Activities of Ramon TREMOSA i BALCELLS related to 2011/2156(INI)
Plenary speeches (2)
ECB annual report for 2010 (debate)
ECB annual report for 2010 (debate)
Reports (1)
REPORT on the ECB Annual Report for 2010 PDF (172 KB) DOC (96 KB)
Amendments (17)
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 20 #
Motion for a resolution
Recital E
Recital E
E. whereas most of the long-term government debt of Greece and Portugal is on the ECB balance sheet and the persistent rumours of Greek debt restructuringpersistent rumours of Greek debt restructuring and the impact thereof on the financial markets and the broader economy may again delay the ECB'’s exit from non-standard measures,
Amendment 41 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the singleprimary objective of ECB is price stability; notesand that de facto financial stability is becoming a second objectiveit thereby contributes to financial stability; also notes the work of the ESRB 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 102 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes the rapid evolution of the leverage ratio of the ECB, measured by its capital and reserves in relation to assets; notes, however, that by mid-August 2011 the balance sheet has already shrunk by around 10% from its peak; 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 England;
Amendment 111 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points out that the ECB balance sheet expansion has not led to inflation, due to its increasing role as a central counterparty between euro area banks, which effectively amounts to a monetisation of bank bailouts;and reflects a temporary shift of intermediation from the interbank market to the Eurosystem as well as an increase in assets which will mature over time
Amendment 117 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Restates with concern the overreliance of many euro area banks on the liquidity provided by the ECB, in the absence of a fully functional interbank market; notes with concern the collateral policies of the ECB as regards the amount and the quality of asset-backed securities provided to the Eurosystem as collateral, estimated at EUR 488 billion;that while in 2010 the Eurosystem accepted on average EUR 488 billion of asset-backed securities as collateral, the eligibility criteria for ABS in Eurosystem credit operations have been tightened significantly which leads to a reduction over time of this amount
Amendment 135 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ECB to put in place in the Security Markets Program a discount rate mechanism that can be adjusted, taking into account whether a certain security is further downgraded by most credit rating agencies and ensuring that the ECB does not end up with too many risky assets; in addition, believes that the ECB should useextend the policy of requiring at least two credit rating qualifications before accepting a security as collateral; from asset-backed securities to all other collateral types where currently only one rating is required;;
Amendment 175 #
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, suggests 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 bonds on the secondary market as this would have meant a relief for the ECB in the current circumstances;
Amendment 183 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes that the European Stability Mechanism (ESM) acquired the right to purchase government bonds on the secondary market as this could mean a relief for the ECB in the current circumstances;
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 205 #
Motion for a resolution
Subheading 3 a (new)
Subheading 3 a (new)
External Dimension
Amendment 208 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Takes the view that the role of the euro as reserve currency should be strengthened in the interest of more global balance; calls in this regard for a Special Drawing Rights regime to be convertible implemented based on a basket of fully convertible currencies;
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 217 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Reminds to the ECB Governing Board that according to E(S)CB Statutes, Article 10(2): “the Governing Council shall act by a simple majority of the members having a voting right" and so decisions do not be necessary taken by unanimity; calls the ECB governing board to make public its voting record