Next event: SEMEDO Monica (Renew) appointed as rapporteur in EMPL 2019/11/06 more...
- Committee referral announced in Parliament, 1st reading 2019/10/21
- MUREŞAN Siegfried (EPP) appointed as rapporteur in ['BUDG', 'ECON'] 2019/07/18
- SILVA PEREIRA Pedro (S&D) appointed as rapporteur in ['BUDG', 'ECON'] 2019/07/18
- Committee of the Regions: opinion 2018/12/06
- European Central Bank: opinion, guideline, report 2018/11/09
Progress: Awaiting committee decision
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Joint Responsible Committee | ['BUDG', 'ECON'] | MUREŞAN Siegfried ( EPP), SILVA PEREIRA Pedro ( S&D) | GARICANO Luis ( Renew), BOESELAGER Damian ( Verts/ALE), LAMBERTS Philippe ( Verts/ALE), KUHS Joachim ( ID), LAPORTE Hélène ( ID), VAN OVERTVELDT Johan ( ECR), SCHIRDEWAN Martin ( GUE/NGL), SCHIRDEWAN Martin ( GUE/NGL), SCHIRDEWAN Martin ( GUE/NGL), SCHIRDEWAN Martin ( GUE/NGL), SCHIRDEWAN Martin ( GUE/NGL), SCHIRDEWAN Martin ( GUE/NGL) |
Former Joint Committee Responsible | ['BUDG', 'ECON'] | BÖGE Reimer ( PPE), BERÈS Pervenche ( S&D), ARTHUIS Jean ( ALDE) | |
Committee Opinion | EMPL | SEMEDO Monica ( Renew) | |
Former Committee Opinion | EMPL | CALVET CHAMBON Enrique ( ALDE) |
Lead committee dossier:
Legal Basis:
RoP 58, TFEU 175-p3
Legal Basis:
RoP 58, TFEU 175-p3Events
OPINION of the European Central Bank (ECB) on a proposal for a regulation on the establishment of a European Investment Stabilisation Function.
The establishment of the European Investment Stabilisation Function (EISF) aims to protect national public investment in the presence of large asymmetric macroeconomic shocks in Member States whose currency is the euro and in non-euro area Member States participating in the exchange rate mechanism (ERM II).
General observations
The ECB highlights the following points:
- when it is created, the EISF should ensure that it provides effective macroeconomic stabilisation, particularly in the presence of deep euro area-wide recessions. To that end, a fiscal stabilisation function should be sufficient in size;
- effective stabilisation also requires that EISF support is triggered and implemented in a timely manner. The EISF trigger that is envisaged is related to average unemployment over a 60-quarter period. This long period of time appears unwarranted, given that the current unemployment could be far from the 60-quarter average for countries that have experienced a strong upward or downward trend in unemployment over the preceding 15 years;
- EISF support should complement incentives for sound national fiscal and economic policies and, in particular, for reforms aimed at addressing national structural challenges and strengthening compliance with the Union's fiscal and macroeconomic surveillance framework. EISF support should be linked to the participating Member State's past track record of full respect for the Union's fiscal and macroeconomic surveillance framework. Against this background, the envisaged eligibility criteria appear weak;
- a prospective stabilisation function should provide incentives for Member States to build fiscal buffers in good economic times, which may suffer depletion in recessions;
Lastly, clarity would be required regarding: (i) the interaction between the proposed regulation and the use of flexibility within the SGP, notably as regards the provisions of the so-called ‘investment clause’, which has a similar objective to the EISF, i.e. to maintain investment in difficult economic times; (ii) a provision to ensure that the level of EISF support is commensurate with the level required to maintain debt sustainability.
Specific observations
The ECB stresses the following:
- the principle of institutional independence expressly referred to in Article 130 of the Treaty and Article 7 of the Statute of the ESCB. These two articles prohibit the NCBs in the ESCB and the members of their decision making bodies from seeking or taking instructions from Union institutions, bodies, offices or agencies, from any government of a Member State or from any other body. In addition, the Union institutions, bodies, offices or agencies, and the governments of the Member States undertake to respect this principle and not to seek to influence the members of the NCBs' decision-making bodies in the performance of their ESCB-related tasks;
- the principle of financial independence requires that NCBs have sufficient means to perform their ESCB-related and national tasks;
- the readiness of the ECB to establish with the Commission the necessary arrangements for the administration of the loans, and to receive from the Member State concerned the principal and interest due under an EISF loan into an account held with the ECB, as envisaged by the proposed regulation.
PURPOSE: to establish a European investment stabilisation function (EISF) for the period 2021-2027.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: d eepening the Economic and Monetary Union (EMU) and modernising EU public finances are key strands in the debate on the future of Europe initiated by the Commission's White Paper of 1 March 2017.
The financial crisis has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks. However, due to the architecture of the EMU with a centralised single monetary policy but a decentralised fiscal policy at national level, euro area Member States are insufficiently capable to absorb large asymmetric shocks in isolation .
By complementing the role of the existing national automatic stabilisers, the European investment stabilisation mechanism proposed by the Commission should help stabilise levels of public investment and facilitate rapid economic recovery in the event of major economic shocks in euro area Member States and in those participating in the European Exchange Rate Mechanism (ERM II).
The package builds, in particular, on the Five Presidents' Report on completing Europe's Economic and Monetary Union of 22 June 2015 and on the Commission's reflection paper on the deepening of the Economic and Monetary Union of 31 May 2017.
CONTENT: the proposed Regulation seeks to establish a European investment stabilisation function (EISF).
The EISF shall provide financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock in order to enhance cohesion.
EISF support shall be available for Member States whose currency is the euro and for other Member States that participate in the exchange rate mechanism (ERM II).
Eligibility and activation criteria : the decision-making procedure allows for a lean and swift mobilisation and disbursement of support by the Commission following the fulfilment of clearly defined eligibility and activation criteria as well as a criterion determining the public investment that should be supported.
The Commission's decision to provide support under the instrument shall be subject to strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and macro-economic surveillance framework .
Activation criteria for support shall be determined by a double unemployment trigger which is based on both the national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold in the last year.
In addition, Member States shall invest the support under the EISF in eligible public investment and maintain the level of public investment in general compared to the average public investment over the last five years . They shall also give priority to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development..
Stabilisation Support Fund : the proposal provides for the establishment of the Stabilisation Support Fund and its use. The Fund shall be endowed with contributions by Member States in accordance with an intergovernmental agreement which determines the method for calculating them and the rules regarding their transfer. For euro area Member States, national contributions shall be calculated as a percentage of the monetary income allocated to the euro area Member States’ national central banks.
The Fund shall only be used to pay the interest rate subsidy and shall be administered by the Commission on the basis of a prudent and safe investment strategy.
The proposed Regulation also provides for a potential involvement by the European Stability Mechanism (ESM) or its legal successor in case the latter would autonomously decide in the future to also provide financial assistance in support of public investment to cater for macro-economic stabilisation purposes.
BUDGETARY IMPLICATIONS:
the loans that the proposed instrument allows the Commission to grant to Member States would be subject to a fixed ceiling of EUR 30 billion . Such loans constitute contingent liabilities for the EU budget in the event of a default on a loan repayment by a Member State granted under the scheme; the interest rate subsidy shall be financed by a Stabilisation Support Fund endowed with annual national contributions based on the share of the Eurosystem’s monetary income allocated to the national central bank of each euro area Member State. These national contributions constitute externally assigned revenue and have no impact on the EU budget.
Documents
- Committee of the Regions: opinion: CDR3764/2018
- European Central Bank: opinion, guideline, report: CON/2018/0051
- European Central Bank: opinion, guideline, report: OJ C 444 10.12.2018, p. 0011
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Economic and Social Committee: opinion, report: CES3003/2018
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Legislative proposal: COM(2018)0387
- Legislative proposal: EUR-Lex
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2018)0297
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2018)0298
- Legislative proposal: COM(2018)0387 EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2018)0297
- Document attached to the procedure: EUR-Lex SWD(2018)0298
- Economic and Social Committee: opinion, report: CES3003/2018
- European Central Bank: opinion, guideline, report: CON/2018/0051 OJ C 444 10.12.2018, p. 0011
- Committee of the Regions: opinion: CDR3764/2018
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
Amendments | Dossier |
78 |
2018/0212(COD)
2018/10/16
EMPL
78 amendments...
Amendment 100 #
Proposal for a regulation Article 4 – paragraph 1 – point b b) the quarterly national unemployment and long-term unemployment rate increased above one percentage point in comparison to the unemployment and long-term unemployment rate observed in same quarter of the previous year.
Amendment 101 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) b a) The potential impact of significant changes in the underemployment and the potential additional labour force rates shall be considered in the calculation of the unemployment, when those rates are above the EU average rates.
Amendment 102 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) b a) the percentage of people at risk of poverty and social exclusion in the Member State exceeds the EU average over a period of 12 quarters preceding the quarter during which the request is made;
Amendment 103 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) b a) the material deprivation rate increased above one percentage point in comparison to the material deprivation rate observed in the previous year;
Amendment 104 #
Proposal for a regulation Article 4 – paragraph 1 – point b b (new) b b) the percentage of general government expenditure on social aspects in terms of GDP in the Member States concerned have been decreasing over a period of 12 quarters preceding the quarter during which the request is made;
Amendment 105 #
Proposal for a regulation Article 4 – paragraph 1 a (new) 1 a. The activation criteria described in subparagraphs (a) and (b) must be simultaneously fulfilled by the requesting Member State.
Amendment 106 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point –a (new) (-a) maintain at least the same level of its priority public social investment compared to the average level of its public social investment in the five previous years
Amendment 107 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain, at least, the same level of its public investment compared to the average level of its public investment in the five previous years.
Amendment 108 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain at least the same level of its public investment compared to the average level of its public investment in the five previous years.
Amendment 109 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 110 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 The Commission may nevertheless conclude
Amendment 111 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 1 The year following the disbursement of the EISF loan, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1. In particular, the Commission shall also verify the extent to which the Member State concerned has maintained (a) eligible public social investment in programmes supported by the Union under the European Social Fund Plus, (b) the share dedicated to social inclusion measures within the European Social Fund Plus, and (c) eligible public investment in programmes supported under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.
Amendment 112 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 2 – introductory part If the Commission, after having heard the Member State concerned, concludes that the conditions referred to in paragraph 1 have not been complied with, it shall examine the underlying reasons and adopt a decision:
Amendment 113 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be limited to EUR
Amendment 114 #
Proposal for a regulation Article 16 – paragraph 2 2. The Commission, including the European Anti-Fraud Office and the European Parliament, shall in particular have the right to send
Amendment 115 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point b (b) the contribution by EISF to the conduct of the economic and social policies of Member States in such a way as to strengthen economic, social and territorial cohesion in the Union;
Amendment 116 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point c (c) the contribution of this Regulation to the achievement of the Union's
Amendment 117 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c (c) employment, unemployment rate, participation rates, indicators of part time employment,
Amendment 118 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c (c) employment, unemployment rate, underemployment rate, potential additional labour force rate, participation rates, indicators of part time employment, hours worked, ;
Amendment 119 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c (c) employment, unemployment rate, youth unemployment rate, participation rates, indicators of part time employment, hours worked;
Amendment 120 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c a (new) (c a) Inequalities, poverty and material depravation
Amendment 121 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point e (e) gross fixed capital formation financed by programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development;
Amendment 44 #
Proposal for a regulation Recital 1 (1) The promotion of economic, social and territorial cohesion, solidarity among Member States, social justice and protection and the establishment of an economic and monetary union (EMU) are key objectives under the Treaties. The Union shall work for the sustainable development of Europe, aiming at full employment and social progress.
Amendment 45 #
Proposal for a regulation Recital 1 a (new) (1a) The European Union should not be turned into a transfer union.
Amendment 46 #
Proposal for a regulation Recital 1 b (new) (1b) It is essential that EISF does not serve as a gateway to an EU unemployment insurance scheme or other all-embracing EU insurance mechanisms.
Amendment 47 #
Proposal for a regulation Recital 2 (2) Strenghtening economic cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole. The goal of economic convergence has proven to be unrealistic in the Euro system. Economic convergence is actually deteriorating with regards to a multitude of economic parameters.
Amendment 48 #
Proposal for a regulation Recital 2 (2) Strenghtening economic, social and territorial cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole.
Amendment 49 #
Proposal for a regulation Recital 2 (2) Streng
Amendment 50 #
Proposal for a regulation Recital 2 a (new) (2 a) A common currency area will lead to increased specialization and its countries and regions will be more susceptible to asymmetric shocks. An asymmetric shock is a negative economic development that affects one region or one country within a currency area more than other regions or countries in the same currency area. An asymmetric schock will usually affect the economic structure of a country and can not simply be overcome by temporarily increased fiscal spending. It can be overcome by a focus on education and entrepreneurship and by becoming competitive in order to attract new private investment and new industries.
Amendment 51 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic and employment policies and should coordinate them in such a way as to attain the objective of social inclusion, strengthening economic, social, and territorial cohesion and to deliver on the European Pillar of Social Rights.
Amendment 52 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic and social policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion, social justice and protection.
Amendment 53 #
Proposal for a regulation Recital 3 (3) Member States should
Amendment 54 #
Proposal for a regulation Recital 3 a (new) (3 a) In defining and implementing its policies and actions, the Union shall take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of education, training and protection of human health.
Amendment 55 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks, often worsening social imbalances and inequalities. Deep and sustained recessions have considerable negative effects – both as the long-term unemployed workers lose their skills, as well as the economy losing productive capacity due to prolonged under- investment caused by insufficient aggregate demand.
Amendment 56 #
Proposal for a regulation Recital 4 (4) The unprecedented financial and social crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to
Amendment 57 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient in multiple countries to absorb large asymmetric shocks.
Amendment 58 #
Proposal for a regulation Recital 4 a (new) (4 a) Climate change should be considered as a potential asymmetric shock for the EU economy. Climate change impacts EU regions differently and if no further action is taken, the EU's Joint Research Centre estimates that climate damages to the EU economy could amount to at least €190 billion, a net welfare loss of 1.8% of its current GDP. Sustainable and responsible economic, employment, social and climate policies would contribute to the prevention of further asymetric shocks.
Amendment 59 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States
Amendment 60 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall, and especially for the most vulnerable. The sequence of the crisis in euro area also suggests strong reliance on the single monetary policy to provide for macro-economic stabilisation in severe macro-economic circumstances.
Amendment 61 #
Proposal for a regulation Recital 6 (6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public investment. Much of this can be attributed to a lack of fiscal leeway due to huge debt levels at the outbreak of the crisis or even at the time of the entry into the Euro area. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 62 #
Proposal for a regulation Recital 6 (6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public social investment. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 63 #
Proposal for a regulation Recital 7 Amendment 64 #
Proposal for a regulation Recital 7 (7) Additional instruments are therefore necessary to avoid in the future that large asymmetric shocks result into deeper and broader situations of stress and weaken
Amendment 65 #
Proposal for a regulation Recital 7 (7) Additional instruments are therefore necessary to avoid the possibility in the future that large asymmetric shocks will result in
Amendment 66 #
Proposal for a regulation Recital 8 (8) In particular, in order to support Member States
Amendment 67 #
Proposal for a regulation Recital 8 a (new) (8 a) However, financial instruments such as loans or guarantees cannot adequately replace investments in social and sustainability projects. In the context of a highly volatile political climate, more flexibility to allow for productive public spending coupled with a more ambitious reform of the eurozone are both urgently required.
Amendment 68 #
Proposal for a regulation Recital 9 (9) EISF should
Amendment 69 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies. It should be recalled that Member States should pursue
Amendment 70 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic and social policy coordination is the framework to identify national reform priorities and monitor their implementation, including the implementation of the principles of the European Pillar of Social Rights. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,, the EISF and Invest EU, where relevant.
Amendment 71 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic, employment and social policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,
Amendment 72 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States
Amendment 73 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates and material deprivation are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates or material deprivation above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States.
Amendment 74 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. However, having unemployment as the sole criterion to activate support may lead to some deficiencies with regard to the timeliness of the stabilisation function. Other complementary indicators which normally precede unemployment in terms of predicting an impending large shock could be considered in a way that an initial level of support can be triggered before the "large" shock is fully transmitted to the unemployment.
Amendment 75 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment and long-term unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. The activation of EISF support should be determined also by the level of population at-risk-of-poverty or social exclusion and the level of general government expenditure in social aspects in terms of GDP compared with the past levels;
Amendment 76 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. The formula for calculating the amount of EISF loan support should also take into account the trend in the youth unemployment rate in the Member State requesting support.
Amendment 77 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a
Amendment 78 #
Proposal for a regulation Recital 14 a (new) (14 a) It is important to have an instrument in place that can be activated before there is a negative impact on the labour market. It is necessary to complement the unemployment criterion with a set of early warning indictors that can help to assess the risks of an economic shock well in advance to ensure the timelines and effectiveness of the proposed stabilisation function. In this way, the proposed stabilisation function would be much more timely and effective. Supplementary indicators that complement the unemployment rate are needed to provide for a more complete picture of the impacts in the labour market. Underemployed part-time workers, persons seeking work but not immediately available and persons available to work but not seeking are indicators that supplement the unemployment rate, thus providing an enhanced and richer picture than the traditional labour status framework and a more accurate information about the real impact of unemployment in the macroeconomic stability of the Member State.
Amendment 79 #
Proposal for a regulation Recital 14 b (new) (14 b) In 2017, there were 8.973 million underemployed part-time workers in the EU-28. In addition to this, 8.127 million persons were available to work, but did not look for a job, and another 2.289 million persons were looking for jobs, without being able to start working within a short time period. These two last groups are normally jointly referred to as the potential additional labour force. In total this means that in 2017 in the EU-28, 19.389 million persons had some resemblance to being unemployed, without fulfilling all the ILO criteria for being so. This is almost the same amount of persons who were unemployed according to the ILO criteria (18.776 million).
Amendment 80 #
Proposal for a regulation Recital 14 c (new) (14 c) The 15 year average unemployment rate which has to be exceeded for a Member State to qualify for support may work against countries that have been successful in reducing structural unemployment. A shorter time frame would be more suitable.
Amendment 81 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework over a period of two years before the request for EISF support should be fulfilled by the Member State requesting EISF support in order not to diminish the incentive for that Member State to pursue
Amendment 82 #
Proposal for a regulation Recital 16 Amendment 83 #
Proposal for a regulation Recital 16 (16) Member States
Amendment 84 #
Proposal for a regulation Recital 20 (20) With a view to swiftly provide EISF support, the competence for granting the loans when the eligibility and activation criteria are fulfilled and deciding on granting interest rate subsidies should be entrusted to
Amendment 85 #
Proposal for a regulation Recital 21 (21) (21) Member States should invest the support received under EISF in eligible public investment and also maintain the level of public investment in general compared to the average level of public investment over the five last years in order to ensure that the objective pursued by this Regulation is achieved. In that respect, there is the expectation that Member States should give priority, amongst others, to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.
Amendment 86 #
Proposal for a regulation Recital 21 (21) Member States should invest the support received under EISF in eligible public investment
Amendment 87 #
Proposal for a regulation Recital 33 Amendment 88 #
Proposal for a regulation Recital 33 Amendment 89 #
Proposal for a regulation Recital 33 Amendment 90 #
Proposal for a regulation Recital 33 (33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on loans and granting of interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor would be involved in the future by providing financial assistance to Member States
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock. An asymmetric shock is a negative economic development that affects one region or one country within a currency area more than other regions or countries in the same currency area. An asymmetric schock will usually affect the economic structure of a country and can not simply be overcome by temporarily increased fiscal spending. It can be overcome by a focus on education and entrepreneurship and by becoming competitive in order to attract new private investment and new industries. A common currency area will lead to increased specialization and its countries and regions will be more susceptible to asymmetric shocks.
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 3 Amendment 93 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 Amendment 94 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) (3 a) ‘eligible priority public social investment’ means: the public investment in support of policy objectives as defined in Regulation (EU) No [XX] of [XX] [insert reference to new European Social Fund Plus]
Amendment 95 #
Proposal for a regulation Article 3 – paragraph 1 – point e Amendment 96 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a large asymmetric shock if
Amendment 97 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a large asymmetric shock if at least three of the following activation criteria are
Amendment 98 #
Proposal for a regulation Article 4 – paragraph 1 – point a a) the quarterly national unemployment
Amendment 99 #
Proposal for a regulation Article 4 – paragraph 1 – point b b) the quarterly national unemployment rate increased above
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