Procedure completed
2017/2124(INI) European Central Bank annual report for 2016
Lead committee dossier: ECON/8/09546
Legal Basis RoP 52
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | FERNÁNDEZ Jonás (S&D) | MUREŞAN Siegfried (EPP), LOONES Sander (ECR), TORVALDS Nils (ALDE), PAPADIMOULIS Dimitrios (GUE/NGL), SCOTT CATO Molly (Verts/ALE), VALLI Marco (EFD), ANNEMANS Gerolf (ENF) |
Legal Basis RoP 52
Activites
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2018/02/06
Results of vote in Parliament
- Results of vote in Parliament
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T8-0025/2018
summary
The European Parliament adopted by 479 votes to 126, with 78 abstentions, a resolution on the European Central Bank (ECB) Annual Report for 2016. Members acknowledged the federal nature of the ECB, which enables it to act decisively in various matters such as addressing the crisis. They also noted the contribution of the ECB’s accommodative monetary policy in the period 2012-2016 (including its low interest rates and assets purchase programme) to cyclical economic recovery and employment creation, also by preventing deflation. Parliament is, however, concerned at the consequences of the unconventional monetary policy measures for individual savers and the financial equilibrium of pension and insurance schemes as well as the build-up of asset bubbles, which the ECB should carefully monitor. It also remained concerned at the still significant levels of non-marketable assets and asset-backed securities put forward as collateral to the Eurosystem in the framework of its refinancing operations. Price stability: Members recalled that, according to Eurostat, average inflation in the euro area was 0.2 % in 2016, (0.9 % excluding energy prices) and that inflation in the euro area is expected to remain below 2 % until at least 2020, which suggests that the euro area economy is not operating at full capacity, despite the very accommodative monetary policy followed by the ECB. The ECB must ensure that price stability (an inflation rate of close to but below 2 %) but should nonetheless carefully assess the benefits and side effects of its policy, in particular as regards intended action to combat deflation in the future. It should focus on a clear and concise communication of its monetary policy measures. Economic growth and employment: GDP growth in the euro area has been stable but modest, and observed that the Commission’s Autumn 2017 Economic Forecast predicts GDP growth rates of 2.2 % in 2017 and 2.3 % in 2018. However, the ECB’s monetary policy efforts have not yet left a tangible impact on the investment side of the EU economy. Members considered that monetary policy is not sufficient to sustain economic recovery, nor can it contribute to solving the structural problems of the European economy, unless it is complemented by socially balanced and fair long-term growth- and competitiveness-enhancing policies at Member State level, in combination with sound fiscal policy and within the Stability and Growth Pact. Many euro area countries continue to suffer from a high level of unemployment, and aggregate demand in the euro area remains subdued. Members called, therefore, for implementing policies that are geared to increasing productivity, with a focus on skills that facilitate further creation of quality jobs, as well as wage increases. Credit supply and banking supervision: Members considered that the effect of monetary policy is limited owing to subdued credit demand, the persistence of structural problems in the banking systems of some Member States, and lack of trust among financial institutions themselves. It encouraged further improvement of SMEs' access to credit. The resolution welcomed the fact that since 2015, rates for very small loans have continued to fall at a faster pace than those for large loans, contributing to a further narrowing of the spread between loans. Members acknowledged that while the current policy of low interest rates has a temporarily positive effect on the level of nonperforming loans (NPLs), the high risks related to NPLs should be tackled effectively in a structural fashion. They called for robust stress tests and recommended careful monitoring of developments on the real estate markets. Any additional measures should ensure full respect for the prerogatives of the European Parliament. Other challenges: Parliament called for the step-by-step, timely and full completion and implementation of the Capital Markets Union (CMU). It also pointed out that the European deposit insurance scheme (EDIS), as the third pillar of the banking union, could help strengthen and safeguard financial stability. In addition, it stressed that progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash. In the area of accountability and transparency, Parliament called on the ECB to: continue providing the necessary support to Greece, and to any other Member State, in the review of the completion of the financial assistance programme; assess, in cooperation with the ESAs, the consequences of the UK’s withdrawal from the EU and to stand ready to prepare for the relocation of banks and their activities in the euro area. The strengthening of oversight for euroclearing outside the euro area should be of the utmost importance, in order to avoid supervisory gaps and financial stability issues; be transparent to the general public and be more accountable to Parliament. The latter should be able to exercise its institutional role in the appointment of the President, Vice-President and other members of the executive board of the ECB; ensure the independence of the members of its internal audit committee; adopt a clear and public policy on whistleblowers.
- 2018/02/05 Debate in Parliament
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2017/11/28
Committee report tabled for plenary, single reading
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A8-0383/2017
summary
The Committee on Economic and Monetary Affairs adopted the own-initiative report by Jonás FERNÁNDEZ (S&D, ES) on the European Central Bank Annual Report for 2016. Members acknowledged the federal nature of the ECB, which enables it to act decisively in various matters such as addressing the crisis. They also noted the contribution of the ECB’s accommodative monetary policy in the period 2012-2016 (including its low interest rates and assets purchase programme) to cyclical economic recovery and employment creation, also by preventing deflation. Members were, however, concerned at the consequences of the unconventional monetary policy measures for individual savers and the financial equilibrium of pension and insurance schemes as well as the build-up of asset bubbles, which the ECB should carefully monitor. They also remained concerned at the still significant levels of non-marketable assets and asset-backed securities put forward as collateral to the Eurosystem in the framework of its refinancing operations. Price stability: Members recalled that, according to Eurostat, average inflation in the euro area was 0.2 % in 2016, (0.9 % excluding energy prices) and that inflation in the euro area is expected to remain below 2 % until at least 2020, which suggests that the euro area economy is not operating at full capacity, despite the very accommodative monetary policy followed by the ECB. The ECB must ensure that price stability (an inflation rate of close to but below 2 %) but should nonetheless carefully assess the benefits and side effects of its policy, in particular as regards intended action to combat deflation in the future. It should focus on a clear and concise communication of its monetary policy measures. Economic growth and employment: the report noted that GDP growth in the euro area has been stable but modest, and observed that the Commission’s Autumn 2017 Economic Forecast predicts GDP growth rates of 2.2 % in 2017 and 2.3 % in 2018. However, the ECB’s monetary policy efforts have not yet left a tangible impact on the investment side of the EU economy. Members considered that monetary policy is not sufficient to sustain economic recovery, nor can it contribute to solving the structural problems of the European economy, unless it is complemented by socially balanced and fair long-term growth- and competitiveness-enhancing policies at Member State level, in combination with sound fiscal policy and within the Stability and Growth Pact. Many euro area countries continue to suffer from a high level of unemployment, and aggregate demand in the euro area remains subdued. Members called, therefore, for implementing policies that are geared to increasing productivity, with a focus on skills that facilitate further creation of quality jobs, as well as wage increases. Credit supply and banking supervision: the committee considered that the effect of monetary policy is limited owing to subdued credit demand, the persistence of structural problems in the banking systems of some Member States, and lack of trust among financial institutions themselves. It encouraged further improvement of SMEs' access to credit. The report welcomed the fact that since 2015, rates for very small loans have continued to fall at a faster pace than those for large loans, contributing to a further narrowing of the spread between loans. Members acknowledged that while the current policy of low interest rates has a temporarily positive effect on the level of nonperforming loans (NPLs), the high risks related to NPLs should be tackled effectively in a structural fashion. They called for robust stress tests and recommended careful monitoring of developments on the real estate markets. Any additional measures should ensure full respect for the prerogatives of the European Parliament. Corporate sector purchase programme (CSPP): Members welcomed the improvements made by the ECB in disclosing the list of securities held by the Eurosystem under the ECB’s CSPP, but noted that this programme directly benefits mostly large corporations. The ECB was asked to continue ensuring full transparency over disclosing the volumes of the purchases made under CSPP and to publish all CSPP data in a single, user-friendly spreadsheet that can facilitate the programme’s public accountability. Members called for the step-by-step, timely and full completion and implementation of the capital markets union (CMU). They also that the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union, could further help enhance and safeguard financial stability. Physical money and digital currencies: the report agreed with the ECB on the importance of physical money as legal tender, and reminded all euro area Member States that the acceptance of euro coins and banknotes should be the rule in retail transactions. It encouraged the Commission and the ECB to study ways to improve public access to payment systems, alongside physical money, as well as the potential challenges entailed for the ECB’s monopoly of issuing money. Progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash. Accountability and transparency: Members considered that the ECB’s independence, and thus its degree of accountability, must be commensurate with its importance. Parliament should be able to perform its institutional role in the appointment of the President, Vice-President and other executive board members of the ECB. Members asked the ECB to ensure the independence of the members of its internal Audit Committee and to publish declarations of financial interests for its Governing Council members, in order to prevent conflicts of interest. Members also called on the ECB, in cooperation with the ESAs, to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to prepare for the relocation of banks and their activities in the euro area. They considered the strengthening of oversight for euro clearing outside the euro area to be of the utmost importance, in order to avoid supervisory gaps and financial stability issues.
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A8-0383/2017
summary
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2017/11/21
Vote in committee, 1st reading/single reading
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2017/07/06
Committee referral announced in Parliament, 1st reading/single reading
Documents
- Committee report tabled for plenary, single reading: A8-0383/2017
- Debate in Parliament: Debate in Parliament
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0025/2018
| Amendments | Dossier |
| 568 |
2017/2124(INI)
2017/09/18
ECON
568 amendments...
Amendment 1 #
Motion for a resolution Citation 5 Amendment 10 #
Motion for a resolution Citation 8 c (new) - having regard to the ECB Report on Financial Structures (October 2016)
Amendment 100 #
Motion for a resolution Paragraph 2 h (new) 2 h. Remains concerned by the still significant levels of non-marketable assets and asset-backed securities put forward as collateral to the eurosystem in the framework of its refinancing operations;reiterates its request to the ECB to provide information on which central banks have accepted such securities as well as to disclose valuation methods regarding such assets;underlines that such disclosure would be beneficial for the purpose of parliamentary scrutiny of supervisory tasks conferred to the ECB;
Amendment 101 #
Motion for a resolution Paragraph 2 i (new) 2 i. Notes with concern that TARGET 2 imbalances are rising in the euro area again despite a narrowing in trade imbalances indicating continued capital outflows from the euro area periphery;
Amendment 102 #
Motion for a resolution Paragraph 3 3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %; emphasizes that a rate of inflation close to but below 1% is even more price stability than an inflation rate close to but below 2%.
Amendment 103 #
Motion for a resolution Paragraph 3 3. Recalls that, according to Eurostat, average inflation was
Amendment 104 #
Motion for a resolution Paragraph 3 3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %; underlines however the large variance in inflation rates across the Eurozone;
Amendment 105 #
Motion for a resolution Paragraph 3 3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %, and 0.8% excluding non- processed and seasonal foodstuffs;
Amendment 106 #
Motion for a resolution Paragraph 3 3. Recalls that, according to Eurostat, average inflation in the euro zone was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %;
Amendment 107 #
Motion for a resolution Paragraph 3 3. Recalls that, according to Eurostat, average inflation was
Amendment 108 #
Motion for a resolution Paragraph 3 a (new) 3 a. recalls that, according to a study published by the Bank for International Settlements, periods with very low or even negative inflation rates have only rarely entailed periods of low growth rates, the Great Depression being the most notable exception[1];[1] Borio, Claudio, Magdalena Erdem, Andrew Filardo and Boris Hofmann (2015):The costs of deflation:a historical perspective.BIS Quarterly Review, March 2015, pp.31-54.
Amendment 109 #
Motion for a resolution Paragraph 3 a (new) 3 a. Furthermore, in the first half of 2017 it is not observed a convergent path towards the medium term inflation goal;
Amendment 11 #
Motion for a resolution Citation 13 a (new) - Having regard to the Commission Recommendation 2010/191/EU of 22 March 2010 on the legal tender of the euro;
Amendment 110 #
Motion for a resolution Paragraph 4 Amendment 111 #
Motion for a resolution Paragraph 4 Amendment 112 #
Motion for a resolution Paragraph 4 Amendment 113 #
Motion for a resolution Paragraph 4 4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level of 2 % until at least 2020 despite pursuing a very accommodative monetary policy, which indicates that the economy is not operating at full capacity, while the appreciation of the Euro since the beginning of 2017 makes it difficult the achievement of the inflation aim;
Amendment 114 #
Motion for a resolution Paragraph 4 4.
Amendment 115 #
Motion for a resolution Paragraph 4 4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level of 2 % until at least 2020 despite pursuing a very accommodative monetary policy, which indicates that the economy is not operating at full capacity partly due to the inefficient policies designed by the ECB;
Amendment 116 #
Motion for a resolution Paragraph 4 4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level of 2 % until at least 2020 despite pursuing a very accommodative monetary policy, which indicates that the e
Amendment 117 #
Motion for a resolution Paragraph 4 4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level of 2 % until at least 2020 despite pursuing a very accommodative monetary policy
Amendment 118 #
Motion for a resolution Paragraph 4 4.
Amendment 119 #
Motion for a resolution Paragraph 4 a (new) 4a. Deplores the fact that the extraordinary monetary policy measures have not had the promised impact on the investment gaps that exist in the Eurozone, because of slack domestic demand arising from austerity policies and banking supervision that concentrates excessively on credit risks;
Amendment 12 #
Motion for a resolution Citation 13 b (new) - Having regard to Article 11 of Council Regulation (EC) No 974/98;
Amendment 120 #
Motion for a resolution Paragraph 5 Amendment 121 #
Motion for a resolution Paragraph 5 5.
Amendment 122 #
Motion for a resolution Paragraph 5 5. Acknowledges that
Amendment 123 #
Motion for a resolution Paragraph 5 5.
Amendment 124 #
Motion for a resolution Paragraph 5 5. Acknowledges that without the ECB’s policy package, inflation
Amendment 125 #
Motion for a resolution Paragraph 5 a (new) 5 a. Considers that the ECB bond- buying programmes violate at least the intent, if not the letter, of Article 123 TFEU;urges the ECB to refrain from assuming a political role and monetary financing government deficits;
Amendment 126 #
Motion for a resolution Paragraph 6 Amendment 127 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancing reforms are required; agrees with the ECB, furthermore, that it is necessary to deepen the institutional architecture of EMU to support these reforms and restore the Eurozone after the shocks, including by creating a budgetary capacity and common decision-making institutions to accompany arrangements for better risk- sharing;
Amendment 128 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancing reforms are required; considers that the ECB's monetary policy can be complemented by growth friendly fiscal policies in order to achieve the ECB's inflation target and notes that there is an onus on Member States to ensure compliance with the fiscal rules to support this objective;
Amendment 129 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancing reforms are required; points out that reforms should take into consideration also social indicators, social cohesion, protection of medium and low income families and raising inequalities as well as distributive taxation according to member-states particularities;
Amendment 13 #
Motion for a resolution Citation 13 c (new) - Having regard to Article 128(1) of the Treaty on the Functioning of the European Union, on the legal tender character of the euro;
Amendment 130 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancing reforms are required; Within this policy mix, the fulfilment of the inflation target requires the activation of internal demand, including investment and consumption, and thus wage increases are required;
Amendment 131 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that
Amendment 132 #
Motion for a resolution Paragraph 6 6. Agrees with the
Amendment 133 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to
Amendment 134 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB’s President that in order to reach the inflation target, s
Amendment 135 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target, supportive and sustainable fiscal policies a
Amendment 136 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that
Amendment 137 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that, in order to reach the inflation target
Amendment 138 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target,
Amendment 139 #
Motion for a resolution Paragraph 6 6. Agrees with the ECB that in order to reach the inflation target, s
Amendment 14 #
Motion for a resolution Citation 14 a (new) - – havingregard to Article 123(1) of the TFEU,
Amendment 140 #
Motion for a resolution Paragraph 6 a (new) 6 a. Notes that the ECB’s APP has lowered bond yields in most Member States to unprecedented levels;warns against the risk of too-high valuations on the bond markets, which would be difficult to handle if interest rates start to rise again, particularly for the countries involved in the excessive deficit procedure or with high levels of debt;
Amendment 141 #
Motion for a resolution Paragraph 6 a (new) 6 a. Notes that fiscal policies can only be supportive if productivity and competitiveness of the private sector are improved as a consequence of entrepreneurial investment decisions, increases in human capital and structural reforms aimed at better functioning product and factor markets.
Amendment 142 #
Motion for a resolution Paragraph 6 a (new) 6a. Considers that the President of the ECB should refrain from making judgements about the need for Member States to introduce structural reforms, particularly if their aim is to devalue wages in order to offset the imbalances caused by the euro;
Amendment 143 #
Motion for a resolution Paragraph 6 b (new) 6b. Deplores the fact that the main objective of the ECB's monetary policy is price stability and not full employment;
Amendment 144 #
Motion for a resolution Paragraph 7 Amendment 145 #
Motion for a resolution Paragraph 7 Amendment 146 #
Motion for a resolution Paragraph 7 Amendment 147 #
Motion for a resolution Paragraph 7 Amendment 148 #
Motion for a resolution Paragraph 7 Amendment 149 #
Motion for a resolution Paragraph 7 7.
Amendment 15 #
Motion for a resolution Citation 15 a (new) - having regard to the Treaty on the Functioning of the European Union (TFEU), and in particular Articles 123, 127(1) and (2) thereof,
Amendment 150 #
Motion for a resolution Paragraph 7 7. Believes that
Amendment 151 #
Motion for a resolution Paragraph 7 7. Believes that additional policy measures should be considered in order to move closer and more rapidly towards the inflation objective, including an increase in monthly purchases, the inclusion of equity purchases in the APP and the extension of the TLTRO programme to households through zero-coupon perpetual loans; points to the long-term risks of an overly expansive monetary policy, in particular as regards intended action to combat deflation;
Amendment 152 #
Motion for a resolution Paragraph 7 7.
Amendment 153 #
Motion for a resolution Paragraph 7 7.
Amendment 154 #
Motion for a resolution Paragraph 7 7.
Amendment 155 #
Motion for a resolution Paragraph 7 7. Believes that additional policy measures should be considered in order to move closer and more rapidly towards the inflation objective, including an increase in monthly purchases to no less than 80 billion EUR per month, the inclusion of equity purchases in the APP and the extension of the TLTRO programme to households through zero-coupon perpetual loans;
Amendment 156 #
Motion for a resolution Paragraph 7 a (new) 7 a. Urges the ECB together with other relevant Union bodies and in the light of the requirement under TFEU 127.1 to consider the possibility of using its APP strategically, by encouraging in coordination with the EIB the development of safe and simple marketable asset classes, suitable for the Program, that are linked to the achievement of key EU targets particularly the transition to a sustainable and fair economy and to consider drawing up a range of green and social projects for which credit created through quantitative easing could be used as direct financing;
Amendment 157 #
Motion for a resolution Paragraph 7 a (new) 7 a. Points out that, while the effects of the ECB’s monetary policy on the real economy have been very limited, banks have been able to access funding at virtually no, or very low, cost, which has directly subsidised their balance sheets;deplores the fact that the size of this subsidy, despite representing a clear fiscal spillover effect of monetary policy, is not monitored and published,
Amendment 158 #
Motion for a resolution Paragraph 7 a (new) 7a. Considers that the ECB should take prompt action to prevent the formation of financial bubbles on the market because of its monetary policy;
Amendment 159 #
Motion for a resolution Paragraph 7 a (new) 7 a. Welcomes the ECB's announcement to begin discussions on monetary policy rate normalization and a strategy for winding down the APP;
Amendment 16 #
Motion for a resolution Citation 16 a (new) - having regard to the Judgment C- 62/14 of the European Court of Justice(ECLI:EU:C:2015:400, June 16, 2015), in particular paragraphs 70, 97, 101, 102,104, 106 and 109.
Amendment 161 #
Motion for a resolution Paragraph 7 b (new) 7 b. Asks the ECB to prepare in the framework of its next annual report research on the pro and the cons and the legal feasibility of different options regarding the channelling of newly created money towards sustainable investment while respecting the provisions of the Treaty;
Amendment 162 #
Motion for a resolution Paragraph 7 b (new) 7b. Calls on the ECB to investigate the differences in the transmission of monetary policy to the economies of the various Member States;calls furthermore on the ECB to publish the results of that investigation;
Amendment 163 #
Motion for a resolution Paragraph 7 c (new) 7 c. Underlines that the need to cement confidence in what a debt or claim denominated in the domestic currency will be worth at some point in future is a prerequisite for efficient economic planning;points out that the result of nominal prices deviating from they where expected to be leads to unintended redistribution effects and the frustrated expectations on which prior economic decisions were based;hence points out that the way in which ECB defines in full discretion its target as an operational translation of its price stability mandate should take explicit account of the need to avoid or reduce to the maximum extent possible distributional effects;
Amendment 164 #
Motion for a resolution Paragraph 8 Amendment 165 #
Motion for a resolution Paragraph 8 Amendment 166 #
Motion for a resolution Paragraph 8 Amendment 167 #
Motion for a resolution Paragraph 8 Amendment 168 #
Motion for a resolution Paragraph 8 Amendment 169 #
Motion for a resolution Paragraph 8 Amendment 17 #
Motion for a resolution Citation 17 a (new) - Having the Opinion of the Legal Service of Paliament on "Possible revision of the ECB statutes with regard to the allocation of net profits of the ECB", of 14th July 2017, D(2017) 26881.
Amendment 170 #
Motion for a resolution Paragraph 8 8.
Amendment 171 #
Motion for a resolution Paragraph 8 8.
Amendment 172 #
Motion for a resolution Paragraph 8 8.
Amendment 173 #
Motion for a resolution Paragraph 8 8.
Amendment 174 #
Motion for a resolution Paragraph 8 8. Asks the ECB to consider complementing its price stability objective with nominal GDP growth targeting; stresses that the paramount objective of the ECB is, in line with its mandate in primary law under the EU Treaties, to ensure price stability and that providing economic policy support is possible only if that mandate remains unchanged;
Amendment 175 #
Motion for a resolution Paragraph 8 8.
Amendment 176 #
Motion for a resolution Paragraph 8 8.
Amendment 177 #
Motion for a resolution Paragraph 8 a (new) 8 a. Calls in that respect for a revision of the ECB treaty mandate with a view to strengthening its democratic accountability and its strict separation with the EMU Single Supervisory Mechanism;underlines that the fundamental principle of 'no taxation or provision of public subsidies without representation' should be enshrined in such mandate and therefore that a permanent scrutiny mechanism should be established so as to ensure a strict separation between fiscal and monetary policy;hence preventing and correcting the provision of implicit subsidies by the monetary authority and ensuring that in the medium term the monetary policy does not entail distributive effects;
Amendment 178 #
Motion for a resolution Paragraph 8 a (new) 8 a. Notes that the ECB's measurement of inflation is focused on consumer prices and does not take into account unsustainable asset price developments such as real estate bubbles;asks the ECB to actively monitor asset price developments and evaluate including asset prices into its measurement of inflation;
Amendment 179 #
Motion for a resolution Paragraph 8 b (new) 8 b. Calls, in the framework of a revision of the ECB Treaty based mandate, to reflect on the possibility to add explicitly to article 127 TFEU the objective of ensuring financial stability;
Amendment 18 #
Motion for a resolution Citation 18 a (new) - having regard to the resolution of the European Parliament of 17 May 2017 on FinTech:the influence of technology on the future of the financial sector,
Amendment 180 #
Motion for a resolution Paragraph 9 Amendment 181 #
Motion for a resolution Paragraph 9 9. Recalls that, in accordance with Article
Amendment 182 #
Motion for a resolution Paragraph 9 9. Recalls that, without prejudice to the primary objective of price stability, in accordance with Article
Amendment 183 #
Motion for a resolution Paragraph 9 9. Recalls that, without prejudice to the primary objective of price stability, in accordance with Article
Amendment 184 #
Motion for a resolution Paragraph 9 9. Recalls that, in accordance with Article
Amendment 185 #
Motion for a resolution Paragraph 9 9. Recalls that, in accordance with Article 3 of its Statute, the ECB must support ‘the general economic policies of the Union’
Amendment 186 #
Motion for a resolution Paragraph 9 9. Recalls that, in accordance with Article 3 of its Statute and article 127 (1) TFEU, the ECB must support ‘the general economic policies of the Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growth’;
Amendment 187 #
Motion for a resolution Paragraph 9 9. Recalls that, in accordance with Article 3 of its Statute, the ECB must support ‘the general economic policies of the Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growth’; and ‘a high level of protection and improvement of the quality of the environment’;believes the ECB’s duty in that respect is even greater after the ratification of the Paris agreement on climate change which commits all EU institutions;
Amendment 188 #
Motion for a resolution Paragraph 9 9. Recalls that, in accordance with Article
Amendment 189 #
Motion for a resolution Paragraph 10 10. Notes that GDP growth in the Eurozone has been modest, yet favorable compared to previous years, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at least 2019;
Amendment 19 #
Motion for a resolution Recital A A. whereas at its meeting of 9 and 10 March 2016, the ECB Governing Council adopted further measures to
Amendment 190 #
Motion for a resolution Paragraph 10 10. Notes that GDP growth in the Eurozone has been stable but modest, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast
Amendment 191 #
Motion for a resolution Paragraph 10 10. Notes that GDP growth in the Eurozone has been stable but modest, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at least 2019;
Amendment 192 #
Motion for a resolution Paragraph 10 10. Notes that GDP growth in the Eurozone has been modest, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at least 2019; notes that, in 2017, the euro zone countries are on a robust growth path and that there has been a 2.1% rise, year on year, in GDP; stresses that expectations of an economic recovery cannot take the place of structural reforms;
Amendment 193 #
Motion for a resolution Paragraph 10 a (new) 10 a. Highlights that according to the 2016 ECB annual report, investment rose at a slightly slower pace than in the previous year;stresses that ECB monetary policy’s efforts have not yet left a tangible impact on the investment side of the EU economy;notes that this lack of impact is especially having an adverse effect in the peripheral regions of the European Union;
Amendment 194 #
Motion for a resolution Paragraph 10 a (new) 10 a. Notes that the modest growth must be seen in the perspective of an extraordinary monetary policy which can’t be sustainable without serious financial risks;underlines that stable long term growth must be based upon structural reforms and increased competitiveness;
Amendment 195 #
Motion for a resolution Paragraph 10 a (new) 10 a. Notes that 2008 crisis resulted in a quick reversal of capital flows from the periphery to the core;This reversal of capital flows from distressed countries to the core had its origin in a quick re- nationalization of bank cross-border exposures;
Amendment 196 #
Motion for a resolution Paragraph 10 a (new) 10 a. Notes that the current recovery in bank and market lending is geographically unevenly distributed among the Member States and has not so far wholly produced the expected effect on the existing investment gap in the euro area;
Amendment 197 #
Motion for a resolution Paragraph 11 11. Highlights that according to the IMF’s April 2017 World Economic Outlook, the Eurozone output gap was -1.2 % of the potential GDP in 2016, a gap which will remain negative until 2019, thus indicating that the Eurozone GDP will be below potential during the forecasted period;
Amendment 198 #
Motion for a resolution Paragraph 11 11. Highlights that according to the IMF’s April 2017 World Economic Outlook, the
Amendment 199 #
Motion for a resolution Paragraph 11 11.
Amendment 2 #
Motion for a resolution Citation 5 Amendment 20 #
Motion for a resolution Recital A a (new) Aa. whereas the ECB has imported consdiderable risks into its balance sheet through its bond-purchasing programme;
Amendment 200 #
Motion for a resolution Paragraph 11 a (new) 11 a. Underlines that frontloaded fiscal consolidation in the euro area as a whole during a period of large output gap has not only had a severe impact on aggregate demand but has generated long lasting negative hysteresis effects, which have undermined the effectiveness of the monetary transmission mechanism despite the unprecedented policy measures implemented by the ECB;
Amendment 201 #
Motion for a resolution Paragraph 12 Amendment 202 #
Motion for a resolution Paragraph 12 Amendment 203 #
Motion for a resolution Paragraph 12 Amendment 204 #
Motion for a resolution Paragraph 12 12. Underlines th
Amendment 205 #
Motion for a resolution Paragraph 12 12. Underlines the positive effect of the ECB's very accommodative monetary policy on cyclical growth, employment and the financing costs of Member States, non- financial companies and households; emphasises its concern about the negative side-effects on individual savers and the financial equilibrium of pension schemes and in terms of the development of asset bubbles; warns that keeping the interest rate at an artificially low level causes malinvestment;
Amendment 206 #
Motion for a resolution Paragraph 12 12. Underlines the
Amendment 207 #
Motion for a resolution Paragraph 12 12.
Amendment 208 #
Motion for a resolution Paragraph 12 12. Underlines that despite the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and households, the euro area continues to suffer from a very low level of productivity growth, which is the result of the lack of investment, especially in its southern and peripheral regions;
Amendment 209 #
Motion for a resolution Paragraph 12 12. Underlines the positive effect of the ECB monetary policy on
Amendment 21 #
Motion for a resolution Recital B B. whereas at its meeting of 7 and 8 December 2016, the ECB Governing Council decided to extend the horizon of the APP at a lowered monthly pace of now EUR 60 billion from April 2017 to December 2017, or beyond if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its
Amendment 210 #
Motion for a resolution Paragraph 12 12.
Amendment 211 #
Motion for a resolution Paragraph 12 12. Underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and households; stresses that only sound fiscal policies and structural reforms can ensure sustainable positive economic development;
Amendment 212 #
Motion for a resolution Paragraph 12 12. Underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of several euro area Member States, non- financial companies and households;
Amendment 213 #
Motion for a resolution Paragraph 12 12.
Amendment 214 #
Motion for a resolution Paragraph 12 12. Underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and households but stresses that monetary policy will fall short if not complemented by growth-enhancing structural reforms;
Amendment 215 #
Motion for a resolution Paragraph 12 a (new) 12a. Condemns the fact that, in the absence of progress in reforming EMU, reforms based on the devaluation of wages remain the only way of maintaining the stability of the Eurozone;stresses that such a solution is unacceptable from both the political and the social point of view and imperils the survival of the European project and its fundamental values;
Amendment 216 #
Motion for a resolution Paragraph 12 a (new) 12 a. Believes that the ECB should carefully assess the benefits and side- effects of its policy and consider to end its expansionary measures as soon as it deems appropriate;
Amendment 217 #
Motion for a resolution Paragraph 12 a (new) 12 a. Recognises the existence of distributional consequences of the ECB policies;regrets that ultra-low interest rate policy risks raising inequality;
Amendment 218 #
Motion for a resolution Paragraph 12 b (new) 12 b. Underlines that a prolonged period of ultra-low (negative) interest rate policy creates risks for financial stability and ultimately the whole economy;
Amendment 219 #
Motion for a resolution Paragraph 13 13. Notes that
Amendment 22 #
Motion for a resolution Recital B a (new) Ba. whereas, in its ruling of 18 July 2017, the German Constitutional Court stated that there were serious indications that the asset purchase programme breached the prohibition on monetary financing and exceeded the ECB's monetary policy mandate, as a result of which it encroached upon the powers of the Member States;1 a _________________ 1a http://www.bundesverfassungsgericht.de/ SharedDocs/Pressemitteilungen/DE/2017/ bvg17- 070.html;jsessionid=29BCB67B8B3DA0C 6801D8EB0F1CD1778.1_cid394 “Nach Auffassung des Senats sprechen gewichtige Gründe dafür, dass die dem Anleihenkaufprogramm zugrundeliegenden Beschlüsse gegen das Verbot monetärer Haushaltsfinanzierung verstoßen sowie über das Mandat der Europäischen Zentralbank für die Währungspolitik hinausgehen und damit in die Zuständigkeit der Mitgliedstaaten übergreifen”
Amendment 220 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB,
Amendment 221 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB, economic recovery in the Eurozone has
Amendment 222 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019
Amendment 223 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB, economic recovery in the Eurozone has
Amendment 224 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB, the current cyclical economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019
Amendment 225 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far; stresses that that the economic recovery of some Member States has come as a result of structural reforms;
Amendment 226 #
Motion for a resolution Paragraph 13 13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far; underlines that the fall in oil prices is a prime example of deflation, which has fostered economic growth;
Amendment 227 #
Motion for a resolution Paragraph 13 a (new) 13 a. underscores that a more complete Central Bank policy should also target the level of unemployment;
Amendment 228 #
Motion for a resolution Paragraph 14 Amendment 229 #
Motion for a resolution Paragraph 14 Amendment 23 #
Motion for a resolution Recital B a (new) B a. Whereas members of the ECB Executive Board have consistently emphasized the importance of rapid implementation of structural reforms in the euro area;
Amendment 230 #
Motion for a resolution Paragraph 14 14. Considers that the single monetary policy
Amendment 231 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy
Amendment 232 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a fast and sustainabl
Amendment 233 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged
Amendment 234 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve
Amendment 235 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery
Amendment 236 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged
Amendment 237 #
Motion for a resolution Paragraph 14 14.
Amendment 238 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that structural reforms, as well as public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commission;
Amendment 239 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery
Amendment 24 #
Motion for a resolution Recital C Amendment 240 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged
Amendment 241 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that
Amendment 242 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public
Amendment 243 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commission, and furthermore that steps towards a common fiscal capacity should be taken, for example by introducing a suitably designed European Unemployment Insurance Scheme;
Amendment 244 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commission to fill the regional investment gap; thereby calls for a recomposition of the ECB's portfolio of securities held under the APP towards more bonds linked with sustainable investments, for example in the context of a mutually noncoercive coordination between the ECB and the European Investment Bank (EIB);
Amendment 245 #
Motion for a resolution Paragraph 14 14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commission; recalls furthermore, in this context, its resolution of 16 February 2017 on a budgetary capacity for the Eurozone;
Amendment 246 #
Motion for a resolution Paragraph 14 a (new) 14 a. Takes note of the Commission’s communication on a fiscal stance;questions the usefulness of an aggregate target, given the lack of significant spill-over effects of domestic demand between Member States;recalls that the Member States must comply with the Stability and Growth Pact, regardless of aggregate recommendations;
Amendment 247 #
Motion for a resolution Paragraph 14 a (new) 14 a. Recognises that the implementation of structural reforms must be stepped up substantially to increase the resilience of the Member States' economy, reduce structural unemployment and boost euro area growth potential and productivity;
Amendment 248 #
Motion for a resolution Paragraph 14 a (new) 14 a. Agrees with the ECB that all Eurozone countries would benefit from intensifying efforts towards achieving a more growth-friendly composition of public finances;
Amendment 249 #
Motion for a resolution Paragraph 14 b (new) 14 b. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery;underlines in this perspective the importance of structural reforms, sound fiscal policies and increased competitiveness;
Amendment 25 #
Motion for a resolution Recital C C. whereas, according to the Eurosystem macroeconomic projection of
Amendment 250 #
Motion for a resolution Paragraph 15 Amendment 251 #
Motion for a resolution Paragraph 15 15. Points out that
Amendment 252 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased,
Amendment 253 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of
Amendment 254 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued
Amendment 255 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate how this phenomenon is slowing the recovery and explore ways to stimulate demand, in
Amendment 256 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate
Amendment 257 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment
Amendment 258 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued
Amendment 259 #
Motion for a resolution Paragraph 15 15. Points out that
Amendment 26 #
Motion for a resolution Recital C C. whereas, according to the Eurosystem macroeconomic projection of
Amendment 260 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued,
Amendment 261 #
Motion for a resolution Paragraph 15 15.
Amendment 262 #
Motion for a resolution Paragraph 15 15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; bearing in mind that rising inequality in the EU may harm economic development, calls on the ECB to evaluate how this phenomenon is slowing the recovery and explore ways to stimulate demand in spite of wage stagnation;
Amendment 263 #
Motion for a resolution Paragraph 15 a (new) 15 a. Notes with concern that the Eurozone continues face a low level of productivity growth following a lack of investment since the beginning of the crises;is concerned that the still high level of public debt and large numbers of non- performing loans in the banking sector in some Member States are still fragmenting the financial markets, thus reducing room to manoeuvre to support the most fragile economies
Amendment 264 #
Motion for a resolution Paragraph 15 a (new) 15 a. calls the ECB to explore the economic and legal feasibility of policy options, beyond interest rate policy and bond purchases, to channel money or credit efficiently into the real economy and hence induce investment demand and ensuring proper transmission of monetary policy;
Amendment 265 #
Motion for a resolution Paragraph 15 a (new) 15a. Deplores the fact that some Member States are using the ultra-low interest rate policy as a pretext to defer the necessary consolidation of their primary public deficits, and points in this connection to the Stability and Growth Pact commitments;
Amendment 266 #
Motion for a resolution Paragraph 15 a (new) 15 a. Points out that austerity policies in some Member States have contributed to stagnation and recession, with unfavourable consequences for public accounts, unemployment levels and social cohesion in the euro area Member States,
Amendment 267 #
Motion for a resolution Paragraph 15 a (new) 15 a. Encourages the ECB to continue studying the distributional impact of its monetary policy, including on income inequality, and to take into account this research in the context of crafting monetary policy;
Amendment 268 #
Motion for a resolution Paragraph 15 b (new) 15 b. Underscores the positive effect of the ECB monetary policies for the Euro exchange rate and the role of exports in the economic recovery in 2016, the appreciation of the Euro since the beginning of 2017 notwithstanding;
Amendment 269 #
Motion for a resolution Paragraph 16 Amendment 27 #
Motion for a resolution Recital C a (new) C a. Whereas in its decision of 18 July 2017 the German Constitutional Court requested a preliminary ruling by the European Court of Justice on the compatibility of the ECB’s public sector purchase programme(PSPP) with EU primary law.
Amendment 270 #
Motion for a resolution Paragraph 16 Amendment 271 #
Motion for a resolution Paragraph 16 Amendment 272 #
Motion for a resolution Paragraph 16 Amendment 273 #
Motion for a resolution Paragraph 16 Amendment 274 #
Motion for a resolution Paragraph 16 Amendment 275 #
Motion for a resolution Paragraph 16 Amendment 276 #
Motion for a resolution Paragraph 16 16. Stresses that
Amendment 277 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account
Amendment 278 #
Motion for a resolution Paragraph 16 16. Stresses that
Amendment 279 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account surpluses in some Member States must be corrected first through appropriate
Amendment 28 #
Motion for a resolution Recital C a (new) C a. whereas concerns continue to exist that the balance sheet of the ECB contains rising levels of risk;
Amendment 280 #
Motion for a resolution Paragraph 16 16. Stresses that the MIP foresees actions if excessive current account surpluses in some Member States
Amendment 281 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account surpluses in some Member States must be corrected through appropriate
Amendment 282 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account surpluses in some Member States must be corrected through appropriate fiscal policies, including the European Commission recommendations for more public investments and incease of demand, in order to tackle macroeconomic imbalances in Europe;
Amendment 283 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account surpluses in some Member States must be corrected through appropriate fiscal policies; invites the Commission to take thereto the necessary policy steps.
Amendment 284 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account surpluses in some Member States must be corrected through appropriate fiscal policies, in particular those focusing on long-term investments;
Amendment 285 #
Motion for a resolution Paragraph 16 16. Stresses that excessive current account surpluses in some Member States, first and foremost Germany, must be corrected through appropriate fiscal policies;
Amendment 286 #
Motion for a resolution Paragraph 16 a (new) 16a. Considers it deplorable that the excessive current account surpluses are due to the adoption of the single currency, which has imposed a regime of fixed exchange rates for the 19 Member States, which differ too much in a suboptimal currency area;deplores the fact that the euro has generated, and continues to generate, balance-of-payments imbalances, causing excessive surpluses for countries which remain unpunished by the Commission;
Amendment 287 #
Motion for a resolution Paragraph 16 a (new) 16 a. Stresses that current account management is clearly not covered by the mandate of the ECB;
Amendment 288 #
Motion for a resolution Paragraph 16 a (new) 16 a. Credit supply and bank supervision
Amendment 289 #
Motion for a resolution Paragraph 16 b (new) 16b. Considers that EMU has proven vulnerable in the context of the global financial and economic crisis, while the imbalances caused by the introduction of the euro are serious, and that the massive public interventions to rescue the financial sector have resulted in a sovereign debt crisis, whose costs have risen dramatically in some Member States;observes that over the years, because of structural flaws - such as the absence of compensatory budget transfers - EMU has caused unsustainable macroeconomic imbalances, particularly for many peripheral countries;
Amendment 29 #
Motion for a resolution Recital D D. whereas the
Amendment 290 #
Motion for a resolution Paragraph 16 c (new) 16c. Considers it deplorable that the introduction of the single currency has aggravated the increase in structural divergences between countries and has hampered capacities to respond to crises;stresses that the introduction of the euro as a single currency has made it impossible to intervene in response to asymmetric shocks, transferring the burden of adjustment to the weakest economies in the Eurozone;considers that there is an urgent need to introduce an opt-out procedure for Member States that democratically express a desire to leave the Eurozone;considers furthermore that there is an urgent need to organise a technical plan for the controlled dismantling of the whole single currency area in order not to be caught unprepared by an uncontrolled sudden collapse of the Eurozone;
Amendment 291 #
Motion for a resolution Paragraph 16 d (new) 16d. Condemns the Target2 compensatory mechanism as a further source of internal imbalance in the Eurozone, as the Target2 deficits with the ECB of peripheral countries such as Italy and Spain continue to increase while the surpluses of core countries such as Germany are growing spectacularly;stresses that the main cause of these imbalances is the fixed exchange rate regime;considers it obvious that, in time, the existing imbalances will accumulate further and ultimately become unsustainable;
Amendment 292 #
Motion for a resolution Paragraph 17 Amendment 293 #
Motion for a resolution Paragraph 17 Amendment 294 #
Motion for a resolution Paragraph 17 Amendment 295 #
Motion for a resolution Paragraph 17 17. Points out that even though M1 grew at a rate of 8.8 % in 2016, M3 continues to grow at just 5 % per year, which shows that the transmission of monetary policy is not fully effective; therefore urges the launch of the Capital Markets Union (CMU), which could offer an alternative way of financing the economy during times of financial distress;
Amendment 296 #
Motion for a resolution Paragraph 17 17. Points out that even though M1 grew at a rate of 8.8 % in 2016, M3 continues to grow at just 5 % per year, which shows that the transmission of monetary policy is not fully effective and indicates monetary abnormalities as well as lack of adequate credit supply;
Amendment 297 #
Motion for a resolution Paragraph 17 a (new) 17 a. Asks the ECB to further study and isolate the monetary impact of M1 expansion;
Amendment 298 #
Motion for a resolution Paragraph 18 Amendment 299 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy has
Amendment 3 #
Motion for a resolution Citation 5 Amendment 30 #
Motion for a resolution Recital D D. whereas the
Amendment 300 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy has effectively reduced the cost of
Amendment 301 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy
Amendment 302 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy has effectively reduced the cost of credit and helped to improve access to finance for companies and households; considers, however, that the effect of this policy is limited owing to the lack of
Amendment 303 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy has effectively reduced the cost of credit and helped to improve access to finance for companies and households; considers, however, that the effect of this policy is limited owing to the lack of sufficient credit demand in the euro area; moreover, notes that the 2016 ECB annual report underlines that the cost of borrowing for euro area households continues to vary across countries;
Amendment 304 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy has effectively reduced the cost of credit and helped to improve access to finance for companies and households; considers, however, that the effect of this policy is limited owing to the lack of sufficient credit demand in the euro area; underlines with concern the risks of cheap debt- financing;
Amendment 305 #
Motion for a resolution Paragraph 18 18. Acknowledges that monetary policy has effectively reduced the cost of credit and helped to improve access to finance for companies and households in certain parts of the Euro area; considers, however, that the effect of this policy is limited owing to the lack of sufficient credit demand in the euro area;
Amendment 306 #
Motion for a resolution Paragraph 18 a (new) 18 a. Recalls the need for a carefully thought-out exit strategy from the current accomodative monetary policy;believes that such exit should be gradual and start relatively soon;stresses that proper communication on the planned and implemented measures will have to be an integral part of such strategy and will be key to its success;believes that there is no a priori obvious sequencing to be followed for the unwinding of exceptional measures and that the ECB should not be bound by the approach taken in other jurisdictions but should take its decision depending on the prevailing conditions at the moment the exit strategy starts being implemented;
Amendment 307 #
Motion for a resolution Paragraph 18 a (new) 18 a. Encourages further improvement of SMEs' access to credit, enforcing inclusiveness in economic development;
Amendment 308 #
Motion for a resolution Paragraph 18 a (new) 18 a. Points out that the ECB hasfew instruments left to fend off adverse macroeconomic shocks;
Amendment 309 #
Motion for a resolution Paragraph 18 b (new) 18 b. Recalls the need to have in mind the differentiated impact of the withdrawal of exceptional measures across Member States when designing an exit strategy; points out that the extent to and speed with which an interest rate increase will affect government finances depends on the debt level of the country considered and on the maturity profile of its debt;
Amendment 31 #
Motion for a resolution Recital D D. whereas
Amendment 310 #
Motion for a resolution Paragraph 18 c (new) 18 c. Stresses that the progressive normalisation of monetary conditions will not take place in a situation identical to what prevailed prior to the crisis, that many deep and structural changes have taken place in the meantime, that many benchmarks will have to be re-assessed and reset and that original reflection will therefore be necessary to navigate the new environment;
Amendment 311 #
Motion for a resolution Paragraph 18 d (new) 18 d. Draws in this respect attention to the example of research showing that the neutral interest rate might have fallen over the last decades as a result of factors such as demography and changing preferences, thereby structurally reducing the effectiveness of monetary policy;
Amendment 312 #
Motion for a resolution Paragraph 18 e (new) 18 e. Draws attention to the conjunction over the recent years of many regulatory reforms having the potential to reduce the supply of private liquidity with a generous provision of liquidity from the central bank, thereby making it difficult to assess the impact of recent reforms;points out that this paradoxical context follows a period of asset price bubbles prior to the 2008-2009 crisis;calls in this situation for adequate research on what the optimal amount of liquidity in the system should be;
Amendment 313 #
Motion for a resolution Paragraph 19 19.
Amendment 314 #
Motion for a resolution Paragraph 19 a (new) 19a. Condemns the divergence between the financing rates granted to SMEs and those granted to large businesses, between the conditions applicable to credit for SMEs based in different Eurozone countries and between the interest rates applied to loans to modest and larger entities;
Amendment 315 #
Motion for a resolution Paragraph 19 a (new) 19 a. Acknowledges though these reductions for families and SMEs are progressively softer, thus having a lower impact in the real economy;
Amendment 316 #
Motion for a resolution Paragraph 20 Amendment 317 #
Motion for a resolution Paragraph 20 20.
Amendment 318 #
Motion for a resolution Paragraph 20 20. Agrees with the ECB that a bank’s profitability depends for a large part on its business model, but also underlines the effect of low interest rates
Amendment 319 #
Motion for a resolution Paragraph 20 20. Agrees with the ECB that a bank’s profitability depends on its
Amendment 32 #
Motion for a resolution Recital D D. whereas the ECB has missed its 2 % inflation target in each of the four years since 2013 and forecasts that it will not reach this target before 2020; whereas the low rate of inflation is also the result of low energy prices;
Amendment 320 #
Motion for a resolution Paragraph 20 20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding; stresses that an almost flat term structure of the interest rate greatly reduces the profitability of banks in one of its most important areas of business activity, the provision of credit for long-term investments;
Amendment 321 #
Motion for a resolution Paragraph 20 20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding
Amendment 322 #
Motion for a resolution Paragraph 20 20. Agrees with the ECB that a bank’s profitability depends on its business model, low interest rates notwithstanding; notes, however, the negative effects of prolonged periods of low interest rates on deposits and pension funds;
Amendment 323 #
Motion for a resolution Paragraph 20 a (new) 20 a. Underlines the fact that a prolonged period of flat yield curve could lessen the profitability of banks, especially if they do not adjust their business models, and could create potential risks, in particular for private savings and pension and insurance funds;warns that a decline in the profitability of banks could dampen their willingness to develop lending activity;points particularly to the negative effect of such an interest rate policy on local and regional banks and savings banks with little funding from financial markets, and to risks in the insurance and pensions sector;calls therefore for specific and continued monitoring of the negative interest rate tool, its implementation and its effects;emphasises the need for proper, prudent, timely management of the winding-down of this ultra-low (negative) interest rate policy;
Amendment 324 #
Motion for a resolution Paragraph 20 a (new) 20 a. Highlights that the cross-border penetration of banking within the euro area remains fairly limited.Mergers and acquisitions in the euro area tend to be overwhelmingly domestic in an environment where growth is low and with some countries still experiencing crisis legacy problems;Notes that, according to the data from the ECB, cross-border mergers and acquisitions accounted for only 9% of total transactions in 2016, against 15% for the period 2000 to 2015;
Amendment 325 #
Motion for a resolution Paragraph 20 a (new) 20 a. Agrees with the ECB's president that the protracted low interest rate environment puts pressure on the profitability of financial institutions that provide long-term return guarantees, such as life insurance or pension funds;
Amendment 326 #
Motion for a resolution Paragraph 20 b (new) 20 b. Considers that more pan- European banks could achieve scale economies, which could also enhance their capability to compete globally and strengthen European capital markets, and better diversify risk;
Amendment 327 #
Motion for a resolution Paragraph 21 Amendment 328 #
Motion for a resolution Paragraph 21 Amendment 329 #
Motion for a resolution Paragraph 21 21.
Amendment 33 #
Motion for a resolution Recital D D. whereas the
Amendment 330 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates
Amendment 331 #
Motion for a resolution Paragraph 21 21.
Amendment 332 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs);
Amendment 333 #
Motion for a resolution Paragraph 21 21.
Amendment 334 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates has a positive effect on the level of non performing loans (NPLs); calls for a European strategy involving inter alia a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States; notes that the banks recently bailed-out in Italy showed high NPL ratios and is concerned that one of these banks, although supervised by the ECB’s supervisory arm (SSM), have not been required to increase its persistent low NPL coverage ratio beforehand;
Amendment 335 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States; stresses also that in order this European strategy to succeed it is paramount to reduce the judicial system disparities between the Member States in their speed and enforcement capacity;
Amendment 336 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States; highlights the risks that a lasting policy of low interest rates poses for savings, life insurance and statutory pension schemes;
Amendment 337 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States which would include strict conditionality on progress in Member States regarding insolvency law or banks' governance;
Amendment 338 #
Motion for a resolution Paragraph 21 21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member States, taking into account social implications and protecting the first residence and medium and low income families;
Amendment 339 #
Motion for a resolution Paragraph 21 a (new) 21 a. Remains concerned by the still significant levels of non-marketable assets and asset-backed securities put forward as collateral to the Eurosystem in the framework of its refinancing operations;reiterates its request to the ECB to provide information on which central banks have accepted such securities and to disclose valuation methods regarding such assets;underlines that such disclosure would be beneficial for the purpose of parliamentary scrutiny of the supervisory tasks conferred on the ECB;
Amendment 34 #
Motion for a resolution Recital D a (new) D a. whereas the members of the Executive Board of the ECB have continuously stressed the urgency to step up the implementation of structural reforms in the euro area;
Amendment 340 #
Motion for a resolution Paragraph 21 a (new) 21 a. Welcomes the effort of the ECB and SSM to supervise and assist the banks of the Euroarea in their effort to reduce their NPL exposures;calls on an increase in supervision and assistance on cases of banks with historically high operational inefficiency and governance problems;
Amendment 341 #
Motion for a resolution Paragraph 21 a (new) 21a. Is aware that the low interest rates resulting from the ECB's policies have helped to make sovereign debt sustainable;
Amendment 342 #
Motion for a resolution Paragraph 21 b (new) 21 b. Calls on the ECB to carefully assess the risks of a future resurgence of asset and housing bubbles owing to its ultra-low (negative) interest rate policy, especially in the light of much-increased lending volumes and disproportionately high prices in the property sector, particularly in some big cities, and believes that it, together with the European Systemic Risk Board (ESRB), should put forward proposals for designing specific macroprudential recommendations in this regard;
Amendment 343 #
Motion for a resolution Paragraph 21 b (new) 21 b. Underscores that operational risk has also a significant impact in causing systemic instability;stresses that operational risk is not sufficiently addressed within the current supervisory regime despite the fact that it is diagnosed among the main sources of bank failure in the Euroarea both before and after the financial crisis, especially in peripheral economies with still weak supervisory structures;
Amendment 344 #
Motion for a resolution Paragraph 21 b (new) 21b. Stresses that a gradual reduction in quantitative easing and a consequent rise in interest rates could, inter alia, have implications for systemic stability because of the greater difficulties in sustaining sovereign debt;
Amendment 345 #
Motion for a resolution Paragraph 21 c (new) 21 c. Notes that the ECB’s APP has lowered bond yields in most Member States to unprecedented levels;warns against the risk ofexcessively high valuations on the bond markets, which would be difficult to handle if interest rates start to rise again in the absence of a sufficiently robust recovery, particularly for the countries involved in the excessive deficit procedure or with high levels of debt;points out that a sudden reversal of interest rates from currently low levels along the yield curve carry important market risks for financial institutions with a significant proportion of mark-to- market financial instruments;
Amendment 346 #
Motion for a resolution Paragraph 21 c (new) 21 c. Calls on the ECB to assess the impact of the governance model of the banks, as well as their business model, in the management of their NPL exposures, and identify whether certain management methods and practices cause persistence of NPL volumes in the balance sheet of the banks who have higher exposure;
Amendment 347 #
Motion for a resolution Paragraph 21 d (new) 21 d. Takes account of the fact that some Member States may be using ultra- low (negative) interest rate policy to defer necessary structural reforms and the consolidation of their primary public deficits, particularly at central government level, and points in this connection to the Stability and Growth Pact commitments;recognises that one of the reasons contributing to budgetary surpluses in some Member States has been the negative interest rates of their public debt;emphasises that national economic policies should be coordinated, particularly within the euro area;underlines that the unavoidable process of exiting from unconventional monetarypolicy will be a very complex one which will have to be carefully planned in order to avoid negative shocks on the capital markets;
Amendment 348 #
Motion for a resolution Paragraph 21 e (new) 21 e. Notes with concern that TARGET 2 imbalances are still rising in the euro area despite a narrowing in trade imbalances pointing to continued capital outflows from the euro area periphery;
Amendment 349 #
Motion for a resolution Paragraph 22 Amendment 35 #
Motion for a resolution Recital D a (new) D a. whereas the measuring of inflation used by the ECB is restricted to consumer prices and ignores the development of asset prices;
Amendment 350 #
Motion for a resolution Paragraph 22 Amendment 351 #
Motion for a resolution Paragraph 22 Amendment 352 #
Motion for a resolution Paragraph 22 Amendment 353 #
Motion for a resolution Paragraph 22 22. Takes the view that, as stated in its resolution of 14 February 2017 on the annual report on EU competition policy1 , paragraph 135, current and savings accounts should not incur commission for users unless they are linked to specific services; _________________ 1 Texts adopted, P8_TA(2017)0027.
Amendment 354 #
Motion for a resolution Paragraph 22 a (new) 22 a. Acknowledges the positive effects of bank consolidation as far as this is not detrimental to competition and cross- border integration is observed;
Amendment 355 #
Motion for a resolution Paragraph 23 Amendment 356 #
Motion for a resolution Paragraph 23 Amendment 357 #
Motion for a resolution Paragraph 23 23.
Amendment 358 #
Motion for a resolution Paragraph 23 23. Calls the ECB’s attention to the need for the sufficiently wide coverage of recent stress tests vis-à-vis the resolution or liquidation of certain banks; calls the ECB as overseer of financial market infrastructures to assess constantly the resilience of the individual cyber security systems, the network as a whole but also its own system;
Amendment 359 #
Motion for a resolution Paragraph 23 23. Calls the ECB’s attention to the need for the sufficiently wide coverage of recent stress tests vis-à-vis the resolution or liquidation of certain banks; recalls that some banks which had passed the ECB’s stress test were on the verge of bankruptcy not much later; calls for more realistic stress test scenarios;
Amendment 36 #
Motion for a resolution Recital D a (new) D a. Whereas the ECB considers that the weak inflation dynamics is largely due to subdued wage growth;
Amendment 360 #
Motion for a resolution Paragraph 23 23. Calls the ECB’s attention to the need for the sufficiently wide coverage and methodological pertinence and robustness of recent stress tests vis-à-vis the resolution or liquidation of certain banks;
Amendment 361 #
Motion for a resolution Paragraph 23 a (new) 23 a. Recommends careful monitoring of developments in the real estate markets even though construction is recovering from very low levels and households leverage is not going up;
Amendment 362 #
Motion for a resolution Paragraph 23 a (new) 23 a. Stresses that the ECB's supervisory role (SSM), its responsibility for systemic stability (ESRB) and its monetary policy function should not be confused and should not generate any conflict of interest in the execution of its principal functions;further stresses the importance of exploring future institutional independence of these three functions with a democratically accountable mechanism for resolving conflicts between them;points out that one source of such potential conflict of interest arises with the fact that recent stress tests, to which the SSM as the supervisory arm of the ECB participates, fail to integrate adverse scenarios of persistently low interest and inflation rates:scenarios which in practice challenge the future effectiveness of monetary policy measures;
Amendment 363 #
Motion for a resolution Paragraph 23 a (new) 23a. Calls on the ECB to pay particular attention to the proportionality principle in the context of the tasks entrusted to it in the area of banking supervision;points out in this connection that communication with institutions under direct and indirect supervision should be conducted in the language of the country concerned as a matter of principle;
Amendment 364 #
Motion for a resolution Paragraph 23 b (new) 23 b. Notes that only a small number of SSM member states have activated or planned to activate general systemic risk buffers and a counter-cyclical capital buffer in 2017;notes that the ECB has so far not fully exercised its macroeconomic supervisory powers by fostering the adoption of macro-prudential supervisory instruments by national authorities;
Amendment 365 #
Motion for a resolution Paragraph 23 b (new) 23b. Draws attention to the division of responsibilities between the ECB and the European Banking Authority (EBA);stresses that the ECB should not become the de facto standard-setter for non-SSM banks;
Amendment 366 #
Motion for a resolution Paragraph 23 b (new) 23 b. Warns about the continued expansion of the shadow banking sector in 2016 and calls for more stringent regulation;
Amendment 367 #
Motion for a resolution Paragraph 23 c (new) 23c. Notes that, on 18 May 2016, the ECB Council adopted the regulation on the collection of granular credit and credit risk data - AnaCredit;calls on the ECB to allow national central banks as much leeway as possible when implementing AnaCredit;Calls on the ECB not to begin work on any further stages of AnaCredit until after a comprehensive public consultation exercise has been carried out, with the full involvement of the European Parliament and with particular account being taken of the proportionality principle;
Amendment 368 #
Motion for a resolution Paragraph 23 c (new) 23 c. Asks the Commission to come forward with proposals to improve macroprudential oversight and the policy tools available for mitigating the risks in shadow banks in light of the warning delivered by the ECB that the steady expansion over the last decade to 22 trillion EUR in assets of non-bank credit intermediation;underlines that further initiatives are needed to monitor and assess vulnerabilities in the growing shadow banking sector;
Amendment 37 #
Motion for a resolution Recital D a (new) Da. whereas the EMU is not yet completely immune to shocks;
Amendment 370 #
Motion for a resolution Paragraph 23 d (new) 23 d. Supports the ECB's assessment that the current CRR/CRD IV package lacks certain measures which could also effectively address specific types of systemic risk - such as (i) various asset- side measures including the application of limits to loan-to-value, loan-to income or debt service-to-income ratios, and (ii) the introduction of various exposure limits falling outside the current definition of large exposures;
Amendment 371 #
Motion for a resolution Paragraph 23 d (new) 23d. Stresses that the supervisory and monetary functions of the ECB must under no circumstances be allowed to merge;
Amendment 372 #
Motion for a resolution Paragraph 23 e (new) 23 e. Acknowledges that the ECB, as the competent authority for prudential supervision of significant institutions, has harmonised the exercise of the options and discretion which are granted to the supervisor in the CRD-CRR package, in accordance with its legal mandate;notes that other sources of regulatory divergence which are not within ECB’s remit remain, representing an obstacle to truly single supervision and potentially giving rise to systemic risks;supports the ECB’s view that the legislative review of the CRD-CRR package that is currently under way provides a good opportunity for the EU legislator to take steps towards further harmonisation;
Amendment 373 #
Motion for a resolution Paragraph 23 f (new) 23 f. Urges the Commission to examine the need for legislative proposals in this regard;notes that some of these measures could already be integrated in the context of the ongoing legislative work around the risk reduction package;
Amendment 374 #
Motion for a resolution Paragraph 23 g (new) 23 g. Underlines the still urgent need for deep structural reform of the euro area banking system as institutions remain 'too-big and interconnected to fail' and still enjoy unjustifiable public subsidies whilst representing a fundamental threat to the stability and efficient allocation of capital in the EU and international economies;emphasizes that an institution that is 'too-bigto fail' must be considered 'too dangerous to exist' and should therefore be downsized, simplified into manageable entities with defined economic functions to the service of the real economy;
Amendment 375 #
Motion for a resolution Paragraph 24 24.
Amendment 376 #
Motion for a resolution Paragraph 24 24. Welcomes the improvements made by the ECB in disclosing the list of securities held by the Eurosystem under the ECB’s CSPP; but remains concerned that this programe mainly benefits large multinationals; thereby reinforcing capital misallocation towards shareholders and the over-concentration of some oligopolistic sectors;
Amendment 377 #
Motion for a resolution Paragraph 25 25. Calls on the ECB to
Amendment 378 #
Motion for a resolution Paragraph 25 25. Calls on the ECB to go one step further by
Amendment 379 #
Motion for a resolution Paragraph 25 25. Calls on the ECB to go one step further by ensuring full transparency on the volumes
Amendment 38 #
Motion for a resolution Recital D b (new) D b. Whereas Article 127(5) of the TFEU requires the European System of Central Banks to help maintain financial stability;
Amendment 380 #
Motion for a resolution Paragraph 25 a (new) 25 a. Calls the ECB to publish all data from CSPP in a single, user-friendly spreadsheet that can facilitate public accountability of the program.
Amendment 381 #
Motion for a resolution Paragraph 25 a (new) 25 a. Calls for more transparency in the corporate bonds eligibility in order to avoid possible competitive market distortions;
Amendment 382 #
Motion for a resolution Paragraph 25 b (new) 25 b. Calls on the ECB to put up guidelines that ensure that CSPP does not create distortions in competition among companies inside the single market.
Amendment 383 #
Motion for a resolution Paragraph 25 b (new) 25 b. Calls therefore the ECB to draft a proposal towards easily-accessible financing for SMEs currently not benefitting from CSPP;
Amendment 384 #
Motion for a resolution Paragraph 26 Amendment 385 #
Motion for a resolution Paragraph 26 Amendment 386 #
Motion for a resolution Paragraph 26 Amendment 387 #
Motion for a resolution Paragraph 26 Amendment 388 #
Motion for a resolution Paragraph 26 Amendment 389 #
Motion for a resolution Paragraph 26 Amendment 39 #
Motion for a resolution Recital D c (new) D c. Whereas Article 127(2) of the TFEU requires the European System of Central Banks to 'to promote the smooth operation of payment systems';
Amendment 390 #
Motion for a resolution Paragraph 26 26.
Amendment 391 #
Motion for a resolution Paragraph 26 26.
Amendment 392 #
Motion for a resolution Paragraph 26 26. Encourages the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change based on specific criteria that would facilitate future oriented and long-term investments and would take explicit account of the need to reduce the overall exposure of the economy to stranded carbon assets;
Amendment 393 #
Motion for a resolution Paragraph 26 26. Encourages the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change, while ensuring the monetary policy effectiveness of the CSPP and while avoiding undue distortions or level- playing field concerns, as defined in the eligibility criteria of the CSPP;
Amendment 394 #
Motion for a resolution Paragraph 26 26. Encourages the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change; regrets however the substantial investment by the ECB in bonds issued by corporates active in the fossil fuel sector
Amendment 395 #
Motion for a resolution Paragraph 26 26.
Amendment 396 #
Motion for a resolution Paragraph 26 26. Encourages the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change, since ECB as an EU organization is committed to the goals of the Paris Agreement;
Amendment 397 #
Motion for a resolution Paragraph 26 a (new) 26 a. Calls for a recomposition of the ECB’s portfolio of securities held under the CSPP in order to reduce its holding of bonds linked with fossil fuel industries, and increase its holdings of bonds linked with sustainable investments, for example in the framework of a mutually non coercive coordination between the ECB and the European Fund for Strategic Investment (EFSI) and the European Investment Bank (EIB);
Amendment 398 #
Motion for a resolution Paragraph 26 a (new) 26 a. Emphasizes that CSPP purchases aimed at supporting specific EU policy objectives would clearly not be covered by the mandate of the ECB.
Amendment 399 #
Motion for a resolution Paragraph 26 a (new) 26 a. Capital markets and banking unions
Amendment 4 #
Motion for a resolution Citation 5 Amendment 40 #
Motion for a resolution Recital E E. whereas in 2016, the ECB’s net profit stood at EUR 1.19
Amendment 400 #
Motion for a resolution Paragraph 27 Amendment 401 #
Motion for a resolution Paragraph 27 Amendment 402 #
Motion for a resolution Paragraph 27 Amendment 403 #
Motion for a resolution Paragraph 27 27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; calls for the full completion and implementation of the capital markets
Amendment 404 #
Motion for a resolution Paragraph 27 27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; calls for the
Amendment 405 #
Motion for a resolution Paragraph 27 27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; is of the opinion that the CMU plays a key role in expanding the pool of capital in the EU; calls for the full and timely completion and implementation of the capital markets union and the banking union;
Amendment 406 #
Motion for a resolution Paragraph 27 27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; calls for the full completion and implementation of the capital markets union and the banking union, if and when conditions are met;
Amendment 407 #
Motion for a resolution Paragraph 27 a (new) 27a. Strongly condemns the project of a Capital Markets Union, because a further financialisation of the economy will make the economic system more fragile, interconnected and exposed to systemic risks and fresh crises, to the detriment of the real economy;
Amendment 408 #
Motion for a resolution Paragraph 27 a (new) 27 a. Suggests the ECB to undertake a study on the potential benefits of an EU savings account;
Amendment 409 #
Motion for a resolution Paragraph 28 Amendment 41 #
Motion for a resolution Recital E E. whereas in 2016, the ECB’s net profit stood at EUR 1.19
Amendment 410 #
Motion for a resolution Paragraph 28 Amendment 411 #
Motion for a resolution Paragraph 28 Amendment 412 #
Motion for a resolution Paragraph 28 Amendment 413 #
Motion for a resolution Paragraph 28 Amendment 414 #
Motion for a resolution Paragraph 28 28. Welcomes the positive opinion of the ECB on the quick establishment of
Amendment 415 #
Motion for a resolution Paragraph 28 28. Welcomes the positive opinion of the ECB on the quick establishment of the European deposit insurance scheme (EDIS) as the third pillar of a fully-fledged banking union;
Amendment 416 #
Motion for a resolution Paragraph 28 28.
Amendment 417 #
Motion for a resolution Paragraph 28 28. Welcomes the positive opinion of the ECB on the quick establishment of the European deposit insurance scheme (EDIS) as the third pillar of a fully-fledged banking union; stresses that the EDIS will further help to enhance and safeguard financial stability and it will contribute to financial integration by facilitating banks’ cross-border operations, and enhance its resilience by limiting destabilising capital flows;
Amendment 418 #
Motion for a resolution Paragraph 28 a (new) 28 a. acknowledges that the third pillar of the banking union is a necessary condition for full mutualisation of the risk with regard to the guarantee of the deposits of all the European depositors;
Amendment 419 #
Motion for a resolution Paragraph 28 a (new) 28 a. Highlights the key role of the proposed EDIS for confidence building and for ensuring the equality of depositors within Eurozone;
Amendment 42 #
Motion for a resolution Recital E E. whereas in 2016, the ECB’s net profit stood at EUR 1.19
Amendment 420 #
Motion for a resolution Paragraph 29 Amendment 421 #
Motion for a resolution Paragraph 29 Amendment 422 #
Motion for a resolution Paragraph 29 Amendment 423 #
Motion for a resolution Paragraph 29 Amendment 424 #
Motion for a resolution Paragraph 29 Amendment 425 #
Motion for a resolution Paragraph 29 Amendment 426 #
Motion for a resolution Paragraph 29 Amendment 427 #
Motion for a resolution Paragraph 29 Amendment 428 #
Motion for a resolution Paragraph 29 Amendment 429 #
Motion for a resolution Paragraph 29 29.
Amendment 43 #
Motion for a resolution Recital E E. whereas in 2016, the ECB’s net profit stood at EUR 1.19
Amendment 430 #
Motion for a resolution Paragraph 29 29. Underlines th
Amendment 431 #
Motion for a resolution Paragraph 29 29. Underlines the urgent need to proceed towards establishing a truly European
Amendment 432 #
Motion for a resolution Paragraph 29 a (new) 29 a. Agrees with the Commission in its reflection paper on the future of the EMU by 2025 that safe assets are essential for modern financial systems;is aware of the expected benefits of creating some form of safe asset for the euro area but also of the economic, legal, political and institutional challenges that would need to be solved for such asset to be created and be successful;takes note of the specific mention by the Commission of Sovereign- Bond-Backed Securities (SBBSs) and recalls that SBBSs would not constitue a form of debt mutualisation;considers the issue of safe assets a medium to long- term issue, to be definitely addressed once further progress has been made on the completion of the Banking Union and of the Capital Markets Union;
Amendment 433 #
Motion for a resolution Paragraph 29 a (new) 29a. Rejects the project of the Banking Union;considers that the steps so far taken in that direction bear witness to yet another failure by the European institutions;observes that supervision has proved to be arbitrary, lacking in impartiality and punitive for the banking systems of some Member States, as the assessment exercises (AQR and stress tests) have not taken due account of the derivatives held by some systemic banking groups, choosing rather to focus mainly on the credit risk;
Amendment 434 #
Motion for a resolution Paragraph 29 b (new) 29b. Deplores the role played by the ECB in connection with the SSM as the supervisor of European systemic banks, as this function, centralised and without effective democratic control, could give rise to possible conflicts of interest;
Amendment 435 #
Motion for a resolution Paragraph 29 c (new) 29c. Considers it necessary to implement Bank Structural Reform as soon as possible, with a clear and compulsory separation between retail banking and investment activities in order to protect savings and reduce interdependencies and risks in the banking sector and to increase its resilience;deplores the lack of interest displayed by the European institutions in pursuing such a reform;
Amendment 436 #
Motion for a resolution Paragraph 30 30. Welcomes the
Amendment 437 #
Motion for a resolution Paragraph 30 30.
Amendment 438 #
Motion for a resolution Paragraph 30 30.
Amendment 439 #
Motion for a resolution Paragraph 30 30.
Amendment 44 #
Motion for a resolution Recital E E. whereas in 2016, the ECB’s net profit stood at EUR 1.19
Amendment 440 #
Motion for a resolution Paragraph 30 30. Welcomes the
Amendment 441 #
Motion for a resolution Paragraph 30 30.
Amendment 442 #
Motion for a resolution Paragraph 30 a (new) 30 a. Bank notes and coins and digital currencies
Amendment 443 #
Motion for a resolution Paragraph 31 31. Agrees with the ECB on the importance of physical money as the only legal tender
Amendment 444 #
Motion for a resolution Paragraph 31 31. Agrees with the
Amendment 445 #
Motion for a resolution Paragraph 31 31. Agrees with the ECB on the importance of
Amendment 446 #
Motion for a resolution Paragraph 31 31. Agrees with the ECB
Amendment 447 #
Motion for a resolution Paragraph 31 31. Agrees with the ECB on the importance of physical money as
Amendment 448 #
Motion for a resolution Paragraph 31 31. Agrees with the ECB on the importance of physical money as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes must not be rejected in transactions; deplores in this context the excessive lowering of thresholds for cash payments in certain countries;
Amendment 449 #
Motion for a resolution Paragraph 31 31. Agrees with the ECB on the importance of physical money as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes and other robust stores of value must not be rejected in transactions;
Amendment 45 #
Motion for a resolution Recital E E. whereas in 2016, the ECB’s net profit stood at EUR 1.19
Amendment 450 #
Motion for a resolution Paragraph 31 a (new) 31a. Draws attention to the outcome of the consultation exercise1a recently conducted by the Commission concerning possible restrictions on cash transactions, according to which some 95% of those consulted rejected the idea of restrictions on such transactions; calls on the Commission and the European Central Bank to immediately cease to give any consideration to restrictions on cash transactions; _________________ 1aEU initiative on restrictions on payments in cash
Amendment 451 #
Motion for a resolution Paragraph 31 a (new) 31 a. Calls on the ECB to assess the impact of the virtual currencies in the traditional monetary policy as well as on the target of price stability;
Amendment 452 #
Motion for a resolution Paragraph 32 Amendment 453 #
Motion for a resolution Paragraph 32 32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’;
Amendment 454 #
Motion for a resolution Paragraph 32 32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’ made available to a wide range of counterparties including households; encourages the Commission and the ECB to look into the potential of such schemes; asks the ECB to provide an impact assessment on the best way to design a euro area DBM in its next annual report on the issue, taking particular account of the Swedish Central Bank project-plan for an e-krona;
Amendment 455 #
Motion for a resolution Paragraph 32 32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’; encourages the Commission and the ECB to look into the potential of such schemes; stresses that progress in the field of virtual currencies or of a digital 'central bank currency' must not lead to restrictions on cash transactions or to the abolition of cash;
Amendment 456 #
Motion for a resolution Paragraph 32 32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’; encourages the Commission and the ECB to look into the potential of such schemes in order to improve public access to payment systems, alongside physical cash;
Amendment 457 #
Motion for a resolution Paragraph 32 a (new) 32 a. Underlines the importance of cyber-security for the financial sector;welcomes the ECB’s work in this area, such as the launch of a pilot scheme for reporting significant cyber incidents in February 2016 and the collaboration in the framework of the G7;
Amendment 458 #
Motion for a resolution Paragraph 32 a (new) 32 a. Takes note of the ongoing discussion about ‘blockchain technology'; encourages the Commission and the ECB to look into the potential challenges it entails for the ECB’s monopoly of issuing money;
Amendment 459 #
Motion for a resolution Paragraph 32 a (new) 32 a. Suggests the issuance by the Eurosystem of Charlemagne´s commemorative, but legal tender, banknotes and coins;
Amendment 46 #
Motion for a resolution Recital F Amendment 461 #
Motion for a resolution Paragraph 33 Amendment 462 #
Motion for a resolution Paragraph 33 Amendment 463 #
Motion for a resolution Paragraph 33 Amendment 464 #
Motion for a resolution Paragraph 33 Amendment 465 #
Motion for a resolution Paragraph 33 33.
Amendment 466 #
Motion for a resolution Paragraph 33 33. Urges the ECB to support Greece
Amendment 467 #
Motion for a resolution Paragraph 33 33. Urges the ECB and national central banks to support Greece, for example through ensuring the eligibility of Greek companies for the CSPP
Amendment 468 #
Motion for a resolution Paragraph 33 33.
Amendment 469 #
Motion for a resolution Paragraph 33 33.
Amendment 47 #
Motion for a resolution Recital F F. whereas interest income under the APP
Amendment 470 #
Motion for a resolution Paragraph 33 33. Urges the ECB to
Amendment 471 #
Motion for a resolution Paragraph 33 33. Urges the ECB to support Greece, for example through ensuring the eligibility of Greek companies for the CSPP and the timely inclusion of Greek sovereign bonds in the APP, ensuring the timely access to QE and provide an independent debt sustainability analysis, as well as to support investments for countries to risk;
Amendment 472 #
Motion for a resolution Paragraph 33 33. Urges the ECB to support Greece, for example through ensuring the eligibility of Greek companies for the CSPP and the inclusion of Greek sovereign bonds in the APP; stresses that only corporate bonds with an adequate creditworthiness may be purchased;
Amendment 473 #
Motion for a resolution Paragraph 33 33. Urges the ECB to support Greece, for example through ensuring the eligibility of Greek companies for the CSPP and the inclusion of Greek sovereign bonds in the APP; stresses the urgent character of this support and the need to be materialized as soon as possible;
Amendment 474 #
Motion for a resolution Paragraph 33 a (new) 33 a. Emphasizes that monetary policy measures aimed at supporting Greece or other troubled Eurozone countries would clearly not be covered by the mandate of the ECB.
Amendment 475 #
Motion for a resolution Paragraph 33 a (new) 33a. Calls on the ECB to return to Greece the 2014 profits on the purchase of Greek Government (ANFA and SNP) bonds;
Amendment 477 #
Motion for a resolution Paragraph 33 b (new) 33b. Calls on the ECB and the Bank of Greece, as part of the quantitative easing programme, to purchase and redeem in full by the end of 2017 all bonds held by individual Greek small investors maturing between 2023 and 2042 that were issued under the Private Sector Involvement (PSI) initiative in 2012;
Amendment 478 #
Motion for a resolution Paragraph 34 34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU
Amendment 479 #
Motion for a resolution Paragraph 34 34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in relocating their activities in the euro area; considers th
Amendment 48 #
Motion for a resolution Recital F F. whereas interest income
Amendment 480 #
Motion for a resolution Paragraph 34 34. Calls on the ECB, in cooperation with the ESAs, to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to
Amendment 481 #
Motion for a resolution Paragraph 34 34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in relocating their activities in the euro area; considers th
Amendment 482 #
Motion for a resolution Paragraph 34 34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in case they decide to relocat
Amendment 483 #
Motion for a resolution Paragraph 34 34. Calls on the ECB to assess all the consequences of the UK’s withdrawal from the EU
Amendment 484 #
Motion for a resolution Paragraph 34 Amendment 485 #
Motion for a resolution Paragraph 34 34. Calls on the ECB and the relevant EU supervisory authority to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in relocating their activities in the euro area; considers the strengthening of oversight for euro-clearing outside the euro area to be of the utmost importance;
Amendment 486 #
Motion for a resolution Paragraph 34 a (new) 34 a. Emphasizes that the support of specific banks relocating their activities to the euro area would clearly not be covered by the mandate of the ECB;
Amendment 488 #
Motion for a resolution Paragraph 35 Amendment 489 #
Motion for a resolution Paragraph 35 Amendment 49 #
Motion for a resolution Recital F a (new) F a. whereas financial products and services provided by non traditional financial intermediaries are rapidly growing, eroding the profitability of the financial system incumbents;
Amendment 490 #
Motion for a resolution Paragraph 35 Amendment 491 #
Motion for a resolution Paragraph 35 Amendment 492 #
Motion for a resolution Paragraph 35 Amendment 493 #
Motion for a resolution Paragraph 35 35.
Amendment 494 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits from seigniorage revenue
Amendment 495 #
Motion for a resolution Paragraph 35 35.
Amendment 496 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits from seigniorage revenue should be considered
Amendment 497 #
Motion for a resolution Paragraph 35 35. Believes that part of ECB profits
Amendment 498 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits
Amendment 499 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits from seigniorage revenue
Amendment 5 #
Motion for a resolution Citation 5 a (new) - Having regard to Parliament Resolution of 22 November 2016 on the Green Paper on Retail Financial Services (2016/2056(INI)), in particular its paragraph 47.
Amendment 50 #
Motion for a resolution Recital F a (new) F a. whereas, growth and unemployment rates remain geographically uneven in a significant way, causing dangerous fragility to the economy and the sound development;
Amendment 500 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits from seigniorage revenue should be considered an EU budgetary own resource, since they are directly linked to a fully developed, sui generis European policy;
Amendment 501 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits from seigniorage revenue
Amendment 502 #
Motion for a resolution Paragraph 35 35. Believes that ECB profits from seigniorage revenue
Amendment 503 #
Motion for a resolution Paragraph 35 a (new) 35 a. Asks the ECB to better explain to the public where and how its actions affect the economies of the member states, particularly in view of recent unorthodox monetary policy measures;
Amendment 504 #
Motion for a resolution Paragraph 35 a (new) 35 a. Takes note that according to the Parliament´s Legal Service, the reform of article 33.1.a of the ESBC and ECB Statutes does not require aggravated Treaty change;
Amendment 505 #
Motion for a resolution Paragraph 35 b (new) 35 b. Suggests that Commission and ECB consider the opportunity of presenting a legislative proposal regarding the conversion of ECB profits in a new, sui generis EU resource;
Amendment 507 #
Motion for a resolution Paragraph 35 d (new) 35 d. Asks the National Central Banks of the Euro Area Member States to consider selling their shares at the Bank for International Settlements to the European Central Bank;
Amendment 509 #
Motion for a resolution Paragraph 36 36. Considers that the ECB’s growing number of responsibilities and tasks
Amendment 51 #
Motion for a resolution Recital F a (new) Fa. whereas the ECB has to date not always taken the proportionality principle sufficiently into account in its supervisory activities;
Amendment 510 #
Motion for a resolution Paragraph 36 36.
Amendment 511 #
Motion for a resolution Paragraph 36 36. Considers that the ECB’s growing number of responsibilities and tasks
Amendment 512 #
Motion for a resolution Paragraph 36 36.
Amendment 513 #
Motion for a resolution Paragraph 36 36. Considers that the ECB’s growing number of responsibilities and tasks
Amendment 514 #
Motion for a resolution Paragraph 36 36. Considers that the ECB’s growing number of responsibilities and tasks necessitate greater ECB transparency and accountability towards Parliament; suggests that Parliament shall be endowed with the power to confirm the appointments to the ECB Governing Council in a future Treaty reform;
Amendment 515 #
Motion for a resolution Paragraph 36 36. Considers that the ECB’s growing number of responsibilities and tasks necessitate greater ECB transparency and accountability towards Parliament; Welcomes the hitherto regular cooperation with the President of the ECB in the framework of the Monetary Dialogue;
Amendment 516 #
Motion for a resolution Paragraph 36 36. Considers that the ECB’s growing number of responsibilities and tasks necessitate appropriate resources and greater ECB transparency and accountability towards Parliament;
Amendment 517 #
Motion for a resolution Paragraph 36 a (new) 36a. Urges the ECB to continue its efforts to ensure transparency, in view of its growing number of tasks and responsibilities;points out that the monetary dialogue is an important forum for ensuring the transparency, democratic scrutiny and accountability of monetary policy vis-à-vis Parliament and the general public, and therefore invites the representatives of the ECB to give precise and detailed replies to the questions asked by the Members of the European Parliament;calls also on ECB officials to provide answers in writing when the replies given during this exchange of views prove to be unsatisfactory and/or incomplete;
Amendment 518 #
Motion for a resolution Paragraph 36 a (new) 36 a. Is concerned by the lack of independence of the internal Audit Committee, which is composed of current and former members of the ECB’s highest governing bodies;asks therefore the Commission to propose an amendment to the Statute of the ESCB and of the ECB to ensure a full, independent and external audit of the ECB including an assessment of the levels of risk related to the ECB’s balance sheet;
Amendment 519 #
Motion for a resolution Paragraph 36 a (new) 36 a. Calls for full European Parliamentary scrutiny over ECB policy and full revision of the ECB accountability framework by an EU independent body.The European Parliament should confirm the appointment of the ECB Executive Board members and be timely and in full transparency informed forthe ECB policies at all levels;
Amendment 52 #
Motion for a resolution Recital F a (new) F a. whereas the ECB’s president has continued to stress the urgency of much- needed structural reforms in the different countries of Eurozone;
Amendment 520 #
Motion for a resolution Paragraph 36 a (new) 36 a. Is aware of the growing expectation among the citizens in terms of accountability;considers that accountability of the euro area tasks should be done by a euro area composition of the European Parliament;
Amendment 521 #
Motion for a resolution Paragraph 36 a (new) 36 a. Considers that the monetary dialogue could be further improved, including by revamping the in order to increase focus, interactivity and relevance of the exchange of views with the ECB President;
Amendment 522 #
Motion for a resolution Paragraph 36 a (new) 36 a. Calls for a full external audit of the ECB;
Amendment 523 #
Motion for a resolution Paragraph 36 b (new) 36b. Is concerned in particular about the management of conflicts of interest at the ECB, as evidenced by the outdated whistle-blowing policy, the lack of independence of the ECB Audit Committee, where all members are currently or have previously been members of the ECB Governing Council, and the lack of independence of the Ethics Committee, which is chaired by a former President of the ECB;
Amendment 524 #
Motion for a resolution Paragraph 36 b (new) 36 b. Urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for Governing Council members and to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB;
Amendment 525 #
Motion for a resolution Paragraph 36 b (new) 36 b. Calls the ECON Committee to further enhance the monetary dialogue by revising the relevant rules, in the direction of the monetary experts’, commissioned by ECON in March 2014, recommendations and feedback;
Amendment 526 #
Motion for a resolution Paragraph 36 c (new) 36 c. Calls the ECB Governing Council to follow EU staff regulation and code of conduct regarding to a two-year professional abstention period after the conclusion of its members’ mandate and to file public declarations of interests and assets;
Amendment 527 #
Motion for a resolution Paragraph 36 c (new) 36c. Urges the ECB to make available declarations of financial interests for all members of the ECB Governing Council and senior managers;
Amendment 528 #
Motion for a resolution Paragraph 36 d (new) 36 d. Calls the ECB to enhance whistle- blowers protection, as clearly indicated in relevant reports by the Commission, the Parliament, the European Ombudsman and the UN Convention against corruption;
Amendment 529 #
Motion for a resolution Paragraph 36 e (new) 36 e. Notes that the current ECB employment system regarding temporary agents, which is placed within a system or repetitive temporary contracts, is reportedly creating instability in the working environment and undermining professional cohesion within the ECB;
Amendment 530 #
Motion for a resolution Paragraph 37 37. Is deeply concerned by the lack of
Amendment 531 #
Motion for a resolution Paragraph 37 37. Is concerned by the lack of sufficient clarity and transparency surrounding the provision of ELA as well as the determination of its pricing;
Amendment 532 #
Motion for a resolution Paragraph 37 a (new) 37 a. Underlines that the current ELA legal framework has often been justified on grounds that the provision of emergency liquidity assistance needed to remain within the remit of National Central Banks as the supervision of these banks used to be circumscribed within the Member States' competent authorities perimeter;is of the opinion that as banking supervision, of at least significant institutions, has been Europeanised such development points towards the need to reform and update the ELA legal framework and to adapt it to the new institutional setting;welcomes in that respect recent remarks from President Draghi hinting that such reforms would be required and are to be discussed;suggests the ECB to develop further policy options for such reform in its next annual report;
Amendment 533 #
Motion for a resolution Paragraph 37 a (new) 37a. Deplores the fact that the ECB has overstepped its mandate as regards its role in the Troika;urges the ECB to take a step back and heighten its independence from the decision-making process;
Amendment 534 #
Motion for a resolution Paragraph 37 a (new) 37 a. Considers that this exceptional refinancing (ELA) should be granted directly by the ECB rather than the NCB’s of the recipients;
Amendment 535 #
Motion for a resolution Paragraph 37 b (new) 37 b. Points out, that as indicated by the ECB’s role in relation to liquidity provision to Greece in June 2015 and the leaked discussions of the ECB Council of Governors on the solvency of Cypriot banks, the concept of' 'insolvency' underpinning the provision of central bank liquidity to institutions in the Euro area lacks a sufficient level of clarity and legal certainty as the ECB has in the previous years alternatively referred to a static concept (whether a bank complies with minimum capital requirements at acertain point in time) or to a dynamic concept of solvency based on forward looking scenarios of stress tests for justifying the continuation or the limitation of ELA provision;underlines that such a lack of clarity needs to be addressed so as to guarantee legal certainty and foster financial stability;looks forward for further explanations from the ECB as to whether the recently revised ELA legal framework is expected to impact on the ECB understanding of the solvency concept;
Amendment 536 #
Motion for a resolution Paragraph 37 b (new) 37 b. Welcomes the decision by the ECB in 2016 to publish its feedback on the input provided by the European Parliament.Encourages the ECB to continue transparency efforts in order to better explain its monetary policy measures;
Amendment 537 #
Motion for a resolution Paragraph 37 b (new) 37b. Is concerned by the lack of sufficient clarity and transparency surrounding the provision of ELA, and calls on the ECB to make ELA a responsibility of the Governing Council for significant banks supervised by the SSM;
Amendment 538 #
Motion for a resolution Paragraph 37 c (new) 37 c. Asks the ECB to publish declarations of interests for Governing Council members;
Amendment 539 #
Motion for a resolution Paragraph 37 d (new) 37 d. Asks the ECB to make sure that the chair of the Ethics Committee does not incur in apparent conflict of interest;
Amendment 54 #
Motion for a resolution Recital F b (new) F b. whereas financial applications based on blockchain technology (e.g. smart contracting, blockchain based clearing and transfer of assets) accelerates financial disintermediation posing new challenges on the traditional financial intermediation business models as well as on the regulatory and supervisory role of ECB;
Amendment 540 #
Motion for a resolution Paragraph 37 e (new) 37 e. Asks the ECB to ensure that there are independent members in the Audit Committee;
Amendment 541 #
Motion for a resolution Paragraph 38 38.
Amendment 542 #
Motion for a resolution Paragraph 38 38.
Amendment 543 #
Motion for a resolution Paragraph 38 38. Asks the ECB to make it a rule to publish its decisions, recommendations and opinions, thereby
Amendment 544 #
Motion for a resolution Paragraph 38 38. Asks the ECB to make it a rule to publish its decisions, recommendations and opinions, thereby drastically reducing the number of exemptions from disclosure as well as to follow closer international best practises in improving the disclosure of bank supervisory data;
Amendment 545 #
Motion for a resolution Paragraph 38 38. Asks the ECB, in order to increase transparency, to make it a rule to publish its decisions, recommendations and opinions, thereby drastically reducing the number of exemptions from disclosure;
Amendment 546 #
Motion for a resolution Paragraph 38 38.
Amendment 547 #
Motion for a resolution Paragraph 38 a (new) 38 a. Is concerned by the alleged cases of cronyism and the high level of dissatisfaction among the ECB employees, many of whom being currently overworked and/or at risk of burnout;urges the ECB to restore an effective and sound social dialogue;calls on the ECB to revise, where necessary, its labour rules in order to ensure equal treatment and equal opportunities and for all its staff as well as to guarantee safe and decent working conditions within the institution;
Amendment 548 #
Motion for a resolution Paragraph 38 a (new) 38 a. Notes that the ECB is required by the SSM Regulation to conduct a public consultation only before adopting a regulation;acknowledges that the ECB has conducted public consultations inviting feedback also when adopting specific non-binding policy stances but encourages the ECB to conduct public consultations and disclose the results thereof in all fields of quasi-legislative measures;
Amendment 549 #
Motion for a resolution Paragraph 38 a (new) 38 a. Calls on the ECB to assess the cause of the eroding profitability of the traditional financial institutions not only by focusing on their current value proposals but also by examining the adequacy of their business models against the agility, value chain innovation and business strategy of the emerging FinTech firms;
Amendment 55 #
Motion for a resolution Recital F b (new) F b. whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 550 #
Motion for a resolution Paragraph 38 a (new) 38 a. Stresses that in accordance with Article 7 of its Statute, neither the ECB, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body;
Amendment 551 #
Motion for a resolution Paragraph 38 a (new) 38a. Points out that, as observed in the judgment of the Court of Justice of 16 June 2015 in Case C-62/14, ECB purchases of government bonds on secondary markets expose it to a significant risk of losses and the possibility of debt cancellation;
Amendment 552 #
Motion for a resolution Paragraph 38 a (new) 38 a. Asks the ECB to re-evaluate its whistleblowing framework, adopting a clear and public whistleblowing policy that encourages prospective whistle- blowers to come forward;
Amendment 553 #
Motion for a resolution Paragraph 38 b (new) 38b. Calls on the euro area Member States that are subject to a macroeconomic adjustment programme to comply with Article 7(9) of Regulation No 472/2013 of the European Parliament and of the Council of 21 May 2013 and carry out a comprehensive audit of their public finances in order, inter alia, to assess the reasons that led to the building up of excessive levels of debt as well as to track any possible irregularity;
Amendment 554 #
Motion for a resolution Paragraph 38 b (new) 38 b. Calls on the ECB to evaluate the impact of blockchain technology not only in the light of the virtual currencies but more widely, as a source of a new model of financial disintermediation, which includes smart contracts, code based systems of trust and value transfer;
Amendment 555 #
Motion for a resolution Paragraph 38 b (new) 38 b. Asks the ECB to overhaul its whistleblowing framework, adopting a clearly identifiable and public whistleblowing policy, which sets out in detail how reports will be investigated and includes the option to report anonymously;
Amendment 556 #
Motion for a resolution Paragraph 38 b (new) 38 b. Stresses that the Members of the Executive Board of the ECB, should abstain from being simultaneous members of forums or other organisations which include executives from banks supervised by the ECB;
Amendment 557 #
Motion for a resolution Paragraph 38 c (new) 38 c. Is of the opinion that a future interinstitutional arrangement aiming at ensuring an enhanced and more effective accountability of the ECB in a context in which it has largely expanded its missions since the beginning of the global financial crisis should at least contain the following elements: ·publication requirements on declarations of interests for Governing Council members; ·ensure that there are independent members in the Audit Committee as well as in the Ethics committee; ·adopt a new whistleblowing policy; ·set clear guidelines and transparency requirements and as appropriate limits on meetings with stakeholders; ·provide for specific requirements as regards the positions taken by the institution in the framework of financial assistance programmes as well as in multilateral fora such as the Basel committee;
Amendment 558 #
Motion for a resolution Paragraph 38 c (new) 38c. Recalls that Article 127 TFEU stipulates that, without prejudice to the overriding objective of price stability, the ECB shall support the general economic policies in the Union and that this is set out in further detail in Article 282 TFEU;
Amendment 559 #
Motion for a resolution Paragraph 38 d (new) 38 d. Notes with concern the participation of ECB Board and Council of governors Members in instances and informal fora involving secretive discussions with the participation of prominent senior representatives of the private sector such as the 'group of thirty' where discussions are not in the public domain;is of the opinion that rules related to such involvement as well as regarding revolving door practices for all public institutions including the ECB should be significantly strengthened as potential conflicts of interest undermine the necessary trust, transparency and accountability of these institutions;
Amendment 56 #
Motion for a resolution Recital F c (new) F c. whereas a growing number of FinTech firms have a significant potential on the widening of financial inclusion in the Euroarea and also increase the need of supervision and monitoring on the micro and macroprudential level;
Amendment 560 #
Motion for a resolution Paragraph 38 d (new) 38d. Draws attention to Article 123 TFEU, Article 21 of the Statute of the European System of Central Banks and Article 7 of Council Regulation (EC) No 3603/1993 of 13 December 1993;
Amendment 561 #
Motion for a resolution Paragraph 38 e (new) 38 e. Believes that the on-going crisis has highlighted the need to diversify the theoretical background underlying the policy framework within central banks;requests the ECB to develop in its next annual report on what has been the impact of the crisis as regards the evolution of its theoretical framework;
Amendment 562 #
Motion for a resolution Paragraph 38 e (new) 38e. Recalls that monetary dialogue is important for ensuring transparency in monetary policy vis-à-vis both the Council and the general public;
Amendment 563 #
Motion for a resolution Paragraph 38 f (new) 38f. Stresses that the ECB's supervisory and monetary policy roles should not be confused and should not generate any conflict of interest in its execution of its principal functions;
Amendment 564 #
Motion for a resolution Paragraph 38 g (new) 38g. Deplores the fact that the ECB has exceeded even the widest interpretation of its mandate as defined in the Treaty, including its role in the Troika and the Quartet;calls on the ECB to step back and strengthen its independence from political decisions in line with the judgment of the European Court of Justice in Case C- 62/14 of 16 June 2015, in particular paragraph 102 thereof, and with the opinion of Advocate General P.Cruz Villalon regarding the case, in particular paragraphs 227 and 263 thereof;
Amendment 565 #
Motion for a resolution Paragraph 38 h (new) 38h. Underlines the need to ensure democratic accountability with regard to the new responsibilities assigned to the ECB in relation to its supervisory tasks and its involvement in Troika and Quartet programmes, while stressing the the importance of the ECB retaining its independence in the field of monetary policy and the need to avoid any conflict of interests in the performance of its duties;
Amendment 566 #
Motion for a resolution Paragraph 38 i (new) 38i. Recalls the European Parliament's report of 28 February 2014 on the enquiry on the role and operations of the Troika, which calls on the next Parliament to pursue the work of this report and to develop further its key findings and to investigate further;
Amendment 567 #
Motion for a resolution Paragraph 38 j (new) 38j. Calls for an in-depth assessment of the functioning of the Troika and the involvement of the ECB in the Troika and the Quartet in order to clarify and redefine the terms of reference and enhance democratic accountability in the adoption and implementation of rescue programmes;calls on the Council to reconsider the issue of ECB and IMF participation in the Troika;
Amendment 568 #
Motion for a resolution Paragraph 38 k (new) 38k. Recalls Parliament's resolution on the ECB's annual report for 2013 and, in particular, paragraph 9 thereof;
Amendment 57 #
Motion for a resolution Recital F c (new) F c. whereas nearly a decade after the outbreak of the financial crisis, monetary policy continues to be very accommodative ;
Amendment 58 #
Motion for a resolution Recital F d (new) F d. whereas the volume of transactions carried out with virtual currencies increases drastically and challenges the predominance of the traditional legal tender systems;whereas virtual currencies are alternative options of payment and not legal tender;
Amendment 59 #
Motion for a resolution Recital F e (new) F e. whereas the increasing volume of alternative virtual currencies in Europe and worldwide challenges the traditional role of central banks in determining the quantity of money as a tool for monetary and price stability;
Amendment 6 #
Motion for a resolution Citation 6 Amendment 60 #
Motion for a resolution Recital F f (new) F f. whereas the challenges of operational risk are still high especially in the peripheral Eurozone economies where the pre and post crisis supervision is weakest;
Amendment 61 #
Motion for a resolution Paragraph 1 Amendment 62 #
Motion for a resolution Paragraph 1 1. Underlines the
Amendment 63 #
Motion for a resolution Paragraph 1 1. Underlines the
Amendment 64 #
Motion for a resolution Paragraph 1 1. Underlines the federal nature of the ECB, which rules out national vetoes, enabling it to act decisively in addressing the crisis; however, independence and transparency in the decision-making process should be significantly enforced.
Amendment 65 #
Motion for a resolution Paragraph 1 1. Underlines the federal and independent nature of the ECB, which rules out national vetoes, enabling it to act decisively in various matters such as in addressing the crisis;
Amendment 66 #
Motion for a resolution Paragraph 1 1. Underlines the
Amendment 67 #
Motion for a resolution Paragraph 1 1. Underlines the
Amendment 68 #
Motion for a resolution Paragraph 1 1. Underlines the federal and independent nature of the ECB, which rules out national vetoes, enabling it to act decisively in addressing the crisis;
Amendment 69 #
Motion for a resolution Paragraph 1 1. Underlines the
Amendment 7 #
Motion for a resolution Citation 7 Amendment 70 #
Motion for a resolution Paragraph 1 1. Underlines the federal nature of the ECB, which rules out national vetoes, which has enabl
Amendment 71 #
Motion for a resolution Paragraph 1 a (new) 1 a. Emphasizes that the primary objective of the ECB’s monetary policy is to maintain price stability, defined as an annual HICP inflation rate of below, but close to, 2% over the medium term;
Amendment 72 #
Motion for a resolution Paragraph 1 a (new) 1 a. Takes the view that the ECB has distinguished itself as the most effective EU institution in combating the financial and economic crisis;
Amendment 73 #
Motion for a resolution Paragraph 1 a (new) 1 a. Underlines that the main objective of the ECB's monetary policy is to maintain price stability;
Amendment 74 #
Motion for a resolution Paragraph 1 b (new) 1 b. Stresses the necessity of complementing the ECB's monetary policy with ambitious national fiscal policies and structural reforms;Notes that this approach has been continuously underlined by the Members of the Executive Board of the ECB, including the ECB President himself;
Amendment 75 #
Motion for a resolution Paragraph 1 b (new) 1 b. Welcomes the ECB president´s categorical pledge to 'do whatever it takes' to defend the euro made in August 2012, which has been instrumental in ensuring the financial stability of the Eurozone;
Amendment 76 #
Motion for a resolution Paragraph 2 Amendment 77 #
Motion for a resolution Paragraph 2 Amendment 78 #
Motion for a resolution Paragraph 2 2. Gives a
Amendment 79 #
Motion for a resolution Paragraph 2 2.
Amendment 8 #
Motion for a resolution Citation 8 a (new) - having regard to the ECB Macroprudential Bulletin, Issue 1, 2016
Amendment 80 #
Motion for a resolution Paragraph 2 2.
Amendment 81 #
Motion for a resolution Paragraph 2 2. Gives a positive assessment of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systems but stresses its concern regarding the potential consequences of a negative interest rate policy for individual savers and the financial equilibrium of pension schemes as well as about the build up of asset bubbles due to quantitative easing;
Amendment 82 #
Motion for a resolution Paragraph 2 2.
Amendment 83 #
Motion for a resolution Paragraph 2 2. Gives a largely positive assessment of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions through accessible credit growth and maintaining financial stability and the proper functioning of the payment systems;
Amendment 84 #
Motion for a resolution Paragraph 2 2.
Amendment 85 #
Motion for a resolution Paragraph 2 2.
Amendment 86 #
Motion for a resolution Paragraph 2 2.
Amendment 87 #
Motion for a resolution Paragraph 2 2. Gives a positive assessment of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions
Amendment 88 #
Motion for a resolution Paragraph 2 a (new) 2 a. Points out that under normal circumstances monetary policy is, in principle, supposed to involve unbiased and unsystematic distributional effects in the short to medium term while fostering price stability in the longer term;notes however that under the current non- conventional policy regime, distributional consequences may clearly arise in the short-term while the long-term effects of such unconventional policies areas yet unknown and subject to controversy within the academic and policy making spheres;
Amendment 89 #
Motion for a resolution Paragraph 2 a (new) 2a. Denounces the fact that the extraordinary monetary policy measures launched by the ECB after the crisis (such as LTRO, TLTRO, ABSPP and QE) have not had the promised effects because the huge liquidity injected into the markets is not readily transmitted to the real economy;deplores the fact that precisely these policies are responsible for the increase in systemic risk, rising inequalities and the increased risk of speculative bubbles;
Amendment 9 #
Motion for a resolution Citation 8 b (new) - having regard to the Governing Council Statement on Macroprudential Policies (15 December, 2016)
Amendment 90 #
Motion for a resolution Paragraph 2 a (new) 2 a. Draws the conclusion that the European Central Bank has complied with the provisions of Articles 127(5) and 127(2) of the TFEU in implementing the APP;
Amendment 91 #
Motion for a resolution Paragraph 2 a (new) 2 a. Invites the ECB to assess how to phase out the APP in a sustainable manner and normalise the current accommodative monetary policy;
Amendment 92 #
Motion for a resolution Paragraph 2 b (new) 2b. Observes that the single currency policy cannot meet the various requirements in terms of interest rates an inflation rates of the 19 Eurozone Member States;stresses that the current political controversy concerning QE and the desirability of extending it clearly demonstrates the asymmetries attached to the single currency and the impossibility of meeting the various monetary policy requirements in economies which are very heterogeneous;
Amendment 93 #
Motion for a resolution Paragraph 2 b (new) 2 b. Warns that prolonged non- conventional monetary policy actions may have significant distributional effects between the wealthy and poor, young and old, and also between regions with different financial structures;urges and suggests the ECB to monitor comprehensively in its next annual report the side effects of its monetary policy measures and its impact on inequality;
Amendment 95 #
Motion for a resolution Paragraph 2 c (new) 2 c. Emphasizes that the ECB started a new series of four targeted longer-term refinancing operations (TLTRO II) in June 2016;points out that the incentive structure of the programme has changed in comparison with the original TLTRO as several banks have been able to borrow at negative rates even if they do not increase their net lending to the real economy;
Amendment 96 #
Motion for a resolution Paragraph 2 d (new) 2 d. Is concerned by the fact that by offering liquidity at negative rates, but eliminating the requirements for banks to return the funds when they do not achieve their lending benchmark, the ECB has therefore weakened the link between the provision of central bank liquidity and lending to the real economy that was at the centre of the TLTRO concept;
Amendment 97 #
Motion for a resolution Paragraph 2 e (new) 2 e. Is concerned that Euro-area banks didn’t use the advantageous environment created by the ECB to strengthen their capital bases but, according to the Bank for International Settlements, to pay substantial dividends sometimes exceeding the level of retained earnings;
Amendment 98 #
Motion for a resolution Paragraph 2 f (new) 2 f. Points out that, while the effects on the real economy have been limited, banks have been able to access funding at virtually no or very low cost which has directly subsidised their balance sheets;deplores the fact that the size of this subsidy, despite representing a clear fiscal spill-over effect of monetary policy, is not monitored and published and that it is free from strict conditionality in terms of whether or how it is invested;insists that any extraordinary measures of this kind should be accompanied by measures to mitigate distortions to markets and the economy;
Amendment 99 #
Motion for a resolution Paragraph 2 g (new) 2 g. Underlines that a prolonged period of ultra-low (negative) interest rates creates potential risks for the insurance and pension sector, in particular for defined benefits schemes as recently highlighted by an EIOPA stress test;
source: 610.663
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