BETA


2010/2987(RSP) Resolution on establishing a permanent crisis mechanism to safeguard the financial stability of the euro area

Progress: Procedure completed

Events

2010/12/16
   EP - Results of vote in Parliament
2010/12/16
   EP - Decision by Parliament, 1st reading/single reading
Details

Following the debate which was held in plenary on 15 December 2010, the European Parliament adopted a resolution by 458 votes to 64, with 45 abstentions, on establishing a permanent crisis mechanism to safeguard the financial stability of the euro area.

At the extraordinary Ecofin of 9-10 May 2010 the Council and the Member States agreed on a temporary mechanism to preserve financial stability totalling EUR 750 billion, including a rapid reaction stabilisation fund (European Financial Stabilisation Mechanism - ‘EFSM’) with a total volume of up to EUR 60 billion and a European Financial Stability Facility with a total volume of up to EUR 440 billion, to be complemented by IMF funds of up to EUR 250 billion.

At the European Council of 28-29 October 2010, Heads of State or Government agreed on the need for Member States to establish a mechanism to safeguard the financial stability of the euro area as a whole (the European Stability Mechanism - the ESM).

It calls on the European Council to specify as soon as possible the Treaty changes required in order to establish a permanent ESM. Members underline that, from a rational, practical and democratic point of view, consideration of the economic governance legislative package cannot be dissociated from the decision taken by the European Council to create a permanent mechanism.

Parliament wishes, as a co-legislator, to stress the need to create a permanent crisis mechanism which is credible, robust, lasting and grounded in the essential technical realities, and which should be adopted under the ordinary legislative procedure and inspired by the Community method. It urges the European Council, therefore, to provide an adequate legal basis, in the framework of revision of the TFEU, for this purpose.

The resolution notes that, in any case, the ESM/EMF should be based on solidarity, subject to strict conditionality rules and financed, inter alia, by innovative financing tools and/or by the fines applied to Member States as the outcome of excessive deficit proceedings.

Members recognises that, while it is in the interest of all Member States that a workable crisis mechanism is established, not all Member States will be members or candidate members of the euro area by the time such a mechanism is set up. They note that their particular situations should be clarified. They note therefore that Member States outside the euro area should be involved in the creation of such a mechanism.

The resolution calls on the Commission to present a Communication, after consultation with the ECB, containing a comprehensive description of the ESM, clarifying the position of investors, savers and market participants and stating explicitly that the ESM will be fully consistent with IMF policy and IMF practices as regards private-sector involvement in order to dissipate market concerns. Parliament insists that rules should be adapted to provide for case-by-case participation of private-sector creditors, fully consistent with IMF policies.

It calls on the European Council to provide the necessary political signal for a Commission investigation into a future system of eurobonds, with a clear specification of the conditions under which such a system would be beneficial to all participating Member States and to the eurozone as a whole. It stresses the need for a high degree of transparency in the information relating to national accounts, including all off-balance sheet activity.

Lastly, Parliament asks the Commission to prioritise the spending in the EU budget in each year of the existence of the EFSM to establish the order in which the budget will have to be cancelled in the event of having to return up to EUR 60 billion.

Documents
2010/12/16
   EP - End of procedure in Parliament
2010/12/15
   EP - Debate in Parliament
Details

O-0199/2010

2010/12/14
   EP - Motion for a resolution
Documents
2010/12/13
   EP - Oral question/interpellation by Parliament
Documents

Documents

Votes

B7-0733/2010 - § 9/2

2010/12/16 Outcome: +: 474, -: 86, 0: 6
IT DE PL ES FR RO GB HU BG CZ NL IE SK LT BE SE SI FI PT AT EL LU EE LV MT DK CY
Total
51
75
40
38
60
27
39
20
16
18
22
11
9
8
14
14
7
12
12
17
16
6
6
6
4
13
4
icon: PPE PPE
218

Czechia PPE

2

Belgium PPE

For (1)

1

Slovenia PPE

3

Luxembourg PPE

3

Estonia PPE

For (1)

1

Malta PPE

For (1)

1

Denmark PPE

For (1)

1

Cyprus PPE

1
icon: S&D S&D
141

Netherlands S&D

3

Ireland S&D

2

Slovakia S&D

1

Slovenia S&D

2

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2

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1

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3

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1

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3
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4

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2

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B7-0733/2010 - Am 12

2010/12/16 Outcome: +: 406, -: 96, 0: 23
FR IT ES DE RO EL HU BG PL PT LT NL BE SK GB DK EE CZ IE SI AT LU CY FI LV MT SE
Total
59
48
37
71
26
16
18
14
36
12
9
19
14
9
31
12
6
16
7
7
15
6
4
9
6
4
13
icon: S&D S&D
136

Netherlands S&D

3

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2

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1

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1

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2

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1

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5
icon: PPE PPE
201
4

Belgium PPE

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1

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13

France NI

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1

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B7-0733/2010 - Am 2/1

2010/12/16 Outcome: +: 449, -: 91, 0: 16
DE FR IT ES RO HU PL EL BG BE SE LT FI PT AT NL SK LU SI EE DK CZ LV CY MT IE GB
Total
74
55
51
35
29
20
41
15
16
14
14
9
11
13
17
22
9
6
6
6
11
16
6
3
4
11
41
icon: PPE PPE
205

Belgium PPE

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1

Netherlands PPE

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3

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1
icon: S&D S&D
146

Finland S&D

2

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3

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2

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1

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2

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1

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1

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icon: ALDE ALDE
66
3

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1

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1

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1

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icon: Verts/ALE Verts/ALE
45

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icon: NI NI
20

France NI

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1

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1

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2

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1

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1

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1

B7-0733/2010 - Am 2/2

2010/12/16 Outcome: -: 269, +: 263, 0: 18
DE BE EL ES FR SE RO FI EE LT NL BG CZ LU SI DK PT MT CY AT LV SK HU GB IE IT PL
Total
74
14
17
37
55
14
28
10
6
9
21
14
18
5
7
13
13
3
3
15
6
9
18
39
11
50
40
icon: S&D S&D
141

Finland S&D

2

Estonia S&D

For (1)

1

Netherlands S&D

3

Bulgaria S&D

Abstain (1)

4

Luxembourg S&D

For (1)

1

Slovenia S&D

2

Latvia S&D

1

Slovakia S&D

2

Ireland S&D

2
icon: ALDE ALDE
65
3

Sweden ALDE

2

Finland ALDE

2

Lithuania ALDE

1

Netherlands ALDE

Abstain (1)

4

Luxembourg ALDE

For (1)

1

Slovenia ALDE

2

Denmark ALDE

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3

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1
icon: Verts/ALE Verts/ALE
46

Greece Verts/ALE

1

Spain Verts/ALE

2
3

Finland Verts/ALE

2

Estonia Verts/ALE

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1

Netherlands Verts/ALE

3

Luxembourg Verts/ALE

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1

Denmark Verts/ALE

2

Austria Verts/ALE

2

Latvia Verts/ALE

1

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2
icon: GUE/NGL GUE/NGL
19

Spain GUE/NGL

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1

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2

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1

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1
icon: NI NI
18

Belgium NI

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1

France NI

Against (1)

1

Romania NI

1

Bulgaria NI

Abstain (1)

1

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For (1)

1

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Abstain (1)

4
icon: EFD EFD
16

Finland EFD

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1

Lithuania EFD

2

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1

Denmark EFD

2

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1

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1
icon: ECR ECR
36

Belgium ECR

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1

Netherlands ECR

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1

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1
icon: PPE PPE
208

Belgium PPE

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1

Finland PPE

3

Estonia PPE

Against (1)

1

Czechia PPE

2

Luxembourg PPE

Against (2)

2

Slovenia PPE

3

Denmark PPE

Against (1)

1

Malta PPE

Against (1)

1

Cyprus PPE

Against (1)

1

B7-0733/2010 - § 19

2010/12/16 Outcome: +: 322, -: 220, 0: 16
IT DE RO ES NL SK HU FR IE BG LT PL LU FI SI EE EL DK LV AT CY BE MT GB SE PT CZ
Total
51
71
29
37
21
10
20
59
10
16
7
41
6
12
6
6
17
13
6
16
3
14
4
38
13
13
18
icon: PPE PPE
215

Luxembourg PPE

3

Slovenia PPE

3

Estonia PPE

For (1)

1

Denmark PPE

For (1)

1

Cyprus PPE

1

Belgium PPE

For (1)

1

Malta PPE

For (1)

1

Czechia PPE

2
icon: ALDE ALDE
67

Italy ALDE

Against (1)

3

Slovakia ALDE

For (1)

1

Lithuania ALDE

1

Luxembourg ALDE

For (1)

1

Slovenia ALDE

For (1)

1
3
3

Sweden ALDE

2
icon: EFD EFD
14

Netherlands EFD

For (1)

1

Slovakia EFD

For (1)

1

Finland EFD

Against (1)

1

Denmark EFD

2

United Kingdom EFD

1
icon: NI NI
19

Romania NI

1

Hungary NI

2

France NI

Against (1)

1

Bulgaria NI

Against (1)

1

Belgium NI

For (1)

1
icon: GUE/NGL GUE/NGL
18

Germany GUE/NGL

Abstain (1)

3

Spain GUE/NGL

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1

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2

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1

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1

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3

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3
icon: ECR ECR
36

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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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4

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3
icon: S&D S&D
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3

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2

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2

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1

Finland S&D

2

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2

Estonia S&D

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1

Latvia S&D

Against (1)

1
4
2

B7-0733/2010 - § 20

2010/12/16 Outcome: +: 337, -: 211, 0: 9
PL GB IT RO NL BG DE HU IE FR SK SI ES LU FI EE CZ PT DK SE LV CY LT AT EL MT BE
Total
41
37
50
29
20
15
78
19
11
57
9
7
38
6
12
6
16
12
13
13
5
3
8
16
17
4
14
icon: PPE PPE
212

Netherlands PPE

2

Slovenia PPE

3

Luxembourg PPE

3

Estonia PPE

For (1)

1

Czechia PPE

2

Denmark PPE

For (1)

1

Latvia PPE

2

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1

Malta PPE

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1

Belgium PPE

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1
icon: ALDE ALDE
67

Italy ALDE

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3

Slovakia ALDE

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1

Slovenia ALDE

2

Luxembourg ALDE

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1
3

Sweden ALDE

2

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3
icon: ECR ECR
36

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1

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1

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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

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1
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16

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2

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1

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4
icon: S&D S&D
139

Netherlands S&D

3

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3

Ireland S&D

2

Slovakia S&D

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1

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2

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1

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Estonia S&D

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1

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1

Cyprus S&D

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1

Austria S&D

3

B7-0733/2010 - Considérant C/2

2010/12/16 Outcome: +: 473, -: 89, 0: 8
IT DE PL ES RO FR GB HU BG NL SK CZ IE LT BE SE EL PT AT FI SI LU EE LV MT DK CY
Total
51
78
40
39
29
60
40
19
16
22
10
16
10
8
14
14
17
13
17
11
7
6
6
6
4
12
4
icon: PPE PPE
217

Czechia PPE

2

Belgium PPE

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1

Finland PPE

2

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3

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3

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1

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1

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icon: S&D S&D
144

Hungary S&D

3

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3

Slovakia S&D

2

Ireland S&D

2

Finland S&D

2

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2

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1

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1

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3

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1
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2

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3
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2
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20

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1

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1

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2

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1

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1

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2