2017/0333R(APP) | [ParlTrack]

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Awaiting committee decision

2017/0333R(APP) Establishment of the European Monetary Fund

Role	Committee	Rapporteur	Shadows
Opinion	AFCO	HÜBNER Danuta Maria (EPP)
Lead	BUDG	MAŇKA Vladimír (S&D), SILVA PEREIRA Pedro (S&D)	MUREŞAN Siegfried (EPP), VANDENKENDELAERE Tom (EPP), KÖLMEL Bernd (ECR), ARTHUIS Jean (ALDE), 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), KÖLMEL Bernd (ECR), ARTHUIS Jean (ALDE), 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)

Lead committee dossier: CJ16/8/13903
Legal Basis RoP 99-p5

Subjects

Links

Activites

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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN Draft opinion Paragraph 1 1. ~~Welcom~~Notes the new set of measures proposed by the Commission to complete the Economic and Monetary Union (EMU) in line with Parliament’s longstanding position on the integration of the ESM into the EU legal framework~~; consider~~ but notes also the ongoing major difficulties in completing that EMU; notes that each of the three pillars of the Banking Union should deepen the global financial architecture but notes further that the third of those pillars, the European Deposit Insurance Scheme (EDIS), has still not been completed, with no prospect in sight that it will be; Amendment 11 # Luke Ming FLANAGAN Draft opinion Paragraph 2 2. ~~Welcom~~Notes the transformation of the eurozone’s ESM rescue fund into a European Monetary Fund (EMF) within the Union legal framework, this institutional anchoring constituting a key step in the evolution of the overall reform and deepening of the EMU; Amendment 12 # Wolf KLINZ 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 # Wolf KLINZ 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 # Wolf KLINZ 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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN 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 # Luke Ming FLANAGAN 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 # Miguel VIEGAS, Luke Ming FLANAGAN 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

Amendments

Dossier

2017/0333R(APP)

2018/11/22 CONT 14 amendments...

Amendment 1 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

Draft opinion
Paragraph 1

1. ~~Welcom~~Notes the new set of measures proposed by the Commission to complete the Economic and Monetary Union (EMU) in line with Parliament’s longstanding position on the integration of the ESM into the EU legal framework~~; consider~~ but notes also the ongoing major difficulties in completing that EMU; notes that each of the three pillars of the Banking Union should deepen the global financial architecture but notes further that the third of those pillars, the European Deposit Insurance Scheme (EDIS), has still not been completed, with no prospect in sight that it will be;

Amendment 11 #

Luke Ming FLANAGAN

Draft opinion
Paragraph 2

2. ~~Welcom~~Notes the transformation of the eurozone’s ESM rescue fund into a European Monetary Fund (EMF) within the Union legal framework, this institutional anchoring constituting a key step in the evolution of the overall reform and deepening of the EMU;

Amendment 12 #

Wolf KLINZ

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 #

Wolf KLINZ

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 #

Wolf KLINZ

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 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

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 #

Luke Ming FLANAGAN

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 #

Miguel VIEGAS, Luke Ming FLANAGAN

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

History

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

2018-12-05Show (2) Changes | Timetravel

activities/1	date 2019-01-29T00:00:00 body EP type Vote scheduled in committee, 1st reading/single reading
activities/2	date 2019-02-12T00:00:00 body EP type Indicative plenary sitting date, 1st reading/single reading

2018-11-27Show (12) Changes | Timetravel

activities/0/committees/1/shadows/2/mepref	Old 5445a7ded1d1c50c58000000 New 53b2dc19b819f205b000009f
activities/0/committees/1/shadows/2/name	Old LOONES Sander New KÖLMEL Bernd
activities/0/committees/1/shadows/3	group ALDE name ARTHUIS Jean
activities/0/committees/3/shadows/2/mepref	Old 5445a7ded1d1c50c58000000 New 53b2dc19b819f205b000009f
activities/0/committees/3/shadows/2/name	Old LOONES Sander New KÖLMEL Bernd
activities/0/committees/3/shadows/3	group ALDE name ARTHUIS Jean
committees/1/shadows/2/mepref	Old 5445a7ded1d1c50c58000000 New 53b2dc19b819f205b000009f
committees/1/shadows/2/name	Old LOONES Sander New KÖLMEL Bernd
committees/1/shadows/3	group ALDE name ARTHUIS Jean
committees/3/shadows/2/mepref	Old 5445a7ded1d1c50c58000000 New 53b2dc19b819f205b000009f
committees/3/shadows/2/name	Old LOONES Sander New KÖLMEL Bernd
committees/3/shadows/3	group ALDE name ARTHUIS Jean

2018-10-30Show (8) Changes | Timetravel

activities/0/committees/1/shadows/0	group EPP name MUREŞAN Siegfried
activities/0/committees/1/shadows/4	group GUE/NGL name NÍ RIADA Liadh
activities/0/committees/3/shadows/0	group EPP name MUREŞAN Siegfried
activities/0/committees/3/shadows/4	group GUE/NGL name NÍ RIADA Liadh
committees/1/shadows/0	group EPP name MUREŞAN Siegfried
committees/1/shadows/4	group GUE/NGL name NÍ RIADA Liadh
committees/3/shadows/0	group EPP name MUREŞAN Siegfried
committees/3/shadows/4	group GUE/NGL name NÍ RIADA Liadh

2018-10-27Show (1) Changes | Timetravel

procedure/summary

Accompanying procedure

2018-10-13Show (4) Changes | Timetravel

activities/0/committees/1/shadows/4	group Verts/ALE name GIEGOLD Sven
activities/0/committees/3/shadows/4	group Verts/ALE name GIEGOLD Sven
committees/1/shadows/4	group Verts/ALE name GIEGOLD Sven
committees/3/shadows/4	group Verts/ALE name GIEGOLD Sven

2018-10-10Show (4) Changes | Timetravel

activities/0/committees/2/date	2018-10-09T00:00:00
activities/0/committees/2/rapporteur	group: NI name: IVAN Cătălin Sorin
committees/2/date	2018-10-09T00:00:00
committees/2/rapporteur	group: NI name: IVAN Cătălin Sorin

2018-10-03Show (4) Changes | Timetravel

activities/0/committees/0/date	2018-09-24T00:00:00
activities/0/committees/0/rapporteur	group: EPP name: HÜBNER Danuta Maria
committees/0/date	2018-09-24T00:00:00
committees/0/rapporteur	group: EPP name: HÜBNER Danuta Maria

2018-09-28Show (4) Changes | Timetravel

activities/0/committees/1/shadows/4	group EFD name MEUTHEN Jörg
activities/0/committees/3/shadows/4	group EFD name MEUTHEN Jörg
committees/1/shadows/4	group EFD name MEUTHEN Jörg
committees/3/shadows/4	group EFD name MEUTHEN Jörg

2018-09-25Show (4) Changes | Timetravel

activities/0/committees/1/shadows/4	group EFD name VALLI Marco
activities/0/committees/3/shadows/4	group EFD name VALLI Marco
committees/1/shadows/4	group EFD name VALLI Marco
committees/3/shadows/4	group EFD name VALLI Marco

2018-09-18Show (1) Changes | Timetravel

procedure/legal_basis/0

Old

Rules of Procedure EP 99-p2

New

Rules of Procedure EP 99-p5

2018-07-26Show (2) Changes | Timetravel

activities/0/committees/0	body EP responsible False committee_full Constitutional Affairs committee AFCO
committees/0	body EP responsible False committee_full Constitutional Affairs committee AFCO

2018-07-19Show (12) Changes | Timetravel

activities/0/committees/0/date	2018-07-05T00:00:00 2018-07-05T00:00:00
activities/0/committees/0/rapporteur	group: S&D name: MAŇKA Vladimír group: S&D name: SILVA PEREIRA Pedro
activities/0/committees/0/shadows	group: EPP name: VANDENKENDELAERE Tom group: ECR name: LOONES Sander group: ALDE name: KLINZ Wolf group: GUE/NGL name: PAPADIMOULIS Dimitrios group: ENF name: KAPPEL Barbara
activities/0/committees/2/date	2018-07-05T00:00:00 2018-07-05T00:00:00
activities/0/committees/2/rapporteur	group: S&D name: MAŇKA Vladimír group: S&D name: SILVA PEREIRA Pedro
activities/0/committees/2/shadows	group: EPP name: VANDENKENDELAERE Tom group: ECR name: LOONES Sander group: ALDE name: KLINZ Wolf group: GUE/NGL name: PAPADIMOULIS Dimitrios group: ENF name: KAPPEL Barbara
committees/0/date	2018-07-05T00:00:00 2018-07-05T00:00:00
committees/0/rapporteur	group: S&D name: MAŇKA Vladimír group: S&D name: SILVA PEREIRA Pedro
committees/0/shadows	group: EPP name: VANDENKENDELAERE Tom group: ECR name: LOONES Sander group: ALDE name: KLINZ Wolf group: GUE/NGL name: PAPADIMOULIS Dimitrios group: ENF name: KAPPEL Barbara
committees/2/date	2018-07-05T00:00:00 2018-07-05T00:00:00
committees/2/rapporteur	group: S&D name: MAŇKA Vladimír group: S&D name: SILVA PEREIRA Pedro
committees/2/shadows	group: EPP name: VANDENKENDELAERE Tom group: ECR name: LOONES Sander group: ALDE name: KLINZ Wolf group: GUE/NGL name: PAPADIMOULIS Dimitrios group: ENF name: KAPPEL Barbara

2018-07-11Show (3) Changes | Timetravel

activities/0	date 2018-07-05T00:00:00 body EP type Committee referral announced in Parliament, 1st reading/single reading committees body: EP responsible: True committee_full: Budgets committee: BUDG body: EP responsible: False committee_full: Budgetary Control committee: CONT body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
procedure/dossier_of_the_committee	CJ16/8/13903
procedure/stage_reached	Old Preparatory phase in Parliament New Awaiting committee decision

2018-07-10Show (1) Changes | Timetravel

other/0

body: EC

dg: url: http://ec.europa.eu/info/departments/secretariat-general_en title: Secretariat-General

commissioner: DOMBROVSKIS Valdis

2018-07-04Show (5) Changes

activities
committees	body: EP responsible: True committee_full: Budgets committee: BUDG body: EP responsible: False committee_full: Budgetary Control committee: CONT body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
links
other
procedure	reference 2017/0333R(APP) title Establishment of the European Monetary Fund legal_basis Rules of Procedure EP 99-p2 stage_reached Preparatory phase in Parliament summary Accompanying procedure subtype Interim report under consent procedure type APP - Consent procedure subject 5.20.01 Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU) 5.20.02 Single currency, euro, euro area

Activites

Documents

History

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