Awaiting committee decision
2017/0333R(APP) Establishment of the European Monetary Fund
Lead committee dossier: CJ16/8/13903
Legal Basis RoP 99-p5
Role | Committee | Rapporteur | Shadows |
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Opinion | AFCO | HÜBNER Danuta Maria (EPP) | |
Lead | BUDG | MAŇKA Vladimír (S&D), SILVA PEREIRA Pedro (S&D) | MUREŞAN Siegfried (EPP), VANDENKENDELAERE Tom (EPP), LOONES Sander (ECR), KLINZ Wolf (ALDE), NÍ RIADA Liadh (GUE/NGL), PAPADIMOULIS Dimitrios (GUE/NGL), GIEGOLD Sven (Verts/ALE), MEUTHEN Jörg (EFD), VALLI Marco (EFD), KAPPEL Barbara (ENF) |
Opinion | CONT | IVAN Cătălin Sorin (NI) | |
Lead | ECON | MAŇKA Vladimír (S&D), SILVA PEREIRA Pedro (S&D) | MUREŞAN Siegfried (EPP), VANDENKENDELAERE Tom (EPP), LOONES Sander (ECR), KLINZ Wolf (ALDE), NÍ RIADA Liadh (GUE/NGL), PAPADIMOULIS Dimitrios (GUE/NGL), GIEGOLD Sven (Verts/ALE), MEUTHEN Jörg (EFD), VALLI Marco (EFD), KAPPEL Barbara (ENF) |
Legal Basis RoP 99-p5
Subjects
Activites
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2018/07/05
Committee referral announced in Parliament, 1st reading/single reading
Documents
Amendments | Dossier |
14 |
2017/0333R(APP)
2018/11/22
CONT
14 amendments...
Amendment 1 #
Draft opinion Recital A a (new) A a. whereas, as outlined in the 'Proposal for a Council Regulation on the establishment of the European Monetary Fund'(1), Explanatory Memorandum, Point 1 - CONTEXT OF THE PROPOSAL, 'The financial and economic crisis that hit Europe in 2008, the consequences of which are still felt to this day, did not start in the euro area but it laid bare some of its institutional weaknesses.' (1) https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=CELEX%3A52017 PC0827.
Amendment 10 #
Draft opinion Paragraph 1 1.
Amendment 11 #
Draft opinion Paragraph 2 2.
Amendment 12 #
Draft opinion Paragraph 8 a (new) 8 a. Suggests to task the EMF with evaluating and making recommendations on the implementation of the Union fiscal framework and the appropriateness of the actual fiscal stance at euro area and national level in order to ensure independent assessments of the member states’ budgets and economic forecasts;
Amendment 13 #
Draft opinion Paragraph 8 b (new) 8 b. Requests that the EMF is complemented with an insolvency procedure for sovereigns. This would increase the incentives for sound fiscal policies and avoid that investors consider lending to unsustainably run economies;
Amendment 14 #
Draft opinion Paragraph 8 c (new) 8 c. Requests that, together with the transformation of the ESM into the European Monetary Fund, risk weighting should be introduced with regard to sovereign bonds on banks’ books. Banks have been and are still to a large extent intertwined with their sovereigns by holding significant amounts of national public debt. This reform would motivate banks to focus on the solidity rather than the nationality of sovereign bonds;
Amendment 2 #
Draft opinion Recital A b (new) A b. whereas the cost of those 'institutional weaknesses' was borne directly by those Member States worst affected by that financial and economic crisis, the critical support structures for a new currency marked only by their absence during those catastrophic early years;
Amendment 3 #
Draft opinion Recital A c (new) A c. whereas had a European Monetary Fund or some such mechanism existed at that time, the cost of that crisis would have been shared proportionately across the entire eurozone;
Amendment 4 #
Draft opinion Recital A d (new) A d. whereas those countries who had thus been adversely affected by that crisis, should now retroactively be compensated from this new European Monetary Fund;
Amendment 5 #
Draft opinion Recital A e (new) A e. whereas within ten years of its launch, five Member States of the eurozone - Cyprus, Greece, Ireland, Portugal, Spain - were in major financial difficulties, where ten years earlier they had been financially healthy;
Amendment 6 #
Draft opinion Recital B a (new) B a. whereas in terms of what the European Central Bank did in countries such as Ireland, Portugal, Spain, Italy and Greece after the onset of the financial and economic crisis was not transparent;
Amendment 7 #
Draft opinion Recital C C. whereas the parliamentary dimension of the future EMF should be clearly ensured by mirroring current practices at the International Monetary Fund, the World Trade Organisation and the World Bank, including in the area of debt forgiveness and/or writedown, with parliamentary networks or dialogues;
Amendment 8 #
Draft opinion Recital E E. whereas Member States and national authorities cannot address on their own the systemic risks generated by a Member State to the financial stability of the Union, nor should they be expected to bear the entire cost of such risks;
Amendment 9 #
Draft opinion Paragraph 1 a (new) 1a. The Committee on Budgetary Control intends to reject the proposal of the European Commission to create a European Monetary Fund and, to this end, calls on both the Committee on Budgets and the Committee on Economic and Monetary Affairs, as the committees responsible, to propose rejection of the proposal.
source: 630.650
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