Activities of Sylvie GOULARD related to 2011/2156(INI)
Plenary speeches (1)
ECB annual report for 2010 (debate)
Amendments (19)
Amendment 11 #
Motion for a resolution
Recital D
Recital D
D. whereas on 10 May 2010, the ECB announced ithat the Eurosystem would intervene directly but temporarily in the euro area public and private debt securities markets through the Securities Markets Programme, the book value of settled purchases of which amounted to EUR 77110.5 billion ion June19 August 2011,
Amendment 46 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Rrecalls that the singleprimary objective of ECB is price stability; notes that de facto financial stability is becoming a second objective; also notes the work of the ESRBthe ESCB shall be to maintain price stability in accordance with article 282 of the TFEU ; and that it thereby contributes to financial stability; welcomes the creation of the ERSB on 1 January 2011 under the auspices of the ECB on financial stability;
Amendment 51 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. underlines that the rebuying of bonds on the secondary markets is justified by the aim of restoring a monetary policy which functions effectively, during this period of exceptional malfunction of certain sectors of the market; these programmes of rebuying bonds are complemented by programmes neutralising liquidity;
Amendment 71 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Welcomes the entrance of Estonia into the eurozone as a proof of the strength of the euro project as a common currency.
Amendment 74 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the determination and proactive stance of the ECB throughout the crisis since 2007 and in particular during the summer 2011 when some major EU economies were put in difficulty;
Amendment 105 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes the rapid evolutxpansion of the leverage ratio of the ECB, measured by its capitbalance sheet of the ECB in October 2008; notes, however, that by mid-August 2011 the bal and reserves in relation to assets; notes that this leverage ratio by far exceeds that of other comparable central banks, with the exception of those having implemented quantitative easing programmes, such as the Federal Reserve or the Bank of Englandce sheet has already shrunk by around 10% from its peak; notes that the increase is in line with other comparable central banks, and is significantly less than those central banks having implemented quantitative easing programmes, such as the Federal Reserve or the Bank of England, which are respectively of 216 % and 200 % as noted by Jean-Claude Trichet in ECON on August 29th 2011;
Amendment 131 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 138 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 147 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. underlines the constant and rigorous stance taken by the ECB for years in terms in order to strengthen economic governance in the European interest;
Amendment 148 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 161 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for a single European minister of Finance, in order to coordinate a basic common fiscal policy that could enhance the effectiveness of the eurothe spirit of the proposal made by Jean-Claude Trichet in Aachen on 2 June 2011; believes that the democratic legitimacy of such a proposal must adequately be addressed; notes in this sense that in a monetary union, fiscal policy does not only concern the Member States and that the present crisis has shown the limits of 100% decentralised fiscal policies;
Amendment 179 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggIs of the opinion that the creation of a European finance minister should be complemented by a single European Treasury; welcomes the decision taken by the Heads of State and Government on 21 July to improve the effectivenests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government boof the EFSF and of the ESM by increasing their flexibility linked to appropriate conditionality, notably allowing them to intervene in the secondary markets on the basis of an ECB analysis recognizing the existence of exceptional financial market circumstances and risks to financial stability ands on the secondary market as this would have meant a relief for the ECB in the current circumstancbasis of a decision by mutual agreement of the EFSF/ESM Member States, to avoid contagion; regrets that as it stands the ESM will not operate under Community rules;
Amendment 186 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Deplores in this regard that the ESM has been established outside the EU Treaties and therefore calls on the Commission to propose a permanent crisis management mechanism based on Community rules (e.g. a European Monetary Fund)
Amendment 195 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of eurosecurities may constitute the necessary fiscal quantum-leap forward that the Union needs at this juncture; welcomes the rapid implementation of the feasibility report promised by the Commission in its declaration XXX; calls on the Commission to immediately put forward legislative proposals on the setting up of a system of common issuance of European sovereign bonds, or euro securities, under joint and several liability, following Commissioner Rehn's declaration in Plenary in 22 June 2011; believes that increasing liquidity on a new global eurobonds market could reduce the financial costs for Member States and which would contribute to the Euro becoming a global reserve currency
Amendment 204 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls for a more integrated macro- prudential policy framework within the monetary policy context, if necessary including differentiated macro-prudential tools in the Union to account for differences between the euro area and non-euro area countries; is looking forward to the general report1 by the Commission expected at the latest by 2 January 2014, which should review the decisions taken for the creation of the ESFS (European System of Financial Supervision); __________________ 1 Article 81 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC
Amendment 210 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. As the ECB, IMF and Commission work together on missions in some Member States, calls on the Commission to put forward proposals for a single external representation of the euro area according to Article 138 TFEU; particularly for the IMF;
Amendment 213 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates its long-standing call for the minutes of the meetings of the Governing Council to be public; considers their non- publication as a sign of weakness of the monetary union, as if the public and necessary individual accountability in the decision-taking within the Governing Council should be interpreted as a confrontation between Member States;commends that the ECB enhance the transparency of its work in order to increase its legitimacy and predictability. Transparency is also needed with regard to the internal models used to value illiquid collateral and the valuations assigned to specific securities offered as collateral
Amendment 216 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Further to the number of debates which have arisen on the subject, asks for more public information on flows between euro area central banks measured in the Target-2 programme, so as to establish whether or not these flows should be interpreted as permanently moving from current account surplus countries to deficit countries in order to avoid their financial collapse
Amendment 221 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Welcomes the commitment of the ECB to its accountability in the front of the EP and stresses the very constructive role played by the ECB at the highest level and through its staff in the co-decision procedure;