Activities of Sylvie GOULARD related to 2010/0280(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies PDF (523 KB) DOC (469 KB)
Amendments (35)
Amendment 90 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The preventive part of the Stability and Growth Pact should ensure that Member States follow sustainable fiscal policies and should ensure minimum quality and consistency of these policies with the economic and monetary union budgetary coordination framework.
Amendment 141 #
Proposal for a regulation
Recital 7
Recital 7
(7) The obligation to achieve and maintain the medium-term budgetary objective needs to be put into operation, through the specification of principles of prudentsustainable fiscal policy-making.
Amendment 151 #
Proposal for a regulation
Recital 9
Recital 9
(9) Prudent fiscal policy-making implies thatSufficient progress towards the MTO should be evaluated on the basis of an overall assessment with the structural balance as a reference, including an analysis of expenditure net of discretionary revenue measures. In this regard, and as long as the medium-term objective is achieved, the growth rate of government expenditure doesshould normally not exceed a prudentojected medium-term growth rate of GDPpotential GDP growth, increases in excess of that norm are matched by discretionary increases in government revenues and discretionary revenue reductions are compensated by reductions in expenditure. The projected medium- term rate of potential GDP growth should be calculated according to a commonly agreed methodology.
Amendment 165 #
Proposal for a regulation
Recital 10
Recital 10
(10) A temporary departure from prudentsustainable fiscal policy-making should be allowed in case of severe economic downturn of a general nature in order to facilitate economic recovery.
Amendment 173 #
Proposal for a regulation
Recital 11
Recital 11
(11) In the event of a significant deviation from prudent fiscal-policy a warning should be addressed to the Member State concerned and in case the significant deviation persists or is particularly seriousthe adjustment path towards the medium-term objective, the Commission may request additional reporting from the Member State and a warning should be addressed to the Member State concerned and , a recommendation should be addressed to the Member State concerned setting a deadline to take the necessary corrective measures. The European Parliament may invite the Member State concerned to explain its policies in this respect before its competent committee.
Amendment 180 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) An advisory body of persons with recognised competence in economic and fiscal matters shall be established by the Commission. It shall provide a yearly public report on the manner in which the Commission and the Council have conducted their obligations under articles 121, 126 and 136 of the Treaty, under Regulation 1466/97 as amended, under Regulation 1467/97 as amended, under Regulation XXX on the effective enforcement of budgetary surveillance in the euro area; Regulation on enforcement measures to correct excessive macroeconomic imbalances in the euro area; regulation on the prevention and correction of macroeconomic imbalances.
Amendment 185 #
Proposal for a regulation
Recital 12
Recital 12
(12) In order to ensure compliance with the fiscal surveillance framework of the Union for participating Member States, a specific enforcement mechanism should be established on the basis of Article 136 of the Treaty for cases where a persistent and significant deviation from prudent fiscal policy makingthe adjustment path towards the medium-term objective, lack of action or an unwillingness to cooperate prevails.
Amendment 227 #
Proposal for a regulation – amending act
Article 1 – point 1 d (new)
Article 1 – point 1 d (new)
Regulation (EC) No 1466/97
Section 1A a (new)
Section 1A a (new)
Amendment 281 #
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, 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 debtlevel of government debt exceeding the 60 % of GDP reference value or with pronounced risks in term of fiscal sustainability 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 than 0.5% of GDP. The Council shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times.
Amendment 293 #
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
With a view to ensuring that the medium- term budgetary objective is effectively achieved and maintained, the Council and the Commission shall verify that the growth path of government expenditure, taken in conjunction with the effect of measures being taken or planned on the revenue side, is consistent with prudentsustainable fiscal policy-making.
Amendment 298 #
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 – introductory part
Article 5 – paragraph 1 – subparagraph 4 – introductory part
Fiscal policy-making shall be considered prudentsustainable and thereby conducive to the achievement of the medium-term budgetary objective and its maintenancesustainability over time if the following conditions are satisfied:
Amendment 305 #
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 prudentsustainable medium-term rate of GDP growth, unless the excess is matched by discretionary revenue measures;
Amendment 313 #
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 expenditure growth does not exceed a rate below a prudentsustainable medium- term rate of GDP growth, unless the excess is matched by discretionary revenue measures. The size of the shortfall of the growth rate of government expenditure compared to a prudentsustainable medium-term rate of GDP growth is set in such a way as to ensure an appropriate and sustainable adjustment towards the medium-term budgetary objective;
Amendment 324 #
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 5
Article 5 – paragraph 1 – subparagraph 5
The prudentreference medium-term ofrate of GDP growth should be assessed on the basis of projections over a ten-year horizon updated at regular intervals. The Commission shall make public a transparent, independent and reasoned assessment of the methodology of those projections.
Amendment 332 #
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 6
Article 5 – paragraph 1 – subparagraph 6
When defining the adjustment path to the medium-term budgetary objective for Member States that have not yet reached this objective and in allowing a temporary deviation from this objective for Member States that have already reached it, under the condition that an appropriate safety margin with respect to the deficit reference value is preserved and that the budgetary position is expected to return to the medium-term budgetary objective within the programme period, the Council shall take into account the implementation of major structural reforms, of future- oriented expenditures in the field of research and development, education and major infrastructures which have direct long-term cost-saving effects, including by raising potential growth, and therefore a verifiable impact on the long-term sustainability of public finances.
Amendment 358 #
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 prudentsustainable fiscal- policy making referred to in the fourth subparagraph.
Amendment 361 #
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 ofmmission shall examine the stability programme within at most three months of the submission of the programme. The Council, on a recommendation from the Commission and aAfter consulting the Economic and Financial Committee, the Commission shall, if necessary, deliver an opinion on the programme. WhereIf the Council, in accordance with Article 121 of the Treaty,mmission considers that the objectives and the content of the programme should be strengthened with particular reference to prudentsustainable fiscal policy-making, the Councilmmission shall, in its opinion, invite the Member State concerned to adjust itssuch programme. The Council may reject such a Commission opinion by qualified majority. The Commission opinion shall be made public.
Amendment 372 #
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 TreatyTFEU, the Council and the Commission 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 prudentsustainable fiscal-policy making.
Amendment 379 #
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 observed deviation from prudent fiscal-policy makingthe adjustment path towards the medium-term objective referred in the fourth subparagraph of Article 5(1) of this rRegulation, the Commission may request additional reporting from the Member State concerned and in order to prevent the occurrence of an excessive deficit, the Commission, in accordance with Article 121(4) of the Treaty may address a warning to the Member State concerned. TFEU may address a warning to the Member State concerned. Such a warning shall be made public and the European Parliament may invite the Member State concerned to explain its policies before its competent committee. In the event of such significant deviation, the Commission may require additional reporting from the Member State concerned. The Council shall, within one month of any significant deviation as referred to in the first subparagraph, adopt a recommendation for policy measures setting a deadline of no more than five months, for addressing the deviation, on the basis of a Commission recommendation, based on Article 121(4) TFEU. In the event of a particularly significant deviation or in a particularly serious situation, the deadline shall be no more than three months. The Council, on a proposal from the Commission, shall make the recommendation public. The Commission shall monitor the measures contained in the recommendation on the basis of surveillance visits in accordance with Article 6a and prepare a report to the Council. That report may be made public. If the Member State concerned fails to take appropriate action within the deadline specified in a Council recommendation under the second subparagraph, the Council shall immediately adopt a final recommendation setting out the non- compliance of the Member State on the basis of a further Commission recommendation in accordance with Article 121(4) TFEU. At the same time, the Council, on a proposal from the Commission, shall address a formal report to the European Council. The process from the Council recommendation referred to in the second subparagraph to the final Council recommendation and report to the European Council referred to in the fourth subparagraph shall be no longer than six months.
Amendment 389 #
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
An observed deviation from prudent fiscal policy makingthe adjustment path towards the medium-term objective shall be considered significant if the following conditions occur: an excess over thef expenditure growth consistent with prudent fiscal policy-makingover the reference medium-term rate of potential GDP growth, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation from the annual improvement of the government balance required under article 5.1 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.
Amendment 392 #
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
A deviation from prudentsustainable fiscal policy making shall be considered significant if the following conditions occur: an excess over the expenditure growth consistent with prudentsustainable 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.
Amendment 407 #
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 prudentsustainable fiscal-policy making 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 may reject such a Commission recommendation by qualified majority. The Council shall make the recommendation public and the European Parliament may invite the Member State concerned to explain its policies before its competent committee.
Amendment 447 #
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 in economic bad times. For Member States with a high level of debtlevel of government debt exceeding the 60 % of GDP reference value or with pronounced risks in term of fiscal sustainability 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 than 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 459 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
With a view to ensuring that the medium- term budgetary objective is effectively achieved and maintained, the Council and the Commission shall verify that the growth path of government expenditure, taken in conjunction with the effect of the measures being taken or proposed on the revenue side, is consistent with prudentsustainable fiscal-policy making.
Amendment 463 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 4 – introductory part
Article 9 – paragraph 1 – subparagraph 4 – introductory part
Fiscal-policy making shall be considered prudentsustainable and thereby conducive to the achievement of the medium-term budgetary objective and its maintenancesustainability over time if the following conditions are satisfied:
Amendment 471 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 4 – point a
Article 9 – 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 prudentsustainable medium-term rate of GDP growth, unless the excess is matched by discretionary revenue measures;
Amendment 476 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 4 – point b
Article 9 – paragraph 1 – subparagraph 4 – point b
(b) for Member States that have not yet reached their medium-term budgetary objective, annual expenditure growth does not exceed a rate below a prudentsustainable medium- term rate of GDP growth, unless the excess is matched by discretionary revenue measures. The size of the shortfall of the growth rate of government expenditure compared to a prudentsustainable medium-term rate of GDP growth is set in such a way as to ensure an appropriate and sustainable adjustment towards the medium-term budgetary objective;
Amendment 486 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 5
Article 9 – paragraph 1 – subparagraph 5
The prudentreference medium-term of rate of GDP growth should be assessed on the basis of projections over a ten-year horizon updated at regular intervals. The Commission shall make public a transparent, independent and reasoned assessment of the methodology of those projections.
Amendment 489 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 6
Article 9 – paragraph 1 – subparagraph 6
When defining the adjustment path to the medium-term budgetary objective for Member States that have not yet reached this objective and in allowing a temporary deviation from this objective for Member States that have already reached it, under the condition that an appropriate safety margin with respect to the deficit reference value is preserved and that the budgetary position is expected to return to the medium-term budgetary objective within the programme period, the Council shall take into account the implementation of major structural reforms, and of government investment expenditure which have direct long-term cost-saving effects, including by raising potential growth, and therefore a verifiable impact on the long- term sustainability of public finances. The Commission, in collaboration with national fiscal councils, shall define and make public a transparent, independent and reasoned assessment of the methodology for the accounting and auditing of such government investment expenditure. These expenditures, in particular in the field of research and development, education and major infrastructures, shall respect the provisions of the Treaty on State aids and be future oriented.
Amendment 511 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 9
Article 9 – 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 prudentsustainable fiscal- policy making referred to in the fourth subparagraph.
Amendment 517 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Council shall carry out the examination of the convergence programme within at most three months of the submission of the programme. The Council, on a recommendation from the Commission and after consulting 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 prudentsustainable fiscal-policy making, the Council shall, in its opinion, invite the Member State concerned to adjust its programme.
Amendment 523 #
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 1 – first subparagraph
Article 10 – paragraph 1 – first subparagraph
As part of multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall monitor the implementation of convergence programmes, on the basis of information provided by Member States with a derogation 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 prudentsustainable fiscal-policy making.
Amendment 525 #
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 2 – first subparagraph
Article 10 – paragraph 2 – first subparagraph
In the event of a significant deviation from prudentsustainable fiscal-policy making referred to in the fourth subparagraph of Article 9(1) of this Regulation, and in order to prevent the occurrence of an excessive deficit, the Commission, in accordance with Article 121(4) of the Treaty may address a warning toTFEU, may address a warning to the Member State concerned. Such a warning shall be made public and the European Parliament may invite the Member State concerned to explain its policies before its competent committee. In the event of such a significant deviation, the Commission may require additional reporting from the Member State concerned.
Amendment 534 #
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 2 – subparagraph 2
Article 10 – paragraph 2 – subparagraph 2
An observed deviation from prudent fiscal policy makingthe adjustment path towards the medium-term objective shall be considered significant if the following conditions occur: an excess over thef expenditure growth consistent with prudent fiscal policy-makingover the reference medium-term rate of potential GDP growth, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation from the annual improvement of the government balance required under article 9.1 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.
Amendment 555 #
Proposal for a regulation – amending act
Article 1 – point 9 f (new)
Article 1 – point 9 f (new)
Regulation (EC) No 1466/97
Article 11 a (new)
Article 11 a (new)
9f. The following article 11a is inserted: Article 11a 1. An advisory body of 5 high level persons with recognised competence in economic and fiscal matters shall be established by the Commission. 2. The advisory body shall exercise the reporting obligations referred to in paragraph 3 in complete independence. In exercising these obligations, the members of the advisory body shall neither seek nor take instructions from the Commission, any government or any other institution or body. 3. It shall provide, for the euro area, a yearly public report on the manner in which the Commission and the Council have conducted their obligations under articles 121, 126 and 136 of the Treaty, under Regulation 1466/97 as amended, under Regulation 1467/97 as amended, under Regulation XXX on the effective enforcement of budgetary surveillance in the euro area; Regulation on enforcement measures to correct excessive macroeconomic imbalances in the euro area; regulation on the prevention and correction of macroeconomic imbalances. Upon request from the Commission, the European Central Bank, the Council, the European Parliament or the European Council, this advisory body shall also provide analysis on specific economic or budgetary issues.