7 Amendments of Sven GIEGOLD related to 2010/0276(CNS)
Amendment 25 #
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 other planned specific revenue measures.
Amendment 26 #
Proposal for a regulation – amending act
Recital 15 a (new)
Recital 15 a (new)
(15a) The provisions of this Regulation are fully consistent with horizontal clauses of the TFEU, namely Articles 7, 8, 9, 10 and 11, as well as provisions of Protocol 26 and Article 153(5).
Amendment 30 #
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 provided that the gross domestic product (GDP) has been growing at its potential rate during two years before the year of reference. Absent this condition the ratio of debt to GDP shall be considered as in situation of temporary excess to the sufficiently diminishing path provided that the Member State complies with the sustainable fiscal policy-making rule as defined in Regulation (EC) No 1466/97. The ratio of debt reduction shall be reviewed every three years. 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 32 #
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
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 social and economic position (in particular potential growth, prevailing cyclical conditions, poverty rate, income inequalities, unemployment rates, inflation, excessive macroeconomic imbalances) 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 appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock-flow operations, accumulated reserves and other government assets; guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent that it may represent a contingent implicit liability for the government). 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 and explicit consideration shall be given to financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability as well as the financial burden related to recapitalisation operations and other temporary State aid measures for the financial sector during the crisis as well as loans and guarantees granted in the framework of sovereign debt crisis management operations.
Amendment 35 #
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
4. The Commission and the Council shall make a balanced overall assessment of all the relevant factors, specifically, the extent to which they affect the assessment of compliance with the deficit and/or the debt criteria as aggravating or mitigating factors. When assessing compliance on the basis of the deficit criterion, if the ratio of the government debt to GDP exceeds the reference value, these factors shall be taken into account in the steps leading to the decision on the existence of an excessive deficit provided for in paragraphs 4, 5 and 6 of Article 126 of the Treaty only if the double condition of the overarching principle that, before these relevant factors are taken into account, the general government deficit remains close to the reference value and its excess over the reference value is temporary is fully met.
Amendment 194 #
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
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, excessivesignificant macroeconomic imbalances) 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 appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock-flow operations, accumulated reserves and other government assets;, guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent that it may represent a contingent implicit liability for the government). 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 financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability.
Amendment 249 #
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 a severe economic downturn or 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 a severe economic downturn or unexpected adverse economic events with major unfavourable consequences for 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, or in case of an expected economic recession.