Activities of Liem HOANG NGOC
Plenary speeches (46)
Role and operations of the Troika with regard to the euro area programme countries - Employment and social aspects of the role and operations of the Troika (debate)
Role and operations of the Troika with regard to the euro area programme countries - Employment and social aspects of the role and operations of the Troika (debate)
Role and operations of the Troika with regard to the euro area programme countries - Employment and social aspects of the role and operations of the Troika (debate)
Statistics relating to trading of goods between Member States (debate)
Action programme for taxation (debate)
European statistics (A7-0436/2012 - Liem Hoang Ngoc) (vote)
European statistics (debate)
European statistics (debate)
Multiannual financial framework 2014-2020 - Interinstitutional agreement on budgetary discipline, on cooperation in budgetary matters and on sound financial management (debate)
Draft general budget of the European Union for the financial year 2014 - all sections (debate)
Preparations for the European Council meeting (27-28 June 2013) (debate)
Future legislative proposals on EMU (debate)
European Central Bank annual report (2011) (A7-0031/2013 - Marisa Matias) (vote)
European Central Bank annual report (2011) (debate)
Preparations for the European Council meeting (7-8 February 2013) (debate)
European Semester for economic policy coordination: annual growth survey 2013 - European Semester for economic policy coordination: employment and social aspects in the annual growth survey 2013 - Governance of the single market (debate)
European Semester for economic policy coordination: annual growth survey 2013 - European Semester for economic policy coordination: employment and social aspects in the annual growth survey 2013 - Governance of the single market (debate)
Feasibility of introducing stability bonds (debate)
Public finances in EMU - 2011 and 2012 (debate)
EU growth (debate)
Preparations for the European Council meeting (13-14 December 2012) (debate)
Towards a genuine Economic and Monetary Union (debate)
Conclusions of the European Council meeting (18-19 October 2012) (debate)
Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area - Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (debate)
Common system for taxing financial transactions (debate)
Preparation of the informal European summit - Investment, growth and jobs (debate)
Common consolidated corporate tax base (debate)
Conclusions of the European Council meeting (1-2 March 2012) (debate)
Preparation for the European Council meeting (1-2 March 2012) (debate)
Conclusions of the European Council meeting (8-9 December 2011) (debate)
ECB annual report for 2010 (debate)
Economic governance
System of taxation applicable in the case of parent companies and subsidiaries of different Member States - Compatibility of the German and British tax agreements with Switzerland with the EU Savings Tax Directive (debate)
Prevention and correction of macroeconomic imbalances - Implementation of excessive deficit procedure - Requirements for budgetary frameworks of Member States - Budgetary surveillance in euro area - Surveillance of budgetary positions and surveillance and coordination of economic policies - Enforcement measures to correct excessive macroeconomic imbalances in euro area (debate)
Governance and partnership in the Single Market - Single market for Europeans - Single market for enterprises and growth - Public procurement (continuation of debate)
Preparation for the European Council meeting (24-25 March 2011) (debate)
Consumer rights (debate)
Innovative financing at a global and European level (debate)
Combating late payment in commercial transactions (debate)
Conclusions of the special ECOFIN Council meeting of 7 September (debate)
Long-term sustainability of public finances for a recovering economy (A7-0147/2010, Liem Hoang Ngoc) (vote)
Implementation of the synergies of research and innovation earmarked funds in Regulation (EC) No 1080/2006 concerning the European Fund of Regional Development and the Seventh Framework Programme for Research and Development - Delivering a single market to consumers and citizens - Long-term sustainability of public finances for a recovering economy - Contribution of the Cohesion policy to the achievement of Lisbon and the EU 2020 objectives (debate)
Implementation of the synergies of research and innovation earmarked funds in Regulation (EC) No 1080/2006 concerning the European Fund of Regional Development and the Seventh Framework Programme for Research and Development - Delivering a single market to consumers and citizens - Long-term sustainability of public finances for a recovering economy - Contribution of the Cohesion policy to the achievement of Lisbon and the EU 2020 objectives (debate)
ECB annual report for 2008 - Report on the 2009 Annual Statement on the Euro Area and Public Finances (debate)
Internal Market Scoreboard - Consumer protection - SOLVIT (debate)
Administrative cooperation in the field of taxation - Mutual assistance for the recovery of claims relating to taxes, duties and other measures - Reverse charge mechanism: goods and services susceptible to fraud - Promoting Good Governance in Tax Matters (debate)
Reports (2)
REPORT on the enquiry on the role and operations of the Troika (ECB, Commission and IMF) with regard to the euro area programme countries PDF (350 KB) DOC (175 KB)
REPORT Report on the long-term sustainability of public finances for a recovering economy PDF (241 KB) DOC (157 KB)
Shadow reports (8)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the provision and quality of statistics for the macroeconomic imbalances procedure PDF (362 KB) DOC (481 KB)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 638/2004 on Community statistics relating to trading of goods between Member States as regards conferring of delegated and implementing powers upon the Commission for the adoption of certain measures, the communication of information by the customs administration, the exchange of confidential data between Member States and the definition of statistical value PDF (202 KB) DOC (292 KB)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 99/2013 on the European statistical programme 2013-17 PDF (140 KB) DOC (64 KB)
REPORT on the amended proposal for a regulation of the European Parliament and of the Council establishing an action programme for taxation in the European Union for the period 2014-2020 (Fiscalis 2020) and repealing Decision No°1482/2007/EC PDF (287 KB) DOC (406 KB)
REPORT with recommendations to the Commission on the report of the Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup "Towards a genuine Economic and Monetary Union" PDF (450 KB) DOC (398 KB)
REPORT on the proposal for a Council directive on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States (recast) PDF (207 KB) DOC (240 KB)
REPORT on the proposal for a Council directive on a Common Consolidated Corporate Tax Base (CCCTB) PDF (373 KB) DOC (550 KB)
REPORT Report on the Internal Market Scoreboard PDF (171 KB) DOC (112 KB)
Shadow opinions (4)
OPINION on the General budget of the European Union for the financial year 2014 - all sections
OPINION on the proposal for a directive of the European Parliament and of the Council on credit agreements relating to residential property
OPINION on a corporate governance framework for European companies
OPINION on the Green Paper entitled ‘Towards adequate, sustainable and safe European pension systems’
Amendments (846)
Amendment 1 #
2024/2007(INI)
Motion for a resolution
Recital A
Recital A
A. whereas an effectively functioning internal market is imperative for the creation of a stable and innovative economic environment within which consumers can feel free to spendpurchase high-quality goods and services at the lowest price and businesses tocan create new jobs,
Amendment 2 #
2024/2007(INI)
Motion for a resolution
Recital G
Recital G
G. whereas it welcomes the publication of the Internal Market Scoreboard, since it may helps to reduce the transposition deficit, but a more qualitative approach needs to be taken aimed at looking beyond the figures and identifying the reasons for this deficit,
Amendment 4 #
2024/2007(INI)
Motion for a resolution
Recital M a (new)
Recital M a (new)
Ma. whereas the continuing cases of non- transposition or incorrect transposition are not necessarily the result of reluctance on the part of the Member States but may be due to a lack of clarity or consistency in the relevant European legislation, and it is therefore desirable that the Scoreboard should not only represent a means of putting pressure on the Member States but that it should also offer an instrument for dialogue that might improve understanding of the difficulties encountered by the Member States when transposing legislation,
Amendment 9 #
2024/2007(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Takes the view that it is important to act at an earlier stage in order to limit the risk of a transposition deficit and that the Commission should do more to support the Member States throughout the transposition period; takes the view that this should involve a dialogue and increased exchanges of information in particular, aimed at anticipating possible problems and seeking to resolve them before the end of the deadline for transposition;
Amendment 10 #
2024/2007(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Particularly supports the idea of close involvement of national parliaments and other stakeholders such as the social partners during negotiations and the transposition process;
Amendment 13 #
2024/2007(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls upon the Commission to organize an annual Internal Market Forum bringing together representatives of EU institutions and Member States and other stakeholders such as the social partners in order to establish a clearer commitment to transposition, application and enforcement of internal market legislation;
Amendment 16 #
2024/2007(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes the view that it would be useful if the Commission could systematically annex targeted information on one or more particular areas or texts to the Internal Market Scoreboard, as it has done with the public procurement supplement;
Amendment 17 #
2024/2007(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Although it understands thatCalls for the Internal Market Scoreboard is published biannually and the Consumer Market Scoreboard only once a year, calls forto be published at those scoreboards to be published atame time and with the same timefrequency, thus allowing for a better overall picture of the development of the internal market and greater coordination of the work carried out in these two areas, whilst preserving the specific characteristics of these two instruments;
Amendment 1 #
2013/2277(INI)
Motion for a resolution
Citation 1
Citation 1
– having regard to the Treaty on the Functioning of the European Union, and in particular Article 7, Article 9, Article 136 in combination with Article 121 , Article 151, Article 152, Article 153, Article 168 and Article 174 thereof,
Amendment 5 #
2013/2277(INI)
Motion for a resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to the European Social Charter,
Amendment 7 #
2013/2277(INI)
Motion for a resolution
Citation 3
Citation 3
– having regard to the Treaty on European Union and in particular Article 3 and Article 13(2) thereof,
Amendment 92 #
2013/2277(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas bail outs of the financial sector have directly contributed to increasing the level of public debts; whereas private households have born an unduly share of the cost of the crisis;
Amendment 95 #
2013/2277(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the economic situation and recent developments in some Member Statfinancial crisis has led to an economic and social crisis; whereas this economic situation and measures taken under troika programmes have compromised the quality of employment, social protection and health and safety standards;
Amendment 139 #
2013/2277(INI)
Motion for a resolution
Recital L
Recital L
L. whereas the programmes were in the short run primarily meant to avoid a disorderly default and stop speculation on sovereign debt; whereas the medium term aim waaim of programme conditionality is to ensure that the money that was lent wouldill be reimbursed, thus avoiding a large financial loss that would rest on the shoulders of the taxpayers of the countries which are providing the assistance and guaranteeing the funds; whereas this alsofirst and foremost requires the programme to deliver sustainable growth and effective debt reduction in the medium and long term; whereas debt reduction cannot be achieved in a depressed economic environment; whereas the programmes were not suitdesigned to comprehensively correcting macroeconomic imbalances which had accumulated sometimes over decades;
Amendment 193 #
2013/2277(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that Greek sovereign bonds rates started increasing at the end of November 2009; notes that the start of this speculative pressure followed closely the legislative elections held on 4th October 2009, the subsequent change of majority in the Greek legislature, and the announcement by the newly formed government of an upward revision of public deficit figures, the real statistics having been concealed by the previous government;
Amendment 194 #
2013/2277(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Notes that the Central Bank of Greece in November 2010 significantly contributed to intensifying market turmoil by publicly warning investors that ECB liquidity operations could no longer be taken for granted in the case of Greek sovereign debt.
Amendment 209 #
2013/2277(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that tensions on the Portuguese sovereign bonds market only started in mid April 2010, that is five months after Greek sovereign bonds rates had started increasing; notes that this timing coincides with the Greek government request for financial assistance on 23rd April 2010; deplores the lack of immediate reaction from the European Council and the ECB to the situation developing on financial markets in the first months of 2010; Is of the opinion that this inaction up to May 2010 contributed to the speculative pressure on Greek bonds spilling over to Portuguese bonds.
Amendment 217 #
2013/2277(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that, at the beginning of the EU- IMF assistance programme, the Irish economy had just suffered a banking crisis of unprecedented dimensions that resulted largely from the exposure of the Irish financial sector to the US "subprime crisis", irresponsible risk taking by Irish banks and the widespread use of asset backed securities, causing Irish GDP to fall by 6.3% in 2009 (1.1% in 2010) from a positive growth level of 5% of GDP in 2007, unemployment to increase from 4.7% in 2007 to 13.7% in 2010 and - its most detrimental impact - the government balance of payments to experience a deficit in 2010 of 30.6%, down from a surplus in 2007 (0.2%); notes further notes in the decade prior to the assistance programme that the Irish economy experienced a prolonged period of negative real interest rates;
Amendment 224 #
2013/2277(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that the Irish government's decision to provide a blanket guarantee to the banking sector largely explains the sharp increase of the public deficit in 2010, which directly contributed to the increase of public debt;
Amendment 225 #
2013/2277(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Points to the inexistence of fiscal imbalances prior to the crisis in Ireland and to the extremely low level of public debt; points to the extended level of flexibility of the labour market prior to the crisis and the unecessity of further reforms in that respect; notes the development of asset bubbles in Ireland prior to the crisis, largely driven by the existence of large inflation differential between Ireland and the rest of the eurozone and the inadequacy of monetary policy for Ireland that resulted from it; points to the extreme financialization of the Irish economy in the years leading to the crisis, the financial sector representing close to 40% of Irish GDP;
Amendment 233 #
2013/2277(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Welcomes the pro-active stance taken by the ECB to restore stability on financial markets, in particular with respect to the use of non-conventional instruments; regrets however that the OMT programme was only launched in August 2012, as well as the general lack of transparency on the SMP programme; Is of the opinion that an earlier announcement of the OMT could have prevented the contagion of speculation from the Greek sovereign bonds market to other member states;
Amendment 241 #
2013/2277(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Regrets that the first agreement of May 2010 did not contain provisions for a restructuring of the Greek debt, despite it being proposed by the IMF; points to the ECB's refusal to consider any form of debt restructuring in 2010 and 2011, and its refusal to participate to the restructuring agreed in February 2012; believes that an early restructuring was absolutely necessary in order to restore the sustainability of the Greek public debt; believes that an early restructuring could have reduce the intensity of fiscal austerity in Greece;
Amendment 255 #
2013/2277(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Deplores that the Irish government's demand, supported by the IMF, to include a contribution from senior bond-holders of the banking sector in the financing of the programme was rejected by the Commission, the ECB and the Eurogroup; regrets that this decision led to Irish citizens supporting the bulk of the cost of the bail-out, and severely deteriorated public finances; Is of the opinion that banks' bond holders should have been made liable for their own risk taking;
Amendment 260 #
2013/2277(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Deplores that a first agreement between the troika and Cypriot authorities announced on 16 march 2013 contained provisions that conflicted with the Directive 2009/14/EC on deposit- guarantee schemes with regard to the imposition of a levy on deposits below 100,000 euros; notes that this agreement was not opposed by the Commission at the Eurogroup meeting where it was endorsed; condemn the Commission for failing to act as the guardian of the "acquis communautaire" in that instance;
Amendment 267 #
2013/2277(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes that the programmes provided to the 4 countries establish conditions for companies to opt-out collective bargaining agreements and to review sectorial wage agreements;
Amendment 287 #
2013/2277(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges, however, that the immense challenge the Troika faced leading to the crisis was unique as a result of the poor state of regulation of financial services, large macroeconomic imbalances in both creditor countries and member states receiving financial assistance, and the fact that a number of instruments such as external devaluation were not available due to the coin a monetary union, while the euro area does not benefit from instraiuments of monetary uniongenerally associated with a transfer union, such as a sufficient federal budget, financed by own resources and the ability to borrow on financial markets; notes, moreover, that time was running out, legal obstacles had to be cleared, fear of a melt- down of the euro area was palpable, political agreements had to be reached, the world economy was in a downturn, and a number of countries which were intended to contribute financial support had seen their own public and private debt increase in alarming ways;
Amendment 310 #
2013/2277(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. RegretsCondemn the lack of transparency in the MoU negotiations; notes the necessity to evaluate whether formal documents were clearly communicated in due time to the national parliaments and the European Parliament; further notes the possible negdramativec impact of such practices on citizens’ rights and the political situation within the countries concerned;
Amendment 325 #
2013/2277(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. DeploresCondemn the fact that recommendations contained in MoUs mark a departure from the thinking initiated by the Lisbon strategy and the Europe 2020 strategies); points out however that this can be partly explained, even if not fully justified, by the fact that programmes had to be implemented under considerable time pressure in a difficult political environment aiming at creating in Europe the most competitive and dynamic knowledge-based economy in the world capable of sustainable economic growth with more and better jobs and greater social cohesion ;
Amendment 336 #
2013/2277(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Strongly defends that fundamental principles and key objectives of European Treaties need to be respected, regardless of time or market pressure.
Amendment 337 #
2013/2277(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. insist that the consequences of policies contained in the memorandums clearly contradict the objectives of the European Union, that are the promotion of employment, improved living and working conditions, so as to make possible their harmonisation while the improvement is being maintained, proper social protection, dialogue between management and labour, the development of human resources with a view to lasting high employment and the combating of exclusion, as stated in Article 151 of the TFEU;
Amendment 338 #
2013/2277(INI)
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Deplores the lack of consideration being given in the drafting of policy recommendations to necessary political debates at national and European level and the respect of normal democratic procedures;
Amendment 354 #
2013/2277(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. RegDeplorets that the programmes for Greece, Ireland and Portugal comprise a number of detailed prescriptions for health systems reform and expenditure cuts; regrets that the programmes are not bound by which are in violation of the Charter of Fundamental Rights of the European Union and the Treaties, including Art. 168(7) TFEU;
Amendment 385 #
2013/2277(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Condemns measures such as cutting minimum wages and weakening collective bargaining systems, since these impact heavily on domestic demand and as such on economic and employment performance; point to the contradiction between the objective of debt reduction and policies negatively impacting demand and thus economic growth
Amendment 404 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Expresses deep concerns about the fact that the lack of positive future perspective in program countries has led to an upsurge in emigration of young educated workers, thereby structurally undermining economic capacity.
Amendment 405 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Stresses that similar negative longer term effects on economic potential can unfortunately also be expected from austerity driven cuts in education spending and from rising child poverty.
Amendment 406 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Notes that the sharp decrease of wages in all four member states has led to a sizeable increase in profit margins, along with rising inequalities and rising poverty; notes that this decrease in unit labour cost has not however, translated into increased investment levels;
Amendment 407 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 d (new)
Paragraph 18 d (new)
18d. Notes that EC data and diverse studies show that between 2008 and 2012, the income distribution inequality has grown in the 4 countries and that the cuts in the social benefits and unemployment resulting from austerity measures as well as lowered wages due to structural reforms are raising poverty levels. Furthermore Commission Report found relatively high levels of in work poverty due to low minimum wages cut or frozen by the austerity measures;
Amendment 419 #
2013/2277(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the end of the programme for Ireland and the expected end of the programme for Portugal; regrets the lack of progress in Greece despite unprecedented reforms and fiscal austerity having been undertaken; is of the opinion that this lack of results serious challenges the relevance of policies contained in MoUs
Amendment 435 #
2013/2277(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Welcomes the fact that both Ireland and Portugal achieved their first debt issues in January 2014 since the beginning of their adjustment programme; believes that sustainable growth and job creation are necessary in order to secure a lasting return to market financing for these countries;
Amendment 465 #
2013/2277(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that financial assistance achieved in the short run the avoidance of a disorderly default on sovereign debt that would have had extremely severe economic and social consequences, as well as spill-over effects for other countries of an incalculable magnitude, and possibly the forced exit of countries from the euro area; further notes that there is no guarantee this will be avoided in the long run; also notes that the financial assistance and adjustment programme in Greece have not prevented an orderly default nor contagion of the crisis to other Member States; deplores the economic and social downturn which became evident when the fiscal and macroeconomic corrections were put into place; stresses that draconian austerity plans were unable to restore market confidence and that high interest rate spreads on sovereign debt only started to come down slowly after the ECB finally announced its OMT program in August 2012
Amendment 485 #
2013/2277(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Deplores however the sometimesconstantly over- optimistic assumptions made by the Troika, especially as far as growth is concerned, but also the insufficient recognition of political resistance to changethe economic and social impact of policies recommended in somthe Member States; deplores the fact that this alsodirectly affected the Troika’s analysis of the interplay between fiscal consolidation and growth; notes that as a result fiscal targets have been largely unrealistic and as such could not be fulfilled;
Amendment 492 #
2013/2277(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes that from the onset the Troika published comprehensive documents on the diagnosis, the strategy to overcome the problems, a set of policy measures elaborated together with the national government concerned, and economic forecasts, all of which are updated on a regular basis; Notes that this does not constitute sufficient means of accountability;
Amendment 506 #
2013/2277(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Regrets that the reduction of structural deficits in all programme countries since the start of their respective assistance programmes has not yet led to a reduction in the ratios of public debt to GDP, since policies implemented have led to prolonged recession, which negatively affected tax receipts and led to a predictable increase in social transfers ; underlines that the ratio of public debt to GDP has instead sharply increased in all programme countries; thus points to the inadequacy of the programmes to effectively reduce debt levels;
Amendment 520 #
2013/2277(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Considers that fiscal multipliers are difficult to assess with certainty; recalls in this respectUnderlines that an adequate valuation of the fiscal multiplier is necessary in order to produce credible and efficient adjustment programmes; recalls that the IMF admitted to underestimating the fiscal multiplier in its growth forecasts prior to October 2012 but that the Commission stated in November 2012 that forecast errors were not due to the underestimation of fiscal multipliers; notes that this period encompasses the conclusions of all but one memorandum of understanding under enquiry in this report; recalls that the European Commission stated in November 2012 that forecast errors were not due to the underestimation of fiscal multipliers; points however that the Commission admitted in its reply to the questionnaire that "fiscal multipliers tend to be larger at the current juncture than in normal times"; points out that this expression of public disagreement between the European Commission and the IMF was not followed up;on the size of the fiscal multiplier was not followed up with a joint stance being taken by the troika; thus is of the opinion that the troika is yet to take stock of this debate and should consider the revision of memoranda on the basis of the latest empirical results on fiscal multipliers.
Amendment 532 #
2013/2277(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Points out that while the IMF’s stated objective in its assistance operations within the frame of the Troika is internal devaluation, the Commission has never clearly endorsed this objective; notes that the objective emphasised by the Commission in all four programme countries under enquiry has rather been fiscal consolidation; notes that due to the absence of democratic deliberations on which strategy to favour, the two strategies were pursued simultaneously in all countries under assistance programmes; notes that the combination of fiscal austerity and restrictive wage policy depressed both public and private demand, thus leading to dramatic cumulative economic and social consequences.
Amendment 557 #
2013/2277(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Considers that too littleclose to no attention has been given to alleviating the negative economic and social impact of adjustment strategies in the programme countries;
Amendment 564 #
2013/2277(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Stresses that national-level ownership is important, and that failure to implement agreed measures has consequences in terms of the expected results; stresses however that national-level ownership cannot be achieved without proper democratic legitimacy and accountability at both national and EU level;
Amendment 590 #
2013/2277(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. NotDeplores that the Troika’s mandate has been perceived as beingis unclear and lackingnot transparencyt;
Amendment 611 #
2013/2277(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Points to the central role of the Eurogroup with respect to both the decision to grant financial assistance and the determination of the conditions on which support has been granted, despite the Eurogroup not being an official institution of the European Union; deplores the absence of EU level democratic legitimity and accountability of the Eurogroup when it assumes EU level executive powers;
Amendment 612 #
2013/2277(INI)
Motion for a resolution
Paragraph 30 b (new)
Paragraph 30 b (new)
30b. Takes note of the Eurogroup President statement that the Eurogroup gives a mandate to the European Commission to negotiate on its behalf the details of the conditions attached to the assistance, while taking into account Member States' views on key elements of the conditionality and, in view of their own financial constraints, on the size of financial assistance;
Amendment 613 #
2013/2277(INI)
Motion for a resolution
Paragraph 30 c (new)
Paragraph 30 c (new)
30c. Notes that the above mentioned procedure whereby the Eurogroup confers a mandate to the European Commission is not specified in the Treaties; notes that Article 13(2) TEU explicitly prohibits EU institutions, such as the European Commission, to act beyond the attributions they are granted by the Treaties; therefore deems that the Commission's mandates for negotiation to act within the troika have been violating the EU primary law and are thus to be considered illegal;
Amendment 614 #
2013/2277(INI)
Motion for a resolution
Paragraph 30 d (new)
Paragraph 30 d (new)
30d. Notes that the President of the Eurogroup, in his reply to the European Parliament questionnaire, failed to comment on means of democratic legitimacy and accountability of the troika at EU level;
Amendment 623 #
2013/2277(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Notes that the actual powers of the troïka go far beyond that of reviewing the implementation of memoranda in programme countries and proposing decisions to final decision makers (Eurogroup, IMF board, ECB board); Notes in that respect the admission by the President of the Eurogroup before the European Parliament that the Eurogroup endorsed the recommendations of the Troika without considering their specific policy implications; concludes that an effective decision making power has de facto been delegated to the troïka;
Amendment 637 #
2013/2277(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note ofQuestions the dual role of the Commission in the Troika as both an agent of Member States and an EU institution; warns that conflicts of interests may therefore exist within the Commission between its role in the Troika and its responsibility as a guardian of the Treaties, especially in policies such as competition, wage and social policies, and state aid;
Amendment 643 #
2013/2277(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Insists in this regards that the European Commission does not have any competence in wage policy;
Amendment 650 #
2013/2277(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Points equally to a possiblthe conflict of interest between the current role of the ECB in the Troika as ‘technical advisor’ and its position as creditor of the four Member States as well as its mandate under the Treaty;
Amendment 658 #
2013/2277(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Notes that the ECB’s role is not sufficiently defined, as it is stated in the ESM Treaty that the Commission should work ‘in liaison with the ECB’, thus reducing the ECB’s role to that of a provider of expertise; further notes that the ECB mandate is limited by the TFEU to monetary policy and that the involvement of the ECB in any matter related to budgetary, fiscal and structural policies is not permitted by the Treaties; therefore con uncertain legal grounddemn the ECB association with the troika in its current form;
Amendment 674 #
2013/2277(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Points to the generally weakEmphasises the lack of democratic accountability of the Troika in programme countries at national level; points to the fact that the MoU was not ratified by Parliament in one of the member states (Portugal); notes however that this democratic accountability varies between countries, depending on the will of national executives;
Amendment 690 #
2013/2277(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Notes that formal decisions are made by both the Eurogroup and the IMF, with a crucial role now given to the ESM as it is the organisation responsible for deciding on financial assistance, thus putting governments, including those of the Mnational executive from member Sstates directly concernedof the euro area, at the centre of any decisions taken;
Amendment 695 #
2013/2277(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. Is of the opinion that national level legitimacy and accountability is insufficient with regard to decisions taken collectively by euro area member states within the frame of the ESM; believes that in a multi-level polity such as the European Union, democratic legitimacy and accountability ought to be granted and carried out at the level at which decisions are taken;
Amendment 698 #
2013/2277(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Points to the fact that the ESM is an intergovernmental by nature, is bound by the unanimity rule, andody which is not part of the European Union legal structure; deplores that the Commission, as an EU institution, accepts to being tasked with specific attributions in the ESM treaty, in clear contradiction with the Treaty on the European Union; points that the ESM is bound by the unanimity rule in the regular procedure, and that three member states (Germany, France and Italy) benefit from a veto power in the emergency procedure; points that the ESM is subject to political influence exerted by finance ministers, heads of state and government as well as national parliaments of some creditor member states;
Amendment 706 #
2013/2277(INI)
Motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37a. Notes that the ESM Treaty has introduced the principle of loan conditionaly under the form of a macroeconomic adjustment programme; points out that the ESM treaty does not define further the content of conditionality or adjustment programme, thus giving a great deal of leeway to the troika in recommending such conditionality
Amendment 707 #
2013/2277(INI)
Motion for a resolution
Paragraph 37 b (new)
Paragraph 37 b (new)
37b. Calls for the current troïka setting to be discontinued;
Amendment 724 #
2013/2277(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Reiterates its call for all decisions related to the strengthening of the EMU to be taken on the basis of the Treaty on European Union; takes the view thatstrongly rejects any departure from the Community method and increased use of intergovernmental agreements would divide and weaken the Union, including the euro area;
Amendment 774 #
2013/2277(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Stresses that the ESM should evolve towards Community-method management as provided for in the ESM Treaty andDemands the ESM to be immediately integrated in the European Union's legal framework; demands that the ESM beis made accountable to the European Parliament including with respect to decisions to grant financial assistance, in order to exert democratic accountability over the ESM; calls for the decision to disburse loan tranches to member state under assistance to be subject to co- decision rules; calls for the ESM to be accountable to both the European Parliament and the European Council; calls for the ESM to be further developed, with increased lending and borrowing capacities and joint and several guaranties from the euro area member states.
Amendment 798 #
2013/2277(INI)
Motion for a resolution
Paragraph 41
Paragraph 41
41. Calls for thea real involvement of social partners in the design and implementation of adjustment programmes, current and future; Deplores the troika's refusal to accept the agreement reached by social partners in Portugal on the minimum wage; Calls for any assistance mechanism of the European Union to actively seek the conclusion of social agreements by social partners, and to respect them once concluded ;
Amendment 810 #
2013/2277(INI)
Motion for a resolution
Paragraph 41 a (new)
Paragraph 41 a (new)
41a. Calls for the ESM board to step into a structural dialogue with European social partners
Amendment 811 #
2013/2277(INI)
Motion for a resolution
Paragraph 41 b (new)
Paragraph 41 b (new)
41b. Calls for any future involvement of the IMF in the Euro area to be optional and limited; calls for the consultation of the European Parliament on the involvement of the IMF in the Euro area on an ad-hoc basis;
Amendment 824 #
2013/2277(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Demands that the Troika take stock of the current debate on fiscal multipliers and consider the revision ofrevises MoUs on the basis of the latest empirical results;
Amendment 826 #
2013/2277(INI)
Motion for a resolution
Paragraph 42 a (new)
Paragraph 42 a (new)
42a. Calls for memoranda to be revised within the frame of the community legislation so as to promote credible and sustainable consolidation strategy, and serve the objectives of the Union growth strategy and stated social cohesion and employment objectives; demands in particular that fiscal adjustment timeframes are prolonged; calls for revised memoranda to restore the principles of upward convergence and cohesion on which the EU was founded, as well as the principles contained in the Charter of fundamental right of the European Union;
Amendment 827 #
2013/2277(INI)
Motion for a resolution
Paragraph 42 b (new)
Paragraph 42 b (new)
42b. Strongly reject the Commission proposal for bilateral contractual arrangements, which represents the extension of the troika system to all member states of the euro area;
Amendment 843 #
2013/2277(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Is concerned, in particular, to improve theRequests full accountability of the Commission when it acts in its capacity as a member of the TroikaEuropean Union assistance mechanism; requests that the Commission representative(s)s in the Troika should be European Union assistance mechanism are heard inby the European Parliament before taking up their duties and should b; demands that they are subjected to regular reporting to the European Parliament;
Amendment 854 #
2013/2277(INI)
Motion for a resolution
Paragraph 43 a (new)
Paragraph 43 a (new)
43a. Notes that the ECB's mandate is, according to the Treaty, primarily limited to monetary stability; points out that the ECB has no mandate, no competence and no expertise on labour market policy; thus call for the ECB to be no longer involved in the preparation of structural reforms in the member states; calls for the association of the ECB in the Union's assistance programme to be discontinued;
Amendment 876 #
2013/2277(INI)
Motion for a resolution
Paragraph 45
Paragraph 45
45. Is of the opinion that the option of a Treaty change allowing for the extension of the scope of the present Art. 143 TFEU to all Member States, instead of being restricted to non- euro Member States, should be explored ; similarly, takes the view that the option of a Treaty change to create a European Monetary Fund within the Community framework as an alternative to the IMF should also be explored; further considers that other issues to be evaluated include the current institutional framework of the Troika, the involvement of the ECB in the review of the programmes and the mandatory involvement of the IMF in euro area financial assistance programmes as enshrined in the ESM treatystrongly considered;
Amendment 885 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 a (new)
Paragraph 45 a (new)
45a. Calls for a Treaty change to create a European Monetary Fund within the Community framework as an alternative to the IMF and the ESM in its current form; believes that this European Monetary Fund should be based on joint and several guarantees from the member states; believes that it should take over the attributions of the ESM, and that it should be subjected to the highest democratic standards of accountability and legitimacy;
Amendment 886 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 b (new)
Paragraph 45 b (new)
45b. Calls for a convention to be convened for the preparation of any change to the Treaties;
Amendment 887 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 c (new)
Paragraph 45 c (new)
45c. Supports the Irish authorities' demand for a transfer of a share of public debt corresponding to the cost of the bail out of the financial sector to the ESM, on the basis that bail in instruments that have been made available to other member states under a programme were not granted to Ireland when it requested assistance; Is of the opinion that this transfer would strongly benefit the Irish economy and financial stability in the eurozone overall
Amendment 888 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 d (new)
Paragraph 45 d (new)
45d. Calls for an immediate restructuring of the Greek public debt, in particular that owned by the ECB, the EFSF and the IMF; believes that the existence of the OMT provides sufficient guarantees to alleviate negative market reactions to a restructuring; recalls that a number of possibilities exist for such a restructuring, besides a haircut on bonds principals, including bond swapping, extending bonds maturities and reducing coupons;
Amendment 4 #
2013/2175(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the global financial crisis and the sovereign debt crisis in the EU have significantly hampered the financial intermediation process and the capacity of governments to invest; note that private investment has decreased from 21.3% of GDP in 2007 to 17.2% of GDP in 2013 for the EU overall, while public investment has decreased from 2.9% in 2009 to 2.3% in 2013;
Amendment 7 #
2013/2175(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas public investment has a key role to play in driving long-term investment; whereas, as shown by the Commission's recent studies1, fiscal consolidation policies, in particular when coordinated at EU level, due to spill over effects and to the existence of a positive fiscal multiplicator, had a very severe impact on long-term investment 1 http://ec.europa.eu/economy_finance/pu blications/economic_paper/2013/pdf/ecp5 06_en.pdf
Amendment 8 #
2013/2175(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas international competitors of the EU, such as the US or Japan, have maintained high levels of public investment, while EU policies have led to very low levels of the latter;
Amendment 13 #
Amendment 14 #
2013/2175(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative of starting a broad debate on ways to foster the supply of long-term financing and to improve and diversify the system of financial intermediation for long-term investment in the EU. Stresses, however, that concrete advances need to be made as a matter of urgency in order to relaunch long term investment and job-creation in the EU; stresses the idea that the definition of long-term financing should be balanced and include the existence of stable liabilities in order to handle long- term assets without any risk of excessive liquidity;
Amendment 15 #
2013/2175(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
Amendment 21 #
2013/2175(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses the importance of ring- fencing of public investment, in order to ensure that fiscal consolidation does not hamper it; Calls on the Commission to come forward with a proposal, as agreed in the two-pack, to accommodate under certain conditions, non-recurrent, public investment programmes with a proven impact on the sustainability of public finances made by the Member States in the assessment of their Stability and Convergence Programmes;
Amendment 22 #
2013/2175(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Stresses that costs of training and education should be treated as long-term investments;
Amendment 23 #
2013/2175(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that the economy’s capacity to provide financing for long-term investment depends on public and private demand, both very low in the EU, its investment culture as well as its ability to generate savings and attract and retain domestic and foreign direct investment capital;
Amendment 32 #
2013/2175(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that public financing is limited owing to coordinated fiscal consolidation resulting in slow economic growth, as well as poor public budget management and the granting of state aid to save financial institutions;
Amendment 35 #
2013/2175(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that some countries face serious obstacles to, or are even denied, access to capital markets while capital markets have been the main cause of the recent crisis;
Amendment 43 #
2013/2175(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. NoteRegrets that some investors from the banking and insurance sector are reluctant to invest on account of tightened regulatory requirements;
Amendment 51 #
2013/2175(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that commercial banks will remain a main source of finance and that it is key for the EU to establish new sources to complement established mechanisms and fill the funding gap; regrets that over the last twenty years, public offering have been declining in the EU hampering growth, jobs creation, innovation and stability. Notes the important share of listed SMEs in the overall jobs created in the EU and regrets the negative consequences of such companies being limited of capital while growing;
Amendment 58 #
2013/2175(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Emphasizes the strengthened role of new innovative financial instruments within all fields of activity and all funds covered by the European Structural and Investment Funds; stresses that the role of financial instruments within the Cohesion Policy is growing in importance given the poor availability of lending for investment in the real economy; calls on the Commission to guarantee legal clarity and transparency of the new off-the-shelf financial instruments and establish firmer links with the EIB lending options;
Amendment 62 #
2013/2175(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Encourages the stakeholders to further develop the EU-European Investment Bank Project Bond Initiative to increase the financing of large European infrastructure projects in the transport, energy and information technology sectors; calls on the Member States to develop national project bond initiatives underpinned by guarantee schemes; recalls that public guarantees should only be granted under strict conditionality aimed at ensuring the adequate provision of public goods;
Amendment 65 #
2013/2175(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that national or multilateral development banks canlong-term public investors (national, regional or multilateral development banks and public financial institutions) are strong tools to stimulate private investments and catalyse long-term financing for undertakings of broader public interest and to support access of SMEs to capital markets;
Amendment 70 #
2013/2175(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on the Commission to explore way to accommodate state aid rules in order to promote the activities of long- term public investors;
Amendment 73 #
2013/2175(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Member States to create appropriate networks for cooperation and information exchange, and to set up national or regional development banklong-term public investors which can learn from the best practice of already established institutions; highlights in this regard that such national or regional development banks, which are often structured along cooperative lines, have during the current crisis, continued offering reliable funding to regional and local economies; calls on the Commission and the Member States to strengthen their support to the financial institutions of these type;
Amendment 76 #
2013/2175(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Commission to explore ways to support Member States requiring financial and technical assistance to set up their national development banklong-term national and regional public investors, and to study the possibility of an EU guarantee mechanism for national development banklong-term national public investors;
Amendment 90 #
2013/2175(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. BelieveConsiders that securitisation canould play an important residual role in financial intermediation; encourages regulatory efforts to securitisensure the high- quality assets while avoiding structures of high complexity; notes that there is scope for more standardisation and transparencyof securitised assets while preventing the development of structures of high complexity; calls in this respect for the highest standards of transparency to be applied; calls on the Commission to follow closely the activities of the International Organisation of Securities Commissions-Financial Stability Board working group on securitisation and to develop a definition of ‘high-quality securitisation’; reiterates its call for the creation of a European credit rating agency and/or a European credit rating foundation;
Amendment 95 #
2013/2175(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Notes that securitization was one of the contributing factors for the crisis, since long-term responsibility for risk was diffused along the securitization chain. Therefore, calls on the Commission to continuing to strengthen the banking system, including cooperative and public savings banks, and the ability of banks to access long-term refinancing to cover their long-term investments;
Amendment 99 #
2013/2175(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Recommends that the EIB set up a special branch for SME funding with tailor-made loan conditions;
Amendment 101 #
2013/2175(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. WelcomNotes the Commission’s call for the use of private equity or venture capital as an alternative source of finance for high- risk investments, in particular vis-à-vis companies in the start-up and growth phases; notes that there is currently a strong tax bias favouring debt financing; believes that venture capital firms can provide valuable non-financial support including consultancy services, financial advice, marketing strategy and training; therefore calls on the Commission to conduct a thorough impact assessment;
Amendment 104 #
2013/2175(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls on the Commission to further encourage investment in the social enterprise sector by strengthening the European Social Entrepreneurship Funds excluding all funds which come from tax havens;
Amendment 108 #
2013/2175(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Emphasises that public investment together with an investor-friendly business climate with a strong drive for technological progress is a prerequisite for making the EU an attractive destination for foreign direct investment;
Amendment 114 #
2013/2175(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission to come forward with a proposal which aims at separating investment banking from commercial banking and a controlled reduction of balance sheets of the largest financial institutions to the benefit of their loan portfolios;
Amendment 116 #
2013/2175(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls for the implementation of incentives to enhance long-term shareholding, such as additional voting rights in management boards, additional shares or higher dividends;
Amendment 117 #
2013/2175(INI)
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Calls for the creation of standard rules in terms of responsible investments in the EU and the implementation of a European label for good practices regarding corporate social and environmental responsibility.
Amendment 121 #
2013/2175(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Welcomes the fact thatFully supports the Commission has asked's call to the European Insurance and Occupational Pensions Authority to examine the potential calibration of certain capital requirement provisions under the Solvency II regime to avoid possible obstacles to long-term financing; calls for further modification to the current legislation in that respect;
Amendment 125 #
2013/2175(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Reiterates its call, in the proposal for a regulation on prudential requirements for credit institutions and investment firms, for exposures fully and completely secured by mortgages on critical infrastructure projects in the fields of transport, energy and communication to be assigned an appropriate risk weight; further legislation should take into account the requirements of long-term investors, evaluate the risk of financial assets by including the nature and duration of liabilities and recognize the positive effect of a stable liabilities;
Amendment 131 #
2013/2175(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes that sound fair valuthe accounting principles forapplicable to institutional investors can enhance the transparency and consistency of financial information; stresses that those principles should avoid creating incentives forshould systematically reflect the economic approach employed by long-term investors, in order to take full account of the nature of that activity and to rule out unwarranted pro-cyclical strategieeffects;
Amendment 138 #
2013/2175(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Believes that, alongside fair value and depreciated cost portfolios, a third type of accounting portfolio should be created covering long-term financial investments, which would thus enjoy specially tailored accounting treatment; takes the view, in particular, that the IFRS 9 standard should provide for specific accounting treatment for long- term shareholdings, in keeping with the principle of assessing investments on the basis of their utility value, rather than systematically on the basis of their market value;
Amendment 142 #
2013/2175(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that there is a strong need for a spredictable tax environment which prevents impediments to long-term investments; notes that certain tax incentives and concessions can be key in fostering investment; stresses that the internal market requires stronger coordination and harmonisation of national tax policies in order to facilitate cross-border investment and avoid double taxation as well as double non-taxation; encourages the Member States to assess the possibility of granting tax-free yields on infrastructure projects;
Amendment 147 #
2013/2175(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Believes that a stable, sector-specific regulatory framework is essential for concession-holders who operate major items of transport infrastructure without public funding, as this will enable them, through the application of appropriate charging rules, to obtain the financing they need, recover their costs in the long term and a secure a sufficient return on their investment;
Amendment 7 #
2013/2145(BUD)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Regrets that the Commission proposal for the draft budget 2014 foresees a 5.8% cut in both payments and commitment appropriations compared to the budget 2013.
Amendment 10 #
2013/2145(BUD)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that savings and efficiency gains in the EU budget should be concentrated on budget lines which contribute little to accomplishing the EU 2020 objectives, including future investments; the fight against poverty and sustainable development; therefore expresses its deepest concerns with respect to the Commission proposal for a 9,3 % decrease in payment appropriations for the heading 1a "Competitiveness for growth and jobs";
Amendment 12 #
2013/2145(BUD)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Calls for the budget 2014 to reflect the European Parliament's position for an increased budgetary capacity specific to the EMU and based on specific own- resources (including an FTT) which should, in the framework of the Union budget, support growth and social cohesion addressing imbalances, structural divergences and financial emergencies which are directly connected to the monetary union, without undermining its traditional functions to finance common policies, as expressed in the European Parliament resolution of 20 November 2012 with recommendations to the Commission on the report of the Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup "Towards a genuine Economic and Monetary Union"1; _______________ 1 Texts adopted, P7_TA(2012)0430.
Amendment 23 #
2013/0278(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The exchange of confidential data relating to intra-EU trade statistics should be allowed between Member States with a view to increasing the efficiency of the development, production and dissemination or to improving the quality of those statistics, or with a view to facilitating the work of tax administrations in the Member States.
Amendment 32 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 638/2004
Article 9a – paragraph 1
Article 9a – paragraph 1
The exchange of confidential data, as defined by Article 3(7) of Regulation (EC) No 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics (*), shall, for statistical purposes only, be allowed between the respective national authorities of each Member State, where the exchange serves the efficient development, production and dissemination of European statistics relating to the trading of goods between Member States or improves their quality. The exchange of confidential data may also be authorised for fiscal purposes by the Member States or in the interest of better academic research under the supervision of the relevant judicial authorities and in accordance with the principle of statistical confidentiality; __________________ (*) OJ L 87, 31.3.2009, p. 164.'
Amendment 33 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 638/2004
Article 9a – paragraph 2
Article 9a – paragraph 2
National authorities that have obtained confidential data shall treat this information confidentially and shall use it exclusively for statistical purposes.’.
Amendment 34 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 5
Article 1 – point 5
In cases where such data may prove useful to academic researchers, the national authorities may decide to make such information available as long as privacy and confidentiality rules are complied with.
Amendment 43 #
2013/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EC) 638/2004
Article 13a – paragraph 6
Article 13a – paragraph 6
6. A delegated act adopted pursuant to Articles 3(4), 6(2), 10(3) (4) and (5), 12(1)(a) and (2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of twohree months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by twohree months at the initiative of the European Parliament or the Council.
Amendment 32 #
2013/0181(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 338(1) and Article 121(6) thereof,
Amendment 34 #
2013/0181(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Reliable statistical data are the basis for effective surveillance of macroeconomic imbalances. To guarantee sound and independent statistics, the independance of Eurostat should be strenghtened in line with the European Parliament's proposals for the revision of regulation (EC) No 223/2009 and Member States should ensure the professional independence of national statistical authorities, consistent with the European statistics code of practice laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics3 . __________________ 3 OJ L 87, 31.3.2009, p. 164 OJ L 87, 31.3.2009, p. 164
Amendment 37 #
2013/0181(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) It is essential that the statistical production necessary for the performance of the activities of the Union ishould only be based on reliable data. In the production of MIP relevant data, which is an essential input for the detection of macroeconomic imbalances as well as the prevention and correction of excessive macroeconomic imbalances within the Union, unreliable data can have a significant impact on the interest of the Union. Additional measures to make the enforcement of the production, provision and quality monitoring of MIP relevant data more effective are necessary for the performance of the macroeconomic imbalances procedure. Those measures should enhance the credibility of the underlying statistical information as well as of the provision and quality monitoring of the MIP relevant data. In order to deter against misrepresentation, whether intentional or due to serious negligence, of MIP relevant data, a mechanism of financial sanctions should be established, which will also serve the purpose of ensuring due diligence in the production of MIP relevant data.
Amendment 38 #
2013/0181(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 40 #
2013/0181(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Close cooperation and on-going dialoguecoordination should be established between the Commission and Member States' statistical authorities in order to ensure the quality of the MIP relevant data reported by Member States and the underlying statistical information. The institutional separation of the ESCB and the independence of central banks should be respected in the framework of developing, producing and disseminating European statistics under the respective governance structure and statistical work programmes of the ESS and the ESCB.
Amendment 43 #
2013/0181(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 44 #
2013/0181(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) The provisions laid out in this Regulation are to be considered within the frame of the reinforcement of european economic governance, which calls for greater democratic accountability at both national and european levels;
Amendment 48 #
2013/0181(COD)
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
3. The Commission shall adopt implementingdelegated acts with a view to defining the modalities, structure and periodicity of the quality reports. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 14(2).
Amendment 50 #
2013/0181(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Member States shall establish the inventories and send them to the Commission (Eurostat) at the latest on […][nine months after the adoption of this Regulation– exact date to be inserted by OP upon publication]. The Commission shall adopt implementingdelegated acts with a view to defining the structure and the modalities for the updating of these inventories by […][within six months after the adoption of this Regulation– exact date to be inserted by OP upon publication]. Those implementingdelegated acts shall be adopted in accordance with the examination procedure referred to in Article 14(2).
Amendment 52 #
Amendment 54 #
2013/0181(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Where the Commission (Eurostat) identifies problems, in particular in the context of the quality assessment under Article 5, it may decide to carry out enquiry missions to the Member State concerned.
Amendment 56 #
2013/0181(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The aim of such enquiry missions shall be to investigate in depth the quality of the MIP relevant data concerned. The enquiry missions shall concentrate on methodological issues, the sources and methods described in the inventories, the data and supporting statistical processes with a view to assessing their compliance with the relevant accounting and statistical rules. The Commission (Eurostat) may, in order to carry out its enquiry, perform on- site visits at the premices of MIP relevant data producers, including NSI, national ministries and national central banks;
Amendment 59 #
2013/0181(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. The Commission (Eurostat) shall report to the European Parliament and the Economic Policy Committee set up by Council Decision 74/122/EEC7 on the findings of these enquiry missions, including any comments on these findings made by the Member State concerned. After having been transmitted to the Economic Policy Committee, these reports, along with any comments made by the Member State concerned, shall be made public, without prejudice to the provisions concerning statistical confidentiality in Regulation (EC) No 223/2009. __________________ 7 OJ L 63, 5.3.1974, p.21 OJ L 63, 5.3.1974, p.21
Amendment 61 #
2013/0181(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. Member States shall, at the request of the Commission (Eurostat), provide the assistance from experts on statistical issues related to the macroeconomic imbalances procedure, including for the preparation and carrying-out of the enquiry missions. In the exercise of their duties, these experts shall provide independent expertise. A list of those experts shall be constituted by (date to be fixed) on the basis of proposals sent to the Commission (Eurostat) by the national authorities responsible for the MIP relevant data.
Amendment 62 #
2013/0181(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. The Commission (Eurostat) shall providemake public the MIP relevant data used for the purposes of the macroeconomic imbalances procedure including by means of news releases and/or other channels as it considers appropriate.
Amendment 64 #
2013/0181(COD)
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The Commission (Eurostat) may amend data transmitted by Member States and providemake public the amended data and a justification of the amendment where there is evidence that the data reported by Member States do not comply with the requirements of Article 3(2). No later than three working days before the planned publication date, the Commission (Eurostat) shall communicate to the Member State concerned and to the President of the Economic Policy Committee the amended data and the justification for the amendment.
Amendment 65 #
2013/0181(COD)
Proposal for a regulation
Chapter 8 – title
Chapter 8 – title
SANCTIONS CONCERNING THE MANIPULATION OF STATISTICS AND STATISTICAL DATA
Amendment 68 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Council, acting on a proposal by the Commission, may decide to impose a fine onadopt at qualified majority a decision recognising that a Member State thats intentionally or by serious negligence misrepresentsed the MIP relevant data.
Amendment 70 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
Amendment 77 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 3 a (new)
Article 9 – paragraph 3 a (new)
3a. A fine shall be imposed by a Council decision, acting on a recommendation from the Commission, if a Council decision establishing intentional misrepresentation of MIP relevant data or serious negligence is adopted in accordance with paragraph 1 of this Regulation;
Amendment 78 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 3 b (new)
Article 9 – paragraph 3 b (new)
3b. The fine referred to in paragraph 3a shall amount to 0.01% of the GDP in the preceding year of the Member State concerned;
Amendment 79 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 3 c (new)
Article 9 – paragraph 3 c (new)
3c. The Commission's recommendation for a Council decision to impose a fine shall be issued within 20 days of the conditions referred to in paragraph 1 being met.
Amendment 80 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 3 d (new)
Article 9 – paragraph 3 d (new)
3d. By derogation from paragraph 3b (new), the Commission may, on grounds of exceptional economic circumstances or following a reasoned request by the Member State concerned addressed to the Commission within 10 days of the conditions referred to in paragraph 1 being met, propose to reduce or cancel the annual fine.
Amendment 81 #
2013/0181(COD)
Proposal for a regulation
Article 9 – paragraph 4 – point a
Article 9 – paragraph 4 – point a
Amendment 88 #
2013/0181(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 3(3), 6(2) and 9(4) shall be conferred on the Commission for a period of threewo years starting after one month following the adoption of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of that 3- 2-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period.
Amendment 90 #
2013/0181(COD)
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The delegation of power referred to in Articles 3(3), 6(2) and 9(4) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 91 #
2013/0181(COD)
Proposal for a regulation
Article 12 – paragraph 5
Article 12 – paragraph 5
5. A delegated act adopted pursuant to Articles 3(3), 6(2) and 9(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of twohree months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by twohree months at the initiative of the European Parliament or of the Council.
Amendment 94 #
2013/0181(COD)
Proposal for a regulation
Article 13
Article 13
For the measures referred to in Article 9 the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned. A qualified majority of the members of the Council referred to in article 9 paragraph 1 shall be defined in accordance with point (a) of Article 238(3) TFEU.
Amendment 95 #
2013/0181(COD)
Proposal for a regulation
Article 15
Article 15
In line with Article 5 of Regulation (EC) No 223/2009, the national statistical institutes of the Member States (the NSI) shall ensure the required coordination on the MIP relevant data at national level. All other national authorities shall report to and cooperate with the NSI for this purpose. National authorities producing data shall be held responsible for it. The Member States shall take the necessary measures to ensure the application of this provision.
Amendment 109 #
2013/0025(COD)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6a) Use of electronic money products is increasingly regarded as a substitute for a bank account and must be subject to the conditions for combating money laundering and terrorist financing. However, in certain cases, electronic money products may be exempt from diligence measures if very strictly defined conditions are met. In those circumstances, electronic money issued without being subject to diligence measures may be used solely for the purchase of goods and services from traders and suppliers whose identity can be verified by the issuer of the electronic money, at least at the time of payment. It may not be used for person-to-person payments. Furthermore, the amount stored electronically should be low enough to prevent security breaches and ensure that no one is able to obtain unlimited amounts of anonymous electronic money.
Amendment 139 #
2013/0025(COD)
Proposal for a directive
Recital 17
Recital 17
(17) In order to better understand and mitigate risks at European Union level, a supranational risk analysis should be carried out, so the risks of money laundering and terrorist financing to which the internal market is exposed can be identified effectively. The Commission should require the Member States to deal with scenarios considered to be high-risk in an effective way. Furthermore, Member States should share the results of their risk assessments with each other, the Commission and EBA, EIOPA and ESMA, where appropriate.
Amendment 147 #
2013/0025(COD)
Proposal for a directive
Recital 22 a (new)
Recital 22 a (new)
(22a) The European Union must develop a common approach and policy to deal with non-cooperative jurisdictions that perform poorly in combating money laundering and terrorist financing. To this end, the Member States should implement and apply directly all the lists of countries published by the FATF in their national systems to combat money laundering and terrorist financing. Furthermore, the Member States and the Commission should identify other non- cooperative jurisdictions on the basis of all information available. After consultation with the Committee, the Commission should develop a common approach to measures to be used to protect the integrity of the internal market against these non-cooperative jurisdictions.
Amendment 201 #
2013/0025(COD)
Proposal for a directive
Article 1 a (new)
Article 1 a (new)
Article 1a The Member States shall prohibit cash payments greater than or equal to EUR 7 500 so the transaction can be executed in a single operation or in several operations that appear to be linked.
Amendment 204 #
2013/0025(COD)
Proposal for a directive
Article 2 – paragraph 6 a (new)
Article 2 – paragraph 6 a (new)
6a. The Member States may decide, on the basis of a proven low risk, to apply exemptions from diligence measures to occupations liable to use electronic money [as defined in Article 2(2) of Directive 2009/110/EC of the European Parliament and of the Council] only if all the following conditions are met: (i) the payment instrument is not rechargeable and the maximum amount that has been stored electronically is not greater than EUR 100. The Member States may increase this amount to EUR 250 for national payments; (ii) the payment instrument may be used solely for the purchase of goods and services; (iii) the electronic money storage medium may not be topped up by electronic money; (iv) cash reimbursements and cash withdrawals shall be prohibited except when requirements concerning the identification and checking of the identity of the bearer, adequate, appropriate measures for withdrawal and reimbursement procedures, and data conservation have been fulfilled.
Amendment 208 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 4 – point f
Article 3 – paragraph 1 – point 4 – point f
(f) all offences, including tax crimes related to direct taxes and indirect taxes, which are punishable by deprivation of liberty or a detention order for a maximum of more than one year or, as regards those States which have a minimum threshold for offences in their legal system, all offences punishable by deprivation of liberty or a detention order for a minimum of more than six months;
Amendment 209 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 4 – point f a (new)
Article 3 – paragraph 1 – point 4 – point f a (new)
(fa) tax crimes related to direct taxes and indirect taxes. Whatever the definition of tax crime used at national level, this must not impede implementation of the provisions of this Directive, particularly as regards reporting obligations and national and international cooperation between the competent authorities during an investigation.
Amendment 223 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 7 – point a
Article 3 – paragraph 1 – point 7 – point a
(a) ‘foreign politically exposed persons’ means natural persons who are or have been entrusted with prominent public functions by another Member State or third country;
Amendment 224 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 7 – point b
Article 3 – paragraph 1 – point 7 – point b
(b) ‘domestic politically exposed persons’ means natural persons who are or who have been entrusted by a Member State with prominent public functions at national level;
Amendment 245 #
2013/0025(COD)
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. The European Banking Authority (hereinafter ‘EBA’), European Insurance and Occupational Pensions Authority (hereinafter ‘EIOPA’) and European Securities and Markets Authority (hereinafter ‘ESMA’) shall provide a joint opinion on the money laundering and terrorist financing risks affecting the internal market. Commission shall take all appropriate measures to identify, understand and assess the risks of money laundering and terrorist financing affecting the internal market, with particular reference to cross-border activities, in cooperation with Europol, the Committee of European Financial Intelligence Units, the European Banking Authority (hereinafter ‘EBA’), European Insurance and Occupational Pensions Authority (hereinafter ‘EIOPA’) and European Securities and Markets Authority (hereinafter ‘ESMA’) and any other competent authority. 2. The Commission shall: - ensure that risk assessments are updated - make the results of these assessments available to the Member States, Europol, the Committee of European Financial Intelligence Units, EBA, EIOPA, ESMA and any other competent authority, in accordance with paragraph 1; - make the results of these assessments accessible to those working in occupations liable to use electronic money so they can carry out and administer their own assessment of the money laundering and terrorist financing risks affecting the internal market. 3. In order to respond to the risks identified and to determine the appropriate diligence measures to be implemented, the Commission shall adopt the acts needed, in accordance with the procedure laid down in Regulation (EU) No 182/2011. 4. The Commission shall be assisted by the Committee on the Prevention of Money Laundering and Terrorist Financing (hereinafter referred to as ‘the Committee’). The Committee shall be heard in accordance with the provisions of Regulation (EU) No 182/2011. 5. Member States may implement more stringent measures than those provided for in paragraph 4.
Amendment 253 #
2013/0025(COD)
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
Amendment 258 #
2013/0025(COD)
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 267 #
2013/0025(COD)
Proposal for a directive
Article 6 a (new)
Article 6 a (new)
Article 6a 1. Without prejudice to the infringement proceedings provided for in the Treaty on European Union, the Commission shall ensure that the national legislation to combat money laundering and terrorist financing adopted by the Member States on the basis of this Directive is implemented effectively and in accordance with the European framework. 2. For the application of paragraph 1, the Commission shall be assisted by the Committee and, where appropriate, Europol, the Committee of European Financial Intelligence Units, EBA, EIOPA, ESMA and any other competent European authority, in accordance with paragraph 1. 3. Assessments of national legislation to combat money laundering and terrorist financing provided for in paragraph 1 of this article shall be carried out without prejudice to those conducted by the Financial Action Task Force or Moneyval.
Amendment 268 #
2013/0025(COD)
Proposal for a directive
Article 6 b (new)
Article 6 b (new)
Article 6b 1. Each Member State shall send the Committee a report on the results of the risk analyses carried out under Article 7(1), beginning at the Committee’s first meeting. Other Member States shall be encouraged to provide Member States that are carrying out risk analyses with any additional information, when necessary. 2. In order to ensure consistent adoption of policies, the Committee shall carry out a careful examination of risk analyses that relate to subjects of particular importance for the internal market. 3. On the basis of the analysis described in paragraph 2, the Committee shall determine the suitability of the above- mentioned risk analyses and any need for correction or amendment of these analyses. Failure by a Member State to take note of the guidelines laid down by the Committee may result in recommendations by the Commission to take specific measures that are consistent with the Directive’s objectives and requirements.
Amendment 339 #
2013/0025(COD)
Proposal for a directive
Article 16 a (new)
Article 16 a (new)
Article 16a 1. The European Union shall adopt the counter-measures or enhanced due diligence measures when the FATF calls upon States to do so. 2. Member States must adopt counter- measures or require their credit institutions and financial institutions to apply enhanced due diligence when the FATF calls upon them to do so. 3. The countermeasures must be effective and proportionate to the risks and include at least one of the measures set out in Annex [IV]. 4. The enhanced due diligence measures applied must be effective and proportionate to the risks and include at least one of the measures set out in Annex [V]. 5. The Committee must coordinate the actions taken by Member States pursuant to paragraphs 1, 2 and 3.
Amendment 340 #
2013/0025(COD)
Proposal for a directive
Article 16 b (new)
Article 16 b (new)
Article 16b 1. The European Union may decide to adopt counter-measures or enhanced due diligence measures in relation to countries which are not published by the FATF. 2. In accordance with the relevant provisions of the Treaty on European Union, Member States may adopt counter-measures or require their credit institutions or financial institutions to apply enhanced due diligence measures in relation to countries not identified by the FATF as deficient.
Amendment 371 #
2013/0025(COD)
Proposal for a directive
Article 29 – paragraphs 2 and 3-8 (new)
Article 29 – paragraphs 2 and 3-8 (new)
2. Member States shall ensure that the information referred to in paragraph 1 of this Article can be accessed in a timely manner by competent authorities and by obliged entities. , by Financial Intelligence Units (FIUs) and by obliged entities. 3. Member States shall ensure that the essential information [provided for in Annex VI (new) to the directive] concerning companies is kept in a central registry and that the information can be accessed by the public and is made publicly accessible. This information must be appropriate, correct and up to date. 4. Member States must furthermore ensure that the information about the beneficial owners of companies established within their territory is kept in a central registry. This information must be appropriate, correct and up to date. The Commission shall coordinate the organisation and format of the central registry among all Member States. 5. Member States shall ensure that the competent authorities and the FIUs are able to provide information about beneficial owners to the competent authorities and FIUs of other Member States in a timely manner. 6. Member States shall decide at national level on the range of penalties applicable in the event of failure to comply with the requirements of paragraph 1 and 2. 7. Member States shall take all measures to prevent abuse of bearer shares and bearer share warrants. 8. The provisions of paragraphs 1 to 5 of this article shall not exonerate obliged entities from their due diligence obligations. These entities must not regard this information as sufficient to comply with their obligations. The scope of this measure must be determined on the basis of a risk-based approach in accordance with Article 11.
Amendment 396 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Member States shall ensure that trustees of any express trust governed under their law obtain and hold adequate, accurate and current information on beneficial ownership regarding the trust. This information shall include the trust deed, the letter of wishes and the identity of the settlor, of the trustee(s), of the protector (if relevant), of the beneficiaries or class of beneficiaries, and of any other natural person exercising effective control over the trust.
Amendment 399 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Member States shall ensure that trustees disclose their status to obliged entities when, as a trustee, the trustee forms a business relationship or carries out an occof any express trust governed by their domestic law are registered by the trustee in a public registry of trusts located in the Member State concerned within a reasional transactble periond above the threshold set out in points (b), (c) and (d) of Article 10fter its establishment. This information must be appropriate, correct, up to date and accessible for the public.
Amendment 401 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 3
Article 30 – paragraph 3
3. Member States shall ensure that tfurthermore that trustees of trusts established information referred to a Member State or a third country declare their status to obliged entities and that trusts are registered in the registry of trusts described in paragraph 12 of this Aarticle can be accessed in a timely manner by competent authorities and by obliged entitiesin the Member State where, and if, as a trustee, the trustee forms a business relationship or carries out an occasional transaction above the thresholds set out in points (b), (c) and (d) of Article 10. Member States shall ensure that the trust is registered before the business relationship is formed or the occasional transaction is carried out. The trustee must, without delay, notify the central registry of trusts of any change in the information registered.
Amendment 404 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 4
Article 30 – paragraph 4
4. Member States shall ensure that measures corresponding to those in paragraphs 1, 2 and 3 apply to other types of legal entity and arrangement with a similar structure and function tothe central registry of trusts contains all the information provided for in paragraph 1 of this article, that the information is completed and that any changes are notified to the central registry when paragraphs 2 and 3 of this article are applicable. Member States shall ensure that the documents and certified copies supplied as a basis for registration are completed and kept by the central registry of trusts.
Amendment 406 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 4 a (new)
Article 30 – paragraph 4 a (new)
4a. The Commission shall coordinate the organisation and format of the central registry.
Amendment 409 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 4 b (new)
Article 30 – paragraph 4 b (new)
Amendment 411 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 4 c (new)
Article 30 – paragraph 4 c (new)
4c. Member States shall ensure that measures similar to those provided for in the previous paragraphs apply to other forms of legal arrangements with structures and functions similar to trusts.
Amendment 413 #
2013/0025(COD)
Proposal for a directive
Article 30 – paragraph 4 e (new)
Article 30 – paragraph 4 e (new)
4e. Member States shall institute appropriate and proportionate penalties applicable when trustees fail, repeatedly and systematically, to comply with the obligations laid down in paragraphs 2 and 3.
Amendment 450 #
2013/0025(COD)
Proposal for a directive
Article 40 – paragraph 1
Article 40 – paragraph 1
1. Member States shall have national centralised mechanisms enabling them to identify, in a timely manner, whether natural or legal persons hold or control bank accounts kept by financial institutions on their territory. 2. Member States shall also have mechanisms providing the competent authorities with a means of identifying property without giving prior notice to the owner. 3. Member States shall require that their obliged entities have systems in place that enable them to respond fully and rapidly to enquiries from the FIU, or from other authorities, in accordance with their national law, as to whether they maintain or have maintained during the previous five years a business relationship with specified natural or legal persons and on the nature of that relationship.
Amendment 543 #
2013/0025(COD)
Proposal for a directive
Annex 3 a (new)
Annex 3 a (new)
Amendment 545 #
2013/0025(COD)
Proposal for a directive
Annex 3 b (new)
Annex 3 b (new)
Annex IIIb The following is a list of examples of enhanced due diligence measures that Member States may, at least, apply pursuant to Article 16a(3): (a) obtaining additional information on the customer (e.g. occupation, volume of assets, information available through public databases, internet, etc.), and updating more regularly the identification data of customer and beneficial owner; (b) obtaining additional information on the intended nature of the business relationship; (c) obtaining information on the source of funds or source of wealth of the customer; (d) obtaining information on the reasons for intended or performed transactions; (e) obtaining the approval of senior management to commence or continue the business relationship; (f) conducting enhanced monitoring of the business relationship, by increasing the number and frequency of checks carried out, and selecting patterns of transactions that need further examination; (g) requiring the first payment to be carried out through an account opened in the customer's name with another bank subject to similar due diligence standards.
Amendment 547 #
2013/0025(COD)
Proposal for a directive
Annex 3 c (new)
Annex 3 c (new)
Annex IIIc The essential information referred to in Article 29(3) is as follows: name, proof of establishment, legal form and status, address of main office, the key factors governing the company's operation, the list of members of the board of directors (memorandum, articles of association, list of directors).
Amendment 1 #
2012/2151(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to Article 9 of the Treaty on the Functioning of the European Union,
Amendment 34 #
2012/2151(INI)
Motion for a resolution
Citation 33 a (new)
Citation 33 a (new)
- having regard to its resolution of 13 September 2012 "Towards a Banking Union",
Amendment 40 #
2012/2151(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the economic and monetary union (EMU) is not an end in itself but rather an instrument to achieve Union objectives, in particular a balanced and sustainable growth and a high level of employment; whereas social inclusion and solidarity are the cornerstones of the European social model and of European integration as a whole and cannot be left out of any future reform of the Union;
Amendment 59 #
2012/2151(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the economic, financial and banking crisis has repeatedly demonstrated that public debt at national level and financing problems as well as the disturbance of macroeconomic equilibriums and financial speculation quickly, directly and negatively affect the socio-economic development of the euro area and of the Union as a whole;
Amendment 68 #
2012/2151(INI)
Motion for a resolution
Recital F
Recital F
F. whereas there is great concern about the difficult economic and financial situation in which several Member States find themselves, aggravated by the continuous strains on the sovereign bond markets reflected in high interest borrowing rates for some countries ands well as very low or negative interest borrowing rates for some others creating an imbalance and therefore a considerable financial and economic instability;
Amendment 73 #
2012/2151(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the combination of a lack of competitiveness and a low growth potentialsymmetric evolutions in competitiveness levels and therefore the impossibility for monetary policy to be optimal for the euro area as a whole, and a low growth potential, low levels of investment and high unemployment with high deficits and high debt not only causes harm in some Member States, but also makes vulnerable the euro area as a whole;
Amendment 91 #
2012/2151(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the incompleteness of the EMU has not, however, prevented non- cooperative strategies such as competitive disinflation and tax competition;
Amendment 93 #
2012/2151(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the Union's single currency should not become a symbol of division which threatens the whole European project, but should remain a symbol of a Unionand the currency of the Union as a whole that is decisive and capable of taking far- reaching decisions for a common and prosperous future;
Amendment 99 #
2012/2151(INI)
Motion for a resolution
Recital L
Recital L
L. whereas euro area membership implies a high degree of economic interdependence between the Member States concerned and therefore requires a much closer coordination of financial, fiscal, social and economic policies, linked to stricter supervisory instruments and effective enforcement;
Amendment 115 #
2012/2151(INI)
Motion for a resolution
Recital P
Recital P
P. whereas any doubt about the future of EMU in general, including the irreversibility of membership of the euro area, and the Union's single currency in particular must be ruled out;
Amendment 139 #
2012/2151(INI)
Motion for a resolution
Recital V
Recital V
V. whereas the growing divide between core and peripheral countries in the Union should not become chronic in nature; whereas a permanent framework must be created in which Member States in difficulty should be able to rely on solidarity-based support from other Member States; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro- plus pact and the macro-economic imbalances procedureir country-specific recommendations and their engagements under the European Semester;
Amendment 168 #
2012/2151(INI)
Motion for a resolution
Recital Z
Recital Z
Z. whereas the report drawn up by the four Presidents represents the first long-term plan which unambiguously chooses the way forward and seeks to break the cycle of distrust by means of structural measures; whereas the same report fails to set the short-term urgent action to help Member States in difficulty and lacks a fundamental social dimension;
Amendment 176 #
2012/2151(INI)
Motion for a resolution
Recital AB
Recital AB
AB. whereas steady progress in the implementation of the long-term road map should not delay the needed short-term measures in order to support countries to invest in smart growth;
Amendment 180 #
2012/2151(INI)
Motion for a resolution
Recital AC
Recital AC
AC. whereas it cannot be excluded that new Treaty changes might be needed for increasing the governance of a fully operational EMU; whereas the Commission should list without delay the necessary institutional developments in the long termthe existing Treaties allow a broad margin for substantial progress toward an EMU based on an enhanced and more integrated financial, budgetary and economic policy framework and on a stronger democratic legitimacy and accountability;
Amendment 187 #
2012/2151(INI)
Motion for a resolution
Recital AE
Recital AE
AE. whereas the ambition should be that all Member States jointly take steps forward towards greater European integration under the existing Treaties and the future Treaty changes; whereas decisions that only apply to the euro area might be needed where required or justified on the basis of the specificity of the euro area, not excluding opt-ins for other Member States;
Amendment 215 #
2012/2151(INI)
Motion for a resolution
Recital AH a (new)
Recital AH a (new)
AHa. whereas the banking sector should take more responsibility for the impact of its failure on the real economy through a deposit guarantee and resolution mechanism based on ex ante private financing, charging more those institutions which represent a systemic risk;
Amendment 240 #
2012/2151(INI)
Motion for a resolution
Recital AM a (new)
Recital AM a (new)
AMa. whereas all measures to achieve a banking union should be accompanied by an improvement of transparency and accountability of the institutions implementing it;
Amendment 248 #
2012/2151(INI)
Motion for a resolution
Recital AN a (new)
Recital AN a (new)
ANa. whereas a reform of the structure of the Union banking system based on a separation between retail and investment activities would be essential to achieve a banking union;
Amendment 286 #
2012/2151(INI)
Motion for a resolution
Recital AV
Recital AV
AV. whereas supervision by the ECB should already from the very start cover the financial institutions requiring direct support from the Union as well as European systemically important financial institutions (E-SIFIs) and domestic systemically important financial institutions (D-SIFIs)), while ensuring coverage of all banks in the future regardless of their size or activities;
Amendment 412 #
2012/2151(INI)
Motion for a resolution
Recital BS
Recital BS
BS. whereas sound public finances and balanced budgets over the economic cycle as well as adequate levels of public investment are a basic requirement for long-term economic and financial stability, for the welfare state and for the payment of the costs of the expected demographic development;
Amendment 418 #
2012/2151(INI)
Motion for a resolution
Recital BT
Recital BT
BT. whereas the smooth functioning of EMU requires a full and swift implementation of thethat measures already agreed upon under the reinforced economic governance framework (such as the reinforced SGP and the Fiscal Compact)European Semester) are complemented with growth enhancing policies;
Amendment 422 #
2012/2151(INI)
Motion for a resolution
Recital BT a (new)
Recital BT a (new)
BTa. whereas the Growth and Jobs Compact insists on the need to pursue differentiated growth-friendly fiscal consolidation and calls for particular attention to investments into future- oriented areas;
Amendment 425 #
2012/2151(INI)
Motion for a resolution
Recital BU
Recital BU
BU. whereas the crisis has made clear the need for a qualitative step towards a more robust and democratic fiscal union with an efficient coordination of tax policies and fight against tax evasion, a true mechanism of redistribution of income at Union level, more effective mechanisms to correct unsustainable fiscal trajectories, debt levels and set the upper limits of budget balance of Member States;
Amendment 440 #
2012/2151(INI)
Motion for a resolution
Recital BW
Recital BW
BW. whereas the trilogue negotiations on the so-called ‘two-pack’ regulations should soon lead to concrete political results; the Council should abandon its reluctance on the dossier and a real advance in the coordination of economic and fiscal policies in the Union and therefore an instrument for the management of common debt;
Amendment 446 #
2012/2151(INI)
Motion for a resolution
Recital BX
Recital BX
BX. whereas options should be explored for the feasibility of a euro area stabilisation instrument to counter and absorb economic shocks in the Member States should be implemented; whereas financial assistance mechanisms such as the ESM are less rapidly deployable than conventional budgetary mechanisms;
Amendment 474 #
2012/2151(INI)
Motion for a resolution
Recital CB
Recital CB
Amendment 483 #
2012/2151(INI)
Motion for a resolution
Recital CB a (new)
Recital CB a (new)
CBa. whereas such a framework will be well established after the approval of the two pack;
Amendment 495 #
2012/2151(INI)
Motion for a resolution
Recital CC a (new)
Recital CC a (new)
CCa. whereas Article 9 of the Treaty on the Functioning of the European Union calls for the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion and a high level of education, training and protection of human health;
Amendment 497 #
2012/2151(INI)
Motion for a resolution
Recital CC b (new)
Recital CC b (new)
CCb. whereas the current proposals on the future of EMU give no attention to employment and social dimensions of economic governance; whereas the European Parliament has already produced a range of proposals in this regard;
Amendment 498 #
2012/2151(INI)
Motion for a resolution
Recital CD
Recital CD
Amendment 527 #
2012/2151(INI)
Motion for a resolution
Recital CH
Recital CH
CH. whereas the instrument of enhanced cooperation should be used more frequently in the field of taxation; whereas substantial progress towards tax harmonisation is necessary to complete the internal market and prevent tax competition; whereas reference can be made to the European Parliament's position on the common consolidated corporate tax base (CCCTB) and the financial transactions tax (FTT);
Amendment 539 #
2012/2151(INI)
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with an active labour market policy that reduces structural unemployment, especially for youth, old persons and women, while safeguarding the European social model;
Amendment 552 #
2012/2151(INI)
Motion for a resolution
Recital CK
Recital CK
CK. whereas sustainable lasting public finance is not only a matter of an economic use of the scare government resources, but also of a fair taxation, of tax progressivity, of a well-organised collection of taxes, of a better fight against all forms of tax evasion,fraud and tax evasion, of tax cooperation and harmonisation aimed at limiting tax competition and of a well- designed tax system that avoids the combination of high marginal rates with low tax bases;
Amendment 562 #
2012/2151(INI)
Motion for a resolution
Recital CL a (new)
Recital CL a (new)
CLa. whereas this legitimacy is derived from a dual citizenry, that of the people represented by the European Parliament and that of the Member States represented by the Council;
Amendment 569 #
2012/2151(INI)
Motion for a resolution
Recital CN
Recital CN
Amendment 577 #
2012/2151(INI)
Motion for a resolution
Recital CN a (new)
Recital CN a (new)
CNa. whereas the tendency to base euro area governance on intergovernmental procedures, bodies and agreements has proved to be economically inefficient, non transparent and unable to address the Union's democratic deficit originated by the gap between the European dimension of the policies necessary to govern the EMU and the prevailing national dimension of the politics on which that governance is currently based;
Amendment 585 #
2012/2151(INI)
Motion for a resolution
Recital CP
Recital CP
CP. whereas measures taken at Union level are often rightly perceived as being ‘too little, too late’ due to the procedures arising from the democratic legislative processlimitations of the intergovernmental method, the lack of a European institutional substructure or own Union resources to intervene directly to tackle a crisis situation;
Amendment 597 #
2012/2151(INI)
Motion for a resolution
Recital CS
Recital CS
CS. whereas it is no longert acceptable that the President of the European Parliament cannot be present for the whole duration of the meetings of the European Council and the Euro area Summit; whereas a solution for this lack of democratic legitimacy should be found urgently through a political agreement between the two institutions;
Amendment 600 #
2012/2151(INI)
Motion for a resolution
Recital CT
Recital CT
CT. whereas wherever new competences are transferred to or created at Union level or new Union institutions established, corresponding legitimacy, democratic control by, and accountability to, the European Parliament should be ensured;
Amendment 605 #
2012/2151(INI)
Motion for a resolution
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Considers necessary to place the governance of the economic and monetary union within the institutional framework of the Union, which is a precondition for its effectiveness and for filling the current political gap between national politics and European policies;
Amendment 642 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 5 a (new)
Annex – part 1 – point 1.1 – paragraph 5 a (new)
The proposal should provide for the judicial oversight of the European supervisor by the European Court of Justice which should be empowered to review the acts of the ECB;
Amendment 673 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
– protect the stability of the financial system, the transparency of markets and financial products and the protection of depositors and, investors and taxpayers;
Amendment 678 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 a (new)
Annex – part 1 – point 1.1 – paragraph 9 a (new)
Bodies responsible for supervision at supra-national level should be allocated sufficient resources, including staffing, to ensure that they have the necessary operational capacities to carry out their mission.
Amendment 712 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6
Annex – part 1 – point 1.2 – paragraph 6
A vehicle should be established or designated to provide reassurance that the collective obligation will be met. That vehicle could be the ESM provided that it is granted with a banking licence.
Amendment 713 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6
Annex – part 1 – point 1.2 – paragraph 6
A vehicle should be established or designated to provide reassurance that the collective obligation will be met. Thatis vehicle could be the ESMmust be managed according to the community method.
Amendment 744 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6
Annex – part 1 – point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. This vehicle must be managed according to the community method.
Amendment 745 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6
Annex – part 1 – point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. That vehicle could be the ESM provided that it is granted with a banking licence.
Amendment 761 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.2
Annex – part 2 – point 2.2
Amendment 765 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.3 – title
Annex – part 2 – point 2.3 – title
Recommendation 2.3: Enhanced cooperation and harmonisation in the field of taxation
Amendment 773 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.3 – paragraph 1 a (new)
Annex – part 2 – point 2.3 – paragraph 1 a (new)
Moreover, a binding roadmap should be established towards greater tax harmonisation within the internal market, in particular with respect to the taxation of capital, so as to mitigate the negative impact of tax competition.
Amendment 779 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – Point 2.4 – paragraph 1 a (new)
Annex – part 2 – Point 2.4 – paragraph 1 a (new)
As a complement to fiscal discipline at national level, a capacity to reduce cyclical imbalances, address asymmetrical shocks and adequately mitigate structural divergences should be created for Member States whose currency is the euro, amounting to at least 1 % of the Union GDP; this capacity should rely on increased own resources of the Union's budget, notably by introducing specific taxes or fees in accordance with an enhanced cooperation procedure, including a financial transaction tax and the reform of the VAT system; it should be ring-fenced from existing programme in the Union budget Such new euro area tier of the Union budget could be managed and channelled through the ordinary budgetary procedure.
Amendment 784 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 – paragraph 1
Annex – part 2 – point 2.5 – paragraph 1
The free movement of capital cannot be used as a way to avoid tax, in particular for Member States whose currency is the euro and that are experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. Therefore the Commission should swiftly finalise international agreement rounds and table proposals to improve cooperation and coordination between tax authorities, to upgrade and extend the scope of Council Directive 2003/49/EC of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States1 to effectively end banking secrecy, to reform the accounting rules and corporate accounting disclosure to ensure more transparency, to strengthen country-by-country reporting requirements for cross-border companies, and to oppose tax havens and offshore finance. ______________ 1 OJ L 157, 26.6.2003, p.49.
Amendment 788 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 a (new)
Annex – part 2 – point 2.5 a (new)
Recommendation 2.5a on creating short- term means of fiscal solidarity The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Alongside the implementation of a reinforced framework to ensure fiscal discipline, including the six-pack and two- pack, the Commission should come forward immediately with a proposal following the ordinary legislative procedure for the creation of common short-term debt securities, or euro bills, aimed at providing immediate conditional support to Member States faced with refinancing difficulties; The liability for euro bills should be joint and several for member states whose currency is the euro. It should be limited in time and as a percentage of total liabilities of recipient Member States Euro bills should be made conditional to growth-enhancing reforms and fiscal policy in the recipient Member States. Euro bills could be issued by the European Financial Stability Facility (EFSM) without the need for a treaty change.
Amendment 789 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 b (new)
Annex – part 2 – point 2.5 b (new)
Recommendation 2.5b on ensuring democratic oversight of the European Stability Mechanism The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The ESM should evolve towards community-method management and be made accountable to the European Parliament. Key decisions, such as the granting of financial assistance to a Member State and the conclusion of memorandums, should be subject to the consent of the European Parliament. The Troika appointed to ensure the implementation of loan conditionality should be made accountable to the European Parliament. Its mandate should be approved following appropriate consultation with the European Parliament.
Amendment 790 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 c (new)
Annex – part 2 – point 2.5 c (new)
Recommendation 2.5c on a golden rule for public finance The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Fiscal rules for member states whose currency is the euro should be made anti- cyclical by introducing a distinction between operational government spending and public investments linked to the achievement of the Union's growth strategy; the latter should not be accounted for in the computation of deficits for the purpose of the correction and prevention of excessive deficits.
Amendment 791 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 d (new)
Annex – part 2 – point 2.5 d (new)
Recommendation 2.5 d on exceptional circumstances The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Ex-ante coordination of fiscal policy for Member States whose currency is the euro should take due account of the economic cycle; to that purpose, the exceptional circumstances referred to in secondary legislation framing the prevention and correction of excessive deficits should include an appropriate definition of cyclical downturn.
Amendment 792 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 e (new)
Annex – part 2 – point 2.5 e (new)
Recommendation 2.5e on ensuring democratic accountability and legitimacy of fiscal coordination The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: All newly created mechanism for fiscal policy coordination should be matched with sufficient provisions to ensure democratic accountability and legitimacy; In particular, all mechanism aimed at coordinating ex-ante the level of government debt and deficit levels should be subject to a legislative proposal in accordance to the ordinary legislative procedure and fully involve the European Parliament.
Amendment 793 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 f (new)
Annex – part 2 – point 2.5 f (new)
Amendment 794 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.1
Annex – part 3 – point 3.1
Amendment 800 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – title
Annex – part 3 – point 3.2 – title
Recommendation 3.2 on the better ex-ante coordination of economic policy and improving the European Semester
Amendment 801 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph -1 a (new)
Annex – part 3 – point 3.2 – paragraph -1 a (new)
The Commission should bring forward proposals immediately in accordance with the ordinary legislative procedure to translate into secondary legislation the commitments of the Heads of State or Government on 28 June 2012 for a "Growth and Job compact"; In particular, the economic coordination framework should take due account of the commitment of the Member State to "pursuing differentiated growth-friendly fiscal consolidation, respecting the Stability and Growth Pact and taking into account country-specific circumstances" and to promote "investment into future- oriented areas directly related to the economy's growth potential";
Amendment 802 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph -1 b (new)
Annex – part 3 – point 3.2 – paragraph -1 b (new)
The Commission should bring forward a legislative proposal in accordance with the ordinary legislative procedure based on Article 136 TFEU to clarify the role and status of the Annual Growth Survey for Member States whose currency is the euro; The European Semester should evolve towards full involvement of the European Parliament and national parliaments, including with respect to country-specific recommendations; In the longer run, a treaty change should allow for the introduction of co-decision powers for the European Parliament, throughout the European Semester process.
Amendment 805 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – indent 1 a (new)
Annex – part 3 – point 3.2 – paragraph 1 – indent 1 a (new)
- National reform programmes (NRPs) and national stability programmes (NSPs) should be closely linked; in particular, budget commitments required for the implementation of NRPs should be reflected in NSPs; adequate monitoring should ensure the coherence of NRPs and NSPs and Union legislation should ensure an operational link between the two instruments;
Amendment 811 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – subparagraph 1 b (new)
Annex – part 3 – point 3.2 – paragraph 1 – subparagraph 1 b (new)
- Incentive mechanisms would reinforce the binding nature of the economic policy coordination;
Amendment 814 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 a (new)
Annex – part 3 – point 3.2 a (new)
Amendment 819 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.2 – paragraph 1
Annex – part 4 – point 4.2 – paragraph 1
The operations of the EFSF/ESM and any future similar structure, should be subject to regular democratic scrutinycontrol and oversight by the European Parliament.
Amendment 826 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – title
Annex – part 4 – point 4.4 – title
Recommendation 4.4 on increasing transparency, legitimacy and accountability
Amendment 829 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – indent 2
Annex – part 4 – point 4.4 – indent 2
- The European Parliament shouldmust be fully involved in the further drafting of the report of the four Presidents, in line with the Community method; this involvement can be organised at working group level (preparatory work) as well as on the Presidential level (decision-taking);
Amendment 832 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – indent 6
Annex – part 4 – point 4.4 – indent 6
- The Commission troika representative(s) shouldmust be heard in the European Parliament before taking up duties and shouldmust be subject to regular reporting to the European Parliament; the troika's mandate must be approved following appropriate consultation with the European Parliament.
Amendment 834 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – indent 6 a (new)
Annex – part 4 – point 4.4 – indent 6 a (new)
- the strengthening of the role of Commissioner for Economic and Monetary affaires or the creation of a European treasury office must be linked to adequate means for democratic accountability and legitimacy, involving approbation and control procedures by the European Parliament.
Amendment 837 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – paragraph -1 a (new)
Annex – part 4 – point 4.4 – paragraph -1 a (new)
- Only the respect of the Community method, Union law and Union institutions can ensure the respect of democratic accountability and legitimacy in the European Union; under the Treaties, the EMU can only be established by the Union.
Amendment 838 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – paragraph -1 b (new)
Annex – part 4 – point 4.4 – paragraph -1 b (new)
- The currency of the Union is the euro and its parliament is the European Parliament; the future architecture of the EMU must recognise that the European Parliament is the seat of accountability at European level;
Amendment 839 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – paragraph -1 c (new)
Annex – part 4 – point 4.4 – paragraph -1 c (new)
- the process by which a blueprint for the future of the EMU is elaborated must fully involve the European Parliament in accordance to the community method;
Amendment 12 #
2012/2150(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of the Commission's country- specific recommendations for the euro area; expects these recommendations to form the basis of the Spring Council's recommendations;
Amendment 19 #
2012/2150(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the European Semester allows for ex ante coordination in the euro area context, both via the transmission of draft budget plans and the discussion of major economic policy reform plans, in order to take into account of, and reduce,both negative and positive spill-over effects from national actions on other countries or on the euro area as a whole;
Amendment 24 #
2012/2150(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is confidentcerned that the measures proposed armight not be conducive to sustainable public finances, increased competitiveness, higher growth and improved employment;
Amendment 65 #
2012/2150(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Encourages the Member States to strictly follow the rules set by the Stability and Growth Pact, as modified by the ‘six- pack’,promote appropriate policies in order to render public finances more resilient, ensure that the European economy becomes more sustainable and reduce pressure from the banking sector; expects the Commission and the Council to enforce these rules in a strict manner; firmly believes that fiscal discipline and fiscal institutions should be strefirmly believes that active budgetary policies can be useful in mitigating thened at both national and sub-national level economic circle and that government expenditure should be shifted towardsfavour long-term investment, which would foster sustainable growth;
Amendment 82 #
2012/2150(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 1 #
2012/2078(INI)
Draft opinion
Paragraph -1 (new)
Paragraph -1 (new)
-1. Recalls that the euro is the currency of the European Union, and that all member states except those with a derogation, have vocation to join the euro in due course.
Amendment 2 #
2012/2078(INI)
Draft opinion
Paragraph -1 (new)
Paragraph -1 (new)
-1. Recalls that the European Parliament is the Parliament of the European Union, the sole seat of the Union's direct democratic legitimacy and the recipient of the Union's direct democratic accountability.
Amendment 3 #
2012/2078(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Stresses that Member States sharing the euro need to further strengthen stability, efficiency, transparency, democratic legitimacy and democratic accountability;
Amendment 12 #
2012/2078(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that part of the efforts made to mitigate the crisis, such as the adoption of the Six-Pack and the creation of the EFSM, the EFSF and the ESM, only concern the euro area Member States; The operations of the EFSF/ESM and any future similar structure should be subject to regular democratic control and oversight by the European Parliament.
Amendment 21 #
2012/2078(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes the on-going creation of a single supervisory mechanism covering the euro area and open to all other EU Member States; demands that the SSM is subjected to full democratic control and oversight by the European Parliament
Amendment 25 #
2012/2078(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Points out that some Member States' economic policies are constrained by the Troïka, which is not held properly accountable; and lacks democratic legitimacy; Calls for the troika's mandate to be approved following appropriate consultation with the European Parliament.
Amendment 30 #
2012/2078(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Welcomes the Commission's ‘Blueprint’; calls on the Commission to make legislative proposals under codecision for its implementation without delay, first and foremost with respect to the creation of a fiscal capacity for the eurozone, managed according to the community method;
Amendment 37 #
2012/2078(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Points out that the concept of ‘contractual agreements’ applicable only to individual Member States as referred to in the European Council conclusions of December 2012 risks creating legal uncertainty; and widen the Union's democratic deficit if not matched with a corresponding transfer of legitimacy and accountability at the Union level.
Amendment 43 #
2012/2078(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Considers that the work on own resources should be accelerated, as should thatDeems necessary a complete overhaul of the EU's own resources system, including FTT and VAT reform; Considers that the work on labour mobility and a euro area budget should be accelerated, to make it an optimal currency area;
Amendment 49 #
2012/2078(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Stresses that Article 3.4 TEU states ‘the Union shall establish an economic and monetary union whose currency is the euro’, and Protocol 14 on the Eurogroup foresees ‘the need to lay down special provisions for enhanced dialogue between the Member States whose currency is the euro, pending the euro becoming the currency of all Member States’; if this supposedly transitory situation is to last, appropriate accountability for the current euro area and the Member States that committed to join must be developed inside the European Parliament.
Amendment 52 #
2012/2078(INI)
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Therefore calls for the immediate set up of a sub-committee within the European Parliament, tasked with scrutiny related to specifically eurozone matters,
Amendment 1 #
2012/2055(INI)
Draft opinion
Recital A
Recital A
A. whereas consumers throughout the European Union should be guaranteed access to basic payment services free of charge and should be able to take full advantage of the internal market;
Amendment 15 #
2012/2055(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas not holding a bank account constitutes a serious handicap in contemporary society, as it is more difficult for the people concerned to find jobs, rent property, pay taxes or receive wages or salaries;
Amendment 23 #
2012/2055(INI)
Draft opinion
Recommendation 1 – paragraph 3
Recommendation 1 – paragraph 3
Amendment 49 #
2012/2055(INI)
Draft opinion
Recommendation 3 – paragraph 1
Recommendation 3 – paragraph 1
A basic payment account should serve to effect all operations required in order to open, operate, and close a payment account, perform services enabling money to be placed in a payment account, and execute direct debiting, credit transfer, and payment transactions through a standard payment card. There should be no limitation to the number of operations effected.
Amendment 56 #
2012/2055(INI)
Draft opinion
Recommendation 3 – paragraph 3
Recommendation 3 – paragraph 3
Member States should ensure that basic payment accounts are provided either free of charge or at a reasonable cost.
Amendment 66 #
2012/2055(INI)
Draft opinion
Recommendation 3 – paragraph 6
Recommendation 3 – paragraph 6
Amendment 68 #
2012/2055(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit, by the end of 2012, on the basis of Article 114 of the Treaty on the Functioning of the European Union, a legislative proposal or proposals ensuring access to basic banking services, free of charge, to all consumers living in the Union, following the detailed recommendations set out in the Annex hereto;
Amendment 87 #
2012/2055(INI)
Draft opinion
Recommendation 5 – paragraph 2
Recommendation 5 – paragraph 2
Member States should ensure that payment service providers regularly supply accurate information to the national authorities on the number of basic payment accounts opened, the number of cases in which applications to open an account have been rejected, the reasons for such rejections, and account closures, and the costs related to these accounts.
Amendment 134 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 13
Annex – recommendation 3 – paragraph 13
13. The legislation should enable the user of a basic bank account to make, free of charge, any essential payment transactions such as receiving income or benefits, paying bills or taxes and purchasing goods and services via both physical and remote channels using mainstream national systems.
Amendment 151 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 16
Annex – recommendation 3 – paragraph 16
16. Any default charges should be affordable and at least as favourable as the provider’s usual pricing policy. The legislation should ensure that the consumer does not bear any fee or penalty arising from circumstances independent of his/her will, such asan insufficientcy of funds in his account due to late payment of wages or social benefits.
Amendment 172 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 17 – section B - subparagraph 1
Annex – recommendation 3 – paragraph 17 – section B - subparagraph 1
For the execution of these services, the consumer should be entitled to non- discriminatory access to the different channels offered by the provider, such as manual transactions, transactions via ATM, online banking and phone banking. Member States should define a sufficient number of standard payment transactions that the provider must, on request, set up and execute on a monthly basis without imposing any charges, regardless of the channel used by the consumer. Where the consumer risks exceeding the maximum number of free transactions the provider should be required to inform the consumer accordingly. The provider should be permitted either to charge additional transactions in a cost-based way and aligned with its usual pricing policy or to refuse the execution of transactions. The provider should be permitted to demand a cost-based one-off charge for providing a payment card.
Amendment 5 #
2012/2028(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
– having regard to its resolution of 18 November 2008 on the EMU@10:The first 10 years of Economic and Monetary Union and future challenges,
Amendment 6 #
2012/2028(INI)
Motion for a resolution
Citation 1 b (new)
Citation 1 b (new)
Amendment 21 #
2012/2028(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the eurozone is in a unique situation, with eurozone Member States sharing a single currency but no common fiscalbudgetary policy or common bond market;
Amendment 40 #
2012/2028(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the various crisis mitigation and resolution efforts of the European institutions, particularly the establishment of the EFSM, the EFSF, the EFSM, the SMP and the LTRO, and the agreement on the ESM and the fiscal compact;
Amendment 57 #
2012/2028(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomesTakes note of the fiscal consolidation and structural reform efforts undertaken by Member States for which the calendar of implementation must be adapted to the current situation;
Amendment 110 #
2012/2028(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds can foster stability in , sustainable growthe, euro area and be an additional element to incentivise compliance with the stability and growth pactmployment and fiscal consolidation in the euro area; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex, similar to the Maastricht criteria for introducing the single currency;
Amendment 143 #
2012/2028(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges Member States to seriously consider the option of immediately establishing a European Redemption Fund in order to allow participating countries to reduce excessive debt over a maximumgiven period of 25 yearstime by using the interest rate savings for debt reduction;
Amendment 205 #
2012/2028(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 245 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1
- transfer of debt amounts above the Maastrichta given common reference value of 60 % of GDP to a common fund subject to joint and several liability through a roll-in phase of five years;
Amendment 247 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
Amendment 257 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
- oblige Member States to autonomously redeem the transferred debt over a given period of time, which could for instance be set at a maximum 25of 40 years, by using the interest rate savings for debt redemption which could be shorter if the growth rate is higher than foreseen;
Amendment 265 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
- implement the national debt brakes introduced in the fiscal compact to limit the debts that remain exclusively with the participating Member States at a maximum of 60 % of GDP and oblige Member States to cover their liabilities by risk-free collateralMember States shall have in place fiscal rules that implement in the national budgetary processes their medium-term budgetary objectives as defined in Article 2a of Regulation (EC) N01466/97;
Amendment 267 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
- implement the new frameworkstrengthen the co-ordination of economic governance together with a binding structural reformgrowth and convergence agenda monitored by the Commission;
Amendment 278 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
- establish an agency or use an existing entity to issue eurobills and limit participation to Member States that comply with the rules as set-out in the Stability and Growth Pact;
Amendment 295 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4 a (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4 a (new)
- The ESM shall obtain a banking licence to intervene if proven necessary to ensure the adequate functioning of the system;
Amendment 314 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2
Annex - Phase 2 - Paragraph 2
The Commission puts forward proposals for the setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes according to principlesadequate mechanisms to avoid moral hazard such as:
Amendment 318 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Amendment 323 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Amendment 325 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 4
Annex - Phase 2 - Paragraph 2 - Subparagraph 4
- design an allocation mechanism taking into account the economic cycle, the respect of the fiscal discipline and weighted by borrowing requirements;
Amendment 335 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
On the basis of the work of the committee, the Commission puts forward, if appropriate, proposals for a Treaty change (and where necessary, Member States’ constitutional changes) and proposals for the setting up of a system for the common issuance of bonds according to the following principles:
Amendment 351 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 4 - Paragraph 1
Annex - Phase 4 - Paragraph 1
- The Commission, after having prepared all eventual changes to the EU legal framework, puts forward proposals for possiblthe issuance of bonds to finance EU investments for EU public goods (e.g. infrastructure, research and development, etc.)ulfil the objectives of the Union as set out in Article 3 of the TFEU as well as serving as an instrument to facilitate fiscal adjustment in response to external shocks when cross-border effects are at play.
Amendment 1 #
2011/2274(INI)
Motion for a resolution
Citation 10
Citation 10
Amendment 2 #
2011/2274(INI)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
- having regards to the Conclusions of the European Council of 28-29 June, and in particular its annex "Compact for growth and jobs",
Amendment 4 #
2011/2274(INI)
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
- having regards to the IMF World Economic Outlook of October 2012,
Amendment 9 #
2011/2274(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the economic, financial and banking crisis has not abated and has demonstrated that public finances issupublic finances have been negatively affected by the economic, financial and banking crisis, and those crises negatively affects socio-economic development and political stability;
Amendment 11 #
2011/2274(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the financial, economic and banking crises have driven the spreads on sovereign debt artificially high for some Member States, and this led to a sharp increase in financing costs for these Member States, reducing their ability to consolidate public debt; whereas difficulties experienced to consolidate public finances are also the result of the lack of determined action to end the crisis through a comprehensive, coherent and timely response at EU level;
Amendment 12 #
2011/2274(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas the economic prospects of the Eurozone have greatly deteriorated between the publication of the 2011 and 2012 Commission reports on "Public Finances in EMU"; whereas economic growth has turned negative for the Eurozone on average over the course of the second quarter of 2012; whereas unemployment is now at 11.4% for the Eurozone on average; whereas the evolution of macroeconomic indicators suggest a double-dip recession for the Eurozone;
Amendment 13 #
2011/2274(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the recent reforms of the economic and budgetary governance framework of the European Union cannot alone solve the crisis; and need to be complemented by instruments for fiscal solidarity and the common issuance of debt;
Amendment 19 #
2011/2274(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. Whereas the IMF has recently challenged governments' estimates for the fiscal multiplier; whereas whilst governments tend to use an average fiscal multiplier of 0.5 when assessing the impact of fiscal policy, the IMF's considers these multipliers to be in the range of 0.9-1.7; whereas this finding is consistent with research suggesting that in the current environment of persistent economic weakness, monetary policy constrained by the zero lower bound and synchronised fiscal adjustment across numerous economies, multipliers may be well above 1; whereas this means each euro of fiscal cuts depresses GDP by more than a euro;
Amendment 27 #
2011/2274(INI)
Motion for a resolution
Recital E
Recital E
E. whereas, in particular, Member States benefiting from financial assistance programmes and those under close market scrutiny should strictly meet, although strictly implementing those programmes and/or their country specific recommendations are faced with a vicious circle of austerity and recession, thus impeding their ability to achieved their agreed budgetary targets;
Amendment 29 #
2011/2274(INI)
Motion for a resolution
Recital F
Recital F
F. whereas democracies require intensive public scrutiny of all layers of decision- making bodies in charge of economic policies as well as accountability and legitimacy mechanisms;
Amendment 34 #
2011/2274(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Regrets that theses forecasts of improved fiscal positions might soon be revised , in line with the rapidly changing macroeconomic environment;
Amendment 35 #
2011/2274(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Considers that the evolution in GDP growth reflects the fiscal policy choices made by the governments of the Eurozone since 2010;
Amendment 41 #
2011/2274(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that budgetary consolidation remains a necessity, given the strong pressure from financial marketsa necessity that fiscal policy is used to mitigate the variation of the economic cycle;
Amendment 48 #
2011/2274(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines that growth is a pre- condition for the long-term sustainability of public finances is a condition for growth and for; considers that maintaining appropriate levels of public expenditure, including investments; stresses that a high level of debt generates adverse effects on health care, pensions, employment and equity among generations is crucial in order to stimulate economic growth;
Amendment 54 #
2011/2274(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Encourages the Member States to strictly follow the recommendations adopted by the Council in line with the rules set by the ‘six-pack’ on economic governance' in order to implement fiscal consolidation in a credible and timely manner; encourages the Council to revise these recommendations, so as to take due account of the deterioration of the macroeconomic environment;
Amendment 61 #
2011/2274(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Encourages the Commission to continue in its efforts to supplement its traditional sustainability analysis with alternative methodologies; invites the Commission to publish regularly indicators reflecting this sustainability analysis in the future releases of the ‘Public Finances in EMU’ reports and to release the assumptions over which their models are based when assessing the multiplier effect of public expenditure levels on GDP growth;
Amendment 66 #
2011/2274(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Considers that budgetary consolidation can be implemented effectively, and can bring long-lasting positive effects, provided that the measures backing it are sufficiently explained and debatedy are designed in accordance with the economic cycle and the necessity to support growth in cyclical downturns, that the measures backing it are sufficiently explained and debated, that redistribution effects of consolidation measures are controlled, and that they respect equity and fiscal justice among citizens;
Amendment 76 #
2011/2274(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Invites the Member States to put in place structural growth-oriented policies and reforms in line with the EU 2020 Strategy, having regard to social protection and, social inclusion and public investment; recalls improvements in the labour market policies in particular, reducing labour taxation and optimising training schemes; invites the national governments to put in place innovation policies through investment in order to improve productivity; invites the Member States to create a more efficient business environment with easier credit access to help industries recover competitiveness; lastly, invites reform of the public administration sector to eliminate the red tape;
Amendment 82 #
2011/2274(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that the key element in the relationship between growth and consolidation is the composition of consolidation; stresses,for consolidation is growth and that in that regard, that consolidations based on expenditurrevenue rather than on revenuexpenditure tend to be more lasting and more growth-supporting in the medium-run, and that their possible negative impact in the short run can be mitigated, in particular provided that the consolidation measures taken are credible, lasting and avoid a reduction in public investmentshort and medium run;
Amendment 88 #
2011/2274(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Encourages the Member States to focus consolidation efforts on the expenditure side while at the same time safeguardingsafeguard expenditure relating to growth- enhancing items such as R&D and educationpublic investment in R&D and education as well as automatic stabilisers, such as unemployment benefit schemes; considers that particular attention should also be paid to maintaining or reinforcing the coverage and effectiveness of employment services and active labour market policies such as training schemes for unemployed people;
Amendment 94 #
2011/2274(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Supports the pursuit of the reform and modernisation of pension systems, while fully respecting the autonomy and the role of social partners, in order to ensure the financial sustainability and adequacy of pensions, as well as to maintain their invaluable contribution as automatic stabilisers and as terms of instruments of social cohesion and solidarity;
Amendment 103 #
2011/2274(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Encourages the Member States to implement consolidation procedures on the revenue side to avoid outright tax hikes, and to focus on improving tax compliance and its management; considers that, if this is not sufficient, a broadening of the tax base should be considered, also in view of the reduction of economic distortionsrove tax compliance and its management, in particular with respect to the fight against tax fraud, tax evasion and tax avoidance;
Amendment 105 #
2011/2274(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 111 #
2011/2274(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Invites the Member States to clarify the responsibility and role of different levels of government (regional and local), including at EU level in maintaining sound and sustainable public finance framework; welcomes the latest initiative undertaken by the European Council for developing an integrated fiscal framework in the Eurozone, provided that this fiscal framework complies with democratic legitimacy and accountability, as well as encourages member states to implement contra- cyclical policies;
Amendment 120 #
2011/2274(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. WelcomesTake notes of the major reforms of the economic and budgetary governance framework adopted recently; considers that, while those reforms cannot suddenly solve the crisis, they enhance the credibility of the fiscal adjustment, reducing its negative short-term impact on growthfiscal discipline and the ex-post coordination of fiscal policies, thus creating the precondition for creating efficient instruments for ex-ante coordination and a governance framework aimed at supporting growth and employment levels throughout the Eurozone, including common debt instruments;
Amendment 123 #
2011/2274(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Encourages meetings between national parliaments and the European Parliament at key moments of the European Semester to discuss the economic orientations presented in the Annual Growth Survey and the country-specific recommendations; believes that the European Semester should fully involve the European Parliament as co-legislator and that national Parliaments should be consulted prior to the adoption of country specific recommendations;
Amendment 5 #
2011/2146(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. EncouragesCalls on the Commission to put forward a legislative initiative that will ensure compatibility between the specific nature of SGEIs, as recognised in Article 14 ofropose as soon as possible a high-quality horizontal legislative framework seeking to clarify the relationship between the internal market rules and the Lprovisbion Treaty and Protocol 26 annexed to the Treaty, and the competition rules laid down inof public services, and to secure the application of the subsidiarity principle as regards the definition, organisation and funding of public services; stresses that Articles 106 and 107, taking account, amo4 of the Treaty on the Functioning of ther aspects, of the conditions set out in the Altmark judgment European Union has created a new legal basis for the establishment of such a horizontal legislative framework;
Amendment 19 #
2011/2146(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Considers that social services of general interest (SSGIs), in particular those which have little or no impact on trade between Member States, should be subject to a specific scheme characterised by more flexible rules and higher compensation thresholds;
Amendment 23 #
2011/2146(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Insists that any reform of the EU state aid rules applicable to SGEIs should make it a priority to ensure that the SGEIs are of high quality, affordable and accessible to all, which implies guaranteeing appropriate levels of compensation for the undertakings responsible for supplying these SGEIs.
Amendment 34 #
2011/2117(INI)
Draft opinion
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Proposes that a single European charter be drawn up containingSuggests that the Commission’s future legislative proposal on the use of ADR in the EU incorporate the guidelines to be followed in relation to ADR systems established in Europe, these being the following:
Amendment 46 #
2011/2117(INI)
Draft opinion
Paragraph 6 – indent 5
Paragraph 6 – indent 5
Amendment 52 #
2011/2117(INI)
Draft opinion
Paragraph 6 – indent 6
Paragraph 6 – indent 6
– freedom of choice and out-of-court nature: ADR must be optional and based on respect for the parties’ freedom of choice throughout the process, allowing them the possibility of choosing, at any time, to settle their dispute before the courts; it must not under any circumstances constitute an initial compulsory sparties having recourse to ADR must be able to decide, at any time, to end the process and settle their dispute before the courts; a contractual agreement between the parties may provide for automatic recourse to an ADR system in the event of a disputep, prior to the initiation ofovided that it does not preclude either party from bringing legal proceedings, and the; decisions stemming from itADR can be binding only if the parties have been informed to that effect beforehand and expressly agree to it;
Amendment 75 #
2011/2117(INI)
Draft opinion
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Emphasises the role of consumer groups in conducting awareness-raising campaigns on the existence of ADR mechanisms and pointing consumers who contact them about consumer disputes towards those mechanisms;
Amendment 75 #
2011/2089(INI)
Draft opinion
Paragraph 12
Paragraph 12
12. Emphasises that features which encourage a litigation culture such as punitive damages, contingency fees, the absence of limitations as regards standing, and excessive damages are not compatible with the European legal tradiit is essential that a European approach to collective redress rules out certain practices which favour a litigation culture conducive to abuses and which are incompatible with European legal tradition: the possibility of awarding damages deemed to be ‘punitive’ because they are disproportionate to the damage suffered, making lawyers’ fees contingent on the outcome of the action, or the absence of limitations and should be avoideds regards standing;
Amendment 121 #
2011/2089(INI)
Draft opinion
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Points out that some states with collective redress systems have put in place mechanisms for providing financial assistance to claimants who wish to bring collective action that appears to be well-founded in law but who do not have sufficient resources to bear the costs of such action.
Amendment 6 #
2011/2084(INI)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
– having regard to the Commission communication of 6 June 2011 entitled ‘Fighting corruption in the EU’,
Amendment 7 #
2011/2084(INI)
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
– having regard to the Commission communication of 18 January 2011 entitled ‘Developing the European Dimension in Sport’,
Amendment 9 #
2011/2084(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. stresses that on-line gambling and gaming involve greater risks than traditional gambling and gaming and that measures must be taken at European level to clamp down on illicit operations, prevent compulsive gambling, protect minors and combat the spread of crime, as well as preserving the integrity of sport,
Amendment 14 #
2011/2084(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. notes that the European Court of Justice has, on several occasions, ruled that on-line gaming is not an economic activity on a par with others, particularly in view of the major risks it involves in terms of public order and health, and that it cannot therefore be governed by the laws of competition alone and is not subject to the principle of mutual recognition;
Amendment 16 #
2011/2084(INI)
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. stresses that Member States must be able to choose freely between three options: banning on-line gambling and gaming, the introduction or conservation of a national monopoly or controlled deregulation in this sector;
Amendment 17 #
2011/2084(INI)
Draft opinion
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. urges Member States electing to deregulate their on-line gambling and gaming sector to introduce a licensing system based on compliance by operators with stringent specifications under the close and continuous supervision of the authorities;
Amendment 21 #
2011/2084(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. stresses that the essential nature of all on-line activities, in particular the fact that they operate across national borders, requires that they be dealt with in a coordinated manner at European level; calls for more effective cooperation between the Member State authorities, the Commission and Europol, including regular exchanges of information, so as to combat fraud and other criminal activities linked with on-line gambling and gaming; calls on the Commission to extend to the gambling and gaming sector the scope of legislation designed to clamp down on organised crime and money laundering;
Amendment 31 #
2011/2084(INI)
Motion for a resolution
Recital D
Recital D
D. whereas pan-European uniform minimum standards for the protection of gamblers and consumers and for combating crime are essentialare essential, in particular when it comes to combating the illegal provision of online gambling services, preventing addiction, protecting minors, combating crime and preserving the integrity of sport,
Amendment 36 #
2011/2084(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. insists on the need to dissuade players from engaging in illegal gambling, which means that lawful services must be provided as a system that is coherent across the whole of Europe, especially in terms of tax treatment, and applies common standards of accountability and integrity to operators and clarifies the tax arrangements applicable to players' winnings;
Amendment 49 #
2011/2084(INI)
Motion for a resolution
Recital G
Recital G
G. whereas Internet gambling and betting involve a greater risk of addiction and dangers than traditional physical, location- based gamblinggambling on premises established for that purpose, in particular because they are easily and constantly accessible and because the gamblers’ isolation and anonymity mean that they are not subject to any kind of social control,
Amendment 64 #
2011/2084(INI)
Motion for a resolution
Recital I
Recital I
I. whereas it is essential to ensure the integrity of sport and prevent further betting fraudby stepping up the fight against corruption and match fixing,
Amendment 66 #
2011/2084(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the organisers of sporting competitions, who have primary responsibility for the funding of sport and the fight against sports fraud, must be granted the right to a fair financial return on the profits made by the operators of online gambling services connected with those competitions,
Amendment 78 #
2011/2084(INI)
Motion for a resolution
Paragraph 1 – point 1
Paragraph 1 – point 1
(1) channel the natural gaming instinct of the population by restricting an organised and supervised mannerdvertising to the level that is strictly necessary in order to direct potential gamblers to the legal provision of services, and by requiring all advertising for online gambling to be systematically coupled with a message warning against excessive or pathological gambling,
Amendment 80 #
2011/2084(INI)
Motion for a resolution
Paragraph 1 – point 2
Paragraph 1 – point 2
(2) containmbat the illegal gambling market, by strengthening technical and legal instruments for identifying and sanctioning illegal operators, and by promoting the legal provision of high- quality gambling services;
Amendment 82 #
2011/2084(INI)
Motion for a resolution
Paragraph 1 – point 3
Paragraph 1 – point 3
(3) guarantee effective protection for young people and gamblersby requiring operators to check the date of birth of gamblers who connect to their sites and prohibiting all forms of advertising in any publication, audiovisual programme or place aimed at young people,
Amendment 86 #
2011/2084(INI)
Motion for a resolution
Paragraph 1 – point 4
Paragraph 1 – point 4
(4) preclude risks of gambling addiction by requiring all operators to observe a certain number of principles: for example, the prohibition of gambling on credit, the capping of potential loss at the amount of the bet, and a ban on rewarding gamblers for the number of bets they place, and
Amendment 89 #
2011/2084(INI)
Motion for a resolution
Paragraph 1 – point 6
Paragraph 1 – point 6
(6) that risks to the integrity of sporting competition are precludedis guaranteed, through the introduction of rules to prevent conflicts of interest, as well as penalties under criminal law for sports fraud, and by encouraging close cooperation between judicial authorities and sports organisations, and
Amendment 93 #
2011/2084(INI)
Motion for a resolution
Paragraph 1 – point 7
Paragraph 1 – point 7
(7) that a considerable proportion of government revenue from gambling is used for publicly beneficial and charitable purposes;Does not affect English version.)
Amendment 111 #
2011/2084(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is of the opinion that attractive, legal gambling offerings on the Internet could considerably rein in the unlicensed black market and also increase government revenue;
Amendment 128 #
2011/2084(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Respects the decision by a number of Member States to ban Internet gambling totally; is opposed to government monopolies over on-line gambling, however;
Amendment 138 #
2011/2084(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Points out that the European Court of Justice has accepted in a number of rulings that granting exclusive rights to a single operator subject to tight public- authority control may be a means of improving consumers’ protection against fraud and combating crime in the online gambling sector more effectively;
Amendment 143 #
2011/2084(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Insists, however, that Member States which open up the Internet gambling market must ensure complete transparency and make non-discriminatory competition possible; suggest, in this instance, to the Member States that they introduce a licensing model which makes it possible for any European gambling provider meeting the conditions imposed by Member States to apply for a licencesystem based on operators’ observance of precise terms and conditions and on strict, ongoing control by the public authorities;
Amendment 158 #
2011/2084(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is of the opinion that the principle of mutual recognition of licences on the gambling market does not apply, but that nevertheless, in keeping with the internal market, simplified licence application procedures should be set up in some Member States;
Amendment 166 #
2011/2084(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls - in keeping with the principle of ‘active subsidiarity’ - for a commonthe establishment of a common, binding regulatory framework laying down binding high-level minimum standards with regard to preventing gambling addiction and betting fraud and to protecting young people; states that, where a provider complies with those minimum standards, the other Member States shoulin a certain number of fields such as combating illegal on-line gambling, preventing gambling addiction, protecting young people, fighting crime and precognise this accordingly, but may set further conditions; iserving the integrity of sport; calls ofn the opinCommission, that a pan- European code of conduct for Internet gambling could be a first steperefore, to propose a directive concerning these fields;
Amendment 177 #
2011/2084(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 202 #
2011/2084(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls therefore for cooperation between national regulatory bodies to be considerably expanded, with the Commission as coordinator, so as to develop common standards and take joint action against the unregulated black market; states that, in particular for identifying gamblers and combating money laundering, national standalone solutions are not successful; states that the Gaming Regulators European Forum (GREF) network and the Internal Market Information System could serve as the basis for this;
Amendment 237 #
2011/2084(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Considers, therefore, that a uniform definition of sports fraud should be set at European level and included in the criminal law of all Member States;
Amendment 247 #
2011/2084(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Urges close cooperation between judicial authorities in Member States and sporting organisations to enable information to be passed on regularly and in an effective manner;
Amendment 259 #
2011/2084(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Considers it indispensable to recognise that organisers of sports competitions hold property rights over their competitions, with a view to protecting them against any unauthorised commercial use thereof by on-line gambling operators and to guaranteeing their right to a fair financial return on the profits made by these operators;
Amendment 261 #
2011/2084(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Stresses that the conclusion of legally binding agreements between organisers of sports competitions and on-line gambling operators would ensure a more balanced relationship between them.
Amendment 1 #
2011/2082(INI)
Draft opinion
Paragraph 1
Paragraph 1
Amendment 8 #
2011/2082(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Underlines the needat whilst indirect taxation, and VAT in particular, is one of the key own resources for the Union budget, it is an unfair form of taxation on account of its particularly low redistributive effect; considers nonetheless, given the impact ofthat ageing societies could have on labour markets, savings and consumption patterns and public expenditure in the years to come, to shift from direct taxation further tohat any reduction in revenue caused by a change in VAT systems should be counterbalanced by an equivalent increase in direct taxation. receipts, in order to make up for the income shortfall in own resources for the EU budget;
Amendment 31 #
2011/2082(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes that different VAT rates and administrative procedures are a major burden for development of e-commerce; stresses that e-retailers have greater difficulty to sell goods and services in other Member States, leaving the true potential of the single market untapped.; considers therefore that the maximum harmonisation of VAT rates applicable in the internal market should be an objective to be attained as soon as possible by the Council;
Amendment 37 #
2011/2082(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Considers that the administrative procedures to be followed by businesses liable for VAT should be harmonised further, particularly for international transactions within the Union; considers also that the level of cooperation between tax administrations should be further extended, particularly as regards the automatic transfer of information;
Amendment 40 #
2011/2082(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Notes that VAT fraud remains a major problem in the European Union and is one of the main sources of the estimated losses of between 60 and 100 billion in tax revenue each year for the Union and the Member States, which hampers the proper functioning of the internal market;
Amendment 43 #
2011/2082(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the Digital Internal Market study1; calls on the Commission to improve interoperability of electronic signatures and to consider revision and extension of the Electronic Signature directive2 in order to reduce administrative burden for SMEs. whilst retaining a satisfactory level of control over the collection of amounts actually owed by all operators;
Amendment 51 #
2011/2082(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Notes that according to the subsidiarity principle, whilst paying heed to the improved coordination of Member States’ economic policies to limit tax competition, Member States should only keep their possibility to decide on reduced levels of VAT in certain sectors in order to better implement European and national policies or on the basis of national historical, economic,as part of a concerted policy within Council and Parliament, in order to attain common objectives in the social or environmental factorields.
Amendment 1 #
2011/2020(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Supports the sharp increase in payments and commitments proposed by the Commission for the CIP- EIP programme as a crucial reaction to the positive trend of SMEs recovering from the crisis; deplores, however, the Council proposal drastically cutting the level of payment appropriations;
Amendment 4 #
2011/2020(BUD)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that the crisis has clearly highlighted the importance for the strength of government finances of having effective and fraud-proof tax collection systems; stresses that the fight against tax fraud and evasion must be highly prioritised and that the appropriations for Fiscalis must enable the programme to respond to this ambition; deplores, therefore, the slight reduction in the payment appropriations for this instrument;
Amendment 9 #
2011/2020(BUD)
Draft opinion
Paragraph 5
Paragraph 5
5. Underlines that Eurostat might also need to be reinforced in order to be capable of managing new tasks in the updated economic governance framework; points out that the resources of Eurostat must continuously match the expanding workload and the enhanced quality demands in the key area of economic and financial statistics; is concerned about the reduction proposed by the Commission for the Union Statistical Programme and the very limited increase in staffcuts proposed by the Council in administrative expenditure in the ‘Statistics’ policy area;
Amendment 13 #
2011/2020(BUD)
Draft opinion
Paragraph 7
Paragraph 7
7. Supports the proposal for a new pilot project to facilitate non-industry stakeholder involvement in EU policy- making in the area of financial services; underlines that if the project turns out to be successful, the expert centre to be set up should be made permanent; stresses that additional resources should be allocated to the ‘Knowledge Partnerships’ pilot project in order to further tighten the connecacilitate students’ transition between business education and real-world enterprises, while ensuring that the academic world is completely independent of businesses.
Amendment 47 #
Amendment 54 #
2011/0386(COD)
Proposal for a regulation
Recital 3
Recital 3
Amendment 63 #
2011/0386(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a.) Since it has a poor theoretical basis and its use would lead to unreliable empirical results, the ‘structural deficit’ as a concept could not serve as a frame for Member States’ economic and budgetary policies.
Amendment 66 #
2011/0386(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Strong public finances and coordinated economic policies are best ensured at the planning stage and gross errors should be identified as early as possible. Member States should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised monitoring of their budgetary and macroeconomic policies.
Amendment 76 #
2011/0386(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 87 #
2011/0386(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) The Commission should set indicative lower and upper thresholds that are symmetric by drafting the alert mechanism report, in particular with respect to current account balances.
Amendment 143 #
2011/0386(COD)
Proposal for a regulation
Article 4
Article 4
Amendment 177 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point c
Article 5 – paragraph 3 – point c
(c) the targeted expenditure and revenue as a percentage of GDP for the general government and their main components, taking into account the conditions and criteria to establish the growth path of government expenditure net of discretionary revenue measures under Article 5(1) of Regulation (EC) No 1466/97; A deviation from the adjustment path towards the medium-term budgetary objective shall be considered significant if the following conditions occur: an excess over the expenditure growth net of public investment consistent with the medium term budgetary objective, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure;
Amendment 233 #
2011/0386(COD)
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Coordination of sovereign debt issuance 1. With a view to better coordinating the planning and placement of their national debt issuance, the Member States shall report ex ante on their public debt issuance plans to the European Commission and to the Council. 2. Several or all Member States may seek to improve the financing conditions of their national debt by agreeing, following a proposal by the Commission, an annual coordinated national debts issuance schedule. 3. Member States co-operating under paragraph 2 may further improve and stabilise their financing conditions by offering a coordinated interest rate on their national debt, on the basis of the country's economic fundamentals and the market conditions and following a methodology established by a regulation of the European Parliament and the Council. That regulation will also define the conditions for the buying by the ESM of any residual unsold amount from coordinated national debts issuances.
Amendment 267 #
2011/0386(COD)
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 a (new)
Article 9 – paragraph 1 – subparagraph 1 a (new)
A Member State facing a situation of economic downturn such as the contraction of its GDP and/or a significant increase of its unemployment rate shall benefit from a suspension of its excessive deficit procedure.
Amendment 287 #
2011/0386(COD)
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
Amendment 48 #
Amendment 163 #
2011/0361(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) Credit rating agencies should only be held liable if they infringe intentionally or with gross negligence any obligations imposed on them by Regulation (EC) No 1060/2009. This standard of fault means that credit rating agencies should not face liability claims if they neglect individual obligations under the Regulation without disregarding their duties in a serious way. This standard of fault is appropriate because the activity of credit rating involves a certain degree of assessment of complex economic factors and the application of different methodologies may lead to different rating results, none of which can be qualified as incorrect.
Amendment 195 #
2011/0361(COD)
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) The role of the rating agencies is to provide a financial analysis and an assessment of creditworthiness. Under no circumstances does it involve judging the economic policies of a government or making recommendations in this area. Any rating agency thus exceeding its brief should, as an initial step, be given a public warning by the ESMA, and, in case of repeated interference, be liable to a penalty which may even include the withdrawal of its licence.
Amendment 345 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 19 b (new)
Article 1 – point 19 b (new)
Regulation (EC) No 1060/2009
Article 24 a (new)
Article 24 a (new)
19b. The following article is added after Article 24: ‘Article 24a Penalties for rating agencies exceeding their remit Where the ESFS establishes that a rating agency has exceeded its remit by issuing a judgment regarding the economic policies of a government and/or recommendations in this respect it shall take one or more of the following decisions, depending on the gravity and frequency of the offence: (a) public announcement; (b) temporary ban on the credit rating agency from issuing credit ratings throughout the Union; (c) fine imposed on rating agency pursuant to Article 36a; (d) removal of credit rating agency from register.’
Amendment 27 #
2011/0341B(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The programme objectives take into account the problems and challenges identified for taxation in the next decade. The programme should continue to play a role in vital areas like the coherent implementation of Union law, administrative cooperation, the protection of the financial and economic interests of the Union, enhancing the administrative capacity of tax authorities. Given the problem dynamics of new challenges identified, additional emphasis should be put on fighting tax fraud, reduction oftax evasion and all forms of double taxation and double non-taxation, tax avoidance, reducing administrative burden and enhancing cooperation with third countries and parties.
Amendment 33 #
2011/0341B(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 – point a
Article 2 – paragraph 1 – point 2 – point a
(a) representatives of governmental authorities including from countries not participating in the programme according to article 3(2)1 and 3(2)2;
Amendment 34 #
2011/0341B(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point 2
Article 3 – paragraph 2 – point 2
(2) only on matters relating to the fight against tax fraud and tax evasion, partner countries of the European Neighbourhood Policy provided that those countries have reached a sufficient level of approximation of the relevant legislation and administrative methods to those of the Union. The partner countries concerned shall participate to the programme in accordance with provisions to be determined with those countries following the establishment of Framework Agreements concerning their participation in Union programmes.
Amendment 42 #
2011/0341B(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The specific objective of the programme shall be to improve the operation of the taxation systems and to contribute to fighting tax fraud, tax evasion and tax avoidance, in particular through cooperation between participating countries, their tax authorities, their officials and external experts.
Amendment 45 #
2011/0341B(COD)
Proposal for a regulation
Article 5 – paragraph 3 – introductory part
Article 5 – paragraph 3 – introductory part
3. The achievement of those objectives shall be measured on the basis of the following indicatorsby means of indicators developed on the basis of the feedback from participants in programme actions and users of the programme which should focus on:
Amendment 46 #
2011/0341B(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point 1
Article 5 – paragraph 3 – point 1
(1) the availability, full access and good development of the Common Communication Network for the European Information Systems;
Amendment 48 #
2011/0341B(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point 2 a (new)
Article 5 – paragraph 3 – point 2 a (new)
(2a) an exemplification or a quantification where possible of the contribution of the programme to fighting tax fraud, tax evasion and tax avoidance.
Amendment 49 #
2011/0341B(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) to support the preparation, coherent application and effective implementation of Union tax law and, if requested by national authorities, of national law.
Amendment 54 #
2011/0341B(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) to support and enhance athe coherent application and implementation of Union tax policy and laws.
Amendment 58 #
2011/0341B(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a – point 9
Article 7 – paragraph 1 – point a – point 9
(9) any other activity in support of the general and specific objectives set out in Articles 5, provided that the necessity of the activity is duly justified.
Amendment 61 #
2011/0341B(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Participating countries shall ensure that officials with the adequate profile and qualifications, including language skills, are nominated to participate in the joint actions.
Amendment 62 #
2011/0341B(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Participating countries shall integrate, where appropriatpossible, jointly developed training content, including e-learning modules, training programmes and commonly agreed training standards in their national training programmes.
Amendment 64 #
2011/0341B(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The financial allocation for the programme may also cover expenses pertaining to preparatory, monitoring, control, audit and evaluation activities which are required for the management of the programme and the achievement of its objectives; in particular, studies, meetings of experts, information and communication actions, including corporate communication of the political priorities of the European Union as far as they are related to objectives of this Regulation, expenses linked to IT networks focusing on information processing and exchange, together with all other technical and administrative assistance expenses incurred by the Commission for the management of the programme.
Amendment 66 #
2011/0341B(COD)
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The co-financing rate for grants shall be up to 1080 % of the eligible costs where the latter are travel and accommodation costs, costs linked to organisation of events and daily allowances, except for Member States receiving or having requested financial assistance where the co- financing rate shall be of 100%. That rate shall apply to all eligible actions with the exception of expert teams. For this category of eligible actions, the annual work programmes will specify the applicable co-financing rate when these actions require the awarding of grants.
Amendment 67 #
2011/0341B(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
In order to implement the programme the Commission shall adopt annual work programmes, which shall set out the objectives pursued, the expected results, the method of implementation and their total amount, as well as duly explaining any deviation from the preceding year's annual work programme and its actual implementation. They shall also contain a description of the actions to be financed, an indication of the amount allocated to each action type and an indicative implementation timetable. The work programmes shall include for grants the priorities, the essential evaluation criteria and the maximum rate of co-financing. This implementing act shall be adopted in accordance with the examination procedure referred to in Article 15(2).
Amendment 68 #
2011/0341B(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The Commission shall ensure a midterm and final evaluation of the programme, regarding the aspects referred to in paragraph 2 and 3. The results shall be integrated into decisions on possible renewal, modification or suspension of subsequent programmes. The mid-term evaluation shall review whether it is necessary to introduce ceilings for the different actions referred to in Article 7. An independent external evaluator shall carry out these evaluations.
Amendment 14 #
2011/0314(CNS)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. Interest or royalty payments arising in a Member State shall be exempt from any taxes imposed on those payments in that Member State, whether by deduction at source or by assessment, provided that the beneficial owner of the interest or royalties is a company of another Member State or a permanent establishment situated in another Member State of a company of a Member State and is effectively subject to tax on the income deriving from those payments in that other Member State at a rate not lower than 70% of the average statutory corporate tax rate applicable in the Member States. Interest or royalty payments shall not be exempted in the Member State in which they arise if the payment is not taxable according to the national tax law to which the beneficial owner is subject to due to a different qualification of the payment (hybrid instruments) or a different qualification of the payer and recipient (hybrid entitites).
Amendment 16 #
2011/0314(CNS)
Proposal for a directive
Article 1 – paragraph 5 a (new)
Article 1 – paragraph 5 a (new)
5a. If it is a taxpayer within the meaning of Article 4.1 of Council Directive on a Common Consolidated Corporate Base.
Amendment 17 #
2011/0314(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point d – point i
Article 2 – paragraph 1 – point d – point i
(i) the first company has a minimum holding of 1025 % in the capital of the second company, or
Amendment 18 #
2011/0314(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point d – point ii
Article 2 – paragraph 1 – point d – point ii
(ii) the second company has a minimum holding of 1025 % in the capital of the first company, or
Amendment 19 #
2011/0314(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point d – point iii
Article 2 – paragraph 1 – point d – point iii
(iii) a third company has a minimum holding of 1025 % both in the capital of the first company and in the capital of the second company.
Amendment 25 #
2011/0314(CNS)
Proposal for a directive
Article 8 – paragraph 1
Article 8 – paragraph 1
This Directive shall not affect the application of domestic or agreement- based provisions which go beyond the provisions of this Directive and are designed to eliminate or mitigate the double taxation and double non-taxation of interest and royalties.
Amendment 34 #
2011/0308(COD)
Proposal for a directive
Recital 32
Recital 32
(32) In order to provide for enhanced transparency of payments made to governments, large undertakings and public interest entities which are active in the extractive industry or logging of primary forests1 should disclose in a separate report on an annual basis material payments made to governments in the countries in which they operate. Such undertakings are active in countries rich in natural resources, in particular minerals, oil, naThe report should also include certain contextural gas as well as primary forests. The report should include types of payments comparable to those disclosed by an undertaking participating in the Extractive Industries Transparency Initiative (EITI). The initiativinformation. The report should form part of the notes to the financial statements and should incorporate dis also complemeclosures on a countary to the EU FLEGT Action Plan (Forest Law Enforcement, Governance and Trade) and the Timber Regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the EU market. __________________ 1 Defined in Directive 2009/28/EC as ‘naturally regenerated forest of native species, where there is no clearly visible indication of human activities and the ecological processes are not significantly disturbed.’-by-country basis, with certain additional reporting requirements on a project-by-project basis for undertakings active in the extractive industry or logging of primary forests.
Amendment 41 #
2011/0308(COD)
Proposal for a directive
Recital 33
Recital 33
(33) TIn the reports should serve to facilitate governments of resource-rich countries in implementing the EITI Principles and Criteria and account to their citizens for payments such governments receive from undertakingsby large undertakings and public interest entities which are active in the extractive industry or loggersing of primary forests operating within their jurisdiction. The report should incorporat¹ payments to governments should also be disclosuresed on a country and project-by-project basis, where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular intmeans an operational unit set up on the basis of one or severnal management reports, such as alicences, concessions, geographical basin, etc and where payments have been attributed to such projects. In the light of the overall objective of promoting good governance in these countries, the materiality of payments to be reported should be assessed in relation to the recipient government. Various criteria on materiality could be envisaged such as payments of an absolute amount, or a percentage threshold (such as payments in excess of a percentage of a country’s GDP) and these can be defined through a delegated act. The reporting regime should be subject to a review and a report by the Commission within five years of the entry into force of the Directive. The review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security. The review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details, such as bank account information. contracts or other specific legal agreements which give rise to fiscal or parafiscal liabilities. However, the disclosure requirements on a project-by- project basis should be limited to projects for which the total amount of payments exceeds EUR 50 000. The reports should include types of payments comparable to those disclosed by an undertaking participating in the Extractive Industries Transparency Initiative (EITI). The initiative is also complementary to the EU FLEGT Action Plan (Forest Law Enforcement, Governance and Trade)² and the Timber Regulation³ which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the EU market. The reports should serve to facilitate governments of resource-rich countries in implementing the EITI Principles and Criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction. ––––––––––––––––– ¹ Defined in Directive 2009/28/EC as "naturally regenerated forest of native species, where there is no clearly visible indication of human activities and the ecological processes are not significantly disturbed." ² OJ L 347, 30.12.2005, p.1. ³ Regulation (EU) No 995/2010 of the European Parliament and of the Council of 20 October 2010. Companies that import wood products under EU voluntary agreements will be exempt from this requirement.
Amendment 86 #
2011/0308(COD)
Proposal for a directive
Article 36 – paragraph 1 – point 4
Article 36 – paragraph 1 – point 4
4. ‘Project’ is equivalent to a specific operational reporting unit at the lowest level within the undertaking at which regular internal management reports are prepared to monitor its businesmeans an operational unit set up on the basis of one or several licences, concessions, contracts or other specific legal agreements which give rise to fiscal or parafiscal liabilities.
Amendment 94 #
2011/0308(COD)
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Member States shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments made to governments on an annual basito prepare and make public a report on payments made to governments and certain contextual information as defined in Article 38 on an annual basis. The report shall include activities of subsidiaries, associates, joint ventures, permanent establishments and other trading arrangements to the extent that they are consolidated in the annual financial statements of the undertaking or entity in question. The report shall be part of the notes to the financial statements.
Amendment 99 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – introductory part
Article 38 – paragraph 1 – introductory part
1. The report shall specify the following when material to the recipient government:
Amendment 108 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c
Article 38 – paragraph 1 – point c
(c) for undertakings active in the extractive industry and the logging of primary forests, where those payments have been attributed to a specific project the amount per type of payment, including payments in kind, made for each such project within a financial year, and the total amount of payments for each such project.
Amendment 112 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c a (new)
Article 38 – paragraph 1 – point c a (new)
(ca) net turnover broken down by main categories of activity;
Amendment 115 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c b (new)
Article 38 – paragraph 1 – point c b (new)
(cb) production volumes broken down by main categories of activity;
Amendment 117 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c c (new)
Article 38 – paragraph 1 – point c c (new)
(cc) production cost with its associated employee count and aggregate remuneration;
Amendment 119 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c d (new)
Article 38 – paragraph 1 – point c d (new)
(cd) total cash cost of operations;
Amendment 121 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c e (new)
Article 38 – paragraph 1 – point c e (new)
(ce) fixed production assets at year-end with associated accumulated depreciation;
Amendment 123 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 – point c f (new)
Article 38 – paragraph 1 – point c f (new)
(cf) net profit and loss before tax with associated cash and deferred tax on an accrual basis;
Amendment 126 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 1 a (new)
Article 38 – paragraph 1 a (new)
1a. The information referred to in paragraph 1 shall be disclosed on a country-by-country basis except for subparagraph c, where information shall be disclosed on a project-by-project basis provided the total amount of payments attributed to a specific project exceeds EUR 50 000.
Amendment 131 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 2 – point b
Article 38 – paragraph 2 – point b
(b) taxes on profits and the effective tax rate applied;
Amendment 140 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 2 – point f a (new)
Article 38 – paragraph 2 – point f a (new)
(fa) payments to state security forces for security services;
Amendment 151 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
3. Where payments in kind are made to a government, they shall be reported in value orand in volume. Where they are reported in terms of value, supporting notes shall be provided to explain how their value has been determined.
Amendment 156 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 161 #
2011/0308(COD)
Proposal for a directive
Article 38 – paragraph 5
Article 38 – paragraph 5
Amendment 169 #
2011/0308(COD)
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. A Member State shall require any large undertaking or any public interest entity active in the extractive industry or the logging of primary forests and governed by its national law to draw up a consolidated report on payments to governments in accordance with Articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in Article 23(1) to 23(6) of this Directive.
Amendment 53 #
2011/0261(CNS)
Proposal for a directive
Recital 13
Recital 13
(13) Because of the high mobility of financial transactions and in order to help mitigating potential tax avoidance, the FTT should be applied on the basis of the residence principle and the issuance principle.
Amendment 105 #
2011/0261(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 1 – point c a (new)
Article 2 – paragraph 1 – point 1 – point c a (new)
(ca) currency spot transactions;
Amendment 134 #
2011/0261(CNS)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – point b
Article 8 – paragraph 2 – subparagraph 2 – point b
b) 0.0125% in respect of financial transactions referred to in Article 6.
Amendment 207 #
2011/0202(COD)
Proposal for a regulation
Recital 83 a (new)
Recital 83 a (new)
(83a) The primary duty of the legal framework for credit institutions should be to ensure the operation of vital services to the real economy while limiting the risk of moral hazard. The structural separation of retail and investment banking activities within a banking group would be a key tool to support this objective. No provision in the current regulation should therefore prevent the introduction of measures to effect such a separation. The Commission should be required to analyse the options for achieving such separation in the Union and produce a report, accompanied by legislative proposals, to the European Parliament and Council.
Amendment 572 #
2011/0202(COD)
Proposal for a regulation
Part 3 – Article 87 – paragraph 1 – point a
Part 3 – Article 87 – paragraph 1 – point a
(a) a Common Equity Tier 1 capital ratio of 47.5 %;
Amendment 574 #
2011/0202(COD)
Proposal for a regulation
Part 3 – Article 87 – paragraph 1 – point b
Part 3 – Article 87 – paragraph 1 – point b
(b) a Tier 1 capital ratio of 610 %;
Amendment 575 #
2011/0202(COD)
Proposal for a regulation
Part 3 – Article 87 – paragraph 1 – point c
Part 3 – Article 87 – paragraph 1 – point c
(c) a total capital ratio of 815 %.
Amendment 1314 #
2011/0202(COD)
Proposal for a regulation
Article 423 a (new)
Article 423 a (new)
Article 423a Public disclosure of return on assets Institutions shall disclose in their annual report their return on assets, calculated as their net profit divided by their total balance sheet.
Amendment 1407 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point a – point i
Article 448 – paragraph 1 – point a – point i
(i) a Common Equity Tier 1 capital ratio of a level that falls within a range with a lowest value of 3.5% and a highest value of 47.5%;
Amendment 1409 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point a – point ii
Article 448 – paragraph 1 – point a – point ii
(ii) a Tier 1 capital ratio of a level that falls within a range with a lowest value of 4.5 5% and a highest value of 610%;
Amendment 1410 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point a – point ii a (new)
Article 448 – paragraph 1 – point a – point ii a (new)
(ii a) a total capital ratio of a level that falls within a range of 9% to 15%;
Amendment 1413 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point b – point i
Article 448 – paragraph 1 – point b – point i
(i) a Common Equity Tier 1 capital ratio of a level that falls within a range of 45 % to 47.5 %;
Amendment 1415 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point b – point ii
Article 448 – paragraph 1 – point b – point ii
(ii) a Tier 1 capital ratio of a level that falls within a range of 4.56 % to 610 %.;
Amendment 1416 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point b – point ii a (new)
Article 448 – paragraph 1 – point b – point ii a (new)
(ii a) a total capital ratio of a level that falls within a range of 11 % to 15 %;
Amendment 1418 #
2011/0202(COD)
Proposal for a regulation
Article 448 – paragraph 1 – point b a (new)
Article 448 – paragraph 1 – point b a (new)
Amendment 1613 #
2011/0202(COD)
Proposal for a regulation
Article 486 a (new)
Article 486 a (new)
Article 486 a Options for structural separation of retail and investment banking activities By 31 July 2012 the Commission shall review and report on the options for achieving the structural separation of retail and investment banking activities within the Union and shall submit this report to the European Parliament and the Council, accompanied, by a legislative proposal.
Amendment 119 #
2011/0062(COD)
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Member States may maintain or adopt stricter national rules with regard to any aspect of this Directive.
Amendment 127 #
2011/0062(COD)
Proposal for a directive
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
Amendment 133 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) ‘Ancillary service’ means a financial service, required by the creditor - de jure or de facto- , or by law and offered to the consumer by the creditor or, a credit intermediary or a third party in conjunction with the credit agreement.
Amendment 140 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point k
Article 3 – paragraph 1 – point k
(k) ‘Total cost of the credit to the consumer’ means the total cost of the credit toall the costs including interest, commissions, taxes and any other kind of fees directly or indirectly linked to the loan - except for notarial costs - and which the consumer ais defined in Article 3(g) of Directive 2008/48/ECrequired to pay in connection with the credit agreement, including but not restricted to all of the costs arising of contracts to repay the credit, secure or insure the securing property and facilitate payments as well as any further ancillary service concluded conditionally to or in the context of the home loan contract.
Amendment 144 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point o
Article 3 – paragraph 1 – point o
(o) ‘Creditworthiness assessment’ means the evaluation of a consumer's ability to meet his debt obligations, based on objective information regarding his or her individual circumstances.
Amendment 148 #
2011/0062(COD)
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
Member States shall designate the competent authorities empowered to ensure implementation of this Directive and shall ensure that they are granted all the powers necessary for the performance of their dutiesenactment of all its provisions in the interest of the market and all market participants. They shall ensure that they are granted sufficient resources and all the investigating and sanctioning powers necessary for the performance of their duties, including power to access all premises and relevant documents. The competent authorities shall, inter alia, carry out 'mystery shopping', where applicable, to check the proper implementation of this Directive.
Amendment 150 #
2011/0062(COD)
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 1 a (new)
Article 4 – paragraph 1 – subparagraph 1 a (new)
In the case of activity in a host Member State, supervision of the ongoing activities of creditors and credit intermediaries shall be performed by the competent authority of the host Member State. The competent authority of the home Member State shall be required to provide the competent authority of the host Member State with all relevant information. Competent authorities of the host Member State shall have the power to intervene if credit intermediaries fail to comply with their duties and responsibilities defined in this Directive. In addition, competent authorities of the host Member State shall be granted the right to refuse authorisations.
Amendment 151 #
2011/0062(COD)
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 2
Article 4 – paragraph 1 – subparagraph 2
Member States shall ensure that the authorities designated as competent for ensuring the implementation of Articles 18, 19, 20, 21, 22 and 213 of this Directive are one of those competent authorities included in Article 4(2) of Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority).
Amendment 156 #
2011/0062(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall require that, when granting, intermediating or advising on credit and, where appropriate, ancillary services to consumers, the creditor or the credit intermediary acts honestly, fairly and professionally in accordance with the best interests of the consumer. Member States shall ensure that in case of non compliance with requirements referred to in subparagraph 1, provisions are set to allow for compulsory adjustment of the credit agreement in the interest of the affected consumer and at no charge for him or, at the choice of consumer, the ability to withdraw from the agreement in a way that leaves no damages to him.
Amendment 158 #
2011/0062(COD)
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Member States shall ensure that the manner in which creditors remunerate their staff and the relevant credit intermediaries and the manner in which credit intermediaries remunerate their staff do not impede compliance with the obligation to act in accordance with the best interests of the consumer, as referred to in paragraph 1. Remuneration shall be product neutral. In particular, no staff or credit intermediary shall, under any circumstances, be paid a fee or a commission dependent on the rate or the type of credit product signed with the consumer. In case of adjustment of credit agreements no remuneration for new agreements shall be foreseen unless the adjustment of the existing agreement is proven to have not solved the problem. All inducements in kind to credit intermediaries shall be banned. Remuneration shall take into account the rate of defaults.
Amendment 162 #
2011/0062(COD)
Proposal for a directive
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) The natural persons within the management of creditors and credit intermediaries who are responsible for or have a role in the intermediation, advice or approval of the credit agreement, possess appropriate knowledge and competence in relation to credit agreements. They shall be subject to prescribed continuous professional development to validate their knowledge and competence.
Amendment 164 #
2011/0062(COD)
Proposal for a directive
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) Creditors and credit intermediaries are monitoredsupervised by the competent authority in order to assess whether the requirements referred to in paragraph 1, points (a) and (b), are complied with on a continuing basis.
Amendment 170 #
2011/0062(COD)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1 – point c
Article 8 – paragraph 2 – subparagraph 1 – point c
(c) the borrowing rate, indicating whether this is fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer. The APRC should be included into the advertisement at least as prominently as any other numerical information;
Amendment 173 #
2011/0062(COD)
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
The standard information shall be easily legible or clearly audible as appropriate, depending on the medium used for advertising and marketing. Any information provided throughout the advertising must adhere to the displayed representative example. Member States shall adopt criteria for defining a representative example.
Amendment 175 #
2011/0062(COD)
Proposal for a directive
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Where the conclusion of a contract regarding anIn case of ancillary service relating to the credit agreement, in particular insurance, is compulsory in order to obtain the credit or to obtain it on the terms and conditions marketed, andf the cost of that service cannot be determined in advance, the obligation to enter into that contract shall also be stated in a clear, concise and prominent way, together withand its cost shall be included in the annual percentage rate of charge based on the cost of a similar product offered by the creditor or another provider.
Amendment 177 #
2011/0062(COD)
Proposal for a directive
Article 8 a (new)
Article 8 a (new)
Amendment 183 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2 – point g
Article 9 – paragraph 1 – subparagraph 2 – point g
(g) an indic representative example of the total cost of credit for the consumer and annual percentage rate of charge;
Amendment 184 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2 – point i
Article 9 – paragraph 1 – subparagraph 2 – point i
(i) whether there is a possibility of early repayment and, where applicable, a description of the conditions attached to early repayment;
Amendment 190 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
Member States shall ensure that the creditor and, where applicable, the credit intermediary, without undue dimmediatelay after the consumer has given the necessary information on his needs, financial situation and preferences in accordance with Article 14, provides the consumer with the personalised information needed to compare the credits available on the market, assess their implications and take an informed decision on whether to conclude a credit agreement. Such information, on paper or on another durable medium, shall be provided free of charge by means of the European Standardised Information Sheet (‘ESIS’), as set out in Annex II.
Amendment 195 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Member States shall ensure that when an offer binding on the creditor is provided to the consumer, it shall be accompanied by an ESIS. In such circumstances,a draft credit agreement is provided to the consumer attached to the ESIS. Member States shall ensure that the credit agreement cannot be concluded until the consumer has had sufficient time to compare the offers, assess their implications and take an informed decision on whether to accept an offer, regardless of the means of conclusion of the contract.
Amendment 197 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 4
Article 9 – paragraph 2 – subparagraph 4
Any additional information which the creditor or where applicable, the credit intermediary, may provide to the consumer shall be given in a separate document which may be annexed to the ESIS. In Member States that impose strict matching rules between the mortgage loans (assets) and the mortgage bonds (liabilities) of mortgage credit institutions, the indication of the interest rate in the ESIS may be subject to changing market conditions.
Amendment 202 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 5
Article 9 – paragraph 5
5. Member States shall ensure that the creditor or credit intermediary, upon request of the consumer, provides the consumer with a copy of the draft credit agreement free of charge. This provision shall not apply in cases where the creditor is unwilling, at the time of the request, to proceed to the conclusion of the credit agreement with the consumer.
Amendment 204 #
2011/0062(COD)
Proposal for a directive
Article 9 a (new)
Article 9 a (new)
Article 9a Variable interest rate 1. Member States shall adopt measures to protect consumers against defaulting when variable interest rates change significantly. If Member States do not define general caps on variable interest rates, they shall ensure that all creditors specify a maximum cap. Creditworthiness shall be checked on the basis of this maximum cap. 2. Changes in interest rates shall be based only on objective, reliable, public and external indices to the creditor, like market rates. 3. When the interest rate increases, the consumer shall always have the possibility to opt to extend the repayment period, with a maximum of 5 years, without supplementary costs and without increase in the periodic instalments.
Amendment 206 #
2011/0062(COD)
Proposal for a directive
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. Prior to the performance of any of the services listed in Article 3(e), a credit intermediary shall provide the consumer with at least the following information, free of charge:
Amendment 207 #
2011/0062(COD)
Proposal for a directive
Article 10 – paragraph 1 – point h
Article 10 – paragraph 1 – point h
(h) for those credit intermediaries that are not tied, the existence of commissionsthe existence of commissions or any other type of gratifications, including in kind, where applicable, payable by the creditor or any other third party to the credit intermediary for his services.
Amendment 208 #
2011/0062(COD)
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Credit intermediaries who are not tied shall, at the consumer's request,shall provide information on the variation in levels of commission, expressed in absolute values, payable by the different creditors providing the credit agreements being offered to the consumer. The consumer shall be informed that he has the right to request such information.
Amendment 212 #
2011/0062(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
Member States shall ensure that creditors and, where applicable, credit intermediaries provide adequate explanations to the consumer on the proposed credit agreement(s) and any ancillary service(s), in order to place the consumer in a position enabling him to assess whether the proposed credit agreements are adapted to his needs and financial situation. An adequate explanation shall include the provision of personalised information on the characteristics of the credits on offer, including their costs and risks, without however formulating any recommendation. Creditors and, where applicable, credit intermediaries shall accurately assess the level of knowledge and experience with credit of the consumer by any means necessary so as to enable the creditor or the intermediary to determine the level of explanations to be given to the consumer and adjust such explanations accordingly.
Amendment 214 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The annual percentage rate of charge, equating, on an annual basis, to the present value of all commitments (drawdowns, repayments and charges), future or existing, agreed by the creditor and the consumer, shall be calculated in accordance with the mathematical formula set out in Annex I. The annual percentage rate of charge shall take due account of the impact of all relevant factors. The annual percentage rate shall include all costs and the cash flow with compound contracts that are to repay the credit amount.
Amendment 216 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
Where the opening of an account is obligatory in order to obtain the credit, the costs of maintaining such an account, the costs of using a means of payment for both payment transactions and drawdowns on that account, and other costs relating to payment transactions shall be included in the total cost of credit to the consumer, unless the costs have been clearly and separately shown in the credit agreement or in any other agreement concluded with the consumer.
Amendment 217 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 4
Article 12 – paragraph 4
4. In the case of credit agreements containing clauses allowing variations in the borrowing rate and, where applicable, in the charges contained in the annual percentage rate of charge but unquantifiable at the time of calculation, the annual percentage rate of charge shall be calculated on the assumption that the borrowing rate and other charges will be calculated at the level set at the signature of the contract. If the consumer names alternative ancillary services providers, the creditor and the credit intermediary shall recalculate the APRC on the basis of the costs of those ancillary services.
Amendment 218 #
2011/0062(COD)
Proposal for a directive
Article 13 – paragraph 2
Article 13 – paragraph 2
2. However, the parties may agree in the credit agreement that the information referred to in paragraph 1 is to be given to the consumer periodically in cases where the change in the borrowing rate correlates directly with a change in a reference rate, the new reference rate is made publicly available by appropriate means and the information concerning the new reference rate is also kept available in the premises of the creditor, and communicated personally to the consumer together with the amount of new monthly instalments.
Amendment 222 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Member States shall ensure that, before the conclusion of the credit agreement, a thorough assessment of the consumer'’s creditworthiness isand the affordability of the credit agreement and its conditions to the consumer are conducted by the creditor, based on criteria that should be made public including the consumer'’s income, savings, debts and other financial commitments. That assessment shall be carried out on the basis of the necessary information, obtained by the creditor or, where applicable, credit intermediary from the consumer and from relevant internal or external sources and shall respect the requirements with regard to necessity and proportionality set out in Article 6 of Directive 95/46/EC. Member States shall ensure that creditors establish appropriate processes to assess the consumer’s creditworthiness of the consumerand affordability of the credit agreement and its conditions to the consumer in the interest of consumers. These processes shall be reviewed at regular intervals and up-to-date records of those processes shall be maintained.
Amendment 225 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The objective pursued by the consumer’s creditworthiness assessment shall include the prevention of over- indebtedness. In case of payment default, the creditor shall take the responsibility if its decision is based on a poor quality assessment of the consumer’s creditworthiness and suitability of the credit agreement. The costs of irresponsible lending shall be borne by the creditor.
Amendment 227 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 1 b (new)
Article 14 – paragraph 1 b (new)
1b. Where applicable, Member States shall ensure that when loan to value ratio is set, the evaluation of the value of the property used to secure the credit agreement is properly made. Creditors shall communicate all assessments and potential doubts they detect on the value of a property. Member States shall ensure that property assessment is provided by independent and recognized parties. If the evaluation of the value of the property was not made properly, a court may declare that the debt shall be fully annulled after repossession.
Amendment 240 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 4
Article 14 – paragraph 4
4. Further to assessing a consumer's creditworthiness, Member States shall ensure that creditors and credit intermediaries obtain the necessary information regarding the consumer's personal and financial situation, his preferences and objectives and consider a sufficiently large number of credit agreements from their product range in order to identify products that are not unsuitable for the consumerin the consumer's best interests given his needs, financial situation and personal circumstances. Such considerations shall be based on information that is up to date at that moment in time and on reasonable assumptions as to the consumer's situation over the term of the proposed credit agreement. Member States shall further ensure that any information request is restricted to the needs of creditworthiness assessment and that the data gathered in this context is not used for other purposes. Consumer shall have full access to any data related to his personal situation and will have the possibility to correct them where needed.
Amendment 247 #
2011/0062(COD)
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Each Member State shall ensure non- discriminatory access for all creditors to databases used in that Member State for assessing the creditworthiness of consumers and for monitoring consumers' compliance with the credit obligations over the life of the credit agreement. Such databases comprise databases operated by private credit bureaux or credit reference agencies and public credit registers. At cross-border level, only negative credit data, including information of absence of negative credit data, may be exchanged.
Amendment 250 #
2011/0062(COD)
Proposal for a directive
Article 16 – paragraph 2 – subparagraph 1
Article 16 – paragraph 2 – subparagraph 1
Powers are delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to define uniform credit registration criteria of negative credit data and data processing conditions to be applied to the databases referred to in paragraph 1 of this Article.
Amendment 251 #
2011/0062(COD)
Proposal for a directive
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4a. Member States shall ensure that decisions taken by the authorities in charge of data protection or courts of the home Member State of the consumer or by those authorities or courts in other Member States where data has been originated on a consumer are to be respected and enforced in any other Member State in the same way and without necessity for the consumer to start further administrative or judicial proceedings. Such decisions include but are not restricted to cases of wrong or wrongly attributed data, irregularly collected data, irregular assumptions, disputed data and any of the resulting actions including deletion, correction, commenting or barring of the use of that data. Member States shall ensure that consumers are to be informed of any cross-border exchanged data on them. Upon correction of data consumers are entitled to a reassessment of their creditworthiness and subsequent adjustment of their credit agreements as well as compensation of further damages arising of it.
Amendment 252 #
2011/0062(COD)
Proposal for a directive
Article 17 – paragraph 1
Article 17 – paragraph 1
1. For the purposes of this Directive, ‘'independent home loan advice’' constitutes a separate service from the granting of a credit. Such a service can only be marketed as independent home loan advice when the remuneration of the individual providing the service is transparent to the consumer and if there are no conflicts of interest with the consumer. Home loans advisers can only describe themselves as independent if they consider the whole of the market.
Amendment 257 #
2011/0062(COD)
Proposal for a directive
Article 17 – paragraph 2 – point b a (new)
Article 17 – paragraph 2 – point b a (new)
(ba) independent home loan advice provided by creditors and intermediaries shall be documented to the consumer.
Amendment 263 #
2011/0062(COD)
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
Member States mayshall provide that the exercise of the right referred to in paragraph 1 is subject to certain conditions. Such conditions may include time limitations on the exercise of the right, different treatment depending on the type of the borrowing rate, or restrictions with regardfollowing principles are complied within their market: a) the consumer is entitled to repay at any time. b) fees for early repayment are not allowed. Member states may cap the amount of repayment compensation or exclude compensation in general according to the specificities of their home loan market. c) in the event that the compensation is not already fixed or capped on a lower level, the compensation is to thbe circumstances under which the right may be exercised. Member States may also provide that the creditor should be entitled to fair and objectively justified compensation for potential costs directly linked to early repayment of the credit. In any event, if the early repayment falls within a period for which the borrowing rate is fixed, exercise of the right may be made subject to the existence of a special interest on the part of the consumer. alculated by a duly defined and transparent method. Repaying consumers shall be compensated in case the early repayment takes place at the time market rates are in favour of the creditor. d) consumers are informed about their right to early repay and the amount of the expected compensation already at the pre- contractual stage according to the national specificities. e) variable rate contracts will not allow for early repayment compensations. f) early repayment of contracts with fixed rates is allowed without any compensation to the end of a fixed period. Member States are allowed to set maximum durations of fixed periods. g) in the case of credit refinancing with another creditor, potential fees paid for mortgage registrations will be limited or excluded. h) contracts may foresee further options to prepay without compensation.
Amendment 283 #
2011/0062(COD)
Proposal for a directive
Annex I – Section II – point j
Annex I – Section II – point j
(j) For credit agreements for which a fixed borrowing rate is agreed in relation to the initial period, at the end of which a new borrowing rate is determined and subsequently periodically adjusted according to an agreed indicator, the calculation of the annual percentage rate shall be based on the assumption that, at the end of the fixed borrowing rate period, the borrowing rate is the same as at the time of calculating the annual percentage rate, based on the value of the agreed indicator at that time. For credit agreements with a fixed borrowing rate of at least an initial period of five years and especially where a new fixed rate agreement is planned to proceed the agreement and variable conditions are only agreed on to prepare for the case that a new fixed deal has not yet been agreed on, only the initial fixed borrowing rate is to be taken into account.
Amendment 290 #
2011/0062(COD)
Proposal for a directive
Annex II – Part A - ESIS Model - point 6 – paragraph 7
Annex II – Part A - ESIS Model - point 6 – paragraph 7
(Where applicable) [Warning on the variability of the instalments and different scenarios depending of the evolution on the interest rate]
Amendment 291 #
2011/0062(COD)
Proposal for a directive
Annex II – Part A - ESIS Model - point 7 – paragraph 7
Annex II – Part A - ESIS Model - point 7 – paragraph 7
Please make sure that you are aware of all other taxes and costs (e.g. notary fees) associated with this loannote the following costs associated with this loan: [Notary fees] [Registration fees] [Valuation fees] [Taxes applicable according to national legislation] (Where applicable) [Any other costs related to obligations associated to this loan according to national law)] (where applicable) [Fees for any other services contracted with the creditor (such as fees for the maintenance of an account, insurance, etc)].
Amendment 292 #
2011/0062(COD)
Proposal for a directive
Annex II – Part A - ESIS Model - point 8 – paragraph 1
Annex II – Part A - ESIS Model - point 8 – paragraph 1
Amendment 296 #
2011/0062(COD)
Proposal for a directive
Annex II – Part B - Section 6 - point 4
Annex II – Part B - Section 6 - point 4
(4) Where the interest rate is subject to revision and the amount of the instalment after each revision is unknown, the creditor may indicate in the repayment table the same instalment amount for the whole credit duration. In such a case, the creditor shall draw that fact to the attention of the borrowconsumer by visually differentiating the amounts which are known from the hypothetical ones (e.g. using a different font, borders or shading). In addition, a clearly legible text shall explain for which periods the amounts represented in the table may vary and why. The creditor shall also include: (1a) where relevant, the applicable caps and floors; (2b) an example of how the amount of the instalment would vary where the interest rate increases or decreases by 1 % or by a higher percentage, where this is more realistic given the magnitude of normal changes to the interest rate; and (3c) where there is a cap, the instalment amount in the worst- case scenario or, where there is no cap, an illustrative worst-case scenario which may be further specified by delegated act.
Amendment 297 #
2011/0062(COD)
Proposal for a directive
Annex II– Part B - Section 7 - point 2
Annex II– Part B - Section 7 - point 2
(2) The creditor shall also provide a disaggregated list of each of the costs by category, indicating their amount, to whom they are to be paid and at what moment. Where the amount is not known, the creditor shall provide a possible range or an indication of how the amount will be calculated.
Amendment 21 #
2011/0058(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) A system allowing companies to treat the Union as a single market for the purpose of corporate tax would facilitate cross-border activity for companies resident in the Union and would promote the objective of making the Union a more competitive location for investment internationally. Such a system would best be achieved by enablingIn order for such a system to be as effective and fair as possible, companies and groups of companies with a taxable presence in more than one Member State to settle their tax affairs in the Union accordingshould be subject to a single set of rules for calculation of the tax base and should be enabled to deal with a single tax administration ('one-stop-shop'). These rules should also be made available to entities subject to corporate tax in the Union which do not form part of a group.
Amendment 23 #
2011/0058(CNS)
Proposal for a directive
Recital 5
Recital 5
Amendment 30 #
2011/0058(CNS)
Proposal for a directive
Recital 8
Recital 8
Amendment 32 #
2011/0058(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) A system allowing companies to treat the Union as a single market for the purpose of corporate tax would facilitate cross-border activity for companies resident in the Union and would promote the objective of making the Union a more competitive location for investment internationally. Such a system would best be achieved by enablingand most equitably be achieved by requiring companies and groups of companies with a taxable presence in more than one Member State to settle their tax affairs in the Union according tocomply with a single set of rules for calculation of the tax base and by enabling them to deal with a single tax administration ('one-stop-shop'). These rules should also be made available to entities subject to corporate tax in the Union which do not form part of a group.
Amendment 32 #
2011/0058(CNS)
Proposal for a directive
Recital 16
Recital 16
(16) Eligibility for consolidation (group membership) should be determined in accordance with a two-part test based on (i) control (more than 50% of voting rights) and (ii) ownership (more than 75% of equity) or rights to profits (more than 75% of rights giving entitlement to profit). Such a test ensures a high level of economic integration between group members, as indicated by a relation of control and a high level of participation. The two thresholds should be met throughout the tax year; otherwise, the company should leave the group immediately. There should also be a nintwelve-month minimum requirement for group membership.
Amendment 35 #
2011/0058(CNS)
Proposal for a directive
Recital 23
Recital 23
(23) Groups of companies should be able to deal with a single tax administration ('principal tax authority'), which should be that of the Member State in which the parent company of the group ('principal taxpayer') is resident for tax purposes. This Directive should also lay down procedural rules for the administration of the system. It should also provide for an advance ruling mechanism. Audits should be initiated and coordinated by the principal tax authority but the authorities of any Member State in which a group member is subject to tax may request the initiation of an audit. The competent authority of the Member State in which a group member is resident or established may challenge a decision of the principal tax authority concerning the notice to opt or an amended assessment before the courts of the Member State of the principal tax authority. Disputes between taxpayers and tax authorities should be dealt with by an administrative body which is competent to hear appeals at first instance according to the law of the Member State of the principal tax authority.
Amendment 36 #
2011/0058(CNS)
Proposal for a directive
Recital 25
Recital 25
(25) In order to ensure uniform conditions for the implementation of this Directive as regards the annual adoption of a list of third country company forms which meet the requirements set out in this Directive, laying down rules on the calculation of the labour, asset and sales factors, the allocation of employees and payroll, assets and sales to the respective factor as well as the valuation of assets for the asset factor and the adoption of a standard form of the notice to opt and of rules on electronic filing, on the form of the tax return, on the form of the consolidated tax return and on the required supporting documentation, powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council of 28 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission'’s exercise of implementing powers.
Amendment 37 #
2011/0058(CNS)
Proposal for a directive
Recital 5
Recital 5
Amendment 37 #
2011/0058(CNS)
Proposal for a directive
Recital 25 a (new)
Recital 25 a (new)
(25a) In order to ensure that the application of the system [the Common Consolidated Corporate Tax Base (CCCTB)] does not cause distortion in the way in which capital and profits are allocated within the Union, it is essential to limit disparities in corporate tax rates by introducing a minimum level of taxation for all Member States.
Amendment 40 #
2011/0058(CNS)
Proposal for a directive
Article 1
Article 1
This Directive establishes a system for a common base for the taxation of certain companies and groups of companies and lays down rules relating to the calculation and use of that base. It also establishes rules on the setting of a minimum level of corporate taxation in Member States.
Amendment 43 #
2011/0058(CNS)
Proposal for a directive
Article 2 – title
Article 2 – title
Amendment 47 #
2011/0058(CNS)
Proposal for a directive
Article 3 – title
Article 3 – title
Amendment 48 #
2011/0058(CNS)
Proposal for a directive
Article 4 – point 1
Article 4 – point 1
Amendment 50 #
2011/0058(CNS)
Proposal for a directive
Article 4 – point 3
Article 4 – point 3
(3) ‘non-taxpayer’ means a company which is ineligible to opt or has not opted to applynot subject to the system provided for by this Directive;
Amendment 52 #
2011/0058(CNS)
Proposal for a directive
Chapter 3 – title
Chapter 3 – title
Amendment 53 #
2011/0058(CNS)
Proposal for a directive
Recital 8
Recital 8
Amendment 53 #
Amendment 55 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A company to which this Directive applies which is resident for tax purposes in a Member State may opt forshall be subject to the system provided for by this Directive under the conditions provided for therein.
Amendment 57 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. A company to which this Directive applies which is not resident for tax purposes in a Member State may opt forshall be subject to the system provided for by this Directive under the conditions laid down therein in respect of a permanent establishment maintained by it in a Member State.
Amendment 58 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 6
Article 6 – paragraph 6
6. A company resident in a Member State which opts foris subject to the system provided for by this Directive shall be subject to corporate tax under that system on all income derived from any source, whether inside or outside its Member State of residence.
Amendment 59 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 7
Article 6 – paragraph 7
7. A company resident in a third country which opts foris subject to the system provided for by this Directive shall be subject to corporate tax under that system on all income from an activity carried on through a permanent establishment in a Member State.
Amendment 61 #
2011/0058(CNS)
Proposal for a directive
Article 7
Article 7
Amendment 64 #
2011/0058(CNS)
Proposal for a directive
Article 14 – paragraph 1 – point j
Article 14 – paragraph 1 – point j
(j) taxes listed in Annex III, with the exception of excise duties imposed on energy products, alcohol and alcoholic beverages, and manufactured tobacco.
Amendment 65 #
2011/0058(CNS)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
Amendment 66 #
2011/0058(CNS)
Proposal for a directive
Chapter 8 – title
Chapter 8 – title
PROVISIONS ON ENTRY TO AND EXIT FROM THE SYSTEM PROVIDED FOR BY THIS DIRECTIVE
Amendment 67 #
2011/0058(CNS)
Proposal for a directive
Article 44
Article 44
When a taxpayer opts to applyis subject to the system provided for by this Directive, all assets and liabilities shall be recognised at their value as calculated according to national tax rules immediately prior to the date on which it begins to apply the system, unless otherwise stated in this Directive.
Amendment 68 #
2011/0058(CNS)
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
Revenues and expenses which pursuant to Article 24(2) and (3) are considered to have accrued or been incurred before the taxpayer opted intoentered the system provided for by this Directive but were not yet included in the tax base under the national corporate tax law previously applicable to the taxpayer shall be added to or deducted from the tax base, as the case may be, in accordance with the timing rules of national law.
Amendment 69 #
2011/0058(CNS)
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
1. Provisions, pension provisions and bad- debt deductions provided for in Articles 25, 26 and 27 shall be deductible only to the extent that they arise from activities or transactions carried out after the taxpayer opted intoentered the system provided for by this Directive.
Amendment 70 #
2011/0058(CNS)
Proposal for a directive
Article 47 – paragraph 2
Article 47 – paragraph 2
2. Expenses incurred in relation to activities or transactions carried out before the taxpayer opted intoentered the system but for which no deduction had been made shall be deductible.
Amendment 71 #
2011/0058(CNS)
Proposal for a directive
Article 47 – paragraph 3
Article 47 – paragraph 3
3. Amounts already deducted prior to opting intoentering the system may not be deducted again.
Amendment 73 #
2011/0058(CNS)
Proposal for a directive
Recital 16
Recital 16
(16) Eligibility for consolidation (group membership) should be determined in accordance with a two-part test based on (i) control (more than 50% of voting rights) and (ii) ownership (more than 75% of equity) or rights to profits (more than 75% of rights giving entitlement to profit). Such a test ensures a high level of economic integration between group members, as indicated by a relation of control and a high level of participation. The two thresholds should be met throughout the tax year; otherwise, the company should leave the group immediately. There should also be a nintwelve-month minimum requirement for group membership.
Amendment 73 #
2011/0058(CNS)
Proposal for a directive
Article 48
Article 48
Where a taxpayer incurred losses before opting intoentering the system provided for by this Directive which could be carried forward under the applicable national law but had not yet been set off against taxable profits, those losses may be deducted from the tax base to the extent provided for under that national law.
Amendment 74 #
2011/0058(CNS)
Proposal for a directive
Article 49
Article 49
Amendment 75 #
2011/0058(CNS)
Proposal for a directive
Article 50
Article 50
Amendment 76 #
2011/0058(CNS)
Proposal for a directive
Article 51
Article 51
Amendment 77 #
2011/0058(CNS)
Proposal for a directive
Article 52
Article 52
Amendment 78 #
2011/0058(CNS)
Proposal for a directive
Article 53
Article 53
Amendment 80 #
2011/0058(CNS)
Proposal for a directive
Article 57 a (new)
Article 57 a (new)
Article 57a No retroactivity Consolidation shall apply only to taxable profits which accrue after the entry into force of this Directive.
Amendment 82 #
2011/0058(CNS)
Proposal for a directive
Article 58 – paragraph 2
Article 58 – paragraph 2
2. Notwithstanding paragraph 1, a taxpayer shall become a member of a group on the date when the thresholds of Article 54 are reached. The thresholds must be met for at least nintwelve consecutive months, failing which a taxpayer shall be treated as if it had never having become a member of the group.
Amendment 83 #
2011/0058(CNS)
Proposal for a directive
Article 66 – point a
Article 66 – point a
(a) if the taxpayer remains in the system provided for by this Directive but outsideno longer forms part of a group, the losses shall be carried forward and be set off according to Article 43;
Amendment 84 #
2011/0058(CNS)
Proposal for a directive
Article 66 – point c
Article 66 – point c
Amendment 85 #
2011/0058(CNS)
Proposal for a directive
Recital 23
Recital 23
(23) Groups of companies should be able to deal with a single tax administration ('principal tax authority'), which should be that of the Member State in which the parent company of the group ('principal taxpayer') is resident for tax purposes. This Directive should also lay down procedural rules for the administration of the system. It should also provide for an advance ruling mechanism. Audits should be initiated and coordinated by the principal tax authority but the authorities of any Member State in which a group member is subject to tax may request the initiation of an audit. The competent authority of the Member State in which a group member is resident or established may challenge a decision of the principal tax authority concerning the notice to opt or an amended assessment before the courts of the Member State of the principal tax authority. Disputes between taxpayers and tax authorities should be dealt with by an administrative body which is competent to hear appeals at first instance according to the law of the Member State of the principal tax authority.
Amendment 85 #
2011/0058(CNS)
Proposal for a directive
Article 73 – paragraph 1 – point a
Article 73 – paragraph 1 – point a
(a) a tax on profits, under the general regime in that third country, at a statutory corporate tax rate lower than 470% of the average statutory corporate tax rate applicable in the Member States;
Amendment 86 #
2011/0058(CNS)
Proposal for a directive
Recital 25
Recital 25
(25) In order to ensure uniform conditions for the implementation of this Directive as regards the annual adoption of a list of third country company forms which meet the requirements set out in this Directive, laying down rules on the calculation of the labour, asset and sales factors, the allocation of employees and payroll, assets and sales to the respective factor as well as the valuation of assets for the asset factor and the adoption of a standard form of the notice to opt and of rules on electronic filing, on the form of the tax return, on the form of the consolidated tax return and on the required supporting documentation, powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) 182/2011 of the European Parliament and of the Council of 28 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission's exercise of implementing powers.
Amendment 88 #
2011/0058(CNS)
Proposal for a directive
Recital 25 a (new)
Recital 25 a (new)
(25a) In order to ensure that the application of the system [the Common Corporate Tax Base (CCTB)] does not lead to distortions in the way in which capital and profits are allocated within the European Union, it is essential to limit corporate tax rate disparities by introducing a minimum taxation level for all Member States.
Amendment 88 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 1 – point a
Article 81 – paragraph 1 – point a
(a) a tax on profits is provided for, under the general regime in the third country, at a statutory corporate tax rate lower than 470% of the average statutory corporate tax rate applicable in the Member States;
Amendment 89 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 3
Article 81 – paragraph 3
Amendment 90 #
2011/0058(CNS)
Proposal for a directive
Article 82 – paragraph 1 – point b
Article 82 – paragraph 1 – point b
(b) under the general regime in the third country, profits are taxable at a statutory corporate tax rate lower than 470% of the average statutory corporate tax rate applicable in the Member States, or the entity is subject to a special regime that allows for a substantially lower level of taxation than that of the general regime;
Amendment 91 #
2011/0058(CNS)
Proposal for a directive
Article 94 – paragraph 1
Article 94 – paragraph 1
1. Land and other non-depreciable fixed tangible assets shall be valued at their original costnet accounting value.
Amendment 92 #
2011/0058(CNS)
Proposal for a directive
Article 104
Article 104
Amendment 93 #
2011/0058(CNS)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
This Directive establishes a system for a common base for the taxation of certain companies and groups of companies and lays down rules relating to the calculation and use of that base. It also establishes rules for setting a minimum level of corporate tax in the Member States.
Amendment 94 #
2011/0058(CNS)
Proposal for a directive
Article 105
Article 105
Amendment 96 #
2011/0058(CNS)
Proposal for a directive
Article 106
Article 106
Amendment 97 #
2011/0058(CNS)
Proposal for a directive
Article 107
Article 107
Amendment 98 #
2011/0058(CNS)
Proposal for a directive
Article 124 – paragraph 1 – subparagraph 1 – point a
Article 124 – paragraph 1 – subparagraph 1 – point a
Amendment 99 #
2011/0058(CNS)
Proposal for a directive
Article 2 – title
Article 2 – title
Amendment 99 #
2011/0058(CNS)
Proposal for a directive
Article 126 a (new)
Article 126 a (new)
CHAPTER XVII A MINIMUM LEVEL OF CORPORATE TAXATION Article 126a Rules on setting corporate tax rates Member States shall set their national rates of corporate taxation in such a way that they are not more than 3% below the mean legal rate of corporate taxation applicable in the Member States. The mean statutory corporate tax rate applicable in the Member States shall be published by the Commission annually. It shall be calculated as an arithmetic mean.
Amendment 100 #
2011/0058(CNS)
Article 126b Safeguard clause relating to actual rates of corporate taxation Member States shall refrain from adopting measures which reduce their actual rate of corporate taxation.
Amendment 104 #
2011/0058(CNS)
Proposal for a directive
Article 3 – title
Article 3 – title
Amendment 106 #
2011/0058(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point 1
Article 4 – paragraph 1 – point 1
1) 'taxpayer' means a company which has opted to apply,is subject to the system provided for by this Directive;
Amendment 111 #
2011/0058(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point 3
Article 4 – paragraph 1 – point 3
3) 'non-taxpayer' means a company which is ineligible to opt or has not opted to applynot subject to the system provided for by this Directive;
Amendment 129 #
Amendment 135 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A company to which this Directive applies which is resident for tax purposes in a Member State may opt forshall be subject to the system provided for by this Directive under the conditions provided for therein.
Amendment 138 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 2
Article 6 – paragraph 2
2. A company to which this Directive applies which is not resident for tax purposes in a Member State may opt forshall be subject to the system provided for by this Directive under the conditions laid down therein in respect of a permanent establishment maintained by it in a Member State.
Amendment 139 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 6
Article 6 – paragraph 6
6. A company resident in a Member State which opts foris subject to the system provided for by this Directive shall be subject to corporate tax under that system on all income derived from any source, whether inside or outside its Member State of residence.
Amendment 142 #
2011/0058(CNS)
Proposal for a directive
Article 6 – paragraph 7
Article 6 – paragraph 7
7. A company resident in a third country which opts foris subject to the system provided for by this Directive shall be subject to corporate tax under that system on all income from an activity carried on through a permanent establishment in a Member State.
Amendment 143 #
2011/0058(CNS)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
Amendment 155 #
2011/0058(CNS)
Proposal for a directive
Article 14 – paragraph 1 – point j
Article 14 – paragraph 1 – point j
j) taxes listed in Annex III, with the exception of excise duties imposed on energy products, alcohol and alcoholic beverages, and manufactured tobacco.
Amendment 156 #
2011/0058(CNS)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
Amendment 161 #
2011/0058(CNS)
Proposal for a directive
Chapter 8 – title
Chapter 8 – title
PROVISIONS ON ENTRY TO AND EXIT FROM THE SYSTEM PROVIDED FOR BY THIS DIRECTIVE
Amendment 166 #
2011/0058(CNS)
Proposal for a directive
Article 44 – paragraph 1
Article 44 – paragraph 1
When a taxpayer opts to applyis subject to the system provided for by this Directive, all assets and liabilities shall be recognised at their value as calculated according to national tax rules immediately prior to the date on which it begins to apply the system, unless otherwise stated in this Directive.
Amendment 175 #
2011/0058(CNS)
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
1. Provisions, pension provisions and bad- debt deductions provided for in Articles 25, 26 and 27 shall be deductible only to the extent that they arise from activities or transactions carried out after the taxpayer opted intoentered the system provided for by this Directive.
Amendment 183 #
2011/0058(CNS)
Proposal for a directive
Article 48 – paragraph 1
Article 48 – paragraph 1
Where a taxpayer incurred losses before opting intoentering the system provided for by this Directive which could be carried forward under the applicable national law but had not yet been set off against taxable profits, those losses may be deducted from the tax base to the extent provided for under that national law.
Amendment 184 #
2011/0058(CNS)
Proposal for a directive
Article 49
Article 49
Amendment 190 #
2011/0058(CNS)
Proposal for a directive
Article 50
Article 50
Amendment 195 #
2011/0058(CNS)
Proposal for a directive
Article 51
Article 51
Amendment 200 #
2011/0058(CNS)
Proposal for a directive
Article 52
Article 52
Amendment 204 #
2011/0058(CNS)
Proposal for a directive
Article 53
Article 53
Amendment 224 #
2011/0058(CNS)
Proposal for a directive
Article 57 a (new)
Article 57 a (new)
Article 57a Non-retroactivity Consolidation shall only apply to taxable profits earned from entry into force of this directive.
Amendment 228 #
2011/0058(CNS)
Proposal for a directive
Article 58 – paragraph 2
Article 58 – paragraph 2
2. Notwithstanding paragraph 1, a taxpayer shall become a member of a group on the date when the thresholds of Article 54 are reached. The thresholds must be met for at least twelve nine consecutive months, failing which a taxpayer shall be treated as if it had never become a member of the group.
Amendment 239 #
2011/0058(CNS)
Proposal for a directive
Article 66 – paragraph 1 – point a
Article 66 – paragraph 1 – point a
a) if the taxpayer remains in the system provided for by this Directive but outside ano longer remains in any group, the losses shall be carried forward and be set off according to Article 43;
Amendment 241 #
2011/0058(CNS)
Proposal for a directive
Article 66 – paragraph 1 – point c
Article 66 – paragraph 1 – point c
Amendment 257 #
2011/0058(CNS)
Proposal for a directive
Article 73 – paragraph 1 – point a
Article 73 – paragraph 1 – point a
a) a tax on profits, under the general regime in that third country, at a statutory corporate tax rate lower than 470% of the average statutory corporate tax rate applicable in the Member States;
Amendment 273 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 1 – point a
Article 81 – paragraph 1 – point a
a) a tax on profits is provided for, under the general regime in the third country, at a statutory corporate tax rate lower than 470% of the average statutory corporate tax rate applicable in the Member States;
Amendment 274 #
2011/0058(CNS)
Proposal for a directive
Article 81 – paragraph 3
Article 81 – paragraph 3
Amendment 283 #
2011/0058(CNS)
Proposal for a directive
Article 82 – paragraph 1 – point b
Article 82 – paragraph 1 – point b
b) under the general regime in the third country, profits are taxable at a statutory corporate tax rate lower than 470% of the average statutory corporate tax rate applicable in the Member States, or the entity is subject to a special regime that allows for a substantially lower level of taxation than that of the general regime;
Amendment 308 #
2011/0058(CNS)
Proposal for a directive
Article 94 – paragraph 1
Article 94 – paragraph 1
1. Land and other non-depreciable fixed tangible assets shall be valued at their original costnet accounting value.
Amendment 321 #
2011/0058(CNS)
Proposal for a directive
Article 104
Article 104
Amendment 334 #
2011/0058(CNS)
Proposal for a directive
Article 105
Article 105
Amendment 345 #
2011/0058(CNS)
Proposal for a directive
Article 106
Article 106
Amendment 359 #
2011/0058(CNS)
Proposal for a directive
Article 107
Article 107
Amendment 396 #
2011/0058(CNS)
Proposal for a directive
Article 124 – paragraph 1 – subparagraph 1 – point a
Article 124 – paragraph 1 – subparagraph 1 – point a
Amendment 401 #
2011/0058(CNS)
Proposal for a directive
Article 126 a (new)
Article 126 a (new)
Amendment 402 #
2011/0058(CNS)
Proposal for a directive
Article 126 b (new)
Article 126 b (new)
Amendment 25 #
2010/2302(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the mode of financing of private CRAs does not make it possible to guarantee their independence from the market and inherently entails a risk of conflicts of interest which may dangerously distort the proper functioning of markets,
Amendment 43 #
2010/2302(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. having regard to the model for assessing sovereign debt used by the CRAs,
Amendment 57 #
2010/2302(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Expresses the view that market participants should not be authorised to invest in structured products if they cannot assess the underlying credit risk themselves, or alternatively that they should apply the highest risk weighting;
Amendment 86 #
2010/2302(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a the establishment of a fully independent public European Credit Rating Foundation (ECRaF)Agency which would expand its expertise into all three sectors of ratings, with particular reference to sovereign debt;
Amendment 93 #
2010/2302(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the start-up financing costs to cover the first three years of the ECRaFAgency’s work need to be carefully calculated; that these initial costs should take the form of a lump-sum capital payment and should be provided by the financial services industry with the involvement of both users and issuera 0.01% levy on the bank taxes established in the Member States; asks the Commission to produce a detailed impact assessment and cost estimate for the necessary financing in this respect; considers that the new ECRaF should be fully self-sufficient after the three-year start-up period;
Amendment 96 #
2010/2302(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 108 #
2010/2302(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Asks the Commission to conduct a detailed impact assessment and feasibility study on the establishment of an independent ECRaFuropean public CRA and to come forward with legislative proposals;
Amendment 130 #
2010/2302(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinion that the Commission should consider the use of two obligatorymake it obligatory to use two ratings for structured finance instruments if an external credit rating is used for regulatory purposes and to regard the less favourable rating as the reference in the event of a significant divergence between the two ratings;
Amendment 170 #
2010/2302(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Supports the existence of various payment models in the industry as long as inherent conflicts of interest are addressed by regulatory means; asks the credit rating industryESMA to come forward with proposals for alternative viable payment models that involve both issuers and users;
Amendment 191 #
2010/2302(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Considers that the assessment of the ‘country risk’ of sovereign debt is just as much political as economic and that the team of analysts responsible for assessing this risk should therefore reflect a wide range of opinion; takes the view that the composition of these teams should be very transparent and public;
Amendment 16 #
2010/2278(INI)
Motion for a resolution
Recital C
Recital C
C. whereas too many obstacles stand in the way of citizens and SMEs wishing to move, study, work, shop, sell or trade across borders, and a lack of portability in social security rights, corporatism and red tape reduce the free movement of workers, service providers and professionals,
Amendment 22 #
2010/2278(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the lack of a holistic vision for other horizontal policies, such as health, social and consumer protection, labour law, the environment and sustainable development, hampers the Single Market enlargemdeepening of the Single Market and its ownership by EU citizents,
Amendment 185 #
2010/2278(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Regrets the lack of concrete proposals on theat the sole proposal on collective redress calls for a public consultation, which is a step backwards as a Green Paper has already been published in November 2008; is of the opinion that the setting up of a properly supervised collective redress mechanism, except for at European level would constinuing the consultatute a major advance for consumer protection;
Amendment 4 #
2010/2277(INI)
Draft opinion
Recital B
Recital B
B. whereas reduction of thea fair administrative burden and respect for the EU’s Better Regulation strategy are crucial in order for business, notably SMEs as the main engine of EU growth, to reap the full benefits of the single market, contribute to job creation and, allocate funds to research, development and innovation, and play a part in the redistribution of wealth,
Amendment 16 #
2010/2277(INI)
Motion for a resolution
Recital F
Recital F
Amendment 21 #
2010/2277(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that, while SMEs are the main employment providers in the European Union, they remain heavily dependent on the big companies which subcontract to them; considers that the Commission should take this reality into account in its deliberations, and specifically that it should submit legislative proposals to protect subcontracted SMEs in the event of big companies’ experiencing economic difficulties; sees this interdependence as an argument for a broad common industrial policy capable of sustaining and developing employment within the Union;
Amendment 25 #
2010/2277(INI)
Motion for a resolution
Recital L
Recital L
L. whereas differences in fiscal provisions, such as corporate taxation and reporting obligations forparticularly with regard to corporate taxation and VAT, result in significant obstacles to cross-border transactions; whereas these barriers can be removed without harmonizing tax rates,
Amendment 26 #
2010/2277(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the coordination of national tax policies and a new VAT strategy which aims to increase growth and reduce the burden as called for by the European Parliament; notes, however, that significant distortions of competition on the single market occur because the tax rules for companies, in relation to both the tax base and the rate of taxation, are not more closely harmonised; calls on the Commission to submit, as soon as possible, a legislative proposal for a common consolidated corporate tax base, which it deems crucial to the proper functioning of the internal market;
Amendment 31 #
2010/2277(INI)
Motion for a resolution
Recital N
Recital N
N. whereas services are accountable for a significant part of our economic growth; whereas crucial sector for economic growth and employment but the Single Market for services is still underdeveloped particularly due to gaps and latdifficulties encountered by the Member States with respect to the implementation of the Services Directive,
Amendment 53 #
2010/2277(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Strongly supports the creation of an EU patent and of a unified patent litigation system in order to make the Single Market an innovation-friendly environment; stresses that the cost burden of multilingual patents would hintranslation of patents into many languages is an additional cost burden and impeders innovation in the Single Market;
Amendment 73 #
2010/2277(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to promote cross-border investment and, in particular, to set up a legislative framework to allowmake it easier to invest venture capital funds to be invested freely within the Single Market, irrespective of the Member State of originwhilst protecting the employees of companies acquired using these venture capital funds against practices such as asset-stripping and fully incorporating the information requirements contained in the Directive on Alternative Investment Fund Managers;
Amendment 108 #
2010/2277(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 123 #
2010/2277(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 165 #
2010/2277(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses that a common consolidated corporate tax base would increase the transparency and comparability of corporate tax rates, thus reducing the obstacles to cross-border activitiese need for better fiscal coordination through harmonisation of the corporate tax base and VAT rates, in order to avoid any unfair tax competition and to guarantee a fairer environment for all companies in the European Union;
Amendment 169 #
2010/2277(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls for a tax structure that can reduce taxes on labour and stimulate employment, innovation and long-term investment;
Amendment 193 #
2010/2277(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for full and proper implementation of the Services Directive and for the possibility to complete procedures online which could considerably reduce operational costs for enterprises; urges the Commission to put a special emphasis on the development of the Single Market for online services;
Amendment 195 #
2010/2277(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to present a legislative framework to protect social services of general interest and services of general economic interest, which are at the heart of the European social model, to enable them to fulfil all their tasks, as provided for in the Lisbon Treaty and in accordance with the principles of subsidiarity and proportionality;
Amendment 2 #
2010/2239(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Stresses that pensions have to be adequate and sustainableat the same time to be economically viable, guarantee decent pension entitlements and levels for all and take account of the diversity of professional circumstances and careers.
Amendment 6 #
2010/2239(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. UnderlPoinets out that due to the different traditions and national set-up of pension systems the principle of subsidiaritytraditions, economic and demographic situations and specific labour market features differ from Member State to Member State and that the principle of subsidiarity, under which Member States retain full responsibility for the organisational set-up of their pension systems, has to be respected.
Amendment 11 #
2010/2239(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Considers that the priority must be to ensure the smooth functioning of first- pillar retirement schemes, on which most European citizens depend, in particular those on the most modest incomes, and which are at the heart of the European social model.
Amendment 15 #
2010/2239(INI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Notes, as does the Commission, that the economic and financial crisis has underscored the role of public pension schemes as automatic stabilisers, as well as the fragility of private pension savings schemes; therefore concludes that the latter do not represent a dependable solution to the pension funding problem.
Amendment 16 #
2010/2239(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. States that many pension systems still lack transparency concerning the expected future benefits, the risks involved and all relevant costs, both at a pre-contractual stage and when the pension agreement is concludedcontribution amounts and expected pension levels; stresses that this lack of transparency is particularly problematic in the case of private pension schemes, in connection with which citizens must have reliable and information available to them as to the risks incurred and relevant costs.
Amendment 24 #
2010/2239(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Emphasises that sustainable public finances require including the total of public and private debt in the assessment; recalls that pension savings are not only savings earmarked as pension; requests that the full scale of unfunded public sector pension liabilities is made transparent by including these in the government debt-to-GDP ratio;
Amendment 29 #
2010/2239(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Emphasises that to meet citizen's expectations as regards the Union's internal market, ideally all pension rights should be portable within the EU; considerspoints out that, currently only, the portability of statutory and occupational pensions are portable in theoryis established in law, but rarely ensured in practice, and that nothing has yet been done with regard to the second pillar.
Amendment 39 #
2010/2239(INI)
Draft opinion
Paragraph 10
Paragraph 10
10. Acknowledges that for individual pension insurances (third pillar) being offered across borders, obstacles remain. Requests suggestions from the Commission for overcoming these, as well as a general framework for regulating these activities.
Amendment 43 #
2010/2239(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Observes that pension reforms are necessary in the context of demographic ageing and the financial and economic crisis, but notes at the same time that the first objective of a reform should be to ensure adequate retirement income for all; notes that, in this context, the range of possible reforms is not restricted to lengthening the contribution period;
Amendment 64 #
2010/2239(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Recognises that there is no perfect pension system, but is convinced that a balanced multi pillar system; recalls that, in keeping with the principle of psublic, work related and private as well as funded and unfunded should be foundsidiarity, it is for each Member State to determine the breakeven point between the various pension pillars; is of the opinion that each Member State should define a minimum target income level after retirement so as to avoid raising poverty among ageing population;
Amendment 83 #
2010/2239(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Realises that workers generally do not work until their notional retirement age; age at which they are entitled to draw their pension; stresses that the first priority in reaching sustainability is to ensure workers' ability to work until that age by implementing adequate employment enhancing policies;
Amendment 92 #
2010/2239(INI)
Draft opinion
Paragraph 11
Paragraph 11
11. Considers that tha possible increase in retirement age needs to be correlated with life expectancy and working conditions, in line with the specific demographic and employment-market factors existing in individual Member States;
Amendment 115 #
2010/2239(INI)
Draft opinion
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. States that there must be extremely meticulous supervision of supplementary funded pensions in line with the G20’s call for none of the players and none of the territories being able to avoid sound regulation and supervision;
Amendment 2 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 1
Paragraph 1 – point 1
1. Welcomes the Commission’s initiative to strengthen the capacities of good tax governance for development and sees the need for a regulatory framework designed to support international tax cooperation, public and private sector development and economic growth;
Amendment 3 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 1 a (new)
Paragraph 1 – point 1 a (new)
1a. Points out that good governance in tax matters cannot be exported or imposed from outside, and that it is up to each of the countries to decide its own tax policy. In that context, calls on the Commission and the national governments not to hamper, and to cooperate with, any countries which opt, consistently and fairly, for an increase in taxation that affects foreign undertakings present on their territory, particularly those operating in the fields of extraction of primary resources, which are an important source of wealth in developing countries.
Amendment 8 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 3
Paragraph 1 – point 3
3. Calls on the Commission to adopt more stringent criteria for the identification of tax havens and to work towards an internationally binding multilateral automatic tax-information exchange agreement envisaging countermeasures in the event of non-compliance; draws the Commission’s attention in particular to report P6 - TA(2009)0325 and to the recommended measures for combating tax havens.
Amendment 11 #
2010/2102(INI)
Draft opinion
Paragraph 1 – point 3 a (new)
Paragraph 1 – point 3 a (new)
3a. Recognises that the qualitative and quantitative improvement in developing countries’ domestic revenue mobilisation will bear fruit over the long term. Calls on the European Union to maintain its offer of assistance in all its forms for as long as the developing countries consider it necessary for the financing of their own development.
Amendment 16 #
2010/2053(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that most of the Member States have favoured transposition through ‘horizontal’ legislation; observes, however, that the method of transposition depends on the specific nature of the internal organisation of Member States; calls but regrets the lack of transparency onf the Member States to ensure that the transposition process isprocess in some Member States, in particular those which did not opt for horizontal transposition; calls, accordingly, on the Member States concerned to ensure greater transparentcy, particularly by improving the involvement of the national parliaments in the production of correlation tables;
Amendment 29 #
2010/2053(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the difficulties encountered with recognising professional qualifications, in particular in the medical sector; points out that the Services Directive cannot apply to provisions already covered by the sectoral directives; asks the Commission to clarify this situation as part of a review of the directive on professional qualifications;
Amendment 76 #
2010/2053(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes the difficulties encountered in some Member States with precisely defining the scope of the exclusions provided for by the Directive, particularly concerning social services and health services; points out that such services were excluded because of their specific nature and that they require a sectoral Community legislative framework, such as a framework directive on services of general economic interest;
Amendment 2 #
2010/2052(INI)
Motion for a resolution
Recital A
Recital A
A. whereas advertising fosparticipaters competition and competitiveness, combats abusesin the functioning of the economy as an element of dcominant position and encourages innovation in the internal market, and is consequently of benefit topetitiveness and innovation and as a factor with a potential impact on consumers choice,
Amendment 11 #
2010/2052(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas depending on their financial resources, not all companies have access to the same advertising tools and so do not have the same ability to influence consumer behaviour,
Amendment 18 #
2010/2052(INI)
Motion for a resolution
Recital E
Recital E
E. bearing in mind that the development of targeted (contextual, personalised and behavioural) advertising supposedly tailored to internet users’ interests, which sometimes constitutes a serious attack on the protection of privacy when it involves tracking individuals (through cookies, profiling and geolocation) and has not first been freely and explicitly consented to by the consumer,
Amendment 22 #
2010/2052(INI)
Motion for a resolution
Recital F
Recital F
F. whereas groups of people who are particularly vulnerable because of an alteration in their mental or physical disabilities, age or credulityfaculties, their age or their social and financial situation need special protection,
Amendment 26 #
2010/2052(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. whereas the specific nature of certain products – such as tobacco, alcohol, medicines and online gambling – calls for proper regulation of internet advertising with a view to avoiding abuses, dependence and counterfeiting,
Amendment 29 #
2010/2052(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Maintains that the UCPD provides an appropriate basic legal framework for combating misleading and aggressive advertising, although it is not yet possible to undertake a comprehensive evaluationbut since it maximises harmonisation it does not allow firms to adapt and respond effectively to developments in the technologies used in the field of advertising;
Amendment 51 #
2010/2052(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. EncouragesConsiders that the practice of self- regulation, which is a dynamic, flexible and responsible adjunct to the existing legislative framework; calls on those Member States that do not yet have self- regulatory bodies to facilitate the establishment of such bodies and/or grant them formal recognition can in some cases supplement the existing legislative framework in a dynamic, flexible and responsible way;
Amendment 57 #
2010/2052(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises, however, the limits of self- regulation, which cannot in any case take the place of legislation (in the area of penalties, for example); , particularly as regards the establishment of rules to protect the personal data of consumers and the penalties applicable if such rules are not respected;
Amendment 63 #
2010/2052(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Deplores the development of ‘hidden’ internet advertising that is not covered by the UCPD (C2C relationships), in the form of comments posted on social networks, forums and blogs, the content of which is difficult to distinguish from mere opinion and may thus mislead consumers;
Amendment 68 #
2010/2052(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Suggests that the Member States should warn consumers of these ‘hidden’ forms of advertising (for instance through information campaigns) and encourage the emergence of forum observers/moderators who are alert to the dangers of hidden advertising;
Amendment 71 #
2010/2052(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Voices its concern aboutCondemns the routine use of behavioural advertising and the development of intrusive advertising practices (such as reading the content of emails, using social networks and geolocation, and retargeted advertising), which are serious attacks on consumers’ privacy;
Amendment 73 #
2010/2052(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers that advertising techniques based on tracking individuals without their free and explicit prior consent should be prohibited;
Amendment 92 #
2010/2052(INI)
Motion for a resolution
Paragraph 16 – indent 6
Paragraph 16 – indent 6
– encouragesure that the use of default settings – for computer systems sold to the public and for social networking services – that meetis systematically established in accordance with the strictest data protection standards (‘privacy by design’);
Amendment 125 #
2010/2052(INI)
Motion for a resolution
Paragraph 20 – indent 3
Paragraph 20 – indent 3
– develop an EU advertising liprogramme designed to teracy programme for childrenh children to be wary of advertising, modelled on the United Kingdom’s Media Smart initiative;
Amendment 15 #
2010/2038(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. Whereas, in response to the first signs of a recovery, the European Council recommended in September 2009 that fiscal policies should be ‘reoriented towards the long-term sustainability of public finances’, and pointed out that ‘exit strategies need to be designed in a coordinated manner as soon as the recovery takes hold, taking into account the specific situation of individual countries’.
Amendment 91 #
2010/2038(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes the view that managing public finances on the basis of a series of specific short-term decisions will establish the long-term sustainability of public finances, and that it is within the scope of this series of short-term decisions, in providing a structure for the short term, that the issue of the sustainability of public debt must be addressed;
Amendment 127 #
2010/2038(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Recommends that the Commission and Council set up a public European credit rating agency which would have the authority to assess the quality of government accounts in the Member States and which would be completely independent of both the national and European authorities;
Amendment 143 #
2010/2038(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Recommends that, when calculating Member States’ deficits, the Commission exclude any expenditure on investments made with a view to attaining targets set under the future EU 2020 European strategy, especially expenditure made with a view to promoting the creation of green jobs and reducing the European economy’s carbon footprint;
Amendment 144 #
2010/2038(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Suggests that, if the markets launch a speculative assault on one or more Member States, the Council should give the ECB the go-ahead to partly finance the sovereign debt of the countries concerned under the exceptional circumstances outlined in Article 122(2) of the Lisbon Treaty;
Amendment 145 #
2010/2038(INI)
Motion for a resolution
Paragraph 17 c (new)
Paragraph 17 c (new)
17c. Stresses the importance of a common investment policy as part of a strategy for embarking upon a new economic model; takes the view that the European budgetary framework is not up to a task of such major proportions and recommends that this policy should therefore be funded by issuing eurobonds;
Amendment 2 #
2010/2027(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes the impact of the global recession on public finances and the wider economy; in addition, considers that an ageing population coupled with athe declining birth rate within Europe representsand an overly repressive migration policy characterised by the 'Return Directive' are at the root of a fundamental demographic change which will require reform of theEurope's welfare and fiscal systems of Europesystems and the expansion of its fiscal resources;
Amendment 6 #
2010/2027(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes, nevertheless, that the challenges posed by the ageing population are addressed in the context of the EU 2020 strategy, even though the funding mechanisms for this strategy are not dealt with in depth; takes the view that the EU should ensure that the 2014-2020 financial perspective guarantees the necessary resources for the policies it intends to carry out;
Amendment 13 #
2010/2027(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Stresses the need to encourage private pension provision and to ensure that public sector pensions are no more generous, both Notes that private sector pension funds may play an important role in diminishing terms of contributions and benefits, than those of the taxpayers who ultimately pay for them; notes thathe future burden of providing state pensions, but nevertheless draws attention to the fact that the sums which households set aside for these private sector pension funds will implay an important role in diminishing the future burden of provid corresponding drop in their purchasing power and consumption capacity, which would inevitably have an effect on European growth, the ensuing state pensionx revenue and hence public deficits;
Amendment 17 #
2010/2027(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 18 #
2010/2027(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Requests that the full scale of unfunded public sector pension liabilities is made clear by including these in the government debt-to-GDP ratio;
Amendment 19 #
2010/2027(INI)
Draft opinion
Paragraph 5
Paragraph 5
Amendment 20 #
2010/2027(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasises the need for Member States to increase participation in the labour market through flexible working hours, promotion of part time work and working from homby the oldest workers in particular, notably through massive investment in lifelong learning programmes; also stresses the need for the EU and the Member States to put in place economic policies that will make a return to full employment possible;
Amendment 24 #
2010/2027(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Encourages Member States to support families of all kinds within their tax and benefits systems;
Amendment 26 #
2010/2027(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Encourages Member States to remove all disincentives, particularly in relation to tax and pensions, for older people to continue working beyond retirement age as soon as European economies have returned to full employment, failing which any measure aimed at putting back the legal retirement age will merely transfer the burden from the public pension scheme budget to the unemployment benefit budget.
Amendment 6 #
2010/2011(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the single market must not be seen in isolation from other horizontal policy areas, particularly health, social protection, labour law, the environment, sustainable development and external policy,
Amendment 26 #
2010/2011(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Expresses its concern that the re- emergence of economic protectionism at national level could result in fragmentation of the single market; is concerned that the current economic and financial debacle could be used as ato justification fory reviving protectionist measures in various Member States, whereas the downturn calls for common safeguard mechanisms instead;
Amendment 37 #
2010/2011(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses that the relaunch of the single market must not be wholly dictated bypurely a short-term response to the recent financial downturn and that the revival must go beyond the fundamental lessons learned from the crisise fundamental lessons learned from it, but part of a more ambitious, longer- term strategy aimed at providing European consumers and citizens with the highest possible level of protection and efficacy;
Amendment 81 #
2010/2011(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Notes that, in the insurance segment of the financial services sector, 68% of companies are mutual societies, which have a combined market share of 25% and provide cover to 230 million Europeans; notes that European company law is not geared to the development of mutual societies in the internal market;
Amendment 131 #
2010/2011(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Recognises that the introduction of a statute for a European Mutual Society would boost the single market in retail financial services by offering the many mutual companies operating in this sector the possibility of expanding beyond their borders;
Amendment 233 #
2010/2011(INI)
Motion for a resolution
Paragraph 60 a (new)
Paragraph 60 a (new)
60a. Calls on the Commission to launch a feasibility study on the added value the internal market will derive from the European Mutual Society Statute;
Amendment 4 #
2010/0387(CNS)
Proposal for a directive
Article 3 – paragraph 1 – point a – point i
Article 3 – paragraph 1 – point a – point i
(i) at least to any company of a Member State which fulfils the conditions set out in Article 2 and hamaintains for an uninterrupted period of at least two years a minimum holding of 105 % in the capital of a company of another Member State fulfilling the same conditions;
Amendment 5 #
2010/0387(CNS)
Proposal for a directive
Article 3 – paragraph 1 – point a – point ii
Article 3 – paragraph 1 – point a – point ii
(ii) under the same conditions, to a company of a Member State which hamaintains for an uninterrupted period of at least two years a minimum holding of 105 % in the capital of a company of the same Member State, held in whole or in part by a permanent establishment of the former company situated in another Member State.
Amendment 6 #
2010/0387(CNS)
Proposal for a directive
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) replacadding, by means of bilateral agreement, to the criterion of a holding in the capital by, that of a holding of voting rights;
Amendment 7 #
2010/0387(CNS)
Proposal for a directive
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
Amendment 9 #
2010/0387(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) refrain from taxing such profits, provided that they have been taxed in the country of the subsidiary at a statutory corporate tax rate not lower than 75% of the average statutory corporate tax rate applicable in the Member States; or
Amendment 11 #
2010/0387(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) tax such profits at a statutory corporate tax rate not lower than 75% of the average corporate tax rate applicable in the Member States while authorising the parent company and the permanent establishment to deduct from the amount of tax due that fraction of the corporation tax related to those profits and paid by the subsidiary and any lower-tier subsidiary, subject to the condition that at each tier a company and its lower-tier subsidiary fall within the definitions laid down in Article 2 and meet the requirements provided for in Article 3, up to the limit of the amount of the corresponding tax due.
Amendment 100 #
2010/0281(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) TIn order for the scoreboard to function efficiently as the basis for improved surveillance of macroeconomics, the scoreboard should consist of a limited set of economicreal and nominal economic, social and financial indicators relevant to detection of macroeconomic and social imbalances, with corresponding indicative thresholds. The composition of the scoreboard mayshould evolve in timeover time so as to adapt to the changing nature of macroeconomic imbalances should be amended by way of delegated acts, if needed , inter alia due to evolving threats to macroeconomic and social stability or enhanced availability of relevant statistics.
Amendment 110 #
2010/0281(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The crossing of one or more indicative thresholds need not necessarily imply that macroeconomic imbalances are emerging, as economic policy-making should take into account inter-linkages between macroeconomic variablesor social variables as well as the moment of the economic cycle an economy finds itself in. Economic judgment should ensure that all pieces of information, whether from the scoreboard or not, are put in perspective and become part of a comprehensive analysis.
Amendment 113 #
2010/0281(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) For this reason, a two-stage procedure is required, where extra- European imbalances and intra- European imbalances are distinguished and the involved procedures are different according to the different nature of the imbalance
Amendment 116 #
2010/0281(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Based on the multilateral surveillance procedure and the alert mechanism, the Commission should identify the Member States to be subject to an in-depth review. The in-depth review should encompass a thorough analysis of sources of imbalances in the Member State under review. It should be discussed within the Council and the Euro Group for the Member States whose currencyprepare an in depth review for all Member States, by way of preliminary assessment. The in-depth review should encompass a thorough analysis of the causes of possible external and internal imbalances, for Member States with a surplus or a deficit alike; and the capacity of the Member State under review to resolve them if such imbalances have been evidenced in one way or the other. An in-depth review should be seen as a standard procedure isn the eurodiagnosis phase.
Amendment 125 #
2010/0281(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) A procedure to monitor and correct adverse macroeconomic imbalances, with preventive and corrective elements, will require enhanced surveillance tools based on those used in the multilateral surveillance procedure. This may include enhanced surveillance missions by the Commission to Member States and additional reporting by the Member State in case of severe imbalances, including imbalances that jeopardise the proper functioning of the economic and monetary union, or its social cohesion.
Amendment 143 #
2010/0281(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic and social imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on appropriate policy responses. The policy response of the Member State concerned to imbalances should be timely and should use all available policy instruments under the control of public authorities and involve all relevant national stakeholders. It should be tailored to the specific environment and circumstances of the Member State concerned, be compatible with medium and long-term convergence and the targets included in a Union strategy for growth and jobs, and cover the main economic policy areas, potentially including fiscal and wagetaxation policies, labour markets, product and services markets and financial sector regulation.
Amendment 153 #
2010/0281(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) If severe positive or negative macroeconomic imbalances are identified, including imbalances that jeopardise the proper functioning of economic and monetary union, or its social cohesion, an excessive imbalance procedure should be initiated that may include issuing recommendations to the Member State, enhanced surveillance and monitoring requirements and in respect of Member States whose currency is the euro, the possibility of enforcement in accordance with Regulation (EU) No […/…]4 in the event of sustained and unjustified failure to take corrective action.
Amendment 159 #
2010/0281(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) Any Member State placed under the excessive imbalance procedure should establish a corrective action plan setting out details of its policies designed to implement the Council recommendations. The corrective action plan should include a timetable for implementation of the measures envisaged. It should be endorsed by the Council on a report from the Commission and after consulting the European Parliament.
Amendment 166 #
2010/0281(COD)
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) The Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU in respect of the scoreboard as a tool to facilitate early identification and monitoring of imbalances. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level
Amendment 176 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) '‘macroeconomic imbalances‘’ means macroeconomicpersistently diverging developments between aggregate demand and aggregate supply leading to a systematic surplus or deficit in the overall savings position of an economy, persistently deteriorating competitiveness and/or social developments which are adversely affecting, or have the potential adversely to affectto affect adversely, the proper functioning of the economy of a Member State or of economic and monetary union, or the social cohesion in a Member State, the euro area, or of the Union as a whole.
Amendment 187 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) 'excessive imbalances‘ means severe positive or negative imbalances, including imbalances that jeopardise the proper functioning of economic and monetary union or its social cohesion.
Amendment 196 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. TIn order to facilitate early identification and monitoring of imbalances, the Commission shall establish, after consultation with Member States, establish an indicative scoreboard as a tool to facilitate eing the social partners, by means of delegated acts in accordance with Article -12 and subject to the conditions of Articles -12a and -12b, a scoreboard comprising the following indicators, which may be amended when deemed necessarly identification and monitoring of imbalances.n order to integrate new emerging imbalances and better assess competitiveness positions or excessive internal and external imbalances in relation to:
Amendment 197 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a (new)
Article 3 – paragraph 1 – point a (new)
(a) product and services markets (inflation, current account balance, public and private R&D expenditure, housing, agriculture and energy prices evolution);
Amendment 198 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b (new)
Article 3 – paragraph 1 – point b (new)
(b) capital markets (credit growth, public and private debt, public and private investment, FDI- net foreign asset positions, aggregated demand);
Amendment 199 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c (new)
Article 3 – paragraph 1 – point c (new)
(c) industrial market (production capacity utilisation rate)
Amendment 200 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d (new)
Article 3 – paragraph 1 – point d (new)
(d) labour markets (employment and unemployment rate by gender and age groups, scale of wages and compensations, investment in education, poverty);
Amendment 201 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point e (new)
Article 3 – paragraph 1 – point e (new)
(e) taxation (rates of labour and capital taxation, patrimonial taxation, progressivity of income taxation);
Amendment 202 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point f (new)
Article 3 – paragraph 1 – point f (new)
(f) fiscal, economic, social and environmental sustainability
Amendment 205 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and macrofinancial indicators for Member Stsocial indicators for Member States. These will allow to detect serious misalignments between aggregate demand and supply and between an economy’s income and consumption. Social indicators will, amongst others, include indicators on inequalities, the incidence of low pay, the working poor, the share of labour income in overall GDP and unit profit rates. The Commission mayshall set indicative symmetric lower orand upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 250 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. The Commission shall update the values for the indicators on the scoreboard at least on a yearly basis for each Member State taking into account their particular economic situation and the different impact of each indicator in their macroeconomic situation. The updated scoreboard shall be made public.
Amendment 268 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall discuss and adopt conclusions on the Commission report after having consulted the European Parliament. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro.
Amendment 274 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Taking account of the discussions in the Council and the Euro Group, as provided for in Article 4(4), the Commission shall prepare an in-depth review for each Member State it considers affected by, or at risk of, imbalances. This assessment shall include an evaluation of whether the Member State in question iss are affected by imbalances, and of whether these imbalances constitute excessive imbalances.
Amendment 297 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. If, on the basis of its in-depth review referred to in Article 5 of this Regulation, the Commission considers that a Member State is experiencing imbalances, it shall inform the European Parliament and the Council accordingly. The Council, on a recommendation from the Commission and after consulting the European Parliament, may address the necessary recommendations to the Member State concerned, in accordance with the procedure set out in Article 121(2) of the Treaty.
Amendment 303 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Council shall inform the National and European Parliament of its recommendations. The Council recommendations shall be made public.
Amendment 84 #
2010/0280(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) The Stability and Growth Pact is based on the objective of sound government finances as a means of strengthening the conditions for price stability and for strong sustainable growth underpinned by financial stability and conducive to employment creation and should, therefore, be measured against its ability to meet objectives laid down in article 3 TFEU and enhance long term investments for smart, sustainable and inclusive growth.
Amendment 87 #
2010/0280(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) There is a need to build upon the experience gained and learn from mistakes made during the first decade of functioning of the economic and monetary union. Accordingly, the implementation of the Stability and Growth Pact must be measured against its ability to meet objectives laid down in Article 3 TFUE and enhance long-term investments for smart, sustainable and inclusive growth.
Amendment 92 #
2010/0280(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The preventive part of the Stability and Growth Pact that is meant to ensure that Member States follow efficient and sustainable fiscal policy would benefit from more stringent and symmetric forms of coordination in order to ensure minimum quality and consistency with the economic and monetary union budgetary coordination framework.
Amendment 120 #
2010/0280(COD)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
Amendment 132 #
2010/0280(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) AdherencBudgetary positions net of public investment undertaken in pursuit of the Union’s objectives as laid down in Article 3 TFEU which adhere to the medium-term budgetary objective of budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference value in order to ensure rapid progress towards sustainability and to have room for budgetary manoeuvre, in particular taking into account the needs of public investmentadjust their policies in accordance with the normal development of the economic cycle while maintaining a reasonable position with respect to the 3% of GDP reference value.
Amendment 154 #
2010/0280(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) PrudentEfficient and sustainable fiscal policy- making implies that the growth rate of government expenditure does normally not exceed a prudentpublic finances; over the medium term, adhere to a set of expenditure and revenue indicative guidelines. Growth in tax revenue (with temporary sources of revenue being excluded) should normally not fall behind the medium- term growth rate o f GDP, increases in excess of that norm are matched by d. Growth in government expenditure (with those social benefits and expenditure components being related to the business cycle) should normally not exceed a prudent medium term growth rate of GDP. Discretionary increases in government revenues andexpenditure or discretionary revenue reductions are compensated by reductions in expenditure.in tax revenue are to be offset by accompanying other discretionary measures, either on the side of expenditure or/and on the side of tax revenues
Amendment 217 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 1 c (new) – point a (new)
Article 1 – point 1 c (new) – point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
Article 2a – paragraph 1
Amendment 245 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b – subpoint i
Article 1 – point 2 – subpoint b – subpoint i
Regulation (EC) No 1466/97
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) the medium-term budgetary objective and the adjustment path towards this objective for the general government balance as a percentage of GDP, the expected path of the general government netto debt ratio, the planned growth path of government expenditure, the planned growth path of government revenue at unchanged policy and a quantification of the planned discretionary revenue measures;
Amendment 259 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint c
Article 1 – point 2 – subpoint c
Regulation (EC) No 1466/97
Article 3 – paragraph 3
Article 3 – paragraph 3
3. The information about the paths for the general government balance and net debt ratio, the growth of government expenditure and its contribution to the implementation of the Union’s growth and employment objectives, the planned growth path of government revenue at unchanged policy, the planned discretionary revenue measures , government investment expenditure, real gross domestic product (GDP) growth, employment and inflation the paths for growth and indicators of the competitiveness of the economy, including the production capacity utilisation rate, taxation rates on companies, progressivity of income taxes, aggregated demand and the main economic assumptions referred to in paragraph 2(a), and (b) shall be on an annual basis and shall cover, the preceding year, the current year and at least the following three years. '
Amendment 283 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The Council and the Parliament, when assessing the adjustment path toward the medium-term budgetary objective, shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically-adjusted budget balance, net of one-off and other temporary measures, required to meet its medium-term budgetary objective, with 0.5% of GDP as a benchmark. For Member States with a high level of netto debt or excessive macroeconomic and social imbalances or both, the Council and the Parliament shall examine whether the annual improvement of the cyclically- adjusted budget balance, net of one-off and other temporary measures is higher thanreasonably close to 0.5% of GDP. The Council and the Parliament shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limitsuspended in economic bad times.
Amendment 295 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 4
Article 5 – paragraph 1 – subparagraph 4
Amendment 301 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 4 – point a
Article 5 – paragraph 1 – subparagraph 4 – point a
(a) for Member States that have achieved the medium-term budgetary objective, annual expenditure growth does not exceed a prudentthe estimate of medium-term rate of GDP growth, whereas growth in tax revenue does not stay behind the growth in government revenue unless the excess ises or gaps are matched by discretionary revenue measmeasures in revenue or/and expenditures;.
Amendment 307 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 4 – point b
Article 5 – paragraph 1 – subparagraph 4 – point b
(b) for Member States that have not yet reached their medium-term budgetary objective, annual growth in tax revenue should exceed the medium term rate of growth of GDP, whereas annual medium term expenditure growth doesshould not exceed a rate below a prudent medium- term rate of GDP growth, unless the excess is matched by discretionary revenue measures. The impact of unemployment benefits and other social expenditure related to the business cycle is not to be taken into account when in the calculation and assessment of the growth path of government expenditure. Deviations from these indicative expenditure and growth paths shall not be seen as a problem in case these deviations are matched by discretionary measures, either on the expenditure side or the revenue side or both. The size of the shortfall of the growth rate of government expenditure compared to a prudent medium-term rate of GDP growth is, and the size of the excess of growth rate of tax revenue compared to medium term GDP growth are both set in such a way as to ensure an appropriate adjustment towards the medium-term budgetary objective; .
Amendment 353 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 9
Article 5 – paragraph 1 – subparagraph 9
In periods of severe economic downturn of a general nature Member States may be allowed to temporarily depart from the adjustment path implied by prudent fiscal- policy making referred to in the fourth subparagraphset in its medium-term budgetary objectives.
Amendment 364 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The Council shall carry out the examination of the stability programme within at most three months of the submission of the programme. The Council, on a recommendation from the Commission and after consulting the Parliament and the Economic and Financial Committee, shall, if necessary, deliver an opinion on the programme. Where the Council, in accordance with Article 121 of the Treaty, considers that the objectives and the content of the programme should be strengthened with particular reference to prudsustainable and efficient fiscal policy-making, the Council shall, in its opinion, invite the Member State concerned to adjust its programme.
Amendment 370 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 1
Article 6 – paragraph 1
1. As part of multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall monitor the implementation of stability programmes, on the basis of information provided by participating Member States and of assessments by the Commission and the Economic and Financial Committee, in particular with a view to identifying actual or expected significant divergences of the budgetary position from the medium-term budgetary objective, or from the appropriate adjustment path towards it ensuing from deviations from prudent fiscal-policy making.
Amendment 374 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Amendment 380 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – first subparagraph
Article 6 – paragraph 2 – first subparagraph
In the event of a significant deviation from prudent fiscal-policy making referred in the fourth subparagraph of Article 5(1) of this regulationMedium term budgetary objectives, and in order to prevent the occurrence of an excessive deficit or surplus, the Commission, in accordance with Article 121(4) of the Treaty may address a warning to the Member State concerned.
Amendment 384 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – subparagraph 2
Article 6 – paragraph 2 – subparagraph 2
Amendment 406 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 3
Article 6 – paragraph 3
3. In the event that the significant deviation from prudent fiscal-policy makingthe Medium term budgetary objectives persists or is particularly serious, the Council, on a recommendation from the Commission, shall address a recommendation to the Member State concerned to take the necessary adjustment measures. The Council, on a proposal from the Commission, shall make the recommendation public.
Amendment 420 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 6 – subpoint b – subpoint i
Article 1 – point 6 – subpoint b – subpoint i
Regulation (EC) No 1466/97
Article 7 – paragraph 2 – point a
Article 7 – paragraph 2 – point a
(a) the medium-term budgetary objective and the adjustment path towards this objective for the general government balance as a percentage of GDP, the expected path of the general government netto debt ratio, the planned growth path of government expenditure, the planned growth path of government revenue at unchanged policy and a quantification of the planned discretionary revenue measures, the medium-term monetary policy objectives, the relationship of those objectives to price and exchange rate stability and to the achievement of sustained convergence;
Amendment 452 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 2
Article 9 – paragraph 1 – subparagraph 2
The Council, when assessing the adjustment path toward the medium-term budgetary objective, shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited or suspended in economic bad times. For Member States with a high level of netto debt or excessive macroeconomic imbalances or both, the Council shall examine whether the annual improvement of the cyclically-adjusted budget balance, net of one-off and other temporary measures is higher thanreasonably close to 0.5% of GDP. For ERM2 Member States, the Council shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically adjusted balance, net of one-off and other temporary measures, required to meet its medium- term budgetary objective, with 0.5% of GDP as a benchmark.
Amendment 496 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 7
Article 9 – paragraph 1 – subparagraph 7
Amendment 536 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
A deviation from prudsustainable and efficient fiscal policy making shall be considered significant if the following conditions occur: an excess over the expenditure growth consistent with prudefficient fiscal policy-making, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation has a total impact on the government balance of at least 0.5% of GDP in one single year or of at least 0.25% of GDP on average per year in two consecutive years, and the off-balance increases faster than the annual growth rate for the year considered.
Amendment 51 #
2010/0279(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty, should entail compliance with the guiding principles of stable prices, a high rate of employment, progressive and redistributive taxation, a high level of universal social protection, sound public finances and monetary conditions and a sustainable balance of payments.
Amendment 78 #
2010/0279(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In particular, surveillance of the economic policies of the Member States should be broadened beyond budgetary surveillance to prevent excessive macroeconomic imbalances and help the Member States affected by either deficits or surpluses to devise corrective plans before divergences become entrenched. This broadening should go in step with a deepening of fiscal surveillance based on extensive studies of the general economic background in each country.
Amendment 90 #
2010/0279(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Enforcement of Regulation (EU) No […/…]4 should be strengthened by establishing fines for Member States whose currency is the euro in case of repetitiveated unjustified non-compliance with the recommendations to address excessive macroeconomic imbalances whether deficit or surplus.
Amendment 97 #
2010/0279(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Enforcement should also be strengthened through provision for incentives as well as penalties.
Amendment 104 #
2010/0279(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Repeated unjustified failure to comply with Council recommendations to address excessive macroeconomic imbalances should, as a rule, be subject to a yearly fine,penalty until the Council establishes that the Member State has taken corrective action to comply with its recommendations.
Amendment 110 #
2010/0279(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Moreover, repeated unjustified failure of the Member State to draw up a corrective action plan to address the Council recommendations should be equally subject toas a yearly fine as a rulerule to a penalty, until the Council establishes that the Member State has provided a corrective action plan that sufficiently addresses its recommendations.
Amendment 119 #
2010/0279(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To ensure equal treatment between Member States, the finepenalty should be identicalsimilar for all Member States whose currency is the euro, and equal to 0.1% of the gross domestic product (GDP)proportionate to the general economic situation of the Member State concerned in the preceding year.
Amendment 124 #
2010/0279(COD)
Proposal for a regulation
Recital 11
Recital 11
Amendment 129 #
2010/0279(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The procedure for the application of the finpenalties on the Member States which, without justification, fail to take effective measures to correct macroeconomic imbalances should be construed in such a way that the application of the fine on those Member States would be the rule and not the exceptionpenalty would be imposed on those Member States uncompromisingly.
Amendment 136 #
2010/0279(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The collected fines should be distributed between Member States whoscredited to the cEurrency is the euro which are neither the subject of an excessive imbalance procedure nor have an excessive defopean Union budget as extraordinary revenue and should be used primarily to finance cohesion policites.
Amendment 153 #
2010/0279(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out a system of fines and incentives for effective correction of macroeconomic imbalances in the euro area.
Amendment 157 #
2010/0279(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation shall apply to Member States whose currency is the euro and, on a voluntary basis, to Member States seeking to join the eurozone.
Amendment 170 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – introductory part
Article 3 – paragraph 1 – subparagraph 1 – introductory part
A yearly finepenalty shall be imposed by the Council, acting on a proposal by the Commission, if:
Amendment 176 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point 1
Article 3 – paragraph 1 – subparagraph 1 – point 1
(1) two successive deadlines have been set in accordance with Articles 7(2) and 10(4) of Regulation (EU) No […/…], and the Council thereafter concludes in accordance with Article 10(4) of that Regulation that the Member State concerned, without furnishing any justification, has still not taken the recommended corrective action, or if
Amendment 180 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point 2
Article 3 – paragraph 1 – subparagraph 1 – point 2
(2) two successive deadlines have been set in accordance with Articles 8(1) and 8(2) of Regulation (EU) No […/…], and the Council thereafter concludes in accordance with Article 8(2) of that Regulation that the Member State concerned has again submitted an insufficient corrective action plan, and without justification, submitted a corrective action plan that is judged to be insufficient.
Amendment 187 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
Amendment 189 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
The decision shall be deemed adopted by the Council unless it decides,Council shall adopt the decision by a qualified majority, to reject the proposal within ten days the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty of its members, following consultation with Parliament and with the social partners. The Council may amend the proposal by a qualified majority of its members.
Amendment 194 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The yearlyIf it is decided to impose a financial penalty, the fine to be proposed by the Commission shall be 0.1% of the GDP of the Member State concerned in the preceding year, net of all investments made in pursuit of the objectives of the EU 2020 strategy or of the aims of the Union as set out in Article 3 of the Treaty on European Union.
Amendment 213 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. If a Member State has paid a yearly fine for a given calendar year and the Council thereafter concludes, in accordance with Article 10(1) of Regulation (EU) No […/…] that the Member State has taken the recommended corrective action in the course of the given year, the fine paid for the given year shall be returned to the Member State pro rata temporis.
Amendment 234 #
2010/0279(COD)
Proposal for a regulation
Article 4
Article 4
Fines collected in accordance with Article 3 of this Regulation shall constitute other revenue, as referred to in Article 311 of the Treaty, and shall be distributed, in proportion to their share in the total gross national income (GNI) of the eligible Member States, between Member States whose currency is the euro and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…] and do not have an excessive deficit as determined in accordance with Article 126(6) of the Treatyused primarily to finance the Union’s cohesion policies, especially for the benefit of Member States with serious macroeconomic imbalances, or to finance projects to promote the integration and upward convergence of economies within the Union.
Amendment 247 #
2010/0279(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For the measures referred to in Article 3, only members of the Council representing Member States whose currency is the euro and Member States applying this regulation on a voluntary basis shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned.
Amendment 67 #
2010/0277(NLE)
Recital 2
2. Member State governments and government sub-sectors maintain public accounting systems which include elements such as bookkeeping, internal control, financial reporting, and audit. These should be distinguished from statistical data which relate to the outcomes of government finances and the policies funded by them based on statistical methodologies, and from forecasts or budgeting actions which relate to future government finances.
Amendment 70 #
2010/0277(NLE)
Recital 4
4. The availability of fiscal data is crucial to the proper functioning of the budgetary surveillance framework of the Union. Regular availability of timely and reliable fiscal data is the key to proper and well- timed monitoring, which in turn allows prompt action in the event of adverse budgetary developments or adverse developments affecting the general economic situation. A crucial element in ensuring the quality of fiscal data is transparency, which must entail regular public availability of such data.
Amendment 72 #
2010/0277(NLE)
Recital 7
7. Biased and unrealExcessive pessimistic or optimistic macroeconomic and budgetary forecasts may considerably hamper the effectiveness of fiscal planning and consequently impair commitment to budgetary discipline, while transparency and validation of forecasting methodologies may significantly increase the quality of macroeconomic and budgetary forecasts for fiscal planning;
Amendment 77 #
2010/0277(NLE)
Recital 10
10. Commission forecasts and information regarding the models on which they are based provide Member States with a useful benchmark for their central scenario, enhancabling the validity ofm to evaluate the forecasts used for budgetary planning, although the extent to which Member States can be expected to take the Commission forecasts into consideration will vary according to the timing of forecast preparation and the comparability of the forecast methodologies and assumptions.
Amendment 82 #
2010/0277(NLE)
Recital 11
11. The quality of official macroeconomic and budgetary forecast is criticallys would be enhanced by auditing them at the planning stage, this being done by an independent public body. Thorough auditing includes scrutiny of the economic assumptions comparison with forecasts prepared by other institutions and the evaluation of past forecast performance.
Amendment 84 #
2010/0277(NLE)
Recital 12
12. Considering the documented effectiveness of rules based on budgetary frameworks of thewhich has been noted in certain Member States in promoting budgetary discipline, strong national fiscal rules that are consistentmpatible with the budgetary objectives at the level of the Union must be the cornerstone of the strengthening budgetary surveillance framework of the Union. Strong fiscal rules should be equipped with well specified target definitions together with mechanisms for effective and timely monitoring. In addition policy experience has shown that for numerical rules to work effectively consequences must be attached to non-compliance where the costs involved may be simply reputational.
Amendment 96 #
2010/0277(NLE)
Recital 13
13. Member States should avoid pro- cyclical fiscal policies and fiscal consolidation efforts should be greater in good times. Well-specified numerical fiscal rules taking account of the stage reached by the economy within the cycle are conducive to these objectives.
Amendment 97 #
2010/0277(NLE)
Recital 13
13. Member States should avoid pro-implement counter cyclical fiscal policies and fiscal consolidation efforts should be greconcentraterd in good times. Well- specified numerical fiscal rules are conducive to these objectives.
Amendment 104 #
2010/0277(NLE)
Recital 15
15. Although approval of annual budget legislation is the key step in the budget process in which important budgetary decisions are adopted in the Member States, most fiscal measures have budgetary implications that go well beyond the yearly budgetary cycle. A single year perspective therefore provides a poorn insufficient basis for sound budgetary policies. In order to incorporate the multi-annual budgetary perspective of the budgetary surveillance framework of the Union, planning of annual budget legislation should be based on multiannual fiscal planning stemming from the medium-term budgetary framework, subject to constraints on the timetable to whcih our national parlimanets are able to commit themselves.
Amendment 109 #
2010/0277(NLE)
Recital 17
Amendment 111 #
2010/0277(NLE)
Recital 18
18. To be effective in promoting budgetary discipline and the sustainability of public finance, budgetary frameworks should comprehensively cover psublic finance-naitonal governments. For this reason operations of extra budgetary funds and bodies that have an immediate or medium term impact on member States budgetary positions should be given particular consideration.
Amendment 118 #
2010/0277(NLE)
Article 2 – paragraph 2 – point c
(c) numerical fiscal rules, which establish a permanent constraint on the conduct of fiscal policy expressed in terms of a summary indicator of budgetary performance and the anticyclical effectiveness of budget-related policies, such as the government budget deficit, borrowing, debt, or a major component thereof, as well as their impact on investment levels or unemployment rates;
Amendment 126 #
2010/0277(NLE)
Article 3 – paragraph 2 – point a
(a) cash based fiscal data at a monthquarterly frequency covering government with each sub-sector thereof separately identified before the end of the following monthquarter,
Amendment 129 #
2010/0277(NLE)
Article 4 – paragraph 1
1. Member States shall ensure that fiscal planning is based on realistic macroeconomic and budgetary forecasts using the most up-to-date information, includign natioanl forecasts where they are more up to date than Commission forecasts. Budgetary planning shall be based on the most likely macro-fiscal scenario or on a more prudent scenario that highlights in detail deviations from the most likely macro-fiscal scenario. The macroeconomic and budgetary forecasts shall be prepared taking into account the Commission forecasts as appropriate. Differences between the chosen macro- fiscal scenario and the Commission forecast shall be explained.
Amendment 139 #
2010/0277(NLE)
Article 4 – paragraph 4
4. Member States shall have the macroeconomic and budgetary forecasts for fiscal planning regularly audited by an independent public body, including ex post evaluation. The result of this auditing shall be made public.
Amendment 148 #
2010/0277(NLE)
Article 5 – paragraph 1 – introductory part
Member States shall have in place numerical fiscal rules that effectively promote compliance with their respective obligations deriving from the Treaty in the area of budgetary policy, in accordance with its countercyclical role. Such rules shall include in particular:
Amendment 156 #
2010/0277(NLE)
Article 6 – paragraph 1 – point d
(d) Eescape clauses setting out a limited number ofthe specific circumstances, particularly those reflected by macroeconomic and social indicators, in which temporary non-compliance with the rule is permitted.
Amendment 164 #
2010/0277(NLE)
Article 8 – paragraph 2 – point a
(a) comprehensive and transparent multi- annual budgetary objectives in terms of the general government deficit, debt, and any other summary fiscal indicator, and objectives envisaged in respect of the policies being funded ensuring that these are consistent with any fiscal rules as provided for in Chapter IV in force,;
Amendment 167 #
2010/0277(NLE)
Article 8 – paragraph 2 – point b
(b) detailed projections of each major expenditure and revenue item, by general government sub-sector, for the budget year and beyond, based on unchanged policies, and the anticipated effects of the policiies being funded;
Amendment 170 #
2010/0277(NLE)
Article 8 – paragraph 2 – point c
(c) a statement of the government’s medium-term priorities broken down by major revenue and expenditure item and by general government sub-sector, showing how the adjustment towards the medium- term budgetary objective is achieved compared to projections under unchanged policies or in view of the failure of policies being funded.
Amendment 177 #
2010/0277(NLE)
Article 13 – paragraph 3
Amendment 359 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c a (new)
Article 12 – paragraph 1 – point c a (new)
(ca) the financial instrument is sold short at a price above the price at which the immediate preceding sale was effected (up-tick) or at the last sale price if it is higher than the last difference price (zero- up tick).
Amendment 14 #
2010/0101(COD)
Proposal for a decision
Recital 8 a (new)
Recital 8 a (new)
(8a) The EIB should be granted an additional mandate of EUR 500 million for microcredit financing to improve access to bank finance for the poorest, with the aim of developing wealth- creating microprojects and reducing poverty. This activity should be developed by the EIB – either directly or via actions already being carried out by other international financial institutions or European bilateral financial institutions – through reliable local financial institutions and with appropriate monitoring of the use of the loans granted.
Amendment 19 #
2010/0101(COD)
Proposal for a decision
Recital 26
Recital 26
(26) The EIB should be encouraged to increase its operations outside the EU without recourse to the EU guarantee in ordso that use of the guarantee can be reserved for countries and projects with the poorest access to the market and where tohe guarantee therefore provides higher added value. Consequently, and always with the aim of supporting EU external policy objectives, the EIB should increase the amounts loaned at its own risk, particularly in pre-accession countries and neighbourhood countries and in investment grade countries in other regions, but also in sub-investment grade countries when the EIB has the appropriate third party guarantees. In consultationagreement with the Commission, the EIB should develop a policy for deciding between the allocation of projects to either the mandate under EU guarantee or to EIB own risk financing. Such a policy would notably take into account the creditworthiness of the countries and projects concerned. When the external mandate is renewed for the 2014-2020 period, this policy should be reviewed and the list of countries eligible under the guarantee should be re- examined.
Amendment 21 #
2010/0101(COD)
Proposal for a decision
Recital 27 a (new)
Recital 27 a (new)
(27a) The EIB should be more rigorous and more transparent in choosing its financial partners. It should, in particular, guarantee that in the context of its financial operations covered by the EU guarantee the financial vehicles which it or its partners use cannot under any circumstances allow or contribute to any form of tax evasion. The EIB should also, insofar as possible, increase the diversification of its financial partners in the countries in which it operates.
Amendment 22 #
2010/0101(COD)
Proposal for a decision
Recital 30
Recital 30
(30) The reporting and transmission of information by the EIB to the Commission should be strengthened in order to allow the Commission to enhance its annual report to the European Parliament and the Council on the EIB financing operations carried out under this decision. The report should in particular assess the compliance of EIB financing operations with this decision, taking into account the operational guidelines, and include sections on added value in line with EU policies and sections on cooperation with the Commission, other IFIs and bilateral donors, including co-financing. The report should also assess the extent to which the EIB has taken into account economic, financial, environmental and social sustainability in the design and monitoring of the projects financed. It should also contain a specific section devoted to a detailed evaluation of the measures taken by the EIB to comply with the provisions of this decision, excluding from the scope of the guarantee all operations which would allow, or contribute directly or indirectly to, any form of tax evasion, and paying particular attention to EIB operations using certain financial vehicles. Where necessary, the report should include references to significant changes in circumstances that would justify further amendments to the mandate before the end of the period.
Amendment 25 #
2010/0101(COD)
Proposal for a decision
Article 1 – paragraph 2
Article 1 – paragraph 2
2. Eligible for EU guarantee shall be EIB loans and loan guarantees for investment projects carried out in countries covered by this decision, granted in accordance with the EIB’s own rules and procedures in support of the relevant external policy objectives of the EU, where the EIB financing has been granted according to a signed agreement which has neither expired nor been cancelled, and on condition that they do not directly or indirectly use any financial vehicle as defined in Annex IIa which would allow, or contribute to, any form of tax evasion (EIB financing operations).
Amendment 34 #
2010/0101(COD)
Proposal for a decision
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The Commission shall report annually to the European Parliament and the Council on EIB financing operations carried out under this Decision. The report shall include an assessment of EIB financing operations at project, sector, country and regional level as well as the contribution of the EIB financing operations to the fulfilment of the external policy and strategic objectives of the EU. The report shall in particular assess the compliance of EIB financing operations with this Decision, taking into account the operational guidelines referred to in Article 5, and shall include sections on added value for the achievement of EU policy objectives as well as on cooperation with the Commission and other international financial institutions and bilateral institutions, including co-financing. nd the extent to which to which the EIB has taken into account environmental and social sustainability in the design and monitoring of the projects financed, as well as on cooperation with the Commission and other international financial institutions and bilateral institutions, including co-financing. The report shall also contain an assessment of the EIB's human and material resources policy relating to its activities outside the EU. Finally, it shall contain a specific section devoted to a detailed evaluation of the measures taken by the EIB to comply with the provisions of Article 1(2) of this decision, excluding from the scope of the guarantee all operations which would allow, or contribute directly or indirectly to, any form of tax evasion, and paying particular attention to EIB operations using financial vehicles as defined in Annex IIa.
Amendment 42 #
2010/0101(COD)
Proposal for a decision
Annex II a (new)
Annex II a (new)
Amendment 31 #
2009/2218(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Insists that the European Union, the Member States and the EIB assume a leading role in this and make investments through tax havens less attractive by adopting rules on public procurement contracts and the granting of public funds that prevent any company, bank or other institution registered in a tax haven from benefiting from public funds; with a view to this, asks the Commission and the Member States to use the mid-term review of EIB external lending activity to make concrete improvements to its capabilities for evaluating the beneficiaries of its loans and to ensure its investments in developing countries actually contribute to eradicating poverty;
Amendment 37 #
2009/2218(INI)
Motion for a resolution
Paragraph 4 f (new)
Paragraph 4 f (new)
Amendment 38 #
2009/2218(INI)
Motion for a resolution
Paragraph 4 g (new)
Paragraph 4 g (new)
4g. Welcomes the recommendations contained in the conclusions of the Council meeting of 14 May 2008 to include a clause on good governance in the tax area in trade agreements, since this constitutes the first step in the fight against fiscal measures and practices that encourage tax evasion and fraud; asks the Commission to introduce such a clause immediately in its negotiations on future trade agreements;
Amendment 40 #
2009/2218(INI)
Motion for a resolution
Paragraph 4 h (new)
Paragraph 4 h (new)
4h. Urges the Council to reach a rapid comprehensive agreement on the proposal for amendment of the directive on taxation of savings income and in particular concerning the countries listed in Annex 1 to this legislative proposal which receive European development funds;
Amendment 41 #
2009/2218(INI)
Motion for a resolution
Paragraph 4 i (new)
Paragraph 4 i (new)
4i. Asks the Council to make active progress towards reaching an international agreement introducing the automatic exchange of financial and tax information both bilaterally and multilaterally;
Amendment 102 #
2009/2218(INI)
Motion for a resolution
Paragraph 18 d (new)
Paragraph 18 d (new)
Amendment 10 #
2009/2203(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the rules of the Stability and Growth Pact (SGP) were not designed for the purposes of the expected post-crisis level of public debt; whereas the rules of the SGP were amended in 2005 so that budgetary policies could be adapted to cope with exceptional circumstances,
Amendment 27 #
2009/2203(INI)
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 and the currencies linked to it for the economy of the European Union;
Amendment 38 #
2009/2203(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. 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; proposes that real salaries should rise in line with productivity gains, in order to guarantee long-term stability in the distribution of income;
Amendment 44 #
2009/2203(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. 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 – e.g. by adopting a policy of differentiated exchange rates depending on the type of transactions to be financed;
Amendment 47 #
2009/2203(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for a world monetary conference to be organised under the auspices of the IMF in order to hold global consultations on monetary questions and to explore the arguments for creating a supranational reserve currency to neutralise the counter-productive effects of exchange rate fluctuations;
Amendment 55 #
2009/2203(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 58 #
2009/2203(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 61 #
2009/2203(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 68 #
2009/2203(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 74 #
2009/2203(INI)
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 size in the context of the European Union’s financial perspectives;
Amendment 81 #
2009/2203(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 90 #
2009/2203(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates its view that economic coordination should take the form of an integrated European economic and employment strategy on the basis of a future review of the Lisbon Strategy, the Integrated Guidelines, the Sustainable Development Strategy and the convergence and stability programmes;
Amendment 92 #
2009/2203(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Expresses its deep concern over the unsustainable level of public debtgrowth in unproductive debt in some Member States and its predicted rapid increase in 2010 and 2011 which forms an even larger burden, bearing in mind that future generations will inherit the growing ecological and private financial debt;
Amendment 104 #
2009/2203(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Considers it necessary to reviewcomply with the spirit of the ruleseview of the SGP, which were not designed for the purposes of the expected post- crisis levels of accumulated debt in many Member St2005 SGP and thus enable the Member States to retain their economic support measures until the recovery has been consolidatesd;
Amendment 110 #
2009/2203(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Supports the Commission’s use of the excessive deficit procedure in order to reduce public deficit but insists that Member States’the quality of the Member States’ debt and their conjunctural situation be taken into account;
Amendment 113 #
2009/2203(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Considers that Member States with difficulties in sustaining their public finances should, in the first instance, be responsible for resolving those difficulties, particularly by means of a more appropriate fiscal policy;
Amendment 128 #
2009/2203(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Reiterates its view that Member States’ governments should, when deciding their national budgets, take into account the Integrated Guidelines and the country- specific recommendations as well as the overall budgetary situation in the euro area;Considers that the different national fiscal calendars and the main assumptions used in the underlying forecasts should be harmonised in order to avoid disparities caused by the use of different macro- economic forecasts (concerning, for example, global growth, EU growth, the oil barrel price and interest rates) and other parameters; calls on the Commission, Eurostat and the Member States to work towards the definition of tools to enhance the comparability of national budgets as regards spending in different categories;
Amendment 46 #
2009/0054(COD)
Proposal for a directive
Recital 17
Recital 17
(17) Late payment is particularly regrettable if it occurs despite the debtor’s solvency. Surveys show that public authorities often pay invoices very late after expiration of the applicable payment period. Public authorities, even though they may face lighter financing constraints because theyand may benefit from more secure, predictable and continuous revenue streams than private undertakings. It is therefore appropriate to introduce correspondingly higher dissuasive compensation in case of late payment by public authoritieHowever, unlike private undertakings, public authorities are not motivated by profit but pursue objectives in the general interest. It would not therefore seem desirable to introduce higher dissuasive compensation for public authorities than for private undertakings.
Amendment 86 #
2009/0054(COD)
Proposal for a directive
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. Member States shall ensure that in commercial transactions between private undertakings, the creditor is entitled to inter or those leading to the delivery of goods or the provision of servicest for late payment without the necessity of a reminderremuneration to public authorities, the creditor is entitled, without the necessity of a reminder, to interest for late payment equal to statutory interest if the following conditions are satisfied:
Amendment 98 #
2009/0054(COD)
Proposal for a directive
Article 3 – paragraphs 2 and 3
Article 3 – paragraphs 2 and 3
2. Where the conditions set out in paragraph 1 are fulfilled, Member States shall ensure the following: (a) interest for late payment shall become payable from the day following the date or the end of the period for payment fixed in the contract; (b) if the date or period for payment is not fixed in the contract, interest for late payment shall become payable automatically within any of the following time limits: (i) 30 days following the date of receipt by the debtor of the invoice or an equivalent request for payment; (ii) if the debtor receives the invoice or the equivalent request for payment earlier than the goods or the services, 30 days after the receipt of the goods or services; (iii) if a procedure of acceptance or verification, by which the conformity of the goods or services with the contract is to be ascertained, is provided for by statute or in the contract and if the debtor receives the invoice or the equivalent request for payment earlier or on the date on which such acceptance or verification takes place, 30 days after that date. For hospital structures, however, the time limits referred to in points( i), (ii), and (iii) are sixty days. 2a. Member States shall ensure that the maximum duration of the procedure of acceptance or verification referred to in paragraph 2(b)(iii) shall not exceed 30 days, unless otherwise specified and duly justified in the tender documents and/or the contract. 2b. Member States shall ensure that the period for payment fixed in the contract shall not exceed the time limits provided for in paragraph 2(b), unless it is specifically agreed between the debtor and the creditor and is duly justified in the light of particular circumstances such as an objective need to schedule payment over a longer period.
Amendment 133 #
2009/0054(COD)
Proposal for a directive
Article 4 a (new)
Article 4 a (new)
Article 4a Lump-sum compensation 1. Member States shall ensure that, when interest for late payment becomes payable, the creditor is entitled to obtain from the debtor any of the following amounts: (a) compensation equal to 3% of the amount due after 60 days from the date when interest becomes payable. (b) compensation equal to 5% of the amount due after 90 days from the date when interest becomes payable. 2. The compensation referred to in paragraph 1 shall be additional to the interest for late payment and to the compensation for recovery costs. 3. The amount of the compensation referred to in paragraph 1 shall not exceed EUR 50 000.
Amendment 135 #
2009/0054(COD)
Proposal for a directive
Article 5
Article 5
Amendment 3 #
2009/0007(CNS)
Proposal for a directive
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. At the request of aThe central liaison office, a liaison office or a liaison department of a Member State (hereinafter "the applicant authority"), the central liaison office, a liaison office or a liaison department of s shall exchange with the central offices of the other Member State to which the request is made (hereinafter "the requested authority") shall provides any information which might be relevant to the applicant authoritylatter in the recovery of itstheir claims as referred to in Article 2.
Amendment 4 #
2009/0007(CNS)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The requested authority shall not be obliged to supply information: (a) which it would not be able to obtain for the purpose of recovering similar claims arising in the Member State in which it is situated (hereinafter "the requested Member State"); (b) which would disclose any commercial, industrial or professional secrets; (c) the disclosure of which would be liable to prejudice the security of or be contrary to the public policy of the requested Member State.
Amendment 5 #
2009/0007(CNS)
Proposal for a directive
Article 5
Article 5
The central liaison offices shall exchange information concerning refunds of taxes, other than value added tax, by the national tax authorities, if those refunds relate to persons established in another Member State and concern amounts exceeding EUR 10 000.
Amendment 9 #
2009/0007(CNS)
Proposal for a directive
Article 23 a (new)
Article 23 a (new)
Article 23a Follow-up of activities carried out in accordance with the directive The central offices shall issue a report once a year on cooperation activities carried out during the previous tax year in accordance with this directive. These reports shall detail at least the number of requests received and issued, the action taken on them, the reasons given where the request was refused, the time needed to deal with the request, the amount of the claim and the amounts actually recovered. This report shall be forwarded to the Commission and the European Parliament for their opinions.
Amendment 342 #
2008/0196(COD)
Proposal for a directive
Recital 40
Recital 40
(40) If the good is not in conformity with the contract, firstly, the consumer should have the possibility to require the trader to repair the goods oright to choose between the repair of the goods, the replacement of the goods, a reduction in the price or the cancellation of the contract. If the consumer requires the trader to replace them at goods, the trader's choice must do so as quickly as possible, unless the trader proves that those remedies are unlawful, impossible or causes the trader disproportionate effort. The trader's effort should be determined objectively considering costs incurred by the trader when remedying the lack of conformity, the value of the goods and the significance of the lack of conformity. The lack of spare parts should not be a valid ground to justify the trader's failure to remedy the lack of conformity within a reasonable time or without a disproportionate effort.
Amendment 351 #
2008/0196(COD)
Proposal for a directive
Recital 42
Recital 42
Amendment 540 #
Amendment 545 #
2008/0196(COD)
Proposal for a directive
Article 4 – paragraph 1 and paragraph 1 a (new)
Article 4 – paragraph 1 and paragraph 1 a (new)
1. Member States may not maintain or introduce, in their national laws, provisions diverging from those laid down in this Directive, including more or less stringent provisions to ensure a different level of as long as they guarantee a higher degree of consumer protection. 1a. The rights resulting from this Directive shall be exercised without prejudice to the provisions of another Community act governing consumer protection.
Amendment 565 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. PIn good time to enable the consumer to ascertain the facts effectively and at all events prior to the conclusion of any sales or service contract, the trader shall provide the consumer with the following information, if not already apparent from the contextn a clear and intelligible manner:
Amendment 576 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b
Article 5 – paragraph 1 – point b
(b) the geographicalbusiness address and the identity of the trader, such as his trading name and, where applicable, the geographicalbusiness address and the identity of the trader on whose behalf he is acting;
Amendment 581 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b a (new)
Article 5 – paragraph 1 – point b a (new)
(ba) at least one other indication of how to contact the trader, enabling consumers to contact him effectively and quickly (telephone number, fax number or e-mail address).
Amendment 601 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point d
Article 5 – paragraph 1 – point d
(d) the arrangements for payment, delivery, performance and the complaint handling policy, if they depart from the requirements of professional diligence;
Amendment 605 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point d a (new)
Article 5 – paragraph 1 – point d a (new)
(da) the date by which the trader undertakes to deliver the goods or to perform the service;
Amendment 610 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
(e) the existence or absence of a right of withdrawal and, where applicable, the conditions for exercising that right;
Amendment 734 #
2008/0196(COD)
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
1. With respect to off-premises contracts, the information provided for in Article 9 shall be given in the order form in plain and intelligible language and be legible. The order formsupplied in the contract or on any other durable medium chosen by the consumer in sufficient time for the consumer to become acquainted with it, and at any rate before the conclusion of the contract. Such information shall include the standard withdrawal form set outprovided for in Annex I(B). and shall be legible and worded in plain and intelligible language.
Amendment 769 #
2008/0196(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. With respect to distance contracts, the information provided for in Article 9(a) shall be given or made available to the consumer in sufficient time to enable him to acquaint himself with it, and at any event prior to the conclusion of the contract, in plain and intelligible language and be legible, in a way appropriate to the means of distance communication used.
Amendment 788 #
2008/0196(COD)
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
2. If the trader makes a telephone call to the consumer with a view to concluding a distance contract, he shall disclose his identity and the commercial purpose of the call at the beginning of the conversation with the consumer. The consumer’s agreement over the telephone shall under no circumstances be deemed to commit the consumer in a binding manner. The trader shall send the consumer a confirmation of his offer in writing or on a durable medium of the consumer’s choice. The consumer shall not be bound by the contract unless or until he has signed it.
Amendment 794 #
2008/0196(COD)
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If the contract is concluded through a medium which allows limited space or time to display the information, the trader shall provide at least the information regarding the main characteristics of the product and the total price referred to in Articles 5(1)(a), (b), (ba), (c) and (cg) on that particular medium prior to the conclusion of such a contract. The other information referred to in Articles 5 and 7 shall be provided by the trader to the consumer in an appropriate way in accordance with paragraph 1. The consumer shall be informed of the medium in question before the conclusion of the contract. Or.fr (See amendment by Mr Hoang Ngoc creating a new Article 5(1) (b) a).
Amendment 806 #
2008/0196(COD)
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The consumer shall receive confirmation of all the information referred to in Article 9(a) to (f), on a durable medium, in reasonable time after the conclusion of any distance contract, and at the latest at the time of the delivery of the goods or when the performance of the service has begun, unless the information has already been given to the consumer prior to the conclusion of any distance contract on a durable medium.
Amendment 815 #
2008/0196(COD)
Proposal for a directive
Article 11 – paragraph 5
Article 11 – paragraph 5
Amendment 824 #
2008/0196(COD)
Proposal for a directive
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The consumer shall have a period of fourteen days from the day of the conclusion of the contract to withdraw from a distance orn off-premises contract or a distance contract for the provision of services, without giving any reason.
Amendment 833 #
2008/0196(COD)
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
Amendment 842 #
2008/0196(COD)
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
In the case of a distance contract for the sale of goods, the withdrawal period shall begin from the day on which the consumer or a third party other than the carrier and indicated byacquires the material possession of each of the goods ordered. Where the order relates to a good made up of several parts or pieces, the withdrawal period shall begin from the day on which the consumer acquires the material possession of each of the goods orderedthe final part or piece.
Amendment 856 #
2008/0196(COD)
Proposal for a directive
Article 12 – paragraph 4
Article 12 – paragraph 4
Amendment 877 #
2008/0196(COD)
Proposal for a directive
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
1. The consumer shall inform the trader of his decision to withdraw on a durable medium either in a statement addressed to the trader drafted in his own words or using the standard withdrawal form as set out in Annex I(B) or in a clearly worded statement addressed to the trader.
Amendment 898 #
2008/0196(COD)
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The trader shall reimburse any payment received from the consumer within thirtyas soon as possible and at the latest within fifteen days from the day on which he receives the communnotification of withdrawal.
Amendment 911 #
2008/0196(COD)
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
Amendment 930 #
2008/0196(COD)
Proposal for a directive
Article 17 – paragraph 1 – subparagraph 2
Article 17 – paragraph 1 – subparagraph 2
The consumer shall only be charged for the direct cost of returning the goods unless the trader has agreed to bear that cost. . He shall not be charged for that cost if the trader has agreed to bear it or if the cost of returning the goods is more than EUR 50.
Amendment 1084 #
2008/0196(COD)
Proposal for a directive
Article 22 – paragraph 1
Article 22 – paragraph 1
1. Unless the parties have agreed otherwise, tThe trader shall deliver the goods by transferring the material possession of the goods to the consumer or to a third party, other than the carrier and indicated by the consumer, within a maximum of thirty days from the day of tno later than the delivery deadline agreed between the parties when conclusion ofding the contract.
Amendment 1093 #
2008/0196(COD)
Proposal for a directive
Article 22 – paragraph 2
Article 22 – paragraph 2
2. Where the trader has failed to fulfil his obligations to deliver, the consumer shall be entitled to a refund of any sums paid withior termination of the contract within a period of no less than seven days from the date of delivery provided for in paragraph 1.
Amendment 1122 #
2008/0196(COD)
Proposal for a directive
Article 23 – paragraph 2
Article 23 – paragraph 2
Amendment 1191 #
2008/0196(COD)
Proposal for a directive
Article 26 – paragraph 1 – introductory part
Article 26 – paragraph 1 – introductory part
1. As provided for in paragraphs 2 to 5, where the goods do not conform to the contract, the consumer is entitled to choose one of the following remedies:
Amendment 1235 #
2008/0196(COD)
Proposal for a directive
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 1245 #
2008/0196(COD)
Proposal for a directive
Article 26 – paragraph 3 – subparagraph 1
Article 26 – paragraph 3 – subparagraph 1
Wheren the consumer chooses to have the goods repaired or replaced, the trader must do so as soon as possible, unless the trader has proved that remedying the lack of conformity by repair or replacement is unlawful, impossible or would cause the trader a disproportionate effort, the consumer may choose to have the price reduced or the contract rescinded. A trader’s effort is disproportionate if it imposes costs on him which, in comparison with the price reduction or the rescission of the contract, are excessive, taking into account the value of the goods if there was no lack of conformity and the significance of the lack of conformity.
Amendment 1260 #
2008/0196(COD)
Proposal for a directive
Article 26 – paragraph 4 – introductory part
Article 26 – paragraph 4 – introductory part
Amendment 1295 #
2008/0196(COD)
Proposal for a directive
Article 26 – paragraph 5
Article 26 – paragraph 5
Amendment 1304 #
2008/0196(COD)
Proposal for a directive
Article 27 – paragraph 1
Article 27 – paragraph 1
1. The consumer shall be entitled to have the lack of conformity remedied free of any costmeasures taken to remedy the lack of conformity of the goods must not involve any cost to the consumer.
Amendment 1328 #
2008/0196(COD)
Proposal for a directive
Article 28 – paragraph 1
Article 28 – paragraph 1
1. The trader shall be held liable under Article 25 where the lack of conformity becomes apparent within twoone years as from the timeday the risk passed to the consumerconsumer became aware of the lack of conformity.
Amendment 1334 #
2008/0196(COD)
Proposal for a directive
Article 28 – paragraph 1 a (new)
Article 28 – paragraph 1 a (new)
1a. The Member States shall establish the deadline by which the rights conferred on the consumer by virtue of Article 25 become void.
Amendment 1369 #
2008/0196(COD)
Proposal for a directive
Article 28 – paragraph 5
Article 28 – paragraph 5
5. Unless proved otherwise, any lack of conformity which becomes apparent within sixtwelve months of the time when the risk passed to the consumer, shall be presumed to have existed at that time unless this presumption is incompatible with the nature of the goods and the nature of the lack of conformity.
Amendment 83 #
2008/0028(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) Food labels should be clear and understandable to assist consumers wanting to make better-informed food and dietary choices. Studies show that legibility is an important element in maximising the possibility that labelled information can influence its audience and that the small print size is one of the main causes of consumer dissatisfaction with food labels. The font size, typeface, colour and contrast used on these labels should thus make them quick and easy to read for consumers.
Amendment 95 #
2008/0028(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) In general, consumers are not aware of the potential contribution of alcoholic beverages to their overall diet. Therefore, it is appropriate to ensure that information on the nutrient content of in particularenergy value and carbohydrate content of all alcoholic beverages, including mixed alcoholic beverages, is provided.
Amendment 186 #
2008/0028(COD)
Proposal for a regulation
Article 32 – paragraph 1
Article 32 – paragraph 1
1. In addition to the nutrition declaration per 100g or per 100ml referred to in Article 31(2), the information may be expressed per portion as quantified on the label, provided that the number of portions contained in the package is statedenergy value of foods presented in the form of identical portions or that can easily be divided into identical portions shall be expressed per portion as quantified on the label. The other information provided may also be expressed per portion.
Amendment 210 #
2008/0028(COD)
Proposal for a regulation
Article 32 a (new)
Article 32 a (new)
Article 32a Expression on a net weight basis In the case of foods that cannot be split into portions, in addition to the nutrition declaration per 100g or per 100ml referred to in Article 31(2), the energy value shall be expressed in relation to the total net weight of the food concerned.