Preparatory phase in Parliament
2014/2157(INI) European Central Bank - 2013 annual report
Next event: Vote scheduled in committee, 1st reading/single reading 2015/01/21 more...
Legal Basis RoP 052
Next event: Vote scheduled in committee, 1st reading/single reading 2015/01/21 more...
- Indicative plenary sitting date, 1st reading/single reading 2015/02/09
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | ZALBA BIDEGAIN Pablo (EPP) | SORU Renato (S&D), MARIAS Notis (ECR), TREMOSA I BALCELLS Ramon (ALDE), VIEGAS Miguel (GUE/NGL), URTASUN Ernest (Verts/ALE) |
| Opinion | EMPL | CASA David (EPP) |
Legal Basis RoP 052
Activites
-
2015/02/09
Indicative plenary sitting date, 1st reading/single reading
-
2015/01/21
Vote scheduled in committee, 1st reading/single reading
Documents
| Amendments | Dossier |
| 297 |
2014/2157(INI)
2014/11/06
EMPL
88 amendments...
Amendment 1 #
Draft opinion Paragraph 1 Amendment 10 #
Draft opinion Paragraph 1 1.
Amendment 11 #
Draft opinion Paragraph 1 1. Welcomes the decline in the EU unemployment rate, from 20.8 % in the first quarter of 2010 to 12.1 % in the third quarter of 2013, a decline which has not, however, been registered in most of the Member States; ;
Amendment 12 #
Draft opinion Paragraph 1 1.
Amendment 13 #
Draft opinion Paragraph 1 1.
Amendment 14 #
Draft opinion Paragraph 1 a (new) 1a. Points out that, between 2012 and 2013, the average unemployment rate increased from 11.4% to 12.1% and it is therefore important to monitor this trend;
Amendment 15 #
Draft opinion Paragraph 1 a (new) 1a. Notes that despite the reforms undertaken by Member States for fiscal consolidation in order to increase investor confidence, such an increase in confidence has not translated in growth and increase in employment;
Amendment 16 #
Draft opinion Paragraph 1 a (new) 1a. Notes that the social situation, especially in countries hit by the crisis, has deteriorated sharply and that, since the onset of the crisis, social inequalities have risen in two thirds of Member States; warns that the whole of Europe is in danger of being thrown into recession by the skewed austerity measures and by political crises;
Amendment 17 #
Draft opinion Paragraph 1 a (new) 1a. Recalls that the ECB is bound to Article 9 TFEU which states that: «In defining and implementing its policies and activities, the Union shall take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of education, training and protection of human health' and that it is important to implement this horizontal clause sufficiently in all policy areas so as to achieve the objectives of Article 3 TEU;
Amendment 18 #
Draft opinion Paragraph 2 2.
Amendment 19 #
Draft opinion Paragraph 2 2.
Amendment 2 #
Draft opinion Paragraph 1 1. Welcomes the decline in the EU unemployment rate, from 20.8 % in the first quarter of 2010 to 12.1 % in the third quarter of 2013 but also notes that according to the Commission Services´ spring 2014 forecast there was an increase in unemployment from 11.3% at the end of 2012 to 12.1% in the third quarter of 2013;
Amendment 20 #
Draft opinion Paragraph 2 2. Welcomes the slightly positive rate of job creation in some Member States in the fourth quarter of 2013 and the increase in compensation per employee in almost all non-euro area Member States; Stresses that euro area Member States should also benefit from this increase in order to boost the demand and enhance job creation; Stresses that austerity measures and the painful budgetary adjustments, is not the way to achieve this.
Amendment 21 #
Draft opinion Paragraph 2 2.
Amendment 22 #
Draft opinion Paragraph 2 2. Welcomes the slightly positive rate of job creation in some Member States in the fourth quarter of 2013
Amendment 23 #
2. Welcomes the slightly positive rate of job creation in some Member States in the fourth quarter of 2013 and the increase in compensation per employee in almost all non-euro area Member States, but it is deeply concerned by there is a decline in job quality, an increase in precarious forms of employment and a deterioration in basic labour standards; profoundly regrets that the EU is far away from achieving the employment and social targets of the EU2020 strategy, with specially the poverty reduction target lagging behind as poverty has increased by 10 million between 2010 and 2012 rather than decreasing; calls on the ECB to adopt a consistent approach in view to achieving this targets;
Amendment 24 #
Draft opinion Paragraph 2 2.
Amendment 25 #
Draft opinion Paragraph 2 a (new) 2a. Notes that this would appear to indicate a better performance by countries outside the euro area;
Amendment 26 #
Draft opinion Paragraph 2 a (new) 2a. Acknowledges that the ongoing process of balance sheet adjustment in the financial and non-financial sectors, combined with high unemployment and ongoing fiscal consolidation, continued to dampen economic activity in the euro area in 2013;
Amendment 27 #
Draft opinion Paragraph 2 a (new) 2a. Notes about the large differences in unemployment rates between Member States with figures ranging from 5% of Germany to 24% of Spain; whereas the figures for youth unemployment are even higher;
Amendment 28 #
Draft opinion Paragraph 2 a (new) 2a. Regrets that between 2006 and 2011, inequality has increased in approximately two thirds of EU Member States;
Amendment 29 #
Draft opinion Paragraph 2 b (new) 2b. Would nevertheless be pleased to know whether the same applies in the Member States belonging to the euro area;
Amendment 3 #
Draft opinion Paragraph 1 1.
Amendment 30 #
Draft opinion Paragraph 2 b (new) 2b. Believes that poor balance sheets not only affects banks, but also has a negative knock on effect on businesses and other private actors, as a lack of capital and finance inhibits a business’s ability to remain competitive, grow and ultimately maintain and create jobs;
Amendment 31 #
Draft opinion Paragraph 2 b (new) 2b. Is concerned by the fact that there has been a continuous decrease in total employment and also in the number of hours worked in 2013; urges the ECB to focus on policies which can reverse this trend and help Member States reach their EU2020 employment targets;
Amendment 32 #
Draft opinion Paragraph 2 c (new) 2c. Believes that the transferring of bad debt to the ECB balance sheet is not an appropriate solution and unfairly burdens EU taxpayers; believes that this is not a sustainable solution to reduce the EU unemployment rate;
Amendment 33 #
Draft opinion Paragraph 3 Amendment 34 #
Draft opinion Paragraph 3 Amendment 35 #
Draft opinion Paragraph 3 Amendment 36 #
Draft opinion Paragraph 3 Amendment 37 #
Draft opinion Paragraph 3 Amendment 38 #
Draft opinion Paragraph 3 3.
Amendment 39 #
Draft opinion Paragraph 3 3. Agrees with the ECB’s recommendation that
Amendment 4 #
Draft opinion Paragraph 1 1. Welcomes the decline in the EU unemployment rate recorded in the ECB Annual Report, from 20.8
Amendment 40 #
Draft opinion Paragraph 3 3.
Amendment 41 #
Draft opinion Paragraph 3 3.
Amendment 42 #
Draft opinion Paragraph 3 3. Agrees with the
Amendment 43 #
Draft opinion Paragraph 3 3. Agrees with the ECB’s recommendation that growth-friendly fiscal consolidation over the medium term should ensure compliance with the fiscal compact
Amendment 44 #
Draft opinion Paragraph 3 a (new) 3a. Hopes that ECB loans to European banks will benefit the real economy and companies that invest, result in stable and high-quality jobs and facilitate environmental transition;
Amendment 45 #
Draft opinion Paragraph 3 a (new) 3a. Underlines that monetary policy could be an important tool to boost the EU economy, believes that the ECB should make use of it in order to give liquidity to the EU real economy, increase demand and enhance quality investments and sustainable job creation;
Amendment 46 #
Draft opinion Paragraph 3 a (new) 3a. Welcomes the acknowledgement by the ECB that all four programme countries made significant progress in reducing their economic imbalances by addressing structural rigidities, especially in their labour markets;
Amendment 47 #
Draft opinion Paragraph 3 a (new) 3a. Notes the speech by the President of the ECB at the annual central bank symposium in Jackson Hole on 22 August 2014; calls on policy makers to draw the right conclusions with regard to monetary, budgetary and structural reform policies with the aim of creating growth and quality jobs; recalls the balanced remarks stating: "a coherent strategy to reduce unemployment has to involve both demand and supply side policies, at both the euro area and the national levels. And only if the strategy is truly coherent can it be successful";
Amendment 48 #
Draft opinion Paragraph 3 a (new) 3a. Is concerned that the level of public and private investment in the euro area has remained significantly lower than in years prior to the current crisis, whereas the annual growth rate has continued to decline and the credit to the private sector has moved into negative figures, with an annual growth rate of -2.4% in December 2013 compared to -0.2% in December 2012, it is necessary to implement unconventional policies as the ones developed by the ECB have proven to be entirely inadequate. Believes it is of great importance to create the conditions for an upturn in investment in the euro area and notes it is crucial to gradually increase investment levels, both public and private, to pre-crisis level by 2020;
Amendment 49 #
Draft opinion Paragraph 3 b (new) 3b. Welcomes the reductions in interest rates by the European Central Bank (ECB) in May and November 2013, reducing the rate of the main refinancing operations to 0.25%; is however concerned that these actions have until now not produced the effect intended in terms of increasing employment and job creation;
Amendment 5 #
Draft opinion Paragraph 1 1.
Amendment 50 #
Draft opinion Paragraph 3 c (new) 3c. Shares the ECB's call for continued improvement of the institutional framework of Economic and Monetary Union (EMU) as part of the main problems in the euro zone go derived from a dysfunctional institutional design of the currency area. In this context, ex ante coordination of major economic reform plans should be equitable and balanced;
Amendment 51 #
Draft opinion Paragraph 3 d (new) 3d. Notes that the fiscal consolidation undertaken by Member States has created a fiscal drag and a downturn in public sector employment which added to the ongoing contraction in employment in other sectors of the economy;
Amendment 52 #
Draft opinion Paragraph 3 e (new) 3e. Believes that in order to fight the growing levels of unemployment in Europe, more focus should be put on aggregate demand policies: notes that fiscal consolidation policies have not produced the results intended;
Amendment 53 #
Draft opinion Paragraph 3 f (new) 3f. Believes that more focus on growth and public investment (such as the 300 billion investment package proposed by the Commission's President Jean Claude Juncker) would be complementary of the ECB's policy efforts to increase employment and growth in Europe;
Amendment 54 #
Draft opinion Paragraph 3 g (new) 3g. Strongly believes that in light of future demographic changes and changes in the global economy, for the EU to be competitive over the next generations, focus should be given to the creation of high quality jobs whilst maintaining the integrity of our social model;
Amendment 55 #
Draft opinion Paragraph 4 4. Notes th
Amendment 56 #
Draft opinion Paragraph 4 4. Notes the ECB’s call for continuous improvement of the institutional setting of the Economic and Monetary Union (EMU), implying a further loss of sovereignty for the Member States, and reiterates in this context its call for ex ante coordination of major economic reform plans;
Amendment 57 #
Draft opinion Paragraph 4 4. Notes the ECB’s call for continuous improvement of the institutional setting of the Economic and Monetary Union
Amendment 58 #
Draft opinion Paragraph 4 4.
Amendment 59 #
Draft opinion Paragraph 4 4. Notes the ECB’s call for continuous improvement of the institutional setting of the Economic and Monetary Union (EMU), and reiterates in this context its call for ex ante coordination of major economic reform plans; Stresses that this should only be done in a way that ensures democratic accountability and transparency;
Amendment 6 #
Draft opinion Paragraph 1 1.
Amendment 60 #
Draft opinion Paragraph 4 4. Notes the ECB
Amendment 61 #
Draft opinion Paragraph 4 4. Notes the ECB’s call for continuous improvement of the institutional setting of
Amendment 62 #
Draft opinion Paragraph 4 4. Notes the ECB’s call for continuous improvement of the institutional setting of the Economic and Monetary Union (EMU)
Amendment 63 #
Draft opinion Paragraph 4 a (new) 4a. Calls for a true «social pillar’ to be implemented within economic and monetary union (EMU) as part of the process of improving economic governance mechanisms, so as to reduce unemployment, poverty and social exclusion, overcome social dumping and prevent competition for the lowest social standards in the EU;
Amendment 64 #
Draft opinion Paragraph 5 Amendment 65 #
Draft opinion Paragraph 5 5. Welcomes the ECB’s call on Member States to carry out the necessary labour
Amendment 66 #
Draft opinion Paragraph 5 5. Welcomes the ECB’s call on Member States to
Amendment 67 #
Draft opinion Paragraph 5 5.
Amendment 68 #
Draft opinion Paragraph 5 5. Welcomes the ECB’s call on Member States to carry out the necessary labour market reforms, in particular through increasing
Amendment 69 #
Draft opinion Paragraph 5 5. W
Amendment 7 #
Draft opinion Paragraph 1 1.
Amendment 70 #
Draft opinion Paragraph 5 5. Welcomes the ECB’s call on Member
Amendment 71 #
Draft opinion Paragraph 5 5.
Amendment 72 #
Draft opinion Paragraph 5 5.
Amendment 73 #
Draft opinion Paragraph 5 a (new) 5a. Strongly believes that any increased flexibility brought about by these reforms should be accompanied by a comparable increase in workers' rights;
Amendment 74 #
Draft opinion Paragraph 6 Amendment 75 #
Draft opinion Paragraph 6 Amendment 76 #
Draft opinion Paragraph 6 6. W
Amendment 77 #
Draft opinion Paragraph 6 6.
Amendment 78 #
Draft opinion Paragraph 6 6.
Amendment 79 #
Draft opinion Paragraph 6 6.
Amendment 8 #
Draft opinion Paragraph 1 1.
Amendment 80 #
Draft opinion Paragraph 6 a (new) 6a. Calls for the financing of an effective European infrastructural job creation plan and an increase in appropriations for implementation of the 'Youth Guarantee' programme;
Amendment 81 #
Draft opinion Paragraph 6 a (new) 6a. Notes that this reduction in working time was probably due to an increase in part-time work, reflecting growing insecurity;
Amendment 82 #
6a. Regrets that for young people the employment rate declined from 37% in 2008 to 32% in the first quarter of 2014 and more than 40% of young employees are on a temporary contract while nearly 25% work part time;
Amendment 83 #
Draft opinion Paragraph 7 Amendment 84 #
Draft opinion Paragraph 7 7. Notes the results of the first wave of the Eurosystem Household Finance and Consumption Survey, and stresses the importance of this survey for the monitoring of the euro area’s economic and social structure
Amendment 85 #
Draft opinion Paragraph 7 7. Notes the results of the first wave of the Eurosystem Household Finance and Consumption Survey
Amendment 86 #
Draft opinion Paragraph 7 a (new) 7a. Stresses its concern about the continued decline of the inflation rate in the euro area since 2011 and warns against the serious risk of deflation;
Amendment 87 #
7a. Considers it necessary that any future revision of the Treaties and the ECB's statutes establishes price stability together with full employment as the two objectives, on an equal footing, of monetary policy in the eurozone;
Amendment 88 #
Draft opinion Paragraph 7 b (new) 7b. Recalls ECB's dual-target mandate on monetary policy as recognized in Treaties is not only to safeguard price stability (article 2 of the Statute of the ECB) but also to pursue the promotion of sustainable economic and social progress and full employment (article 3 of the Maastricht Treaty);
Amendment 9 #
Draft opinion Paragraph 1 1.
source: 541.528
2014/11/19
ECON
209 amendments...
Amendment 1 #
Motion for a resolution Citation 1 a (new) - having regard to the Statute of the European System of Central Banks and of the European Central Bank, in particular Article 15 thereof,
Amendment 10 #
Motion for a resolution Recital C C. whereas there are major disparities
Amendment 100 #
Motion for a resolution Paragraph 10 10. Welcomes the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledges that the TLTRO introduces, for the first time, a link between loans to the non- financial private sector granted by banks and the amount of refinancing the banks can claim; hopes that the satisfactory results in the AQR will enhance the use of the TLTRO by European banks.
Amendment 101 #
Motion for a resolution Paragraph 10 10. Welcomes the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledges that the TLTRO introduces, for the first time, a link between loans to the non- financial private sector granted by banks and the amount of refinancing the banks can claim; encourages the ECB to create further incentives for the banks to transfer liquidity to the real economy;
Amendment 102 #
Motion for a resolution Paragraph 10 a (new) 10a. Is in that perspective of the opinion that the conditionality dimension of the TLTROs should be strengthened as the current TLTRO setting allow banks to benefit from new long term cheap liquidity provision even if some of these do not increase their credit provision to the real economy already in the first year of eligibility to the programme; Recalls its position on the CRD IV negotiation process to impose additional conditions to institutions having benefited from ECB liquidity support;
Amendment 103 #
Motion for a resolution Paragraph 10 a (new) 10a. Calls ECB to support governments efforts to raise equity for companies - especially for SMEs - possibly by funding venture capital, private equity and other financial vehicles which aim to increase equity level in the European Economy
Amendment 104 #
Amendment 105 #
Motion for a resolution Paragraph 11 11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner
Amendment 106 #
Motion for a resolution Paragraph 11 11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on the ABS market must be conducted in a transparent manner
Amendment 107 #
Motion for a resolution Paragraph 11 11.
Amendment 108 #
Motion for a resolution Paragraph 11 11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be
Amendment 109 #
Motion for a resolution Paragraph 11 11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market
Amendment 11 #
Motion for a resolution Recital C C. whereas there are major disparities among the unemployment rates in different Member States, with figures varying between 5 % and 26 %; whereas percentages for youth unemployment are even higher; notices that the difference in unemployment rates causes further economic divergence amongst Member States;
Amendment 110 #
Motion for a resolution Paragraph 11 11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner that does not create excessive risks for the ECB’s balance sheet, notably through transparent and strict conditionality;
Amendment 111 #
Motion for a resolution Paragraph 11 11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner that does not create excessive risks for the ECB’s balance sheet; believes that the transferring of bad debt to the ECB balance sheet is not an appropriate solution and unfairly burdens EU taxpayers;
Amendment 112 #
11. Notes that the ECB has announced that it will purchase asset-backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that such interventions on ABS market must be conducted in a transparent manner that does not create excessive risks for the ECB’s balance sheet; calls in this connection for framework conditions for an ABS buyers' market;
Amendment 113 #
Motion for a resolution Paragraph 11 11. Notes with concern that the ECB has announced that it will purchase asset- backed securities (ABS) and covered bonds in order to empower the credit-easing impact of the TLTROs; stresses that
Amendment 114 #
Motion for a resolution Paragraph 11 a (new) 11a. Remains worried by the significant levels of non-marketable assets and asset- backed securities put forward as collateral to the eurosystem in the framework of its refinancing operations; reiterates its request to the ECB to provide information on which central banks have accepted such securities as well as to disclose valuation methods regarding such assets; underlines that such disclosure would be beneficial for the purpose of parliamentary scrutiny of supervisory tasks conferred to the ECB;
Amendment 115 #
Motion for a resolution Paragraph 12 12. Stresses its concern regarding the considerable fragmentation of lending conditions for SMEs across the eurozone countries, and
Amendment 116 #
Motion for a resolution Paragraph 12 12. Stresses its concern regarding the considerable fragmentation of lending conditions for SMEs across the eurozone countries, and by the existing gap between financing rates granted to SMEs and those granted to bigger companies; insists that these long-standing problems are not appropriately addressed by the recent measures announced by ECB to boost bank lending, and that the ECB should study the
Amendment 117 #
Motion for a resolution Paragraph 12 12. Stresses its concern regarding the considerable fragmentation of lending conditions for SMEs across the eurozone countries, and by the existing gap between financing rates granted to SMEs and those granted to bigger companies; insists that these long-standing problems are not appropriately addressed by the recent measures announced by ECB to boost bank lending, and that the ECB should study the possibility of launching a specific programme to support SMEs access to credit; calls the ECB to investigate if this gap has any correlation with concentration in the banking sector;
Amendment 118 #
Motion for a resolution Paragraph 13 Amendment 119 #
Motion for a resolution Paragraph 13 13.
Amendment 12 #
Motion for a resolution Recital C C. whereas there are major disparities among the unemployment rates in different Member States, with figures varying between 5 % and 26 %; whereas percentages for youth unemployment are even higher, reaching around 50% in some Member States;
Amendment 120 #
Motion for a resolution Paragraph 13 13. Underlines that, with the measures announced in June 2014, the ECB balance sheet is expected to move towards the size it used to have at the beginning of 2012; notes that this projected increase requires strong vigilance by the ECB with respect to the credit risks it ultimately bears; asks in that perspective the Commission and the ECB itself to assess the amount of implicit subsidies that has been provided since the beginning of the crisis to the banking sector in the form of funding advantage including inter alia carry-trade operations in comparison with what would have been required by the markets or by means of potential mispricing of assets that the ESCB has accepted as collateral;
Amendment 121 #
Motion for a resolution Paragraph 13 13.
Amendment 122 #
Motion for a resolution Paragraph 13 13. Underlines that, with the measures announced in June 2014, the ECB balance sheet is expected to move towards the size it used to have at the beginning of 2012; notes that this projected increase requires strong vigilance by the ECB with respect to the credit risks
Amendment 123 #
Motion for a resolution Paragraph 13 a (new) 13a. Considers that the idea of buying corporate bonds should be rule out, as due to the use of buybacks by big enterprises would probably have little effect on stimulating investment and internal demand.
Amendment 124 #
Motion for a resolution Paragraph 13 a (new) 13a. Is of the opinion that the overall amount of implicit subsidies provided so far should be gradually recovered for the benefit of taxpayers once normal economic conditions return;
Amendment 125 #
Motion for a resolution Paragraph 14 14.
Amendment 126 #
Motion for a resolution Paragraph 14 14.
Amendment 127 #
Motion for a resolution Paragraph 14 14. Welcomes the fact that the ECB has repeatedly stated its readiness to use additional unconventional instruments within its mandate, and to alter the size or composition of its interventions, in the event of an excessively lengthy period of low inflation; underlines that the overall price stability objective in the Euro area is not undermined by non-conventional policies implemented by the ECB given that an expansion of reserves in excess of compulsory requirement does not give banks more resources to expand lending nor represent idle resources but merely changes the composition of liquid assets of the banking system;
Amendment 128 #
Motion for a resolution Paragraph 14 14. Welcomes the fact that the ECB has repeatedly stated its readiness to use additional unconventional instruments
Amendment 129 #
Motion for a resolution Paragraph 14 a (new) 14a. Deems that it would be useful if along with its assessment of monetary and financial conditions the ECB could provide in its statement following the monthly ECB Council of Governors meeting its assessment of the output gap extent;
Amendment 13 #
Motion for a resolution Recital C a (new) Ca. Whereas the success of the OMT program in lowering borrowing interest rates should not be used by Member States as an opportunity to avoid structural reforms to enhance growth potential and achieve fiscal sustainability in the medium term.
Amendment 130 #
Motion for a resolution Paragraph 15 Amendment 131 #
Motion for a resolution Paragraph 15 15. Stresses that the
Amendment 132 #
Motion for a resolution Paragraph 15 15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not in no way be overestimated
Amendment 133 #
Motion for a resolution Paragraph 15 15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimated
Amendment 134 #
Motion for a resolution Paragraph 15 15. Stresses that the impact of
Amendment 135 #
Motion for a resolution Paragraph 15 15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimated; stresses that such measures are transitory in nature and that the
Amendment 136 #
Motion for a resolution Paragraph 15 15. Stresses that the impact of the unconventional monetary policy measures currently in use on the real economy should not be overestimated; stresses that
Amendment 137 #
Motion for a resolution Paragraph 16 Amendment 138 #
Motion for a resolution Paragraph 16 Amendment 139 #
Motion for a resolution Paragraph 16 16. Notes that conducting non-standard monetary policies for an extended period of time
Amendment 14 #
Motion for a resolution Recital C a (new) Ca. whereas current projections put in evidence that nearly half of all Member States will not achieve their National EU2020 targets on education schemes and greenhouse gas reductions by 2020 and that trends regarding employment and poverty reduction are even worse moving away rather than towards the National EU2020 targets;
Amendment 140 #
Motion for a resolution Paragraph 16 16. Notes that conducting non-standard monetary policies
Amendment 141 #
Motion for a resolution Paragraph 16 a (new) 16a. Points out as illustrated by the leaked discussions of the ECB Council of Governors on the solvency of Cypriot banks that the concept of 'insolvency' underpinning the provision of central bank liquidity to institutions in the Euro area lacks a sufficient level of clarity as the concept refers both to a situation arising in a bank after a judicial determination of insolvency or alternatively as the situation where competent supervisory authorities determine that an institution does not comply with minimum requirements defined in the CRD/CRR framework; underlines that such a lack of clarity needs to be addressed so as to guarantee legal certainty and foster financial stability;
Amendment 142 #
Motion for a resolution Paragraph 17 17.
Amendment 143 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal and structural national reforms and that monetary policy can under no circumstances replace these necessary policies;
Amendment 144 #
Motion for a resolution Paragraph 17 17. Recalls that a sound monetary policy
Amendment 145 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand
Amendment 146 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot be effective in stimulat
Amendment 147 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal and structural national reforms and policies; accordingly takes the view that the EU as such, or at any rate the euro area, needs to have a revenue-raising power enabling it to pursue a countercyclical economic policy, which in turn implies a need to increase own resources through taxes established at pan-European level;
Amendment 148 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal and structural national reforms and policies that ultimately target the underlying reasons for the sluggish development;
Amendment 149 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal and structural national reforms and policies, which have not yet been sufficiently implemented in many Member States;
Amendment 15 #
Motion for a resolution Recital D a (new) Da. whereas lowered real interest rates have not been translating neither into looser credit for households and businesses, nor into GDP growth and job creation;
Amendment 150 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal stimulus and structural national reforms
Amendment 151 #
Motion for a resolution Paragraph 17 17. Recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate
Amendment 152 #
Motion for a resolution Paragraph 17 a (new) 17a. Considers that the TARGET 2 system should be improved in the medium term, taking the model of the Federal Reserve as a template in order to reduce excessive risk taking and improve the financial safety of the euro system;
Amendment 153 #
Motion for a resolution Paragraph 17 a (new) 17a. Stresses as illustrated by the experience in the years ahead of the crisis that stable inflation rates, in line with the medium term rate objective defined by the ECB, might be associated with unsustainable private debt dynamics, underlying the importance to manage asset bubbles and the growth of credit even when price stability is guaranteed;
Amendment 154 #
Motion for a resolution Paragraph 17 b (new) 17b. Is concerned by the persistent inflation differentials within the Euro area; recommends that the ECB follow a proactive macroprudential approach associated with its monetary policy instruments so as to deal with regional asset bubbles and imbalances; asks the ECB to explore whether regional fine- tuning regarding collateral, haircut and reserve requirements may be appropriate for coping with asymmetric shocks, thereby enhancing financial stability within the monetary union while preserving price stability;
Amendment 155 #
Motion for a resolution Paragraph 18 18. Recalls that the independence of the ECB in the conduct of its monetary policy, as enshrined in the Treaties, is
Amendment 156 #
Motion for a resolution Paragraph 18 18. Recalls that the independence of the ECB in the conduct of its monetary policy, as enshrined in the Treaties, is
Amendment 157 #
Motion for a resolution Paragraph 18 18. Recalls that the independence of the ECB in the conduct of its monetary policy, as enshrined in the Treaties, is crucial to the objective of safeguarding price stability; recalls that all governments and public national authorities should also refrain from asking for actions or commenting on decisions which the ECB takes;
Amendment 158 #
Motion for a resolution Paragraph 18 18. Recalls that the independence of the ECB in the conduct of its monetary policy, as enshrined in the Treaties, is crucial to the objective of safeguarding price stability and keeping inflation close by below 2%;
Amendment 159 #
Motion for a resolution Paragraph 18 a (new) 18a. Reminds that all members of the ECB's General Council are committed to the decisions taken which remain confidential, unless a decision has been taken to make them public;
Amendment 16 #
Motion for a resolution Recital D a (new) Da. whereas the consolidated financial statement of the Eurosystem reached EUR 2.285 trillion at the end of 2013, representing a decrease of approximately 25% over the course of 2013;
Amendment 160 #
Motion for a resolution Paragraph 18 a (new) 18a. Calls the ECB to make a step backwards in its role inside the Troika in order to reinforce its independence from political decisions;
Amendment 161 #
Motion for a resolution Paragraph 18 a (new) Amendment 162 #
Motion for a resolution Paragraph 18 a (new) 18a. Maintains that the Statute, guidelines and sham independence of the ECB need to be changed, allowing all Member States to be represented on an equal footing in its governing body, so as to ensure that every Member State can control its national central bank and monetary policy, with a view to promoting economic growth and employment;
Amendment 163 #
Motion for a resolution Paragraph 18 a (new) 18a. Stresses that a clear separation between monetary and fiscal policy implies that the monetary authority should not provide subsidies to institutions benefiting from liquidity provision as such subsidy provision amounts to fiscal policy;
Amendment 164 #
Motion for a resolution Paragraph 18 b (new) 18b. Underlines in the same rationale that a proper separation between fiscal and monetary policy implies that the fiscal authority is not supposed to interfere with the specific decisions taken by monetary authority and conversely that the monetary authority should in principle refrain from commenting on fiscal policy and requesting any specific reform or fiscal stance as counterparty to its own policy as was unfortunately the case with the letters sent by the former ECB President to the Spanish, Italian and Irish government;
Amendment 165 #
Motion for a resolution Paragraph 18 c (new) 18c. Deplores the fact that the ECB has exceeded its Treaty based mandate as illustrated in the aforementioned letters;
Amendment 166 #
Motion for a resolution Paragraph 19 19.
Amendment 167 #
Motion for a resolution Paragraph 19 19. Considers that the complexity of monetary policy instruments makes it difficult for the citizen of the euro area to understand the ECB’s actions; asks the ECB to strengthen its communication efforts in order to make its actions more transparent; welcomes the announcement that the European Central Bank will publish non-attributed minutes of its governing council meetings, in line with the transparency policies adopted by UK, US and Japan Central Banks;
Amendment 168 #
Motion for a resolution Paragraph 19a (new) 19a. Points out that, if monetary policy action is to be effective, thought needs to be given as of now to revising Article 123 of the TFEU in order to allow the ECB to launch government bond purchase programmes;
Amendment 169 #
Motion for a resolution Paragraph 19 a (new) 19a. believes that central banks worldwide should work actively to avoid any policy that would generate negative spillovers on others; notes that some central banks call on other central banks to take on board potential negative spillovers of monetary policies long after they have unilaterally implemented their own policies;
Amendment 17 #
Motion for a resolution Recital D b (new) Db. whereas non-marketable assets represented the largest component of assets put forward as collateral to the Eurosystem in the course of 2013, amounting to around 25% of the total; whereas non-marketable securities, together with asset-backed securities, represent around 40 % of total assets put forward as collateral;
Amendment 170 #
Motion for a resolution Paragraph 19 a (new) 19a. Believes that recent information that has come to the public light underline the importance of a prudent use of ELA in the future. It cannot be accepted again that a Member State's banking sector indebts itself for a relevant %of its GDP in this way;
Amendment 171 #
Motion for a resolution Paragraph 19 b (new) 19b. Encourages the ECB to keep improving its gender policy in its nominations in order to eliminate the current gap. Welcomes the nomination of Ms Daniel Nouy to head the supervision of the European Banking sector, particularly for her high merits and strong resumé;
Amendment 172 #
Motion for a resolution Paragraph 19 a (new) 19a. Asks the ECB to disclose to the European Parliament the secret 'Agreements on Net Financial Assets' between the National central banks and the ECB regarding inter alia the amounts of different classes of assets, including government bonds that an Euro area central bank can hold in its balance sheet;
Amendment 173 #
Motion for a resolution Paragraph 19 b (new) 19b. Welcomes the decision by the Council of Governors to publish its minutes from 2015 onwards; believes that such disclosure will increase the accountability and transparency of the ECB modus operandi; recalls its request that the annual ECB report should include a feedback to the inputs provided in the annual European Parliament report;
Amendment 174 #
Motion for a resolution Paragraph 19 c (new) 19c. Recalls its request to improve the gender balance within the institution as well as to diversify the theoretical background of its staff; welcome the gender-quota system that has been introduced; believes that the ongoing crisis has highlighted the need to increase theoretical diversity within central banks; requests the ECB to report in its next annual report on how it intends to proceed in order to diversify the analytical background of its staff;
Amendment 175 #
Motion for a resolution Paragraph 20 20. Welcomes the fact that the Single Supervisory Mechanism (SSM), the first pillar of the Banking Union, became fully operational on 4 November 2014; notes that this major step in European financial integration was achieved thanks to the successful completion of the preparatory work, including the Asset Quality Review (AQR); stresses that the supervisory and monetary functions of the ECB must under no circumstances be allowed to merge;
Amendment 176 #
Motion for a resolution Paragraph 20 20. Welcomes the fact that the Single Supervisory Mechanism (SSM), the first pillar of the Banking Union, became fully operational on 4 November 2014; notes
Amendment 177 #
Motion for a resolution Paragraph 20 20.
Amendment 178 #
Motion for a resolution Paragraph 20 20.
Amendment 179 #
Motion for a resolution Paragraph 20 a (new) 20a. Notes that the AQR and the stress test conducted by the European Banking Authority (EBA) in cooperation with the SSM, have revealed remaining fragilities in the European Banking System;
Amendment 18 #
Motion for a resolution Recital E E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a low of 0.3 % in September; whereas the overall HICP inflation rate went down to 0% in Portugal, -0.1% in Italy and -0.3% in Spain in September 2014;
Amendment 180 #
Motion for a resolution Paragraph 20 b (new) 20b. Calls for improvements in the methodology used for the AQR and the stress test; highlights that the exclusion of high-risk investments, especially of derivatives, from the AQR, leads to underestimate threats to financial stability;
Amendment 181 #
Motion for a resolution Paragraph 20 a (new) 20a. Hopes that the results of the AQR have adequately taken into account all risks, in order to avoid the japanification of European banking and the ever- greening of loans impossible to repay;
Amendment 182 #
Motion for a resolution Paragraph 20 b (new) 20b. Believes that the ECB should go forward in the codification of common accounting standards for all European banks, avoiding distortions;
Amendment 183 #
Motion for a resolution Paragraph 20 c (new) 20c. Encourages the ECB to use its capacity to give banking licenses to those who demand in order to start new banking projects and to open up competition in the Member States with the most concentrated banking sectors;
Amendment 184 #
Motion for a resolution Paragraph 20 d (new) 20d. Considers that the ECB has great responsibility in ensuring that future bank recapitalizations will be done through the bail-in scheme, when access to markets is difficult or impossible;
Amendment 185 #
Motion for a resolution Paragraph 20 e (new) 20e. Calls the ECB to ensure in its daily practices the complete ring-fencing between monetary policy and its role as banking supervisor;
Amendment 186 #
Motion for a resolution Paragraph 21 21. Emphasises that the SSM
Amendment 187 #
Motion for a resolution Paragraph 21 21. Emphasises that the SSM
Amendment 188 #
Motion for a resolution Paragraph 21 21. Emphasises that the SSM should contribute
Amendment 189 #
Motion for a resolution Paragraph 21 a (new) 21a. Believes that, in line with its new responsibilities, the ECB should act as a lender of last resort, in an effort to restore confidence in the financial markets and thus strengthening stability;
Amendment 19 #
Motion for a resolution Recital E E. whereas, according to the Commission services
Amendment 190 #
Motion for a resolution Paragraph 21 a (new) 21a. Supports the idea that in order to make bail-in more credible and effective, the European legislation should advance to separate the more risky investment activities from traditional banking;
Amendment 191 #
Motion for a resolution Paragraph 21 b (new) 21b. Believes that the current structure of the Banking Union should be complemented in the future by a common European Deposit Guarantee that avoids capital flight to safety in the event of a future banking crisis;
Amendment 192 #
Motion for a resolution Paragraph 21 a (new) 21a. Is of the opinion that placing the SSM under the aegis of the ECB is clearly a second best solution, largely due to the current EU treaties constraints; underlines that such solution has led to an undesirable concentration of powers in the ECB, with the potential for conflicts of interest; points out moreover that conglomerates of large insurance companies and banks cannot be effectively supervised by the ECB for legal reasons;
Amendment 193 #
Motion for a resolution Paragraph 21 b (new) 21b. Is of the opinion that a Treaty change is required for enabling the creation of a truly independent authority for common banking supervision;
Amendment 194 #
Motion for a resolution Paragraph 21 c (new) 21c. Is of the opinion that the latest stress tests deliver a clear cut illustration of the limits of the current interinstitutional setting as a scenario of deflation was not contemplated in the stress tests even though such deflation risks are far from being anecdotal;
Amendment 195 #
Motion for a resolution Paragraph 22 22. Notes that, despite relatively low profitability, euro area banks have steadily continued to strengthen their capital positions through a combination of capital increases and reductions in risk-weighted assets; acknowledges that in several cases capital increases were carried out in the context of financial assistance programmes from the Member States;
Amendment 196 #
Motion for a resolution Paragraph 22 22. Notes that, despite relatively low profitability, euro area banks have
Amendment 197 #
Motion for a resolution Paragraph 23 23. Is concerned by the remaining dependence on central bank funding and public recapitalization in many banks of the euro area;
Amendment 198 #
Motion for a resolution Paragraph 23 a (new) 23a. Points out that consolidation of good governance in banks enhances confidence in the banking sector, thereby contributing also to financial stability;
Amendment 199 #
Motion for a resolution Paragraph 23 a (new) 23a. Considers auspicable the creation of a Capital Market Union, in order to reduce the excessive dependence of the economies of the euro zone on the banking system;
Amendment 2 #
Motion for a resolution Recital A A. whereas, according to the Commission services
Amendment 20 #
Motion for a resolution Recital E E. whereas, according to the Commission services’
Amendment 200 #
Motion for a resolution Paragraph 24 24. Points out that activity on government securities continues to be a major source of profit for banks of the euro area,
Amendment 201 #
Motion for a resolution Paragraph 24 24. Points out that activity on government securities continues to be a major source of profit for banks of the euro area, even though credit to the non-financial private sector remains sluggish; underlines that several banks used LTRO lines for carry trade operations while reducing their credit provision to the real economy which amounts to facilitating recapitalization of the banking sector with taxpayer resources;
Amendment 202 #
Motion for a resolution Paragraph 24 24. Points out that activity on government securities continues to be a major source of profit for banks of the euro area, even though credit to the non-financial private sector remains sluggish; considers that technical and legislative work on risks linked to sovereign debt should be accelerated;
Amendment 203 #
Motion for a resolution Paragraph 24 24. Points out that activity on government securities continues to be a major source of profit for banks of the euro area, even though credit to the non-financial private sector remains sluggish; calls the ECB to warn on those banks that keep increasing their holdings of government bonds while decreasing credit to the private sector.
Amendment 204 #
Motion for a resolution Paragraph 24 a (new) 24a. Welcomes the legislative proposal on Banking Structural Reform from the European Commission; notices that similar reforms have already been introduced in several Member States; invites the ECB to collaborate with the other relevant institutions towards sustainable structural reform on a European level that ends subsidies to trading activities of large financial institutions and levels the playing field for financial services;
Amendment 205 #
Motion for a resolution Paragraph 25 25. Recalls that the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, will come into force by the beginning of 2015;
Amendment 206 #
Motion for a resolution Paragraph 25 25. Recalls that the Single Resolution
Amendment 207 #
Motion for a resolution Paragraph 25 25. Recalls that the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, will come into force by the beginning of 2015; stresses the
Amendment 208 #
Motion for a resolution Paragraph 25 a (new) 25a. Calls, in connection with the SSM, for the outcome of the comprehensive assessment of banks' balance sheets to be reviewed in order to take account of the risks attached to investing in highly non- transparent instruments such as some types of derivative;
Amendment 209 #
Motion for a resolution Paragraph 25 a (new) 25a. Believes that the task of the ECB would be greatly complemented by the existence of an eurozone fiscal capacity, and some kind of eurobills able to help to absorb asymmetric shocks;
Amendment 21 #
Motion for a resolution Recital E E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching
Amendment 22 #
Motion for a resolution Recital E E. whereas, according to the Commission services’
Amendment 23 #
Motion for a resolution Recital E E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a low of 0.3 % in September and will stay well below target in 2015;
Amendment 24 #
Motion for a resolution Recital E E. whereas, according to the Commission services
Amendment 25 #
Motion for a resolution Recital E E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a worrying low of 0.3 % in September; whereas recent economic forecasts and expectations point to there being a major risk of deflation in the eurozone;
Amendment 26 #
Motion for a resolution Recital E E. whereas, according to the Commission services’ spring 2014 forecast, the average inflation rate in the euro area was 1.3 % in 2013, down from 2.5 % in 2012; whereas inflation in the euro area has continued to be on a downward path since the beginning of 2014, reaching a low of 0.3 % in September, posing a risk of deflation;
Amendment 27 #
Motion for a resolution Recital E a (new) Ea. whereas low energy prices, particularly oil, have been one of the main contributors on the decrease in inflation rates in the eurozone.
Amendment 28 #
Motion for a resolution Recital F F. whereas the level of
Amendment 29 #
Motion for a resolution Recital F F. whereas the level of public and private investment in the euro area has been stagnating at levels significantly below those registered before the start of the crisis; whereas it has been common among big enterprises to use the environment of cheap money to realize self-serving buybacks instead of new investments.
Amendment 3 #
Motion for a resolution Recital A A. whereas, according to the Commission services’ spring 2014 forecast, GDP in the euro area fell by 0.4 % in 2013 after a decline of 0.7 % in 2012, and whereas the Commission services expected a recovery, with GDP rising by 1.2 % in 2014 and by 1.7 % in 2015; whereas the Commission services' autumn 2014 forecast revised growth projections downward, with GDP rising by only 0.8 % in 2014 and 1.1 % in 2015;
Amendment 30 #
Motion for a resolution Recital F F. whereas the level of public and private investment in the euro area has been stagnating at levels significantly below those registered before the start of the crisis; whereas the relative share of investments in GDP has been declining steadily even before the crisis;
Amendment 31 #
Motion for a resolution Recital F F. whereas the level of public and private investment in the euro area has been stagnating at levels significantly below those registered before the start of the crisis and needs to be given a fresh boost as a matter of urgency;
Amendment 32 #
Motion for a resolution Recital G G. whereas the annual growth rate of M3 has continued to slow down, from 3.5 % in December 2012 to a worrying 1 % in December 2013;
Amendment 33 #
Motion for a resolution Recital H H. whereas credit to the private sector has moved further into negative territory, with an annual rate of change of -2.4% in
Amendment 34 #
Motion for a resolution Recital H H. whereas credit to the private sector has moved further into negative territory, with an annual rate of change of -2.4% in December 2013, compared with -0.2% in December 2012; whereas the lack of credit affecting SMEs in some Member States is one of the main problems delaying the economic recovery; whereas the drop in lending to SMEs has been of around 35% between 2008 and 2013;
Amendment 35 #
Motion for a resolution Recital H H. whereas credit to the private sector has moved further into negative territory, with
Amendment 36 #
Motion for a resolution Recital H a (new) Ha. whereas facilitating credit flow to SMEs is fundamental as they employ 72% of the eurozone's labour force and have a higher gross job creation than large enterprises;
Amendment 37 #
Motion for a resolution Recital I I. whereas financial fragmentation is still
Amendment 38 #
Motion for a resolution Recital I I. whereas financial fragmentation is still a major problem, with SMEs suffering much higher borrowing costs
Amendment 39 #
Motion for a resolution Recital I a (new) Ia. whereas the results of the comprehensive assessment of European banks should have a positive impact on current monetary policies and the bank's willingness to increase their lending activities, particularly to the real economy;
Amendment 4 #
Motion for a resolution Recital A A. whereas, according to the Commission services’
Amendment 40 #
Motion for a resolution Recital J J. whereas the size of the euro system
Amendment 41 #
Motion for a resolution Recital J J. whereas the size of the euro system’s balance-sheet has declined steadily over the course of 2013, reflecting receding financial fragmentation; however, this decreasing financial fragmentation has not had effect on loans to SMEs and households;
Amendment 42 #
Motion for a resolution Recital J J. whereas the size of the euro system’s balance-sheet has declined steadily over the course of 2013, whereas it is unclear whether this reflect
Amendment 43 #
Motion for a resolution Recital K a (new) Ka. whereas the effects of a possible Quantitative Easing in the eurozone, would probably be dampened by the excessive credit intermediation of the banking sector;
Amendment 44 #
Motion for a resolution Recital K b (new) Kb. whereas the European credit markets need to diversificate through the gradual increase of the share on credit intermediation through financial instrum ents. This diversification would render monetary policy more effective;
Amendment 45 #
Motion for a resolution Recital K c (new) Kc. whereas current evidence suggests that Quantitative Easing doesn't have any substantial effect on bank lending, and beyond a change in inflation expectations, its main effect is to raise the price of assets and more specifically stock markets;
Amendment 46 #
Motion for a resolution Recital L L. whereas Article 282 TFEU states that the primary objective of the E
Amendment 47 #
Motion for a resolution Recital L L. whereas Article 282 TFEU states that the primary objective of the ECB is to
Amendment 48 #
Motion for a resolution Recital L L. whereas Article 282 TFEU states that the primary objective of the ECB is to maintain price stability; whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the ECB prohibit the monetary financing of governments; recalls that this was a sine qua non condition for several Member States to go into the European Monetary Union.
Amendment 49 #
Motion for a resolution Recital L L. whereas Article 282 TFEU states that the primary objective of the ECB is to maintain price stability and to support the general economic policies of the Union; whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and
Amendment 5 #
Motion for a resolution Recital A A. whereas, according to the Commission services
Amendment 50 #
Motion for a resolution Paragraph 1 1.
Amendment 51 #
Motion for a resolution Paragraph 1 1. Welcomes the
Amendment 52 #
Motion for a resolution Paragraph 1 1.
Amendment 53 #
Motion for a resolution Paragraph 1 a (new) 1a. Notes that the high level of public and private indebtedness in some Member States are obstacles for the correct transmission of monetary policy;
Amendment 54 #
Motion for a resolution Paragraph 1 a (new) 1a. Points out however that the announcement 'to do whatever it takes' to save the euro was overdue and that should such announcement be made earlier it would have alleviated substantially taxpayers costs in Member States experiencing financial difficulties;
Amendment 55 #
Motion for a resolution Paragraph 1 b (new) 1b. Notes that the recourse to the main refinancing operations, the medium and long-term refinancing operations with full allotment at fixed rates, the recourse to the marginal lending facility, the ELAs and the deposit facility remained all at significantly high levels throughout 2013 signalling an ongoing impairment of the monetary transmission mechanism and the Eurozone interbank lending market, albeit the situation improved significantly in comparison with the previous years as put in evidence by the stabilization of spreads a gradual normalization in interbank markets and the reduction of TARGET II imbalances;
Amendment 56 #
Motion for a resolution Paragraph 1 c (new) 1c. Is encouraged by the stabilization of the levels of TARGET II imbalances all over 2013 underlines that the TARGET II settlement system has played a crucial role for safeguarding the integrity of the euro area financial system;
Amendment 57 #
Motion for a resolution Paragraph 1 d (new) 1d. Is of the opinion that the ECB readiness to do whatever it takes to save the euro should ultimately lead the ECB to assume a role of lender of last resort for Member States with an implied need for real common economic and financial policy that may require Treaty change;
Amendment 58 #
Motion for a resolution Paragraph 2 2. Remains deeply concerned by the fact that economic activity remains extremely sluggish, with the euro area posting negative GDP growth in 2013, for the second year in a row, and with particularly high unemployment rates in many euro- area Member States reaching levels that threaten the stability of the eurozone, and that there are prospects of economic stagnation in 2015;
Amendment 59 #
Motion for a resolution Paragraph 2 2. Remains deeply concerned by the fact that economic activity remains sluggish,
Amendment 6 #
Motion for a resolution Recital B B. whereas, according to the same forecast, unemployment in the euro area rose from 11.3 % at the end of 2012 to 1
Amendment 60 #
Motion for a resolution Paragraph 2 2. Remains deeply concerned by the fact that economic activity remains sluggish, with the euro area posting negative GDP growth in 2013, for the second year in a row, with GDP growth being extremely weak over the first three quarters of 2014 and with high unemployment rates in many euro-area Member States reaching levels that threaten the stability of the eurozone;
Amendment 61 #
Motion for a resolution Paragraph 2 a (new) 2a. Remains deeply concerned by the fact that economic activity remains sluggish, with the euro area posting negative GDP growth in 2013, for the second year in a row, with economic activity being extremely weak over the first three quarters of 2014 and with high unemployment rates in many euro-area Member States reaching levels that threaten the stability of the eurozone;
Amendment 62 #
Motion for a resolution Paragraph 3 3. Stresses its deep concern regarding the continuous fall in the inflation rate in the euro area since 2011; stresses that the important gap observed today
Amendment 63 #
Motion for a resolution Paragraph 3 3. Stresses its concern regarding the continuous fall in the inflation rate below the level ensuring the price stability in the euro area since 201
Amendment 64 #
Motion for a resolution Paragraph 3 3. Stresses its concern regarding the continuous fall in the inflation rate in the euro area since 2011 and the inflation rate differentials between Member States; stresses that the important gap observed today, with the ECB’s aim of keeping inflation rates below but close to 2% in the medium term, could lead to a disanchoring in medium- to longer-term inflation expectations;
Amendment 65 #
Motion for a resolution Paragraph 4 4. Warns against the risk of deflation estimated by the IMF as being currently of around 30%; recalls that an inflation rate of close to zero in the euro area hampers the effectiveness of monetary policy
Amendment 66 #
Motion for a resolution Paragraph 4 4. Warns against the risk of deflation; recalls that an inflation rate of close to zero in the euro area hampers the effectiveness of monetary policy;
Amendment 67 #
Motion for a resolution Paragraph 4 4. Warns against the risk of deflation; recalls that an inflation rate of close to zero in the euro area hampers the effectiveness of monetary policy;
Amendment 68 #
Motion for a resolution Paragraph 4 4.
Amendment 69 #
4.
Amendment 7 #
Motion for a resolution Recital B B. whereas, according to the same forecast, unemployment in the euro area rose from 11.3 % at the end of 2012 to 1
Amendment 70 #
Motion for a resolution Paragraph 4 a (new) 4a. Points out that in the perspective of further accommodative policies such as quantitative easing and having in mind the current legal challenges regarding the OMT programme it is crucial to have legal clarity and certainty for allowing these instruments to be effectively implemented;
Amendment 71 #
Motion for a resolution Paragraph 4 a (new) 4a. Points out that the below-target level of inflation foreseen for the next years will have an impact on the debt reduction programmes of several Member States;
Amendment 72 #
Motion for a resolution Paragraph 4 a (new) 4a. Believes that the low risk premium paid by many eurozone Member States in the last months, it is not so linked to the action of their governments but the success of the OMT program and the existing close to zero inflation;
Amendment 73 #
Motion for a resolution Paragraph 4 b (new) 4b. Stresses that low borrowing costs by Member States are running hand in hand with rising public debts, close or beyond 100% of GDP in many cases, and warns that a new crisis could start a reassessment of risk by financial markets;
Amendment 74 #
Motion for a resolution Paragraph 5 5. Points out that the ECB forecasts published in 2013 had not anticipated the actual conjunction of a flat growth and a very low inflation and even deflationary signs; calls, against this background, for the current forecasts of stronger economic growth and higher inflation in 2015 and 2016 to be read with caution;
Amendment 75 #
Amendment 76 #
Motion for a resolution Paragraph 5 5. Points out that the ECB forecasts
Amendment 77 #
Motion for a resolution Paragraph 6 6. Considers that it is of utmost importance to create conditions for a rebound in investment in the euro area; calls on the ECB, in this context, to pursue its actions in order to maintain favourable financing conditions and to reduce the financial fragmentation that remains highly penalising for private borrowers in many Member States; calls on the Member States to carry out the structural reforms required in order to re-create a favourable business environment, and in particular to act on the country-specific recommendations;
Amendment 78 #
Motion for a resolution Paragraph 6 6. Considers that it is of utmost importance to create conditions for a rebound in investment in the euro area;
Amendment 79 #
Motion for a resolution Paragraph 6 6. Considers that it is of utmost importance to create conditions for a rebound in investment in the euro area, both public and private; calls on the ECB, in this context, to pursue its actions in order to maintain favourable financing conditions and to reduce the financial fragmentation that remains highly penalising for private borrowers in many Member States;
Amendment 8 #
Motion for a resolution Recital B B. whereas, according to the
Amendment 80 #
Motion for a resolution Paragraph 6 a (new) 6a. Encourages the ECB to consider in its balance sheet expansion policy the buying of EIB project bonds, which fund some of the more productive investments in the eurozone, particularly from those projects chosen by the Commission as having European added value after a cost-benefit analysis, particularly TEN-T projects in energy and transport;
Amendment 81 #
Motion for a resolution Paragraph 7 Amendment 82 #
Motion for a resolution Paragraph 7 7. Underlines that Mario Draghi, in his speech at the annual central bank symposium in Jackson Hole on 22 August 2014, stated that we need action on both sides of the economy, noting that: aggregate demand policies have to be accompanied by national structural reforms and policies;
Amendment 83 #
Motion for a resolution Paragraph 7 7. Underlines that Mario Draghi, in his speech at the annual central bank
Amendment 84 #
Motion for a resolution Paragraph 7 7. Underlines that Mario Draghi, in his speech at the annual central bank symposium in Jackson Hole on 22 August 2014, stated that we need action on both sides of the economy, noting that: aggregate demand policies have to be accompanied by national structural reforms and policies; on the demand side, monetary policy can and should play a central role, which currently means an accommodative monetary policy for an extended period of time; there is little scope for fiscal policy to play a greater role alongside monetary policy especially since the sustainability of public debt needs to be taken into account; and no amount of fiscal or monetary accommodation can compensate for the necessary action on the supply side through structural reforms in the euro area;
Amendment 85 #
Motion for a resolution Paragraph 7 7.
Amendment 86 #
Motion for a resolution Paragraph 7 a (new) 7a. Agrees with President Draghi that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery and to make room for the cost of needed structural reforms;
Amendment 87 #
Motion for a resolution Paragraph 7 b (new) 7b. Agrees with President Draghi that there is leeway to achieve a more growth- friendly composition of fiscal policies and to lower the tax burden in a budget- neutral way;
Amendment 88 #
Motion for a resolution Paragraph 7 c (new) 7c. Agrees with President Draghi that complementary action at the EU level would also seem to be necessary to ensure both an appropriate aggregate position and a large public investment programme;
Amendment 89 #
Motion for a resolution Paragraph 7 d (new) 7d. Stresses that there cannot be recovery without a revamp of public investments to both trigger private investments and to facilitate the implementation of national structural reforms;
Amendment 9 #
Motion for a resolution Recital B B. whereas, according to the same forecast, unemployment in the euro area rose from 11.3 % at the end of 2012 to 12 % at the end of 2013, and
Amendment 90 #
Motion for a resolution Paragraph 8 8.
Amendment 91 #
Motion for a resolution Paragraph 8 a (new) 8a. Calls the ECB to consider the possibility of easing access to its liquidity to non-monetary financial institutions such as regional public banks;
Amendment 92 #
Motion for a resolution Paragraph 9 9. Considers that the
Amendment 93 #
Motion for a resolution Paragraph 9 9. Considers that the transmission mechanism is not functioning properly, and that the monetary policy tools used by the ECB since the beginning of the crisis, while providing a welcome relief in distressed financial markets, have not been effective in fighting against financial fragmentation, stimulating growth or improving the situation on the labour market, where responsibility at national level is also of decisive importance; encourages the ECB to ensure that its policies are better attuned to the real economy, in particular with regard to
Amendment 94 #
Amendment 95 #
Motion for a resolution Paragraph 9 a (new) 9a. Believes that regarding the collateral framework, bonds issued by regional governments with legislative and tax collection powers should have the same haircut as central government bonds, as otherwise the current gap creates distortions between layers of government;
Amendment 96 #
Motion for a resolution Paragraph 9 b (new) 9b. Believes the ECB should improve its collateral framework in order to reduce excessive pro-cyclicality of haircuts on eligible assets;
Amendment 97 #
Motion for a resolution Paragraph 10 10.
Amendment 98 #
Motion for a resolution Paragraph 10 10. Welcomes the measures announced by the ECB in June 2014 aimed at enhancing the functioning of the monetary policy transmission mechanism; acknowledges that the TLTRO introduces, for the first time, a link between loans to the non- financial private sector granted by banks and the amount of refinancing the banks can claim; regrets that such 'funding for lending' link was not made earlier as requested by the European Parliament in particular at the occasion of the LTRO operations of December 2011 and February 2012;
Amendment 99 #
Motion for a resolution Paragraph 10 10.
source: 541.619
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