8 Amendments of Danuta Maria HÜBNER related to 2016/2063(INI)
Amendment 85 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Acknowledges that, confronted with this very complex environment and the risks of a prolonged period of low inflation, the ECB was within the terms of its mandate in adopting extraordinary measures to lift inflation back up to the medium-term objective of 2 %; notes that, since the launching of the APP in March 2015, and owing to targeted long-term refinancing operation (TLTRO) programmes targeted at the real economy, financial conditions have improved and the spreads of euro area peripheral governments' bonds against these of German bonds has narrowed, which has promoted a recovery in lending to firms and households in the euro area and eased the financing conditions for governments;
Amendment 101 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that the APP would have an even higher impact on the European economy if it had a higher share of EIB bond buying, particularly related to the TEN-T and TEN-E (projects with proven added European value in social and economic terms), and SME securitised loans, or if the ECB were able to buy Member States’ public debt directly linked to investment and research expenditure on the secondary markets; believes that in order to choose the eligibility of public debt assets for the APP, the Eurosystem should assign a complementary credit rating in addition to those assigned by private agencies; warns that the outright purchases of bonds issues by non-bank corporations within the Corporate Sector Purchase Programme (CSPP) constitute a market distortion which is justifiable in the present circumstances but must be temporary;
Amendment 120 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Draws attention in this respect to the conclusions of recent studies1a that showed that the neutral interest rates have fallen all over the world over the last decades as a result of lower growth expectations and higher preference for savings; points out that this situation is likely to result in monetary policy being more constrained and less effective as it runs more often the risk of hitting the zero lower bound; __________________ 1a"Secular drivers of the global real interest rate", Bank of England Staff Working Paper No. 571, December 2015
Amendment 142 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Draws attention to the fact that, in spite of the high level of liquidity provided by the ECB and other central banks, there seems to be a decrease in the availability of international assets, that is, high quality assets that are internationally accepted as means of payments, due to the downgrading of some sovereign issuers and to other sources of international assets not being elastic enough to offset these downgrades; is worried that this might result in constraints on trade flows; calls on the ECB to investigate this matter and study, in cooperation with other central banks and the IMF the seriousness of the issue and possible remedies;
Amendment 150 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. UTakes note of the negative interest rate imposed on deposits held at the ECB since 2014; welcomes the positive effects of this policy on the supply of credit and on aggregate demand; considers that it has so far been a useful complement to other non-conventional measures; underlines however that a prolonged period of ultra-low (negative) interest rate policy creates potential risks for financial stability and ultimately the whole economy; warns that a decline inin particular that there is a risk that such negative interest rates might harm the profitability of banks willand consequently dampen their willingness to develop lending activity; points particularly, especially if they do not adjust their business models; notes that such risk has mostly not materialised but might do so in the longer term and hamper the effectiveness of the measures taken, in particular in economies with a large share of variable rates which also happen to be the ones where demand needs most boosting; points also to the effect of such an interest rate policy on local and regional banks and savings banks with little funding from financial markets, and to risks in the insurance sector; calls therefore for specific and continued monitoring of the negative interest rate tool, its implementation and its effects;
Amendment 166 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Notes, furthermore, that, due to the downward rigidity of deposit rates, the benefits of pushing the rates on deposits at the ECB further into negative territory would be limited unless a fully tiered system is introduced; calls therefore on the ECB to study whether such a system would constitute an improvement to the current policy and, if it would, how best to design it;
Amendment 171 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Asks the ECB to study how the transmission of monetary policy differs in those Member States with centralised and concentrated banking sectors and those with a more diverse network of local and regional banks; as well as between countries where banks account for a very large share of the financial sector and countries where this sector is more diversified;
Amendment 224 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls that the independence of the ECB forin the conduct of monetary policy, as enshrined in the Treatiesarticle 130 TFEU, is crucial to the attainment of the objective of safeguardmaintaining price stability; asks all governments to avoid statements questioning the role played by the institution within its mandate;