24 Amendments of Liem HOANG NGOC related to 2010/0281(COD)
Amendment 100 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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 #
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.