BETA


2010/2749(RSP) Resolution on the European Financial Stability Facility and European Financial Stabilisation Mechanism and future actions

Progress: Procedure completed

Legal Basis:
RoP 136-p5

Events

2010/07/07
   EP - Results of vote in Parliament
2010/07/07
   EP - Decision by Parliament
Details

The European Parliament adopted by 377 votes to 225, with 48 abstentions, a resolution tabled on the Committee on Economic and monetary Affairs on the European Financial Stability Facility and European Financial Stabilisation Mechanism and future actions. It notes that the authors of the Maastricht Treaty had not foreseen the possibility of a sovereign debt crisis inside the euro area. The spreads of sovereign debt issued by Member States of the euro area widened more rapidly during autumn 2009, and the situation in the sovereign debt market for certain Member States worsened considerably during spring 2010 and reached a critical stage in May 2010. Members recall that on 7 June 2010, the euro area Member States established the European Financial Stability Facility (EFSF) as a limited liability company under Luxembourg law, with euro area Member States providing guarantees for EFSF issuance up to a total of EUR 440 billion on a pro-rata basis.

The resolution welcomes the recent actions taken at EU level and at national level to safeguard the stability of the euro, but regrets that European policymakers did not take decisive action earlier, despite the steady worsening of the financial crisis. However, these actions are merely of a temporary nature and that real progress will have to be made on fiscal and structural polices in the individual Member States, and on establishing a stronger framework for economic governance, geared to preventing future occurrences of similar crises, as well as increasing growth potential and sustainable macroeconomic rebalancing in the EU. Parliament considers that the current crises cannot be resolved in the long run by simply pouring new debt into highly indebted countries. All Member States, in particular those that are part of the economic and monetary union (EMU), should, when developing their economic policies, take into account both the effects of those policies domestically and their implications for the Union. Parliament feels that economic policies are a matter of common concern and should be coordinated within the Council in accordance with the procedures in the Treaty. Parliament takes note of Commission communication on reinforcing economic policy coordination as an important contribution to stronger economic policy coordination in the EU. It considers that legislative proposals on enhanced economic surveillance should include new secondary legislation on the basis of Article 121(6) of the Treaty.

Members ask the Commission to:

provide an assessment of the impact of the European Financial Stabilisation Mechanism, in particular on the EU budget and other EU financial instruments and loans by the EIB; provide an assessment of the impact of the European Financial Stability Facility on the functioning of the euro bond markets and their spreads; to assess, in addition, the practicability and accountability of the decision-making procedure for this special purpose vehicle (SPV), with a view to a longer-term solution; provide more detail about how the coordination between the EFSF and the IMF will work, including whether the allocation between funds will be determined on a parallel basis maintaining the 2:1 ratio; whether the interest rate will be coordinated with the IMF rate in any way, presuming that the IMF rate will be fixed according to standard practice; what the projected interest rate will be, over and above German bunds, and whether it is likely to be around 1%; asks whether the IMF and EFSF loans will rank pari passu , as this would automatically give the EFSF the privilege of non-inclusion in any restructuring of borrowers" obligations – as otherwise the EFSF would, in effect, have first-loss exposure; state if any measures are envisaged to ensure equal treatment. Members note that the interest rate for the EFSF appears different from the package agreed for Greece because EFSF borrowers will pay the net all-in cost to the SPV for raising the funds, and they ask how fairness can be assured for non-EMU members if the EFSF operates only after the EUR 60 billion facility has been used up; analyse a range of options for a long-term system to prevent and resolve potential sovereign debt problems in an efficient and sustainable way, while reaping the full benefit of the single currency; undertake an independent feasibility study by the end of 2010 on the question of innovative financing instruments, such as the joint issuance of Eurobonds as a means of reducing spreads and increasing liquidity in euro-dominated debt markets. The issuance of Eurobonds for EU-relevant infrastructure could be consistent with adherence to the Stability and Growth Pact.

Parliament asks the ECB to give a detailed explanation of its recent decisions to buy government bonds on the secondary market, and considers that the ECB should prepare an exit strategy with a clear timetable for ceasing this practice.

It takes the view that a stronger EU framework for economic governance should encompass a permanent EU sovereign debt crisis-resolution mechanism , such as a European Monetary Fund, a coordinated approach for macroeconomic rebalancing, and enhanced synergies between the EU budget and Member States" budgets, complementing sustainable fiscal consolidation.

Lastly, it considers that, when establishing new EU instruments and procedures, account needs to be taken of the respective roles of the European institutions, including the legislative and budgetary role of Parliament and the independent role of the ECB in decision making on monetary policy. It takes note that, despite the potentially significant impact of this mechanism on the EU budget, Parliament is given no role in the decision-making process, as the facility has been established by Council regulation under Article 122(2) TFEU. Accordingly, it is necessary to ensure that Parliament, as budgetary authority, is involved in an issue with such potentially far-reaching budgetary consequences.

Documents
2010/07/07
   EP - End of procedure in Parliament
2010/07/06
   EP - Motion for a resolution
Documents
2010/07/06
   EP - Debate in Parliament
Details

O-0095/2010

2010/07/05
   EP - Oral question/interpellation by Parliament
Documents

Documents

Votes

B7-0410/2010 - Fonds européen de stabilité financière - PAR 10 #

2010/07/07 Outcome: +: 502, -: 177, 0: 12
DE FR GB PL IT NL RO FI BG BE HU AT PT ES LT LV SE CZ DK IE LU SK EE SI EL CY MT
Total
95
68
70
46
66
25
31
13
17
20
20
16
19
48
10
8
14
20
13
11
6
11
6
6
21
5
5
icon: PPE PPE
249

Czechia PPE

2

Denmark PPE

For (1)

1

Luxembourg PPE

3

Estonia PPE

For (1)

1

Slovenia PPE

2

Cyprus PPE

1

Malta PPE

2
icon: ALDE ALDE
78

Lithuania ALDE

2

Latvia ALDE

For (1)

1

Sweden ALDE

2
3

Luxembourg ALDE

For (1)

1

Slovakia ALDE

For (1)

1

Slovenia ALDE

2
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50

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icon: Verts/ALE Verts/ALE
49

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2

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2

B7-0410/2010 - Fonds européen de stabilité financière - PAR 11 #

2010/07/07 Outcome: +: 488, -: 178, 0: 18
DE FR GB PL NL IT RO BE HU BG AT FI PT LT LV SE CZ IE ES DK LU SK EE SI EL CY MT
Total
95
68
67
44
25
66
31
20
20
17
17
13
19
8
8
14
20
11
47
13
6
11
6
6
21
5
5
icon: PPE PPE
248

Czechia PPE

2

Denmark PPE

For (1)

1

Luxembourg PPE

3

Estonia PPE

For (1)

1

Slovenia PPE

2

Cyprus PPE

1

Malta PPE

2
icon: ALDE ALDE
78

Lithuania ALDE

2

Latvia ALDE

For (1)

1

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2
3

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1

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1

Slovenia ALDE

2
icon: Verts/ALE Verts/ALE
49

United Kingdom Verts/ALE

5

Netherlands Verts/ALE

3

Austria Verts/ALE

2

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2

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1

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1
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27

France EFD

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icon: S&D S&D
176

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2
2

B7-0410/2010 - Fonds européen de stabilité financière - AM 2 #

2010/07/07 Outcome: -: 367, +: 299, 0: 20
EL ES DK CY FR LT CZ BE MT LV LU EE SE PT SI NL BG SK FI IE AT DE RO IT HU GB PL
Total
21
48
12
5
66
10
20
20
5
8
6
6
14
19
6
25
17
11
12
11
17
94
31
66
19
70
46
icon: S&D S&D
177

Latvia S&D

1

Luxembourg S&D

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1

Estonia S&D

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1

Slovenia S&D

2

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3

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2
icon: Verts/ALE Verts/ALE
46

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1

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2

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4

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1

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27

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1
3
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25

Spain NI

1

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2

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1

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2

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2
5
icon: ECR ECR
50

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250

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1

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2

B7-0410/2010 - Fonds européen de stabilité financière - PAR 14/1 #

2010/07/07 Outcome: +: 495, -: 181, 0: 9
DE FR GB PL IT NL RO BE FI BG HU AT PT ES LT LV SE IE DK SK LU EE CY SI CZ EL MT
Total
94
66
69
45
66
25
31
20
13
17
20
17
19
48
10
8
14
11
13
11
6
6
5
6
18
21
5
icon: PPE PPE
248

Denmark PPE

For (1)

1

Luxembourg PPE

3

Estonia PPE

For (1)

1

Cyprus PPE

1

Slovenia PPE

2

Czechia PPE

2

Malta PPE

2
icon: ALDE ALDE
78

Lithuania ALDE

2

Latvia ALDE

For (1)

1

Sweden ALDE

2
3

Slovakia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Slovenia ALDE

2
icon: Verts/ALE Verts/ALE
49

United Kingdom Verts/ALE

5

Netherlands Verts/ALE

3

Finland Verts/ALE

2

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2

Spain Verts/ALE

2

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1

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2

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2

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1

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1
icon: ECR ECR
47

Netherlands ECR

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1

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1

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1

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1

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For (1)

1
icon: GUE/NGL GUE/NGL
32

United Kingdom GUE/NGL

1

Netherlands GUE/NGL

2

Portugal GUE/NGL

3

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1

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1

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1

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1
icon: NI NI
26

France NI

2

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For (1)

1

Bulgaria NI

2
3

Spain NI

1
icon: EFD EFD
27

France EFD

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1

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1

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Lithuania EFD

2

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2

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1

Greece EFD

2
icon: S&D S&D
177

Netherlands S&D

3

Finland S&D

2

Lithuania S&D

2

Latvia S&D

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1

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3

Luxembourg S&D

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1

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1

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2

Slovenia S&D

Against (2)

2

B7-0410/2010 - Fonds européen de stabilité financière - PAR 14/2 #

2010/07/07 Outcome: +: 394, -: 264, 0: 15
PL GB RO IT DE NL HU BG FI LT FR SK IE BE LV LU DK SI EE AT PT CZ SE MT ES CY EL
Total
44
67
31
65
93
25
19
16
13
9
67
11
11
20
8
6
12
6
6
17
17
19
13
5
46
5
21
icon: PPE PPE
241

Luxembourg PPE

3

Denmark PPE

For (1)

1

Slovenia PPE

2

Estonia PPE

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1

Czechia PPE

Against (1)

2

Malta PPE

2

Cyprus PPE

1
icon: ALDE ALDE
77

Lithuania ALDE

2

Slovakia ALDE

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1

Latvia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1
3

Slovenia ALDE

2

Sweden ALDE

2
icon: ECR ECR
48

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1

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1

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1

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1
icon: NI NI
25

Hungary NI

2

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For (1)

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2

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2

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1

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1
icon: EFD EFD
27

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1

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1

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1

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1

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2

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2
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2

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4

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1

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2
icon: Verts/ALE Verts/ALE
49

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5

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4

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1

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1

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2

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1
icon: S&D S&D
175

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3

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1

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3

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1

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1

Slovenia S&D

Against (2)

2

Estonia S&D

Against (1)

1
2

B7-0410/2010 - Fonds européen de stabilité financière - AM 4 #

2010/07/07 Outcome: -: 392, +: 266, 0: 24
EL CY ES DK MT CZ SE AT IE PT LT LV BE SI EE SK FI LU FR DE HU NL RO BG GB IT PL
Total
21
5
47
13
5
18
14
17
11
19
10
8
20
6
6
11
13
5
68
93
20
25
31
17
66
66
46
icon: S&D S&D
174

Latvia S&D

1

Slovenia S&D

2

Estonia S&D

For (1)

1

Finland S&D

2

Netherlands S&D

3
icon: Verts/ALE Verts/ALE
48

Greece Verts/ALE

1

Spain Verts/ALE

2

Denmark Verts/ALE

2

Sweden Verts/ALE

2

Austria Verts/ALE

2

Latvia Verts/ALE

1

Estonia Verts/ALE

For (1)

1

Finland Verts/ALE

2

Luxembourg Verts/ALE

For (1)

1

Netherlands Verts/ALE

3

United Kingdom Verts/ALE

5
icon: GUE/NGL GUE/NGL
32

Greece GUE/NGL

3

Spain GUE/NGL

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1

Denmark GUE/NGL

1

Sweden GUE/NGL

1

Ireland GUE/NGL

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1

Portugal GUE/NGL

3

Latvia GUE/NGL

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1

Netherlands GUE/NGL

2

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1
icon: NI NI
26

Spain NI

1

Belgium NI

Against (1)

1

France NI

2

Hungary NI

Abstain (1)

3

Bulgaria NI

2
5
icon: EFD EFD
27

Greece EFD

2

Denmark EFD

2

Lithuania EFD

2

Slovakia EFD

For (1)

1

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1

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1

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1
icon: ECR ECR
48

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1

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1

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1

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1

Netherlands ECR

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1
icon: ALDE ALDE
77

Denmark ALDE

3

Sweden ALDE

2

Ireland ALDE

3

Lithuania ALDE

2

Latvia ALDE

Against (1)

1

Slovenia ALDE

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2

Slovakia ALDE

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1

Luxembourg ALDE

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1
icon: PPE PPE
249

Cyprus PPE

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1

Denmark PPE

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1

Malta PPE

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2

Czechia PPE

2

Slovenia PPE

Against (2)

2

Estonia PPE

Against (1)

1

Luxembourg PPE

3

B7-0410/2010 - Fonds européen de stabilité financière - AM 5 #

2010/07/07 Outcome: -: 389, +: 261, 0: 26
EL CY ES CZ DK SE MT AT BE PT LV SI LU FR LT SK IE EE FI HU NL RO BG DE GB IT PL
Total
21
5
48
20
13
14
4
17
17
19
8
6
6
67
10
11
11
5
13
20
24
31
17
92
66
65
45
icon: S&D S&D
173

Latvia S&D

1

Slovenia S&D

2

Luxembourg S&D

For (1)

1

Finland S&D

2

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3
icon: Verts/ALE Verts/ALE
46

Greece Verts/ALE

1

Spain Verts/ALE

2

Denmark Verts/ALE

2

Sweden Verts/ALE

2

Austria Verts/ALE

2

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1

Finland Verts/ALE

2

Netherlands Verts/ALE

2

United Kingdom Verts/ALE

5
icon: GUE/NGL GUE/NGL
33

Spain GUE/NGL

For (1)

1

Denmark GUE/NGL

1

Sweden GUE/NGL

1

Portugal GUE/NGL

3

Latvia GUE/NGL

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1

Ireland GUE/NGL

For (1)

1

Netherlands GUE/NGL

2

United Kingdom GUE/NGL

1
icon: NI NI
26

Spain NI

1

Belgium NI

Against (1)

1

France NI

2

Bulgaria NI

2
5
icon: EFD EFD
25

Greece EFD

2

Denmark EFD

2

France EFD

Against (1)

1

Lithuania EFD

For (1)

Abstain (1)

2

Slovakia EFD

For (1)

1

Finland EFD

Abstain (1)

1

Netherlands EFD

Against (1)

1
icon: ECR ECR
47

Belgium ECR

Against (1)

1

Latvia ECR

Against (1)

1

Lithuania ECR

Against (1)

1

Hungary ECR

Against (1)

1

Netherlands ECR

Against (1)

1
icon: ALDE ALDE
78

Denmark ALDE

3

Sweden ALDE

2

Latvia ALDE

Against (1)

1

Slovenia ALDE

Against (2)

2

Luxembourg ALDE

Against (1)

1

Lithuania ALDE

2

Slovakia ALDE

Against (1)

1
3
icon: PPE PPE
247

Cyprus PPE

Against (1)

1

Czechia PPE

2

Denmark PPE

Against (1)

1

Malta PPE

Against (2)

2

Belgium PPE

3

Slovenia PPE

Against (2)

2

Luxembourg PPE

3

Estonia PPE

Against (1)

1

B7-0410/2010 - Fonds européen de stabilité financière - AM 3 #

2010/07/07 Outcome: -: 367, +: 300, 0: 12
BE ES DK LT SI EL CZ FR FI MT LV LU EE SE CY RO IE BG PT SK AT DE NL HU GB IT PL
Total
20
48
13
10
6
20
20
68
13
5
8
6
6
14
5
31
11
16
18
11
16
92
25
20
67
64
45
icon: S&D S&D
171

Slovenia S&D

2

Finland S&D

2

Latvia S&D

1

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1

Bulgaria S&D

3

Netherlands S&D

3
icon: Verts/ALE Verts/ALE
49

Spain Verts/ALE

2

Denmark Verts/ALE

2

Greece Verts/ALE

1

Finland Verts/ALE

2

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1

Sweden Verts/ALE

2

Austria Verts/ALE

2

Netherlands Verts/ALE

3

United Kingdom Verts/ALE

5
icon: ALDE ALDE
77

Belgium ALDE

Against (1)

4

Denmark ALDE

For (1)

Against (1)

Abstain (1)

3

Lithuania ALDE

2

Slovenia ALDE

2

Latvia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Estonia ALDE

For (1)

3

Sweden ALDE

Against (1)

2

Ireland ALDE

For (1)

3

Slovakia ALDE

For (1)

1
icon: GUE/NGL GUE/NGL
33

Spain GUE/NGL

For (1)

1

Denmark GUE/NGL

1

Greece GUE/NGL

3

Latvia GUE/NGL

For (1)

1

Sweden GUE/NGL

Against (1)

1

Cyprus GUE/NGL

Abstain (1)

2

Ireland GUE/NGL

Abstain (1)

1

Portugal GUE/NGL

3

Netherlands GUE/NGL

2

United Kingdom GUE/NGL

Against (1)

1
icon: NI NI
26

Belgium NI

Abstain (1)

1

Spain NI

1

France NI

2

Bulgaria NI

2
3
icon: EFD EFD
27

Denmark EFD

2

Lithuania EFD

2

Greece EFD

2

France EFD

Against (1)

1

Finland EFD

Against (1)

1

Slovakia EFD

Against (1)

1

Netherlands EFD

Against (1)

1
icon: ECR ECR
48

Belgium ECR

Against (1)

1

Lithuania ECR

Against (1)

1

Latvia ECR

Against (1)

1

Netherlands ECR

Against (1)

1

Hungary ECR

Against (1)

1
icon: PPE PPE
247

Denmark PPE

Against (1)

1

Slovenia PPE

Against (2)

2

Czechia PPE

2

Malta PPE

Against (2)

2

Luxembourg PPE

3

Estonia PPE

Against (1)

1

Cyprus PPE

Against (1)

1

B7-0410/2010 - Fonds européen de stabilité financière - PAR 20/1 #

2010/07/07 Outcome: +: 627, -: 36, 0: 20
DE FR IT ES GB PL RO NL BE PT BG CZ EL SE HU DK AT SK IE FI LV LT LU SI EE CY MT
Total
92
67
66
47
66
46
31
25
20
19
17
20
21
14
20
13
17
11
11
13
8
10
6
6
6
5
5
icon: PPE PPE
248

Czechia PPE

2

Denmark PPE

For (1)

1

Luxembourg PPE

3

Slovenia PPE

2

Estonia PPE

For (1)

1

Cyprus PPE

1

Malta PPE

2
icon: S&D S&D
175

Netherlands S&D

3

Finland S&D

2

Latvia S&D

1

Luxembourg S&D

For (1)

1

Slovenia S&D

2

Estonia S&D

For (1)

1
icon: ALDE ALDE
77

Sweden ALDE

2
3

Slovakia ALDE

For (1)

1

Latvia ALDE

For (1)

1

Lithuania ALDE

2

Luxembourg ALDE

For (1)

1

Slovenia ALDE

2
icon: Verts/ALE Verts/ALE
49

Spain Verts/ALE

2

United Kingdom Verts/ALE

5

Netherlands Verts/ALE

3

Greece Verts/ALE

1

Sweden Verts/ALE

2

Denmark Verts/ALE

2

Austria Verts/ALE

2

Finland Verts/ALE

2

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1
icon: ECR ECR
49

Netherlands ECR

For (1)

1

Belgium ECR

For (1)

1

Hungary ECR

For (1)

1

Latvia ECR

For (1)

1

Lithuania ECR

Abstain (1)

1
icon: GUE/NGL GUE/NGL
32

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1

Netherlands GUE/NGL

2

Portugal GUE/NGL

3

Greece GUE/NGL

3

Sweden GUE/NGL

1

Denmark GUE/NGL

1

Ireland GUE/NGL

Abstain (1)

1

Latvia GUE/NGL

For (1)

1
icon: NI NI
26

France NI

2

Spain NI

1

Belgium NI

For (1)

1

Bulgaria NI

2
3
icon: EFD EFD
26

France EFD

Against (1)

1

Netherlands EFD

For (1)

1

Greece EFD

2

Denmark EFD

2

Slovakia EFD

For (1)

1

Finland EFD

Against (1)

1

Lithuania EFD

2

B7-0410/2010 - Fonds européen de stabilité financière - PAR 20/2 #

2010/07/07 Outcome: +: 397, -: 258, 0: 13
IT PL GB DE NL RO BG HU SK FI IE CZ AT LT LV LU EE SE PT FR SI DK BE MT ES CY EL
Total
64
44
64
92
23
31
17
20
11
13
11
20
17
8
8
6
6
14
19
67
5
13
18
5
46
5
20
icon: PPE PPE
241

Czechia PPE

2

Lithuania PPE

2

Luxembourg PPE

3

Estonia PPE

For (1)

1

Slovenia PPE

2

Denmark PPE

For (1)

1

Malta PPE

2

Cyprus PPE

1
icon: ALDE ALDE
74

Slovakia ALDE

For (1)

1

Lithuania ALDE

2

Latvia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Sweden ALDE

2

Slovenia ALDE

For (1)

1
3
3
icon: ECR ECR
48

Netherlands ECR

For (1)

1

Hungary ECR

For (1)

1

Lithuania ECR

1

Latvia ECR

For (1)

1

Belgium ECR

For (1)

1
icon: EFD EFD
21

Netherlands EFD

For (1)

1

Slovakia EFD

For (1)

1

Finland EFD

Abstain (1)

1

Lithuania EFD

For (1)

1

France EFD

Against (1)

1

Denmark EFD

For (1)

Against (1)

2

Greece EFD

Abstain (1)

1
icon: NI NI
26
5

Bulgaria NI

2
3

France NI

2

Belgium NI

Against (1)

1

Spain NI

1
icon: GUE/NGL GUE/NGL
32

United Kingdom GUE/NGL

1

Netherlands GUE/NGL

For (1)

1

Ireland GUE/NGL

Against (1)

1

Czechia GUE/NGL

Against (1)

Abstain (1)

4

Latvia GUE/NGL

Against (1)

1

Sweden GUE/NGL

1

Portugal GUE/NGL

3

Denmark GUE/NGL

1

Spain GUE/NGL

Against (1)

1

Cyprus GUE/NGL

2
icon: Verts/ALE Verts/ALE
49

United Kingdom Verts/ALE

5

Netherlands Verts/ALE

3

Finland Verts/ALE

Against (2)

2

Austria Verts/ALE

Against (1)

2

Latvia Verts/ALE

Against (1)

1

Luxembourg Verts/ALE

Against (1)

1

Estonia Verts/ALE

Against (1)

1

Sweden Verts/ALE

2

Denmark Verts/ALE

2

Belgium Verts/ALE

Abstain (1)

4

Spain Verts/ALE

2

Greece Verts/ALE

Against (1)

1
icon: S&D S&D
176

Netherlands S&D

3

Finland S&D

2

Ireland S&D

3

Lithuania S&D

2

Latvia S&D

Against (1)

1

Luxembourg S&D

Against (1)

1

Estonia S&D

Against (1)

1

Slovenia S&D

Against (2)

2
2

B7-0410/2010 - Fonds européen de stabilité financière - AM 1 #

2010/07/07 Outcome: -: 404, +: 242, 0: 37
BE ES DK AT MT EL CY SI SE LU EE CZ LV FR PT LT IE SK FI RO BG NL HU DE IT GB PL
Total
20
48
13
17
5
21
5
6
14
6
6
19
8
68
19
10
11
11
13
31
17
25
20
92
66
65
46
icon: S&D S&D
175

Slovenia S&D

2

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1

Latvia S&D

1

Finland S&D

2

Netherlands S&D

3
icon: Verts/ALE Verts/ALE
49

Spain Verts/ALE

2

Denmark Verts/ALE

2

Austria Verts/ALE

2

Greece Verts/ALE

1

Sweden Verts/ALE

Abstain (1)

2

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Finland Verts/ALE

2

Netherlands Verts/ALE

3

United Kingdom Verts/ALE

5
icon: GUE/NGL GUE/NGL
33

Spain GUE/NGL

Abstain (1)

1

Denmark GUE/NGL

1

Greece GUE/NGL

Abstain (1)

3

Cyprus GUE/NGL

Abstain (1)

2

Sweden GUE/NGL

Abstain (1)

1

Latvia GUE/NGL

Abstain (1)

1

Portugal GUE/NGL

3

Ireland GUE/NGL

Abstain (1)

1

Netherlands GUE/NGL

2

United Kingdom GUE/NGL

Abstain (1)

1
icon: NI NI
26

Belgium NI

For (1)

1

Spain NI

Abstain (1)

1

France NI

2

Bulgaria NI

2

Hungary NI

Abstain (1)

3
icon: EFD EFD
25

Denmark EFD

2

Greece EFD

2

France EFD

Against (1)

1

Lithuania EFD

2

Slovakia EFD

Abstain (1)

1

Finland EFD

Against (1)

1

Netherlands EFD

Against (1)

1
icon: ECR ECR
49

Belgium ECR

Against (1)

1

Latvia ECR

Against (1)

1

Lithuania ECR

Against (1)

1

Netherlands ECR

Against (1)

1

Hungary ECR

Against (1)

1
icon: ALDE ALDE
77

Belgium ALDE

For (1)

4

Denmark ALDE

3

Slovenia ALDE

Against (2)

2

Sweden ALDE

2

Luxembourg ALDE

Against (1)

1

Latvia ALDE

Against (1)

1

Lithuania ALDE

2
3

Slovakia ALDE

Against (1)

1
icon: PPE PPE
248

Denmark PPE

Against (1)

1

Malta PPE

Against (2)

2

Cyprus PPE

Against (1)

1

Slovenia PPE

Against (2)

2

Luxembourg PPE

3

Estonia PPE

Against (1)

1

Czechia PPE

2

History

(these mark the time of scraping, not the official date of the change)

docs/0/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/B-7-2010-0318_EN.html
New
https://www.europarl.europa.eu/doceo/document/B-7-2010-0318_EN.html
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/B-7-2010-0410_EN.html
New
https://www.europarl.europa.eu/doceo/document/B-7-2010-0410_EN.html
events/0/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20100706&type=CRE
New
https://www.europarl.europa.eu/doceo/document/CRE-7-2010-07-06-TOC_EN.html
events/2
date
2010-07-07T00:00:00
type
Decision by Parliament
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/TA-7-2010-0277_EN.html title: T7-0277/2010
summary
events/2
date
2010-07-07T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/doceo/document/TA-7-2010-0277_EN.html title: T7-0277/2010
summary
procedure/legal_basis/0
Rules of Procedure EP 136-p5
procedure/legal_basis/0
Rules of Procedure EP 128-p5
docs/0/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B7-2010-318&language=EN
New
http://www.europarl.europa.eu/doceo/document/B-7-2010-0318_EN.html
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B7-2010-410&language=EN
New
http://www.europarl.europa.eu/doceo/document/B-7-2010-0410_EN.html
events/2/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2010-277
New
http://www.europarl.europa.eu/doceo/document/TA-7-2010-0277_EN.html
activities
  • date: 2010-07-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20100706&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2010-07-07T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=18662&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2010-277 type: Decision by Parliament, 1st reading/single reading title: T7-0277/2010 body: EP type: Results of vote in Parliament
committees
    docs
    • date: 2010-07-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B7-2010-318&language=EN title: B7-0318/2010 type: Oral question/interpellation by Parliament body: EP
    • date: 2010-07-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B7-2010-410&language=EN title: B7-0410/2010 type: Motion for a resolution body: EP
    events
    • date: 2010-07-06T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20100706&type=CRE title: Debate in Parliament summary: O-0095/2010
    • date: 2010-07-07T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=18662&l=en title: Results of vote in Parliament
    • date: 2010-07-07T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2010-277 title: T7-0277/2010 summary: The European Parliament adopted by 377 votes to 225, with 48 abstentions, a resolution tabled on the Committee on Economic and monetary Affairs on the European Financial Stability Facility and European Financial Stabilisation Mechanism and future actions. It notes that the authors of the Maastricht Treaty had not foreseen the possibility of a sovereign debt crisis inside the euro area. The spreads of sovereign debt issued by Member States of the euro area widened more rapidly during autumn 2009, and the situation in the sovereign debt market for certain Member States worsened considerably during spring 2010 and reached a critical stage in May 2010. Members recall that on 7 June 2010, the euro area Member States established the European Financial Stability Facility (EFSF) as a limited liability company under Luxembourg law, with euro area Member States providing guarantees for EFSF issuance up to a total of EUR 440 billion on a pro-rata basis. The resolution welcomes the recent actions taken at EU level and at national level to safeguard the stability of the euro, but regrets that European policymakers did not take decisive action earlier, despite the steady worsening of the financial crisis. However, these actions are merely of a temporary nature and that real progress will have to be made on fiscal and structural polices in the individual Member States, and on establishing a stronger framework for economic governance, geared to preventing future occurrences of similar crises, as well as increasing growth potential and sustainable macroeconomic rebalancing in the EU. Parliament considers that the current crises cannot be resolved in the long run by simply pouring new debt into highly indebted countries. All Member States, in particular those that are part of the economic and monetary union (EMU), should, when developing their economic policies, take into account both the effects of those policies domestically and their implications for the Union. Parliament feels that economic policies are a matter of common concern and should be coordinated within the Council in accordance with the procedures in the Treaty. Parliament takes note of Commission communication on reinforcing economic policy coordination as an important contribution to stronger economic policy coordination in the EU. It considers that legislative proposals on enhanced economic surveillance should include new secondary legislation on the basis of Article 121(6) of the Treaty. Members ask the Commission to: provide an assessment of the impact of the European Financial Stabilisation Mechanism, in particular on the EU budget and other EU financial instruments and loans by the EIB; provide an assessment of the impact of the European Financial Stability Facility on the functioning of the euro bond markets and their spreads; to assess, in addition, the practicability and accountability of the decision-making procedure for this special purpose vehicle (SPV), with a view to a longer-term solution; provide more detail about how the coordination between the EFSF and the IMF will work, including whether the allocation between funds will be determined on a parallel basis maintaining the 2:1 ratio; whether the interest rate will be coordinated with the IMF rate in any way, presuming that the IMF rate will be fixed according to standard practice; what the projected interest rate will be, over and above German bunds, and whether it is likely to be around 1%; asks whether the IMF and EFSF loans will rank pari passu , as this would automatically give the EFSF the privilege of non-inclusion in any restructuring of borrowers" obligations – as otherwise the EFSF would, in effect, have first-loss exposure; state if any measures are envisaged to ensure equal treatment. Members note that the interest rate for the EFSF appears different from the package agreed for Greece because EFSF borrowers will pay the net all-in cost to the SPV for raising the funds, and they ask how fairness can be assured for non-EMU members if the EFSF operates only after the EUR 60 billion facility has been used up; analyse a range of options for a long-term system to prevent and resolve potential sovereign debt problems in an efficient and sustainable way, while reaping the full benefit of the single currency; undertake an independent feasibility study by the end of 2010 on the question of innovative financing instruments, such as the joint issuance of Eurobonds as a means of reducing spreads and increasing liquidity in euro-dominated debt markets. The issuance of Eurobonds for EU-relevant infrastructure could be consistent with adherence to the Stability and Growth Pact. Parliament asks the ECB to give a detailed explanation of its recent decisions to buy government bonds on the secondary market, and considers that the ECB should prepare an exit strategy with a clear timetable for ceasing this practice. It takes the view that a stronger EU framework for economic governance should encompass a permanent EU sovereign debt crisis-resolution mechanism , such as a European Monetary Fund, a coordinated approach for macroeconomic rebalancing, and enhanced synergies between the EU budget and Member States" budgets, complementing sustainable fiscal consolidation. Lastly, it considers that, when establishing new EU instruments and procedures, account needs to be taken of the respective roles of the European institutions, including the legislative and budgetary role of Parliament and the independent role of the ECB in decision making on monetary policy. It takes note that, despite the potentially significant impact of this mechanism on the EU budget, Parliament is given no role in the decision-making process, as the facility has been established by Council regulation under Article 122(2) TFEU. Accordingly, it is necessary to ensure that Parliament, as budgetary authority, is involved in an issue with such potentially far-reaching budgetary consequences.
    • date: 2010-07-07T00:00:00 type: End of procedure in Parliament body: EP
    links
    other
      procedure/legal_basis/0
      Rules of Procedure EP 128-p5
      procedure/legal_basis/0
      Rules of Procedure of the European Parliament EP 128-p5
      procedure/subject
      Old
      • 5.10.01 Convergence of economic policies, public deficit, interest rates
      • 5.20.01 Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU)
      New
      5.10.01
      Convergence of economic policies, public deficit, interest rates
      5.20.01
      Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU)
      procedure/subtype
      Old
      Debate or resolution on oral questions
      New
      Debate or resolution on oral question/interpellation
      activities
      • date: 2010-07-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20100706&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
      • date: 2010-07-07T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=18662&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2010-277 type: Decision by Parliament, 1st reading/single reading title: T7-0277/2010 body: EP type: Results of vote in Parliament
      committees
        links
        other
          procedure
          reference
          2010/2749(RSP)
          title
          Resolution on the European Financial Stability Facility and European Financial Stabilisation Mechanism and future actions
          legal_basis
          Rules of Procedure of the European Parliament EP 128-p5
          stage_reached
          Procedure completed
          subtype
          Debate or resolution on oral questions
          type
          RSP - Resolutions on topical subjects
          subject