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 |
|---|---|---|---|
| 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), PACKET Ralph (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), PACKET Ralph (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) |
Legal Basis RoP 99-p5
Subjects
Activites
-
2019/02/12
Indicative plenary sitting date, 1st reading/single reading
-
2019/01/29
Vote scheduled in committee, 1st reading/single reading
-
2018/07/05
Committee referral announced in Parliament, 1st reading/single reading
Documents
| Amendments | Dossier |
| 278 |
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
2018/12/18
AFCO
27 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Welcomes the integration of the European Stability Mechanism (ESM) into the EU legal order; recalls that such integration must be accompanied by appropriate democratic accountability; notes that only such integration will ensure ESM management in accordance with the Community method, enable consistency of fiscal rules and obligations, facilitate fiscal and economic policy coordination, and enhance democratic legitimacy and accountability through the European Parliament;
Amendment 10 #
Draft opinion Paragraph 2 a (new) 2 a. Believes that the relevant accountability framework for the future ESF should refer to the economic governance as a whole, recalls the request of this Parliament for an interinstitutional arrangement in this field,
Amendment 11 #
Draft opinion Paragraph 2 a (new) 2 a. Believes that any provisional arrangement concluded between the EP and the ESF would give a signal that increases the autonomy of the latter when the strong position of the EP is that it should, as proposed by the Commission, be integrated in the Treaty and the EU legal order,
Amendment 12 #
Draft opinion Paragraph 3 3. Requests that the European Parliament be informed immediately and in an appropriate manner of the decisions that have been taken by the EMF and approved by the Council; urges the future Managing Director of the EMF to hold transparent and regular dialogue with the Committee on Economic and Monetary Affairs of the European Parliament;
Amendment 13 #
Draft opinion Paragraph 3 3. Requests that the European Parliament be informed immediately and in an appropriate manner of the decisions that have been taken by the E
Amendment 14 #
Draft opinion Paragraph 3 3. Requests
Amendment 15 #
Draft opinion Paragraph 4 4. Stresses that complete, accurate and timely information is a prerequisite for proper accountability; insists therefore, that the highest standard of transparency
Amendment 16 #
Draft opinion Paragraph 4 4. Stresses that complete, accurate and timely information is a prerequisite for proper accountability; insists therefore,
Amendment 17 #
Draft opinion Paragraph 4 a (new) 4 a. Emphasizes the need for democratic accountability of the future Board of Directors of the EMF; regrets the lack of institutional involvement in their proposed selection procedure and calls for the inclusion of the European Parliament and the European Council in the decision on their appointment;
Amendment 18 #
Draft opinion Paragraph 4 a (new) 4 a. Requests that the European Court of Auditors should be given a clear and formal role in the discharge procedure of the EMF, and that such reports should be examined by the European Parliament;
Amendment 19 #
Draft opinion Paragraph 4 a (new) 4 a. Calls for ensuring gender balance in the composition of the EMF governing bodies and in the shortlist of candidates for the position of Managing Director;
Amendment 2 #
Draft opinion Paragraph 1 1. Welcomes the proposal for an integration of the European Stability Mechanism (ESM) into the EU legal order; recalls that such integration must be accompanied by appropriate democratic accountability;
Amendment 20 #
Draft opinion Paragraph 4 b (new) 4 b. Suggests that, should a separate Eurozone budget come to reality, sufficient accountability could be guaranteed by requiring the EMF to share information with a consultative euro area sub-formation of the European Parliament in order to strengthen its accountability to citizens;
Amendment 21 #
Draft opinion Paragraph 4 b (new) 4 b. Calls for the inclusion in the EMF of a debt restructuring settlement mechanism consistent with the basic principles on sovereign debt restructuring processes adopted by the UN General Assembly in 2015;
Amendment 22 #
Draft opinion Paragraph 4 c (new) 4 c. Requests that the financial assistance programmes be approved by the Council after the consent of the European Parliament in order to ensure the direct accountability of the EMF to the European Parliament;
Amendment 23 #
Draft opinion Paragraph 5 5. Understands the need for the Member States
Amendment 24 #
Draft opinion Paragraph 5 5. Understands the need for the Member States to validate decisions that have an impact on fiscal resources; stresses, however, that the E
Amendment 25 #
Draft opinion Paragraph 5 5.
Amendment 26 #
Draft opinion Paragraph 5 a (new) 5 a. Calls for initiating a meaningful ESM reform in the short term by means of a revision of the ESM Treaty, without prejudice to more ambitious developments in the future; notes that such reform should focus on strengthening the EMU and improvement of the decision-making procedure, especially in urgent situations;
Amendment 27 #
Draft opinion Paragraph 5 b (new) 5 b. Notes that both the inclusion of the ESM and the introduction of the EMF change the institutional architecture of the EU, calls therefore for the matter to be incorporated in the wider discussion on the possible future revision of the Treaties.
Amendment 3 #
Draft opinion Paragraph 1 a (new) 1 a. Recalls that the Commission proposal provides for the establishment of the EMF as an EU body, which makes the EMF accountable towards the European Parliament and the Council and subject to judicial control by the Court of Justice;
Amendment 4 #
Draft opinion Paragraph 1 a (new) 1 a. Recalls that the monetary policy in the Union is an exclusive competence of the ECB;
Amendment 5 #
Draft opinion Paragraph 1 b (new) 1 b. Believes that any attempt to introduce the IMF framework into the EU legal framework should be avoided taking into account the whole institutional setting of the EU and of the Euro area,
Amendment 6 #
Draft opinion Paragraph 1 c (new) 1 c. Asks the successor of the European Stability Mechanism to be called the European Stability Fund (ESF)
Amendment 7 #
Draft opinion Paragraph 2 2. Takes note of the proposed provisions regarding the accountability of the European Monetary Fund (EMF) to the European Parliament and the Council;
Amendment 8 #
Draft opinion Paragraph 2 2.
Amendment 9 #
Draft opinion Paragraph 2 2. Takes note of the proposed provisions regarding the accountability of the future European
source: 632.679
2019/01/09
BUDG, ECON
237 amendments...
Amendment 1 #
Motion for a resolution – The European Parliament rejects the European Commission’s proposal of 6 December 2017 for a Council Regulation on the establishment of the European Monetary Fund.
Amendment 10 #
Motion for a resolution Citation 2 a (new) - having regard to the report of the Eurogroup to the Heads of State and Government of 4 December 2018 and the annex thereto on the arrangements for the reform of the European Stability Mechanism,
Amendment 100 #
Motion for a resolution Paragraph 2 2. Suggests that the ESM
Amendment 101 #
Motion for a resolution Paragraph 2 2. Suggests that the ESM be renamed not the European Monetary Fund (EMF) but the European Stability Fund (ESF), making it clear that the eurozone’s monetary policy remains the competence of the ECB; stresses the need to reform the Statute of the ECB so as to extend its mandate and objectives beyond merely controlling inflation and enable the ECB to use the levers necessary to pursue an integrated monetary policy that ensures stability, employment and ecological transition; stresses, furthermore, the importance of revising the Treaty on Stability, Coordination and Governance in order to guarantee the economic, monetary, social and democratic stability of the European Union;
Amendment 102 #
Motion for a resolution Paragraph 2 2. Suggests that the ESM
Amendment 103 #
Motion for a resolution Paragraph 2 2. Suggests that the ESM be renamed not the European Monetary Fund (EMF) but be called the European Stability Fund (ESF), making it clear that the eurozone’s monetary policy remains the exclusive competence of the ECB;
Amendment 104 #
Motion for a resolution Paragraph 2 2. Suggests that the ESM be renamed
Amendment 105 #
Motion for a resolution Paragraph 3 Amendment 106 #
Motion for a resolution Paragraph 3 Amendment 107 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU depends on
Amendment 108 #
Motion for a resolution Paragraph 3 3. Highlights that the
Amendment 109 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’;
Amendment 11 #
Motion for a resolution Citation 2 a (new) - having regard to the Eurogroup report to Leaders on EMU deepening of 4 December 2018,
Amendment 110 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’;
Amendment 111 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’; acknowledges, in this context, the
Amendment 112 #
Motion for a resolution Paragraph 3 3.
Amendment 113 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU
Amendment 114 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’;
Amendment 115 #
Motion for a resolution Paragraph 3 3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’; acknowledges, in this context, the positive contribution of the ESM, despite its intergovernmental nature, towards addressing the weaknesses of the institutional setting of the EMU, namely by providing financial assistance to several Member States affected by the financial crisis
Amendment 116 #
Motion for a resolution Paragraph 3 a (new) 3 a. Strongly deplores that previous macroeconomic adjustment programmes have not adequately respected the Union's fundamental rights and overall legal framework, nevertheless escaped judicial scrutiny benefiting from the ESM intergovernmental structure; agrees with the Commission that adjustment programmes shall be accompanied by and consistent with social impacts assessments; stresses, however, that these impact assessments shall analyse, monitor and manage on a quantifiable basis the intended and unintended social consequences of planned policy measures and any social change processes invoked by those interventions rather than provide an uncritical ratification of fiscal consolidation measures as it has been the case so far; calls for the integration of such detailed obligation in the EMF statute and for the conduct of meaningful social impact assessments on all previous programmes;
Amendment 117 #
Motion for a resolution Paragraph 3 a (new) 3a. Recalls that this role of ‘lender of last resort’ is naturally one for the European Central Bank, or, failing that, for each national central bank, and that the reform of the EMU should underline this role and abandon the ideology that prevailed at the time of drafting of the Maastricht Treaty and which gave rise to the euro area debt crisis twenty years later;
Amendment 118 #
Motion for a resolution Paragraph 3 a (new) 3a. Insists that a European insolvency procedure finally be introduced for euro area Member States;
Amendment 119 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions
Amendment 12 #
Motion for a resolution Citation 2 b (new) - having regard to the statement adopted at the euro area summit on 14 December 2018,
Amendment 120 #
Motion for a resolution Paragraph 4 4. Re
Amendment 121 #
Motion for a resolution Paragraph 4 4.
Amendment 122 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body;
Amendment 123 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body, subject to democratic accountability and transparency rules; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration
Amendment 124 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body, creating, inter alia, legal certainty that its acts and omissions are subject to judicial scrutiny on the basis of EU law; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would
Amendment 125 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; insists that this incorporation
Amendment 126 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; welcomes the Commission proposal for an integration of the ESM into the EU legal order; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would allow for management in accordance with the Community method, ensure the full consistency of fiscal rules and obligations, facilitate economic and fiscal policy coordination, and enhance democratic legitimacy and accountability through the European Parliament;
Amendment 127 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would allow for management in accordance with the Community method, ensure the full consistency of fiscal rules and obligations, facilitate economic and fiscal policy coordination, and enhance democratic legitimacy and a robust accountability framework with oversight through the European Parliament;
Amendment 128 #
Motion for a resolution Paragraph 4 4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would allow for management in accordance with the Community method, ensure the full consistency of fiscal rules and obligations, facilitate economic and fiscal policy coordination, and enhance democratic legitimacy and accountability through the European Parliament; points out that all these objectives would be further enhanced if a reformed ESM was headed by the already proposed Minister of Finances of the eurozone, also serving as Commission Vice President responsible for the euro and President of the Eurogroup;
Amendment 129 #
Motion for a resolution Paragraph 4 a (new) 4 a. Stresses that the role for national Parliaments remains fully preserved, in view of the large contributions of the Member States to the EMF; urges for a more explicit scrutiny role for national Parliaments in comparison to the current state of play in the ESM Treaty; national Parliaments should have the right to obtain information about the activities of the EMF, and to engage in a dialogue with the EMF;
Amendment 13 #
Motion for a resolution Citation 2 b (new) - having regard to the statement of the Euro Summit of 14 December 2018,
Amendment 130 #
Motion for a resolution Paragraph 4 a (new) 4 a. Emphasises in particular the need to further increase the transparency and accountability of the decision-making process leading to the adoption of macroeconomic adjustment programmes, providing for a clearer and well- delimitated mandate for all involved stakeholders; asks for such provisions to be integrated in the future EMF statute as well as in case of a future proposal to amend Regulation(EU) No 472/2013;
Amendment 131 #
Motion for a resolution Paragraph 4 a (new) 4 a. Notes that when integrated into the EU legal framework, the European Court of Auditors should be considered as the independent external auditor and should be given a clear and formal role in the discharge procedure; underlines that the Parliament should have the political power in considering audit reports;
Amendment 132 #
Motion for a resolution Paragraph 4 b (new) 4 b. Notes that the ECB’s role is not sufficiently defined, as both the ESM Treaty and the EMF Commission proposal state that the Commission should work ‘in liaison with the ECB’, thus reducing the ECB to an advisory role; reminds that the ECJ has ruled in the Pringle case that the tasks allocated to the ECB by the ESM Treaty are in line with the various tasks which the TFEU and the Statute of the ESCB [and the ECB] confer on it provided that a certain number of conditions are permanently fulfilled; reminds that the ECB’s mandate is circumscribed by the TFEU to the areas of monetary policy and financial stability and that involvement of the ECB in the decision-making process related to budgetary, fiscal and structural policies is not foreseen by the Treaties; reiterates that potential ECB conflicts of interest in the previous adjustments programmes, especially as regards crucial liquidity policy, need to be effectively addressed;
Amendment 133 #
Motion for a resolution Paragraph 4 c (new) 4 c. Is further of the opinion that macroeconomic adjustment programmes shall be adopted by means of Delegated Acts on the basis of Article 290 TFEU, granting the Parliament and the Council equal rights in repealing them;
Amendment 134 #
Motion for a resolution Paragraph 4 d (new) 4 d. Regrets that in the Commission proposal the revenue and expenditure of the EMF are outside the EU budget, pre- empting the Parliament from exercising its discharge powers and violating the principle of unity of the EU budget as enshrined in Article 310 TFEU; calls, therefore, for the integration of the EMF in the Union budget by creating a budget line financed by ear-marked Member States contributions with the rest of the general budget offering a guarantee to the EMF operations up to a pre-defined amount; considers that any opposite approach, whereby the EMF escapes budgetary scrutiny by the Parliament, contradicts the letter and the spirit of the treaties and constitutes, as noted by ECA “a key gap in the proposed accountability arrangements of the EMF”1a; _________________ 1a Opinion No 2/2018 “The audit and accountability considerations concerning the proposal of 6 December 2017 for the establishment of a European Monetary Fund within the Union legal framework”, paragraph 42 (Based on: Repasi 2016 (Study for the AFCO Committee): Implementation of the Lisbon Treaty - Improving functioning of the EU: Economic and Monetary Policy (Page 42 f.) (PE 556.952))
Amendment 135 #
Motion for a resolution Paragraph 4 e (new) 4 e. Calls for ensuring gender balance in the composition of EMF governing bodies and in the shortlist of the candidates for the position of the Managing Director; Member States should be required to select subsequent Directors of alternating gender;
Amendment 136 #
Motion for a resolution Paragraph 4 f (new) 4 f. Asks for a stronger role for the European Parliament in the selection of the EMF Managing Director; calls, in this respect, for granting the Parliament the right to approve the shortlist of candidates for the position of the Managing Director as well as to object selected candidates after the selection made by the Council;
Amendment 137 #
Motion for a resolution Paragraph 5 Amendment 138 #
Motion for a resolution Paragraph 5 5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications
Amendment 139 #
Motion for a resolution Paragraph 5 5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications, and that discussions continue on a number of important issues; stresses, however, that
Amendment 14 #
Motion for a resolution Citation 2 c (new) - having regard to the Joint Position on future cooperation between the European Commission and the ESM of 14 November 2018,
Amendment 140 #
Motion for a resolution Paragraph 5 5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications, and that discussions continue on a number of important issues; stresses, however, that this debate on the long-term vision of the ESM’s institutional setting should not delay the steps urgently required to
Amendment 141 #
Motion for a resolution Paragraph 5 5. Notes that the Commission’s proposal has generated a
Amendment 142 #
Motion for a resolution Paragraph 5 5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications, and that discussions continue on a number of important issues; stresses, however, that this debate on the long-term vision of the new ES
Amendment 143 #
Motion for a resolution Paragraph 6 Amendment 144 #
Motion for a resolution Paragraph 6 6. Underlines th
Amendment 145 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose
Amendment 146 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need
Amendment 147 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should
Amendment 148 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should
Amendment 149 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes based on lessons learned by austerity measures imposed to member states by Troika and IMF; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools,
Amendment 15 #
Motion for a resolution Citation 5 — having regard to the Five Presidents’ Report of 22 June 2015 on completing Europe’s Economic and Monetary Union, to the Commission white paper of 1 March 2017 on the future of Europe, and to the Commission reflection paper of 31 May 2017 on the deepening of the Economic and Monetary Union, as well as to the fact that the Five Presidents' Report is referring to the euro as a "political and economic project",
Amendment 150 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes based on strict conditionality; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States;
Amendment 151 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to
Amendment 152 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ES
Amendment 153 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that
Amendment 154 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes and free of any conditionality measures; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro area;
Amendment 155 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ES
Amendment 156 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the
Amendment 157 #
Motion for a resolution Paragraph 6 6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by
Amendment 158 #
Motion for a resolution Paragraph 6 a (new) 6 a. Calls for the inclusion in the EMF of a debt restructuring settlement mechanism consistent with the basic principles on sovereign debt restructuring processes adopted by the UN General Assembly in 20151b and asks for a debt sustainability analysis on the basis of an enlarged debt sustainability concept underpinning a fundamental rights oriented approach; _________________ 1b Basic Principles on Sovereign Debt Restructuring Processes, UN resolution 2015, A/69/L.84.
Amendment 159 #
Motion for a resolution Paragraph 6 a (new) 6 a. Underlines that the Economic and Monetary Union comprises all Member States of the European Union, all of which, except Denmark and the United Kingdom, are required to adopt the euro and join the euro area, therefore, any EMF should be open for participation to all Member States of the EU;
Amendment 16 #
Motion for a resolution Citation 5 a (new) - having regard to the Five Presidents' Report which refers that euro "requires solidarity in times of crisis and respect for commonly agreed rules from all members",
Amendment 160 #
Motion for a resolution Paragraph 6 a (new) 6 a. Underlines that the EMF should not be allowed to raise debt, directly or indirectly;
Amendment 161 #
Motion for a resolution Paragraph 6 b (new) 6 b. Raises concern regarding the problem of obliging the EMF to deal with the continuous monitoring of EMU countries also in non-crisis times, since this would affect the staff and costs of the IMF, the Organisation for Economic Co- operation and Development (OECD), the EU Commission, and also to some extent the ECB, since they already perform this task; proposes that the EMF could potentially be allowed to borrow staff from the Commission and the ECB when a crisis arises; this staff could work under EMF management in order to guarantee sufficient independence;
Amendment 162 #
Motion for a resolution Paragraph 6 c (new) 6 c. Stresses the need to introduce a sovereign debt restructuring mechanism to reinforce the no-bailout rule, which will make financial market actors apply more scrutiny;
Amendment 163 #
Motion for a resolution Paragraph 7 Amendment 164 #
Motion for a resolution Paragraph 7 7. Believes that the reformed ESM should play a more prominent role in the management of financial assistance programmes,
Amendment 165 #
Motion for a resolution Paragraph 7 7. Believes that the reformed ESM should play a more prominent role in the implementation of the SGP and the management of financial assistance programmes,
Amendment 166 #
Motion for a resolution Paragraph 7 7. Believes that the reformed ESM should play a more prominent role in the management of financial assistance programmes, alongside the Commission and in close cooperation with the ECB, ensuring that the EU institutional framework has more autonomy whenever needed, under effective democratic control, without prejudice to appropriate partnerships with other institutions, namely the International Monetary Fund;
Amendment 167 #
Motion for a resolution Paragraph 7 7. Believes that the reformed ESM should play a more prominent role in the management of financial assistance programmes, alongside the Commission and in close cooperation with the ECB, ensuring that the EU institutional framework has more autonomy whenever needed
Amendment 168 #
Motion for a resolution Paragraph 7 7. Believes that the
Amendment 169 #
Motion for a resolution Paragraph 7 a (new) 7 a. Believes that any attempt to introduce the IMF framework into the EU legal framework should be avoided taking into account the whole institutional setting of the EU and of the Euro area;
Amendment 17 #
Motion for a resolution Citation 5 b (new) - having regard to the European Court of Auditors reports 18/2015 of 26 January 2016 on financial assistance provided to countries in difficulties and 17/2017 of 16 November 2017 on the Commission intervention in the Greek financial crisis,
Amendment 170 #
Motion for a resolution Paragraph 7 a (new) 7 a. Believes that if the EMF would be sufficiently autonomous, the conditionality principle would be strengthened and the politically influenced EU Commission would no longer be involved;
Amendment 171 #
Motion for a resolution Paragraph 7 a (new) 7 a. Calls on the Commission to propose a review of the European Financial Stability Facility (EFSF) Regulation to allow it to use this facility to invest in ESM shares;
Amendment 172 #
Motion for a resolution Paragraph 8 Amendment 173 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlap the normal macroeconomic and fiscal surveillance provided for in the EU’s financial rules and regulations, which must remain the Commission’s exclusive competence; stresses the urgent need for a comprehensive reform of the European Semester, taking into account the implementation of the Sustainable Development Goals (including gender equality, protection of biodiversity and measures to combat climate change, discrimination and poverty) as performance indicators;
Amendment 174 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should
Amendment 175 #
Motion for a resolution Paragraph 8 8. S
Amendment 176 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlap the normal macroeconomic and fiscal surveillance provided for in the EU’s financial rules and regulations, which must remain the Commission’s exclusive competence; the evaluation should take into consideration reports and opinions being produced by the European Parliament, respective National Parliaments and the European Economic and Social Committee;
Amendment 177 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should
Amendment 178 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlap the normal macroeconomic and fiscal surveillance provided for in the EU’s
Amendment 179 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should
Amendment 18 #
Motion for a resolution Citation 8 Amendment 180 #
Motion for a resolution Paragraph 8 8. Stresses that evaluation of the financial assistance requests made by the ES
Amendment 181 #
Motion for a resolution Paragraph 8 8.
Amendment 182 #
Motion for a resolution Paragraph 8 a (new) 8 a. Requests that the reformed ESM 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 183 #
Motion for a resolution Paragraph 8 a (new) 8 a. The EMF should report regularly to the European Parliament as well as to national parliaments on its undertaking activities, with a view to achieving greater democratic control;
Amendment 184 #
Motion for a resolution Paragraph 8 b (new) 8 b. Requests that together with reforming the ESM 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 185 #
Motion for a resolution Paragraph 9 9.
Amendment 186 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient decision-making procedure in the
Amendment 187 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient decision-making procedure in the reformed ESM, particularly in the case of urgent situations, by a stronger majority vote, while unanimity would be maintained for all major decisions with a financial impact;
Amendment 188 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient, balanced and democratic decision-making procedure in the reformed ESM, particularly in the case of urgent situations where inclusive dialogue with all interested parties and with respect to national particularities, transparency, accountability and simplicity will be ensured;
Amendment 189 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient decision-making procedure in the reformed ESM, particularly in the case of urgent situations while safeguarding, where applicable, the prerogatives of national parliaments;
Amendment 19 #
Motion for a resolution Citation 8 a (new) - having regard to the German Federal Constitutional Court judgment of 12 September 2012, ref. 2 BvR 1390/12, requiring a reservation to be entered under international law,
Amendment 190 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient decision-making procedure in the reformed ESM, particularly in the case of urgent situations; points out that the existing decision making procedures have worked in terms of speed and efficiency;
Amendment 191 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient and democratic decision-making procedure in the reformed ESM, particularly in the case of urgent situations;
Amendment 192 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient decision-making procedure in the
Amendment 193 #
Motion for a resolution Paragraph 9 9. Highlights the need for an efficient decision-making procedure in the reformed ESM, particularly in the case of urgent situations; in this context, calls for an assessment of the current governance setting;
Amendment 194 #
Motion for a resolution Paragraph 9 a (new) 9 a. Believes that financial assistance instruments under the ESF could be improved, notably the financial assistance through Precautionary Conditioned Credit Line (PCCL); notes that these tools shall be used whenever necessary by a Member State facing symmetrical or asymmetrical shocks; believes that the eligibility conditions to activate such tools should be balanced and provide appropriate flexibility clauses; defends that the access to the PCCL could be available without requiring a Memorandum of Understanding;
Amendment 195 #
Motion for a resolution Paragraph 10 Amendment 196 #
Motion for a resolution Paragraph 10 10. Calls
Amendment 197 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can offer adequate liquidity support in case of resolution and serve as a financial backstop for the SRF, without recessive and austerity policies conditionality; calls for the SRF to be made operational as soon as possible and, in any case, before 2024;
Amendment 198 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can offer liquidity support in case of resolution and serve as a financial backstop for the
Amendment 199 #
Motion for a resolution Paragraph 10 10. Considers that a credible funding- in-resolution framework has to clearly distinguish between solvency and liquidity needs; calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can offer liquidity support in case of resolution and serve as a financial backstop for the SRF; calls for the SRF to be made operational as soon as possible and, in any case, before 202
Amendment 20 #
Motion for a resolution Citation 9 a (new) - having regard to its interim report adopted on 14 November 2018 on the Multiannual Financial Framework 2021- 2027 and the Union’s own resources,
Amendment 200 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ES
Amendment 201 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can offer liquidity support in case of resolution and serve as a financial backstop
Amendment 202 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can provide for financial stability, and can offer liquidity support in case of resolution and serve as a financial backstop for the SRF; calls for the SRF to be made operational as soon as possible and, in any case, before 2024;
Amendment 203 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ES
Amendment 204 #
Motion for a resolution Paragraph 10 10. Calls for a swift ESM reform that also redefines its role, functions and financial tools, so that the new ESF can offer liquidity support in case of resolution and serve as a financial backstop for the SRF; calls for the SRF to be made operational as soon as possible by 2020 and, in any case, before 2024;
Amendment 205 #
Motion for a resolution Paragraph 10 a (new) 10 a. Welcomes the conclusions of the Eurogroup of 4 December 2018, which were endorsed by the Euro Summit of 14 December 2018; welcomes namely the anticipation of the introduction of the backstop to the SRF by 2020 and the endorsement of the Term Sheet on the ESM; regrets, however, that no concrete outcome regarding the future eurozone fiscal capacity and the stabilization function has been reached; underlines that significant progress has been achieved recently on the side of risk reduction; recalls also that the European Parliament has made substantial contributions to enable this in particular on the so-called Banking package and the Non-Performing Loans prudential backstop;
Amendment 206 #
Motion for a resolution Paragraph 10 a (new) 10 a. Regrets that the Eurogroup agreement of December 2018 is silent on the modalities of how the SRB would provide liquidity support to banks when using the proposed ESM/EMF credit line; considers as a way forward the possibility of the SRF to issue guarantees or bonds to be lent to the banks, that can then be used as collateral for either ELA or the ordinary monetary policy operations by the ECB; underlines, however, that the proposed framework is not suitable for such a construction, as borrowing from the ESM/EMF would make it more difficult for the SRB to issue bonds with a good credit rating, due to the preferred- creditor status of the ESM/EMF; (Source: Demertzis et al. 2018: How to provide liquidity to banks after resolution in Europe’s banking union, Bruegel external publication.(http://bruegel.org/2018/11/ho w-to-provide-liquidity-to-banks-after- resolution-in-europes-banking-union/))
Amendment 207 #
Motion for a resolution Paragraph 10 a (new) 10 a. Highlights the importance of a credible EMF provided with adequate firepower linked to strict conditionality, in order to safeguard individual Member States against financial market turbulence; stresses that conditionality consists of both ex-post conditionality, the policies agreed upon for crisis programmes, and ex-ante conditionality, sound economic policies based on European budgetary rules;
Amendment 208 #
Motion for a resolution Paragraph 10 b (new) 10 b. Welcomes the fact that the Euro group agreement of December 2018 makes the ESM’s Precautionary Conditioned Credit Line (PCCL) conditional on transparent and precise ex- ante eligibility criteria and not on ex-post policy conditions, while replacing the PCCL’s MoU by a ‘Letter of Intent’, that should help reduce the strong disincentives to use the ESM, in the case of liquidity crises; calls, however, for a revision of the proposed criteria to access the PCCL, given that as they stand, they would render more than half of the Eurozone countries ineligible to use it[1];stresses the need for the ECB to clarify whether it considers the PCCL as a suitable programme to access the OMT1c; _________________ 1c http://bruegel.org/2018/12/does-the- eurogroups-reform-of-the-esm-toolkit- represent-real- progress/?utm_source=GDPR&utm_cam paign=34a728f379EMAIL_CAMPAIGN_ 2018_12_13_09_09&utm_medium=email &utm_term=0_7c51e322b7-34a728f379- 278611705
Amendment 209 #
Motion for a resolution Paragraph 10 b (new) 10 b. Recalls the urgent need for decisive progress to be made on risk sharing measures, namely the swift conclusion of the EDIS and the establishment of the eurozone fiscal capacity including a European Stabilization Function; stresses the need to deliver concrete results and avoid further postponing of decisions on critical issues that could affect the stability of the EMU as a whole;
Amendment 21 #
Motion for a resolution Citation 12 a (new) - having regard to the agreement of 4 December 2018 by the Eurogroup on a term sheet for the further development of the ESM1a, _________________ 1a https://www.consilium.europa.eu/media/3 7267/esm-term-sheet- 041218_final_clean.pdf
Amendment 210 #
Motion for a resolution Paragraph 10 c (new) 10 c. Takes note of the Joint Position on future cooperation between the European Commission and the ESM of 14 November 2018; regrets the non- involvement of the European Parliament in this matter; recalls the exclusive competence of the European Commission in macroeconomic and fiscal surveillance and, therefore, is concerned about the implications of the participation of the ESM in future missions related to economic policy coordination and budgetary monitoring within the framework of cooperation outside financial assistance;
Amendment 211 #
Motion for a resolution Paragraph 10 c (new) 10 c. Further welcomes the replacement of two-limb CACs by single limb CACs, that can facilitate debt restructuring in exceptional insolvency crises;
Amendment 212 #
Motion for a resolution Paragraph 11 Amendment 213 #
Motion for a resolution Paragraph 11 Amendment 214 #
Motion for a resolution Paragraph 11 Amendment 215 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the Banking Union, which mean that the incomplete banking union is far more dangerous to financial stability than the absence of a banking union; welcomes, in this context, the European Council’s commitment to a common backstop for the SRF and recalls the need also to establish the EDIS; stresses that, in particular in the absence of EDIS, it is preferable to undo the entire Banking Union;
Amendment 216 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from
Amendment 217 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the banking union; welcomes, in this context, the European Council’s commitment to a common backstop for the SRF
Amendment 218 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the banking union; while welcom
Amendment 219 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the banking union
Amendment 22 #
Motion for a resolution Citation 12 a (new) - having regard to the 'Non-paper for paving the way towards a Stability Union' from former German finance minister Wolfgang Schäuble,
Amendment 220 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the banking union; welcomes, in this context, the European Council’s commitment to a common backstop for the SRF and recalls the need also to establish
Amendment 221 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the banking union; welcomes, in this context, the European Council’s commitment to a common backstop for the SRF
Amendment 222 #
Motion for a resolution Paragraph 11 11. Underlines the risks arising from the delay in completing the banking union; welcomes, in this context, the European Council’s commitment to a common backstop for the SRF and recalls the need also to swiftly establish the EDIS;
Amendment 223 #
Motion for a resolution Paragraph 11 a (new) 11 a. Stresses that using the EMF as a common fiscal backstop for the Banking Union requires a large increase in risk taking. Therefore, exposure limits for the EMF need to be designed and the Single Resolution Fund (SRF) should be forced to repay the EMF in due course;
Amendment 224 #
Motion for a resolution Paragraph 11 a (new) 11 a. Believes that the relevant accountability framework for the future ESF should refer to the economic governance as a whole, recalls the request of this Parliament for an interinstitutional arrangement in this field;
Amendment 225 #
Motion for a resolution Paragraph 11 a (new) 11 a. Acknowledges that the ESM reformis parallel to the completion of the banking union, further risk reduction measures vis-à-vis risk sharing instruments, which need to be implemented at European and Member State level;
Amendment 226 #
Motion for a resolution Paragraph 11 b (new) 11 b. Believes that any provisional arrangement concluded between the EP and new ESF would give a signal that increases the autonomy of the latter when the strong position of the EP is that it should, as proposed by the Commission, be integrated in the Treaty and the EU legal order;
Amendment 227 #
Motion for a resolution Paragraph 12 Amendment 228 #
Motion for a resolution Paragraph 12 12. Invites the ESM to establish a protocol for a Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to further promote institutional dialogue and enhance the ESM’s transparency, accountability and democratic legitimacy in line with the further deepening of interinstitutional cooperation on the economic governance of the euro area; the MoC should specify the rights of the European Parliament and its members as regards questions put to the EMF, regular hearings, nomination rights, budgetary control rights and discharge procedures;
Amendment 229 #
Motion for a resolution Paragraph 12 12. Invites the ESM to
Amendment 23 #
Motion for a resolution Citation 12 a (new) - having regard to the Eurogroup report to Leaders on EMU deepening of 4 December 2018 (Press release 738/18),
Amendment 230 #
Motion for a resolution Paragraph 12 12. Invites the ESM to establish a protocol for a Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to further promote institutional dialogue and enhance the ESM’s transparency, accountability and democratic legitimacy in line with the
Amendment 231 #
Motion for a resolution Paragraph 12 12. Invites the ESM to establish a protocol for a Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to further promote institutional dialogue, consultation and enhance the ESM’s transparency, accountability and democratic legitimacy in line with the further deepening of interinstitutional cooperation on the economic governance of the euro area;
Amendment 232 #
Motion for a resolution Paragraph 12 12. Invites the ES
Amendment 233 #
Motion for a resolution Paragraph 12 12. Invites the ESM to establish a protocol for an interim Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to
Amendment 234 #
Motion for a resolution Paragraph 12 a (new) 12 a. Stresses that complete, accurate and timely information is a prerequisite for proper accountability; insists therefore, that the highest standard of transparency be laid down in the future interinstitutional agreement between the ESF and the European Parliament regarding the decisions of the ESF, the background of such decisions, the access to ESF documents and the records of discussions within the ESF;
Amendment 235 #
Motion for a resolution Paragraph 12 a (new) 12 a. Calls for the increasing role of the national parliaments in all stages of the EMF activities, well beyond addressing their observations, asking questions and simply exchanging of views with the EMF Managing Director in relation to the progress made regarding the implementation of the financial stability support programs;
Amendment 236 #
Motion for a resolution Paragraph 12 a (new) 12 a. Stresses that the Director of the EMF should be elected by the European Parliament, and should report to the European Parliament;
Amendment 237 #
Motion for a resolution Paragraph 12 b (new) 12 b. Denounces the Council proposal that the Managing Director shall hold confidential oral discussions behind closed doors with the Chair and Vice- Chairs of the competent Committees of the European Parliament concerning its tasks, including social impact assessment, the implementation of financial stability support and the provision of credit lines or setting of guarantees in support of the SRB; calls therefore this dialogue to kick- off to the European Parliament, enforcing democratic accountability and transparency;
Amendment 24 #
Motion for a resolution Citation 12 b (new) - having regard to the study for the AFCO Committee of April 2016 on the Implementation of the Lisbon Treaty - Improving functioning of the EU: Economic and Monetary Policy (PE 556.952),
Amendment 25 #
Motion for a resolution Recital A A. whereas the introduction of the euro is erroneously regarded as one of the European project’s most significant political achievements and
Amendment 26 #
Motion for a resolution Recital A A. whereas the introduction of the euro is one of the
Amendment 27 #
Motion for a resolution Recital A A. whereas the introduction of the euro is one of the European project’s most significant political
Amendment 28 #
Motion for a resolution Recital A A. whereas the introduction of the euro
Amendment 29 #
Motion for a resolution Recital A A. whereas the introduction of the euro is one of the European project’s most significant political achievements and a cornerstone of EMU construction, it remains incapable of addressing the existing challenges of inequalities among and within the member states and enforce an economic strategy which benefits all the member states in a fair;
Amendment 30 #
Motion for a resolution Recital A A. whereas the introduction of the euro is one of the most important European project
Amendment 31 #
Motion for a resolution Recital A a (new) A a. whereas the ESM can recapitalise credit institutions directly via the Direct Recapitalisation Instrument (DRI);
Amendment 32 #
Motion for a resolution Recital B B. B. whereas the financial and economic crisis has revealed the possibility of political manipulation of the rules and the weaknesses of the euro architecture, highlighting the
Amendment 33 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed the weaknesses of the euro
Amendment 34 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for the swift
Amendment 35 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed
Amendment 36 #
Motion for a resolution Recital B B. whereas the twenty years of its existence and the financial and economic crisis ha
Amendment 37 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, whi
Amendment 38 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture,
Amendment 39 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for the
Amendment 40 #
Motion for a resolution Recital B B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for
Amendment 41 #
Motion for a resolution Recital B a (new) B a. whereas the current EU economic governance framework proved inadequate to prevent and deal in a sufficient and timely way with the economic and financial crisis since 2010, leaving the space for IMF’s austerity-oriented policies, which resulted in further inequalities, unemployment and poverty in the countries following adjustment programmes;
Amendment 42 #
Motion for a resolution Recital B a (new) B a. whereas Euro offers protection and opportunity to the European citizens, and a strong and stable Eurozone is essential for its members and for the EU;
Amendment 43 #
Motion for a resolution Recital B a (new) B a. whereas the accumulation of sovereign and bank support in one public body could negatively affect the sovereign-bank nexus;
Amendment 44 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations
Amendment 45 #
Motion for a resolution Recital C C. whereas membership of a common currency
Amendment 46 #
Motion for a resolution Recital C C. whereas
Amendment 47 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires
Amendment 48 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations, as well as
Amendment 49 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and
Amendment 5 #
Motion for a resolution Citation –1 (new) -1 having regard to its resolution of 7 May 2009 on the impact of the Lisbon Treaty on the development of the institutional balance of the European Union,
Amendment 50 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward convergence; whereas the creation of a euro area budget is therefore necessary in order to ensure its sustainability and to neutralise any possible shocks; whereas risk reduction and risk sharing should go hand in hand in deepening the EMU;
Amendment 51 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common budgetary rules and obligations
Amendment 52 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward convergence; whereas risk reduction and risk sharing should go hand in hand in deepening the EMU, in order to increase occupation, growth, investments, social equity and macroeconomic stability;
Amendment 53 #
Motion for a resolution Recital C C. whereas membership of a common currency area certainly requires common rules and obligations,
Amendment 54 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward convergence; whereas risk reduction and risk sharing should go hand in hand in deepening and enforcing democratic accountability of the EMU;
Amendment 55 #
Motion for a resolution Recital C C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward real convergence
Amendment 56 #
Motion for a resolution Recital C a (new) Ca. whereas almost EUR 100 billion per year is lost as a result of tax avoidance through unfair tax practices, in addition to the EUR 1 000 billion per year lost as a result of tax evasion facilitated in particular by the illegal practices of certain banks in the European Union;
Amendment 57 #
Motion for a resolution Recital C a (new) Ca. whereas the appointment of a full- time, independent European Finance Minister, who should not be permitted to perform a similar role in a Member State of the euro area, in order to avoid any conflict of interests, is an absolute necessity;
Amendment 58 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF)
Amendment 59 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented
Amendment 6 #
Motion for a resolution Citation –1 a (new) -1 a having regard to the report of the Reflection Group on the Future of the EU 2030 to the European Council,
Amendment 60 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have
Amendment 61 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented
Amendment 62 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented, despite its intergovernmental nature, an important step towards the creation of a European crisis management mechanism,
Amendment 63 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented, despite its intergovernmental nature, a
Amendment 64 #
Motion for a resolution Recital D D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented, despite its intergovernmental nature, an important step towards the creation of a European crisis management mechanism, helping to partially respond to the weaknesses of the EMU and providing financial assistance to several European countries affected by the crisis;
Amendment 65 #
Motion for a resolution Recital D a (new) Da. whereas the austerity measures laid down in the Treaty on Stability, Coordination and Governance have had a devastating impact on investment, public services and social balance in the European Union;
Amendment 66 #
Motion for a resolution Recital D a (new) D a. whereas the European Court of Auditors' reports on financial crisis and assistance have underlined in many cases delays and insufficient results of the proposed measures, presenting valuable recommendations;
Amendment 67 #
Motion for a resolution Recital E Amendment 68 #
Motion for a resolution Recital E Amendment 69 #
Motion for a resolution Recital E E. whereas the intergovernmental nature of the ESM
Amendment 7 #
Motion for a resolution Citation –1 b (new) -1 b having regard to its resolution of 20 December 2016 on possible evolutions and adjustments to the current institutional set-up of the European Union,
Amendment 70 #
Motion for a resolution Recital E E. whereas the intergovernmental nature of the ESM
Amendment 71 #
Motion for a resolution Recital E E. whereas the intergovernmental nature of the ESM has implications on its decision-making process,
Amendment 72 #
Motion for a resolution Recital F Amendment 73 #
Motion for a resolution Recital F F. whereas
Amendment 74 #
Motion for a resolution Recital F F. whereas the future incorporation of the ESM into the EU legal framework
Amendment 75 #
Motion for a resolution Recital F F. whereas the future incorporation of the ESM into the EU legal framework should continue to be understood as
Amendment 76 #
Motion for a resolution Recital F F. whereas the future incorporation of the ESM into the EU legal framework should continue to be understood as a decisive part of the EMU completion project;
Amendment 77 #
Motion for a resolution Recital F a (new) F a. whereas the EMF should take concrete actions with respect to the goals of the completion of the EMU, especially the social pillar which should take into account, among other factors, the social effects of economic adjustments;
Amendment 78 #
Motion for a resolution Recital G Amendment 79 #
Motion for a resolution Recital G G. whereas the ongoing debate on the future of Europe and the EMU has highlighted differing political views among Member States on the long-term future of the ESM,
Amendment 8 #
Motion for a resolution Citation –1 c (new) -1 c having regard to its resolution of 16 February 2017 on Improving the functioning of the European Union building on the potential of the Lisbon Treaty,
Amendment 80 #
Motion for a resolution Recital G G. whereas the ongoing debate on the future of Europe and the EMU has highlighted differing political views among Member States on the long-term future of the ESM
Amendment 81 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to making the banking union more sustainable and less dysfunctional, providing a proper common financial backstop for the Single Resolution Fund (SRF), without
Amendment 82 #
Motion for a resolution Recital H H. whereas, in
Amendment 83 #
Motion for a resolution Recital H H. whereas
Amendment 84 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should
Amendment 85 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), with
Amendment 86 #
Motion for a resolution Recital H H. whereas
Amendment 87 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF)
Amendment 88 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the implementation of the package of measures to tackle non-performing loans (NPLs) in Europe or the need to establish a European Deposit Insurance Scheme (EDIS);
Amendment 89 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the need to implement the package to reduce non-performing loans and to establish a European Deposit Insurance Scheme (EDIS);
Amendment 9 #
Motion for a resolution Citation –1 d (new) -1 d having regard to the opinion of the Committee of the Regions of 6 July 2018 on the Reform proposals for the Economic and Monetary Union,
Amendment 90 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the
Amendment 91 #
Motion for a resolution Recital H H. whereas in the short term, the ESM reform should contribute in particular to the banking union, providing a proper common financial backstop
Amendment 92 #
Motion for a resolution Recital H a (new) H a. whereas the actual capacity of the common financial backstop to the SRF will depend on the capability of the Single Resolution Board (SRB) to repay any backstop use by collecting sufficient contributions from the banking sector in the aftermath of a severe financial crisis; whereas the common backstop for the SRF would make that the ESM would have the necessary capacity to mobilise large amounts at short notice to the benefit of the SRF;
Amendment 93 #
Motion for a resolution Paragraph 1 Amendment 94 #
Motion for a resolution Paragraph 1 1.
Amendment 95 #
Motion for a resolution Paragraph 1 1.
Amendment 96 #
Motion for a resolution Paragraph 1 1. Welcomes the Commission’s proposal of 6 December 2017 for a Council Regulation on the establishment of the European Monetary Fund and considers it a useful contribution to the ongoing debate on the future of Europe, the completion of the EMU and the ESM reform, in a way that the EU economic governance is more democratic and efficient;
Amendment 97 #
Motion for a resolution Paragraph 1 a (new) 1 a. welcomes the agreement of 4 December 2018 by the Eurogroup on a term sheet for the further development of the ESM1a; considers that the further work on the reform of the ESM should be based on this agreement; _________________ 1a https://www.consilium.europa.eu/media/3 7267/esm-term-sheet- 041218_final_clean.pdf
Amendment 98 #
Motion for a resolution Paragraph 1 b (new) 1 b. Urges the importance of individual Member States' financial stability; stresses that the provision of financial stability in an individual Member State is a concern of the whole EU, and should be supported by the EU, however subject to strict conditionality;
Amendment 99 #
Motion for a resolution Paragraph 2 source: 632.795
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History
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2019-07-06Show (19) Changes | Timetravel
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