34 Amendments of Ramon TREMOSA i BALCELLS related to 2017/2124(INI)
Amendment 33 #
Motion for a resolution
Recital D
Recital D
D. whereas the ECB has missed its 2 % inflation targetinflation in the Eurozone has been significantly below 2 % in each of the four years since 2013 and forecasts that it will not reach this target beforestay below 2 % until 2020;
Amendment 45 #
Motion for a resolution
Recital E
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015;
Amendment 46 #
Motion for a resolution
Recital F
Recital F
Amendment 69 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which in its ruoles out national vetoes, enabling it to act decisively in addressing the crisis as the euro area´s monetary authority;
Amendment 81 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Gives a positive assessment of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systems but stresses its concern regarding the potential consequences of a negative interest rate policy for individual savers and the financial equilibrium of pension schemes as well as about the build up of asset bubbles due to quantitative easing;
Amendment 114 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level ofNotes that the inflation in the Eurozone is expected to remain below 2 % until at least 2020 despite pursuing a verya accommodative monetary policy, which indicates that the economy is not operating at full capacity by the ECB;
Amendment 138 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancinga balanced mixed between fiscal policies and growth enhancing structural reforms are required;
Amendment 147 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 167 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 191 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that GDP growth in the Eurozone has been stable but modest, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at least 2019;
Amendment 214 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and households but stresses that monetary policy will fall short if not complemented by growth-enhancing structural reforms;
Amendment 221 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far;been affected by the fall in oil prices
Amendment 230 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that the single monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commission;cannot stimulate aggregate demand unless it is complemented by sound fiscal policies and ambitious growth enhancing structural reform programmes at Member State level; recalls that the main benefit of monetary policy is to safeguard price stability in order to guarantee a stable environment for investment; considers that monetary policy is not the appropriate tool to solve the structural problems of the European economy
Amendment 248 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Agrees with the ECB that all Eurozone countries would benefit from intensifying efforts towards achieving a more growth-friendly composition of public finances;
Amendment 252 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate how this phenomenon is slowing the recovery and explore ways to stimulate demand in spite of wage stagnationmany Eurozone continues to suffer from a high level of unemployment and more should be done to tackle youth unemployment and to create high quality jobs;
Amendment 263 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Notes with concern that the Eurozone continues face a low level of productivity growth following a lack of investment since the beginning of the crises;is concerned that the still high level of public debt and large numbers of non- performing loans in the banking sector in some Member States are still fragmenting the financial markets, thus reducing room to manoeuvre to support the most fragile economies
Amendment 280 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses that the MIP foresees actions if excessive current account surpluses in some Member States must be corrected through appropriate fiscal policieare detrimental to others;
Amendment 292 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 298 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 321 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding; and that the European banking sector is characterized by diversity, not least as a result of national specificities, but because it contributes to the stability of the financial system
Amendment 337 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States which would include strict conditionality on progress in Member States regarding insolvency law or banks' governance;
Amendment 358 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls the ECB’s attention to the need for the sufficiently wide coverage of recent stress tests vis-à-vis the resolution or liquidation of certain banks; calls the ECB as overseer of financial market infrastructures to assess constantly the resilience of the individual cyber security systems, the network as a whole but also its own system;
Amendment 379 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Calls on the ECB to go one step further by ensuring full transparency on the volumes and eligibility criteria in respect of the potential participation of SMEpurchased for each company in CSPP as well as to make public its operational guidelines;
Amendment 380 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Calls the ECB to publish all data from CSPP in a single, user-friendly spreadsheet that can facilitate public accountability of the program.
Amendment 382 #
Motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
25 b. Calls on the ECB to put up guidelines that ensure that CSPP does not create distortions in competition among companies inside the single market.
Amendment 385 #
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 405 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; is of the opinion that the CMU plays a key role in expanding the pool of capital in the EU; calls for the full and timely completion and implementation of the capital markets union and the banking union;
Amendment 416 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes the positive opinion of the ECB on the quickConsiders that establishment of the European deposit insurance scheme (EDIS) as the third pillar of a fully-fledged banking union; stresses that the EDIS willcould further help to enhance and safeguard financial stability; underlines the importance of risk reduction measures preceding further risk sharing
Amendment 422 #
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 443 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Agrees with the ECB on the importance of physical money as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes must not be rejected in transactions;
Amendment 469 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. UrgeAsks the ECB to support Greece, for example through ensuring the eligibility of Greek companies for the CSPP and the inclusion of Greek sovereign bonds in the APPcontinue providing the necessary support with any Member State of the Eurozone or to the area as a whole in accordance with the Treaty;
Amendment 494 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Believes that ECB profits from seigniorage revenue shcould be considered an EU budgetary resource, since they are directly linked to a fully developed, sui generis European policy;
Amendment 513 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that the ECB’s growing number of responsibilities and tasks necessitate greater ECB transparency and accountability towards Parliamentgoes hand in hand with a growing accountability towards Parliament in association with the CJEU, the European Ombudsman, the European Court of Auditors, the OLAF and the European Data Protection Supervisor;
Amendment 520 #
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Is aware of the growing expectation among the citizens in terms of accountability;considers that accountability of the euro area tasks should be done by a euro area composition of the European Parliament;