28 Amendments of Derk Jan EPPINK related to 2013/2076(INI)
Amendment 1 #
Motion for a resolution
Citation 2
Citation 2
– having regard to Article 284(3) of the Treaty on the Functioning of the European Union, in particular Articles 123, 282 and 284(3) thereof,
Amendment 2 #
Motion for a resolution
Citation 3
Citation 3
– having regard to Article 15 of the Statute of the European System of Central Banks and of the European Central Bank, in particular Articles 15 and 21 thereof,
Amendment 3 #
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
- having regard to the 83rd Annual Report 2012/2013 of the Bank for International Settlements,
Amendment 16 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the ECB's long-term refinancing operations of December 2011 and February 2012 granted over EUR 1 trillion - EUR 489 billion and EUR 529.5 billion respectively - to European banks in the form of low-interest loans with a term of 3 years and a 1% interest rate;
Amendment 25 #
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas Article 123 TFEU and Article 21 of Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 28 #
Motion for a resolution
Recital G b (new)
Recital G b (new)
Gb. whereas a low-inflation environment is the best contribution monetary policy can make to creating favourable conditions for economic growth, job creation, social cohesion and financial stability;
Amendment 31 #
Motion for a resolution
Recital G c (new)
Recital G c (new)
Gc. whereas the recommendations put forward in previous European Parliament resolutions on the ECB annual reports concerning transparency of voting and publication of summary minutes have not yet been taken into account;
Amendment 39 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is deeply concerned at the fact that persistently weak economic conditions are becoming the normpersist in Europe, creating overwhelming discontent among European citizens and therefore jeopardising the whole European projectbusinesses;
Amendment 48 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomNotes the decisions of July 2012 to reduce the key ECB interest rates in the context of very low inflation expectations and weak economic activity;
Amendment 58 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that the three-year LTRO settled on March 2012 contributed to stabilising the banking system, but that this should be a temporary measure; notes that, despite the liquidity injected into the banking system by the LTRO, the credit available to the real economy is still below pre-crisis levels; suggests that it would be appropriate for the ECB to reduce its deposit facility rate to negative values in order to encourage banking lending to the real economy;
Amendment 62 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Is deeply concerned about the transfer of risks from struggling banks and governments onto the ECB's balance sheet as a result of the ECB's decision to buy 'unlimited' amounts of short-term government debt; stresses that the LTROs do not provide a fundamental solution to the crisis;
Amendment 65 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 72 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Considers that the ECB bond-buying programmes violate at least the intent, if not the letter, of Article 123 TFEU; urges the ECB to refrain from assuming a political role and monetary financing government deficits;
Amendment 80 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the important role played by the SMPecurities Markets Programme (SMP) in adddecresasing the malfunctioning of certain eurozone sovereign debt securities market segmentsunsustainably high financing costs for some eurozone Member States; welcomes the winding-down of the SMP;
Amendment 87 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. WelcomNotes the setting-up of the Outright Monetary Transactions (OMTs), with no ex ante quantitative limits, in order to safeguardaimed at safeguarding an appropriate monetary policy transmission, but deplory providing a liquidity backstop for sovereign debt markets; welcomes the decision to link the activation of the OMTs to strict and effective conditionalitiesy attached to an EFSF/ESMuropean Financial Stability Facility/European Stability Mechanism (EFSF/ESM) programme; callis con the ECB to activate OMTs independently from strict conditionalitycerned about the compliance of OMTs with the prohibition on monetary financing laid down in Article 123 TFEU;
Amendment 100 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Considers unnecessaryWelcomes the full sterilisation of the liquidity injected by the OMTs, as inflation expectations remain extremely low in a context of weak economic activity;
Amendment 111 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that the monetary policy tools that the ECB has used since the beginning of the crisis, while providing a welcome relief in distressed financial markets, have revealed their limits as regards stimulating growth and improving the situation on the labour market; considers, therefore, that the ECB could investigate the possibilities of implementing new unconventional measures aimed at participating in a large, EU-wide pro- growth programme, including the u, in response to the crisis, the ECB has widened its range of monetary policy tools and altered its market operations; urges the ECB to gradually return to a narrower set of the Emergency Liquidity Assistance facility to undertakools, as recommended by the Ban ‘overt money financing’ of government debt in order to finance tax cuts targeted on low-income households and/or new spending programmes focused on the Europe 2020 objectivesk for International Settlements in its 83rd Annual Report 2012/2013;
Amendment 136 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers it necessary to review the Treaties and the ECB's statutes in order to establish price stability together with full employment as the two objectives, on an equal footing, of monetary policy in the eurozUnderlines that the primary mandate of the ECB is to maintain price stability in the Euro area, and that the achievement of this mandate overrides subordinate objectives such as supporting economic growth and job creatione;
Amendment 157 #
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 168 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Is concerned about possible side effects of a prolonged extraordinarily accommodative monetary policy, such as aggressive risk taking, the build-up of financial imbalances, distortions in financial market pricing and incentives to delay necessary balance sheet repair and reforms; encourages the ECB to strike the right balance between the risks of exiting its extraordinarily accommodative policy stance prematurely and the risks associated with further delaying the exit;
Amendment 184 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the ECB to pay more attention to the euro exchange rate in order to avoid excessive euro appreciation, which could in turn damage the eurozoneglobal monetary policy spillovers, including the pressure on exchange rates resulting from persistently low interest rates in the major advanced economies;
Amendment 187 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Underlines the importance of supportat it is ing the euro as an international currency, and stresses the need to pave the way for a new international monetary order taking into account the new multipolar world economystrategic long-term interest of the Eurozone and of its Member States to draw all possible benefits from issuing the Euro currency which has the potential of becoming a global reserve currency in the long term;
Amendment 197 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Welcomes the progress achieved oin the negotiations on the Single Supervisory Mechanism (SSM) regulation conferring on the ECB the power of supervision over eurozone credit institutions and those of the participating countries opting in; believes the setting-up of the SSM will contribute to severing the link between banks and sovereigns and will help develop a common European approach to crisis management in the banking sector;
Amendment 208 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that reasoned transparency in the field of banking supervision is essential and that the ECB should take all possible measures to improve its transparency such as, inter alia, by publishing the publication of the minutes of the Supervisory Board on its website, while complying with confidentiality requirements as defined in Union law;
Amendment 213 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes that the allocation of supervisory tasks to the ECB poses new challenges in terms of conflict of interest, and that the current ECB internal rules are not appropriatecomprehensive enough in regard to the new tasks conferred on by SSM regulation and therefore should be complemented, inter alia, with more accurate rules including, inter alia, provisions on cooling- off periods for Eurosystem senior management staff involved in banking supervision;
Amendment 215 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Considers it urgent to approve the establishment of a European Resolution System within which national resolution authorities should have at their disposal a minimum set of common resolution tools and powers in order to protect depositors and prevent further banking crises;
Amendment 226 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes that, in order to strengthen the stability of the banking system and avoid the development of the ‘too big to fail’ syndromeexcessive systemic risk, consideration should be given to the costs and benefits of introducing a full separation between deposit and investment banks, on the lines of the ‘Volcker Rule’ in the USr further strengthening supervision of financial conglomerates, especially those active worldwide;
Amendment 236 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Is deeply concerned at the contempt shown by the Council towards Parliament's resolution of 25 October 20123 on the appointment of a new Member of the executive board of the ECB, and nNotes that due consideration should be given to both the expertise and the gender, the gender and the geographical balance of members in the appointment of ECB top management;