32 Amendments of Alfredo PALLONE related to 2010/0281(COD)
Amendment 65 #
Proposal for a regulation
Recital 2
Recital 2
(2) To strengthen the economic and monetary union there is a need to build upon the experience gained during the first decade of functioning of the economic and monetary union.
Amendment 117 #
Proposal for a regulation
Recital 9
Recital 9
(9) Based on the multilateral surveillance procedure and the alert mechanism, the Commission should identify in a transparent procedure 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 withininclude a surveillance mission by the Commission to the Member State concerned, in liaison with the ECB when those missions concern Member States whose currency is the euro or Member States participating in ERM II. It should be discussed within the European Parliament, the Council and the Euro Group for the Member States whose currency is the euro.
Amendment 122 #
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 mayshould include enhanced surveillance missions and control of statistics by the Commission to Member States in liaison with the ECB when those missions concern participating Member States or Member States participating in the ERM II 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.
Amendment 150 #
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. The independence and confidentiality regime of the European Systemic Risk Board should be strictly respected.
Amendment 183 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'imbalances‘ means macroeconomic developments which are adversely affecting, or have the potential adversely to affect, the proper functioning and/or the competitiveness of the economy of a Member State or of economic and monetary union, or of the Union as a whole.
Amendment 194 #
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.
Amendment 210 #
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 Stateand structural indicators, which are adequate to measure the economic equilibrium and competitiveness of the Member States in comparison to other Member States as well as their international competitiveness. The Commission may set indicative lower or 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 220 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The list of indicators to be included in the scoreboard and the thresholds should allow the detection of internal and external macroeconomic imbalances.
Amendment 243 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall regularly assess the appropriateness of the scoreboard, including the composition of indicators, the thresholds set and the methodology used, and shall adapt it, in accordance with Article 3 paragraph 1, and in case of emergency the Commission may temporarily adapt the scoreboard, the indicators and the thresholds if necessary to preserve or enhance its capability to detect emerging imbalances and monitor their development. Changes in the underlying methodology and composition of the scoreboard and the associated thresholds shall be made public.
Amendment 257 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an economic and financial assessment putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicatoranalysis relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalances.
Amendment 261 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The report shall identify Member States that the Commission considers to be affected by, or at risk of, imbalance macroeconomic imbalances and weakening competitiveness.
Amendment 263 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The Report should be transmitted in a timely manner to the European Parliament.
Amendment 267 #
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 reportthe Commission shall present its report to the Council. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro. The Council may reject the report by a qualified majority within 10 days. The report of the Commission shall be made public.
Amendment 272 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Taking account of the discussions in the Council, the European Parliament 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 is affected by macroeconomic imbalances, and of whether these macroeconomic imbalances constitute excessive imbalances. The in-depth review shall involve a surveillance mission by the Commission to the Member State concerned, in liaison with the ECB when the Member State concerned is a Member State participating in ERM II.
Amendment 286 #
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
(c) any early warnings or recommendations from the European Systemic Risk Board on systemic risks addressed or being relevant to the Member State under review. The confidentiality regime of the European Systemic Risk Board shall be respected.
Amendment 302 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Councilmmission shall inform the European Parliament of its recommendations. The Council recommendations shall be made public.
Amendment 306 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Councilmmission shall review these recommendations at least annually and may amend them if appropriate in accordance with paragraph 1.
Amendment 309 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. If, on the basis of the in-depth review referred to in Article 5, the Commission considers that the Member State concerned is affected by excessive imbalances, it shall inform the Council accordinglyEuropean Parliament and the Council accordingly and draft the necessary recommendations to take corrective action. The 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.
Amendment 313 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation 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, may reject the recommendations by a qualified majority within 10 days. The Commission may make its recommendations public.
Amendment 336 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Within two months after submission of a corrective action plan and on the basis of a Commission report, the Council shall assess the corrective action plan. If considered sufficient, on the basis of a Commission proposal, the Council shall adopt an opinion,it is assessed by the Commission for endorsing iement. If the actions taken or envisaged in the corrective action plan or their timetable for implementation are considered insufficient to implement the recommendations, the Council shall, on the basis of a Commission proposhal,l invite the Member State to amend its corrective action plan within a new deadline. The Council shall discuss the invitation of the Commission and may reject it by a qualified majority within 10 days. The amended corrective action plan shall be examined according to the procedure laid down in this paragraph.
Amendment 342 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The corrective action plan, the Commission report and the Council invitation referred to in paragraph 2assessments, its decisions and the Council's rejection, if there was one, shall be made public.
Amendment 347 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission shall monitor implementation of the recommended corrective action and of the corrective action plan by the Member State concerned. For this purpose, the Member State shall report to the Council and the Commission at regular intervals in the form of progress reports whose frequency shall be established by the Councilmmission in the recommendation referred to in Article 7(21).
Amendment 353 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States’ progress reports shall be made public by the Councilmmission.
Amendment 354 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The Commission mayshall carry out surveillance missions to the Member State concerned to monitor implementation of the corrective action plan, in liaison with the ECB when those missions concern Member States whose currency is the euro or Member States participating in ERM II.
Amendment 361 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. If economic circumstances change, the Council, on a recommendation from the Commission, may amend the recommendations adopted under Article 7 in accordance with the procedure laid down in the same Article. The Council may reject the recommendations by a qualified majority within 10 days. 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 366 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. On the basis of a Commission report, the CouncilThe Commission shall conclude whether or not the Member State concerned has taken the recommended corrective action.
Amendment 368 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The Commission's report shall beconclusions shall be discussed in the Council and made public.
Amendment 371 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The Councilmmission conclusions shall be adopted by the deadline set by the Councilmmission in its recommendations adopted in accordance with Article 7.
Amendment 377 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where ithe Commission concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendation from the Commission, shall adoptpropose revised recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for corrective action by when another assessment in accordance with this Article shall be conducted.
Amendment 383 #
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Where the Councilmmission concludes that the Member State has taken the recommended corrective action, the excessive imbalance procedure shall be held in abeyance.
Amendment 387 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The state of abeyance of the procedure for Member States concerned shall be reviewed regularly by the Councilmmission in accordance with the procedure set out in paragraphs (1) to (5).
Amendment 410 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)