15 April each year at the latesteach year in April, preferably by mid-April and not later than 30th of April.
Amendment 924 #
2. The annual progress report referred to in paragraph 1 shall contain in particular information about the progress in the implementation of the net expenditure path, the implementation of broader reform and investment commitments in the context of the European Semester contextand the common priorities of the Union referred to in Article 12 (ba) and, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period and the progress in reducing the investment gaps referred to in Article 12(aa).
Amendment 932 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular,including the net expenditure path and the reform and investment commitments.
Amendment 948 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns dobserved net expenditure patah reported in the progress report referred to in Article 20 with the net expenditure path planned in the ongoing national medium-term fiscal-structural plan . Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. Each national independent fiscal institution shall provide, or endorse, estimations of national public and private investment gaps to achieve the priorities of the Union listed in Article 12, point (ba) _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)
Amendment 967 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. In the event of a significant risk of deviation from the net expenditure path or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 971 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
Amendment 984 #
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
As long as the severe economic downturn in the euro area or the Union as a whole persists, the Commission shall continue to monitor debt sustainability, compatibility of policies and investments with the common objectives listed in Article 12, in particular the transition to climate neutrality by 2050 and ensure policy coordination and a consistent policy mix that takes into account the euro area and the Union dimension.
Amendment 998 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a majorsignificant impact on the public finances of the Member State concerned, provided it continuously supports European common objectives listed in Article 12 and in particular a transition to climate neutrality by 2050 and does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.
Amendment 1013 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue as well as for setting macroeconomic and social policy priorities . The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.
Amendment 1030 #
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Where a Member State fails to implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and wheren this leads the Commission to considers that the Member State concerned is affected by excessive imbalances in accordance with Article 7(1) of that Regulation, the procedure laid down in Article 7(2) of Regulation (EU) No 1176/2011 shall apply.
Amendment 1042 #
Proposal for a regulation
Article 32 – paragraph 1
Article 32 – paragraph 1
The Commission is empowered to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), regarding the functioning of the control account (Annex IV), regarding the methodology for the assessment of plausibility (Annex V), regarding the common priorities of the Union (Annex VI) or regarding the assessment framework (Annex VII).
Amendment 1063 #
Proposal for a regulation
Article 36 – paragraph 2 – point a
Article 36 – paragraph 2 – point a
(a) the effectiveness of this Regulation, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for public debt ratios or maintaining them at to promote debt sustainability and sustainable and inclusive growth in the Member States and prudevent levels in accordance with the relevant Council recommendationthe occurrence of excessive government deficits;
Amendment 1067 #
Proposal for a regulation
Article 36 – paragraph 2 – point b
Article 36 – paragraph 2 – point b
(b) the progress in ensuring closer coordination of economic policies and sustaineable upward convergence of economic and social performances of the Member States.
Amendment 1075 #
Proposal for a regulation
Annex I
Annex I
Amendment 1112 #
Proposal for a regulation
Annex II – paragraph 1 – point f
Annex II – paragraph 1 – point f
(f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, due explanations and justifications based on sound economic arguments of these differences.ly justified
Amendment 1117 #
Proposal for a regulation
Annex II – paragraph 1 – point h
Annex II – paragraph 1 – point h
(h) If applicable, the duly substantiated reasons (with relevant sound and verifiable economic arguments) for deviating from the technical trajectory put forward by the Commission.
Amendment 1121 #
Proposal for a regulation
Annex II – paragraph 1 – point j
Annex II – paragraph 1 – point j
(j) Total public investment expenditure, as well as rReforms and public investment expenditure addressing the common priorities of the Union referred to in Annex VI.rticle 12 (ba)
Amendment 1125 #
Proposal for a regulation
Annex II – paragraph 1 – point l
Annex II – paragraph 1 – point l
(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, growth and employment, where applicable in line with commonly agreed methodologies.sustainable and inclusive growth, competitiveness and quality employment as well as upward social convergence;
Amendment 1132 #
Proposal for a regulation
Annex II – paragraph 1 – point o
Annex II – paragraph 1 – point o