29 Amendments of Sylvie GOULARD related to 2010/0281(COD)
Amendment 77 #
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 vulnerabilities and help the Member States affected devise corrective plans before divergences become entrenched. This broadening of the economic surveillance framework should go in parallel with deepening of fiscal surveillance.
Amendment 81 #
Proposal for a regulation
Recital 4
Recital 4
(4) To help address such imbalances and vulnerabilities, a procedure laid down in detail in legislation is necessary.
Amendment 93 #
Proposal for a regulation
Recital 5
Recital 5
(5) It is appropriate to supplement the multilateral surveillance referred to in Article 121(3) and (4) of the Treaty with specific rules for detection, prevention and correction of macroeconomic imbalances and vulnerabilities.
Amendment 97 #
Proposal for a regulation
Recital 6
Recital 6
(6) This procedure should rely on an alert mechanism for early detection of emerging macroeconomic imbalances and vulnerabilities. It should be based on use of an indicative and transparent scoreboard combined with economic judgment.
Amendment 105 #
Proposal for a regulation
Recital 7
Recital 7
(7) The scoreboard should consist of a limited set of economic and financial indicators relevant to detection of macroeconomic imbalances and vulnerabilities, with corresponding indicative thresholds. The composition of the scoreboard may evolve in time, inter alia due to evolving threats to macroeconomic stability or enhanced availability of relevant statistics.
Amendment 112 #
Proposal for a regulation
Recital 8
Recital 8
(8) The crossing of one or more indicative thresholds need not necessarily imply that macroeconomic imbalances and vulnerabilities are emerging, as economic policy-making should take into account inter-linkages between macroeconomic variables. 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 121 #
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 and vulnerabilities in the Member State under review. It should be discussed within the Council and the Euro Group for the Member States whose currency is the euro.
Amendment 124 #
Proposal for a regulation
Recital 10
Recital 10
(10) A procedure to monitor and correct adverse macroeconomic imbalances and vulnerabilities, 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 and vulnerabilities that jeopardise the proper functioning of the economic and monetary union.
Amendment 128 #
Proposal for a regulation
Recital 11
Recital 11
(11) When assessing imbalances and vulnerabilities, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. Given the vulnerabilities and the magnitude of the adjustment required, the need for policy action is particularly pressing in Member States showing persistently large current-account deficits and large competitiveness losses. The economic adjustment capacity and the track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union, should also be considered.
Amendment 147 #
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic imbalances or vulnerabilities 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 and vulnerabilities should be timely and should use all available policy instruments under the control of public authorities. It should be tailored to the specific environment and circumstances of the Member State concerned and cover the main economic policy areas, potentially including fiscal and wage policies, labour markets, product and services markets and financial sector regulation.
Amendment 151 #
Proposal for a regulation
Recital 13
Recital 13
(13) The early warnings and recommendations by the European Systemic Risk Board to Member States or the Union address risks of a macrofinancial nature. These may also warrant appropriate follow-up action in the context of the surveillance of imbalances and vulnerabilities. The independence and confidentiality regime of the European Systemic Risk Board should be strictly respected.
Amendment 154 #
Proposal for a regulation
Recital 14
Recital 14
(14) If severe macroeconomic imbalances and vulnerabilities are identified, including imbalances and vulnerabilities that jeopardise the proper functioning of economic and monetary union, 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 failure to take corrective action.
Amendment 167 #
Proposal for a regulation
Recital 16
Recital 16
(16) Since an effective framework for detection and prevention of macroeconomic imbalances and vulnerabilities cannot be sufficiently achieved by the Member States because of the deep trade and financial inter-linkages between Member States and the spillover effect of national economic policies on the Union and the euro area as a whole and can be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity, as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in the same Article, this Regulation does not go beyond what is necessary to achieve those objectives,
Amendment 171 #
Proposal for a regulation
Article 1
Article 1
This Regulation sets out detailed rules for the detection, prevention and correction of macroeconomic imbalances and vulnerabilities within the Union.
Amendment 172 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) '‘imbalances‘’ and vulnerabilities means macroeconomic developments which are adversely affecting, or have the potential adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole because of the emergence of large current account deficits, significant losses of competitiveness, asset price bubbles, high level of external, public sector or private sector indebtedness, a deterioration of this indebtedness or a significant risk that any of these situations arise.
Amendment 188 #
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) '‘excessive imbalances‘ means severe imbalances, including imbalanc and vulnerabilities’ means imbalances and vulnerabilities that jeopardise the proper functioning of economic and monetary union.’
Amendment 190 #
Proposal for a regulation
Chapter 2 – title
Chapter 2 – title
Detection of imbalances Detection of imbalances and vulnerabilities
Amendment 192 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission shall, after consultation with Member States and the European Parliament, establish an indicative scoreboard as a tool to facilitate early identification and monitoring of imbalances and vulnerabilities (deficit and surplus where relevant).
Amendment 218 #
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 forand allow for comparisons between Member States. The Commission mayshall set indicative lower or upper thresholds for these indicators to serve as alert levels. The indicators and thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 229 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
3. The indicators shall be chosen to capture developments in a Member State's short, medium and long term competitiveness (inter alia through the real exchange rate and current account balance) as well as the overall indebtedness situation of both public and private sectors. The Commission shall adopt, by means of delegated acts in accordance with Article - 12a, and subject to the conditions of Articles -12b and -12c, the list of relevant indicators to be included in the scoreboard. The list of indicators to be included on the scoreboard and the thresholds for the indicators shall be made public.
Amendment 247 #
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3a The Commission shall assess and publish other indicators such as unemployment rate, income inequalities, energy consumption, which may adversely affect, or may have the potential to adversely affect the growth strategy of the European Union.
Amendment 299 #
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 Council accordingly. The Council, on a recommendationproposal from the Commission, 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 323 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendationproposal from the Commission, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommending the Member State concerned to take corrective action. Those recommendations shall set out the nature of the imbalances and specify the corrective action to be taken in detail and the deadline within which the Member State concerned must take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, make its recommendations public.
Amendment 363 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. If economic circumstances change, the Council, on a recommendationproposal from the Commission, may amend the recommendations adopted under Article 7 in accordance with the procedure laid down in the same Article. The Member State concerned shall submit a revised corrective action plan that shall be assessed in accordance with the procedure laid down in Article 8.
Amendment 378 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where it concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendationproposal from the Commission, shall adopt revised recommendations in accordance with Article 7, on a recommendationproposal from the Commission, setting another deadline for corrective action by when another assessment in accordance with this Article shall be conducted.
Amendment 381 #
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Where the Council, upon a proposal from the Commission pursuant to paragraph 4, concludes that the Member State has taken the recommended corrective action, the excessive imbalance procedure shall be held in abeyance.
Amendment 386 #
Proposal for a regulation
Article 10 – paragraph 5 a (new)
Article 10 – paragraph 5 a (new)
5a. Where the Council, upon a proposal from the Commission pursuant to paragraph 4, concludes that the Member State has not taken the recommended corrective action, it shall impose a fine in accordance with Regulation (EU) No .../2011.
Amendment 390 #
Proposal for a regulation
Article 11
Article 11
The excessive imbalance procedure shall be closed once the Council, on a recommendationproposal from the Commission, concludes that the Member State is no longer affected by excessive imbalances.
Amendment 405 #
Proposal for a regulation
Article -12 d (new)
Article -12 d (new)
Article -12 d Review 1. By ***, and every 3 years thereafter, the Commission shall publish a general report on the experience acquired. That report shall evaluate, inter alia: - the adequacy of the system of the scoreboard, the alert mechanism and the in-depth review; - the follow-up process of the corrective action; - the timeframe of the complete process (detection, prevention and correction of the macroeconomic imbalances); - the consistency with the work of the ESRB as well as the respect of its statutes. 2. The report and any accompanying proposals, as appropriate, shall be forwarded to the European Parliament and to the Council. *** 3 years after the entry into force of this regulation