17 Amendments of Sven GIEGOLD related to 2009/2203(INI)
Amendment 9 #
Motion for a resolution
Recital J
Recital J
J. whereas the rules of the Stability and Growth Pact (SGP) were not designed for the purposfact that so many countries would break the rules ofn the expected post-crisis level of public debt was not expected;
Amendment 11 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas globalisation compels the euro area to take an effective role in global economic and financial governance;
Amendment 12 #
Motion for a resolution
Recital J b (new)
Recital J b (new)
Jb. whereas the potential of the euro is insufficiently exploited at the global level as the euro area has neither a properly defined international strategy nor effective international representation;
Amendment 24 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is concerned by the economic consequences of a fast loss of value of the US dollar for the economy of the Eeuropean Union area and the possible emergence of a new asset bubble in Asia;
Amendment 30 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the objective of price stability can be achieved effectively only if the root causes of inflation are properly addressed; considers that the definition of price stabilitunderlines, in this context, that the rise of inflation that occurred before the outbreak of the financial crisis was not caused by excessive internal demand but resulted from a surge of prices of assets (such as derivatives and housing) and commodities; considers that the concept of price stability as the basis for monetary policy should be reviewed facing new increases of energy and food prices;
Amendment 35 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. WUnderlines that wage moderation discipline also acts as a brake on the growth of household income and thereby on private consumption; therefore, warns against focusing essentially on wage moderation as a way to achieve price stability; recalls that increased global competition has already contributed to a downward pressure on wages, while higher commodity prices have harmed the purchasing power of EU consumers;
Amendment 43 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. CUnderlines that the risk of a growing asset price bubble cannot yet be excluded; calls on the ECB to develop a plan on how to avoid new asset price bubbles while bearing in mind that restricting the general offer of credit to enterprises and consumers has high costs for employment and economic development;
Amendment 46 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. CRecalls that exchange rate fluctuations constitute an impediment to global economic recovery and that coordination of monetary policy is essential to avoid the emergence of financial imbalances that may give rise to macroeconomic instability; calls for a world monetary conference to be organised under the auspices of the IMF in order to hold global consultations on monetary questions;
Amendment 73 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that the European budget is not sufficiently large to limit the imbalances between Member States effectively and suggests reexamining its sizeto have a sufficient anti- cyclical effect; hence, considers that the size of the common budget needs reexamination;
Amendment 83 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Suggests usextending the procedure developed for excessive deficit procedures of the SGP to ensure that Member States avoidwith excessive deficits and current account surpluses;
Amendment 93 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Expresses its deep concern over the unsustainable level of public debt and its predicted rapid increase in 2010 and 2011 which form, caused by the necessary expansionary fiscal policy to counteract the crisis, which is an even larger burden, bearing in mind that future generations will also inherit the growing ecological and private financial debt;
Amendment 103 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Considers it necessary to review the rules of the SGP, which were not designed for the purpossince it was unexpected that so many Member States would break rules ofn the expected post- crisis levels of accumulated debt in many Member Stateslevel of public debt; points out that the facilities granted by the revised SGP must be geared towards the financing of high-quality public investments that are needed to meet the climate-energy package and, more broadly, to reduce the ecological debt;
Amendment 114 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Deems it essential to develop further solidarity mechanism inside the EU to cope with asymmetric shocks; calls on the Commission to examine the feasibility of creating a solidarity fund to which countries would contribute in good times to better deal with asymmetric shocks;
Amendment 117 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Stresses the fact that some shortcomings of the construction of the EMU and to some extent the economic policy of partner states make it difficult for Member States to bring their financial house in order; in particular, regrets that the coordination on fiscal policy is limited to the rules laid down in the SGP, which refers only to public deficit and public debt; points out that the current mechanism of policy coordination within the euro area needs to be enlarged to cope, in particular, with current and future economic imbalances and divergences within the euro area; regrets, in this context, that there are no binding commitments among governments to enforce coordination in the euro area;
Amendment 122 #
Motion for a resolution
Paragraph 28 – point a
Paragraph 28 – point a
(a) eurobonds or similar measures in order to lower the cost of interest for servicing public debt considering that interest rate spreads between Member States have not fallen below pre-crisis levels;
Amendment 135 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. ConsiderRecalls that the crisis is not an excuse to delay tackling climate change and environmental degradation; underlines that delaying action could be costly in both economic and environmental terms; highlights that the increase of energy and resource efficiency as well as a conversion towards sustainable renewable resources is the best way to limit dependency on scarce resources while creating new ‘green’ jobs;
Amendment 141 #
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Recalls also that global imbalances related to exchange rate fluctuations between inter alia ,the US dollar and the renminbi-yuan, and the euro must also be addressed to avoid financial crises in the future; invites the Eurogroup, the Council and the ECB to step up the coordination of their action in the sphere of exchange rate policy accordingly;