2018/2101(INI) | [ParlTrack]

Motion for a resolution
Citation -1 (new)

– having regard to its Resolution of 6 February 2018 on the European Central Bank Annual Report for 2016;

Amendment 10 #

Motion for a resolution
Citation 4 d (new)

– having regard to the report of the High -Level Group on Own resources (Monti Report) of December 2016;

Amendment 100 #

Thierry CORNILLET, Lieve WIERINCK, Ramon TREMOSA i BALCELLS

Motion for a resolution
Paragraph 5

5. Notes the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recognises that risk sharing is, as ECB President Draghi has stated, an effective risk reduction method and that the two should go hand in hand; welcomes, in that regard, the Commission's approach in their communication 'on completing the Banking Union'1a and the remarks made by ECB President Draghi during the Monetary Dialogue of 20 November 2017 that, among other things, an adequate reduction of risks on the balance sheet of banks needs to be achieved before deposit insurance losses should be shared at Banking Union level; _________________ 1a COM(2017) 592 final

Amendment 101 #

Motion for a resolution
Paragraph 5

5. Notes the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recognises that risk sharing is, as ECB President Draghi has stated, an effective risk reduction method and that the two should go hand in hand; considers therefore that in parallel to the risk reduction efforts already implemented or well on track, a third pillar should be completed as soon as possible; this third pillar should allow depositors to be better protected both individually and collectively than in the current system;

Amendment 102 #

Motion for a resolution
Paragraph 5

5. Notes the ECB’s ~~positive view~~view on risk reduction and on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recognises that risk ~~sharing is, as ECB President Draghi has stated, an effective r~~reduction measures are essential building blocks laying the foundations for an EDIS; notes, in thisk re~~duction method and that the~~spect, the Commission’s more proportionate ‘new approach’ two ~~should go hand in hand~~an EDIS as put forward in its communication of 11 October 2017;

Amendment 103 #

Motion for a resolution
Paragraph 5

5. ~~Notes~~Shares fully the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; ~~recognise~~emphasises in strong terms that risk sharing is, as ECB President Draghi has stated, an effective risk reduction method and that the two should go hand in hand;

Amendment 104 #

Werner LANGEN

Motion for a resolution
Paragraph 5

5. ~~Notes the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of th~~Warns that there is no objective need to regulate the deposit guarantee. Communitarisation does not provide ban~~king union; recognises that risk sharing is, as ECB President Draghi has stated, an effective risk reduction method and that the two should go hand in han~~y additional security, but rather creates incentives for banks to behave in risky ways. Risks should be eliminated by means of efficient safeguard systems in all Member States where they have been incurred;

Amendment 105 #

Motion for a resolution
Paragraph 5 a (new)

5a. Notes the risks to financial stability identified by the ESRB's Shadow Banking Monitor, including the interconnectedness of the banking and shadow banking systems in the EU; liquidity risk and risks associated with leverage among some types of investment funds; risks created through the use of derivatives and securities financing transactions; and vulnerabilities in some parts of the other financial institutions sector, where significant data gaps prevent a definitive risk assessment;

Amendment 106 #

Motion for a resolution
Paragraph 5 a (new)

5a. Regrets that the ECB has still not been able to start the normalisation of monetary policy and fears that the business cycle could turn even before interest rates have become positive; notes that the ECB has limited tools left at its disposal to fight a possible next financial crisis; warns that also governments have very limited fiscal space tools to react to it; suggests making private and public debt restructuring easier in order to cope with the next financial crisis

Amendment 107 #

Motion for a resolution
Paragraph 5 a (new)

5a. Considers that the Banking Union needs to be completed with the establishment of a credible European Deposit Insurance Scheme (EDIS) and the common backstop to the Single Resolution Fund (SRF);

Amendment 108 #

Motion for a resolution
Paragraph 5 a (new)

5a. Points out that - in the long term - the Single Supervisory Mechanism and the European Central Bank should be institutionally, as well as operationally, independent;

Amendment 109 #

Motion for a resolution
Paragraph 5 a (new)

5a. Underlines that a step-by-step completion of the Banking Union is necessary to increase resilience in the banking sector and contribute to financial stability

Amendment 11 #

Motion for a resolution
Citation 4 e (new)

– having regard to the Feedback on the input provided by the European Parliament as part of its Resolution on the ECB Annual Report for 2016;

Amendment 110 #

Motion for a resolution
Paragraph 5 a (new)

5a. Recognises the existence of distributional consequences of the ECB policies, e.g. the Cantillon Effect, which can be perceived as increasing inequalities;

Amendment 111 #

Motion for a resolution
Paragraph 5 b (new)

5b. Notes the ECB's Guidelines for the reduction of non-performing loans in the Member States and the Commission's legislative proposal on this matter; notes the practice in several Member States of banks selling private non-performing mortgages to private equity funds on a mass scale, which has proven to result in a higher rate of home repossessions, and notes the failure of several Member States to deal with this problem through adequate consumer protection laws; calls for the introduction of legal protection from repossession for mortgage-holders at the EU level;

Amendment 112 #

Motion for a resolution
Paragraph 5 b (new)

5b. Warns that according to the BIS there have been signs of a build-up of financial imbalances, especially in countries largely spared by the GFC because, in contrast to countries at the heart of the turmoil, no private sector deleveraging has taken place there; notes that the imbalances have taken the form of strong increases in private sector credit, often alongside similar increases in property prices;

Amendment 113 #

Motion for a resolution
Paragraph 5 b (new)

5b. Deplores the constant pressure exerted by the European Supervisory Authority in favour of the prompt divestment of non-performing loans (NPLs); calls for measures to promote alternative solutions to the disposal of NPLs, for example through the development of secondary markets;

Amendment 114 #

Motion for a resolution
Paragraph 5 b (new)

5b. Considers that the EMU must be complemented by a fiscal and a political union, in particular with the establishment of a Euro area budget;

Amendment 115 #

Motion for a resolution
Subheading 1 b (new)

Monetary policy decisions

Amendment 116 #

Motion for a resolution
Paragraph 5 b (new)

5b. Shares the concerns voiced by the ECB regarding the uncertainty and risks stemming from the upsurge in protectionism, the vulnerability of emerging markets and the volatility on financial markets, linked in particular to the political risks in some Member States, which are impairing the euro area’s growth prospects;

Amendment 117 #

Motion for a resolution
Paragraph 5 c (new)

5c. Welcomes the decision taken by the ECB Governing Council on 13 September 2018 to leave the benchmark interest rates unchanged;

Amendment 118 #

Motion for a resolution
Paragraph 5 d (new)

5d. Takes the view that the current monetary policy position characterised by low interest rates and high levels of liquidity may reduce the leeway the ECB has to respond to changed economic conditions; considers, however, that in the absence of a positive overall fiscal position in the euro area which would serve to boost aggregate demand, investment and growth the ECB has no choice but to opt for a more gradual and slower process as regards an exit from the APP and the normalisation of interest rates;

Amendment 119 #

Motion for a resolution
Paragraph 5 e (new)

5e. Takes the view that Articles 3 and 11 TFEU constitute a sufficiently sound legal basis for the incorporation in monetary policy decision-making of environmental, social and governance objectives; would be in favour, however, of a change to the Statute of the ECB, if the latter regards it as necessary, with the aim of laying down the conditions in accordance with which the ECB could take measures to support the EU’s efforts to protect the environment and combat climate change;

Amendment 12 #

Motion for a resolution
Citation 4 f (new)

– having regard to the proposal for a Regulation of the European Parliament and the Council on sovereign bond- backed securities of 24 May 2018;

Amendment 120 #

Motion for a resolution
Paragraph 6

6. ~~Stress~~Notes that the ECB’s non- standard monetary policy measures have ~~proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit to~~kept interest rates low, thereby forestalling member states and highly indebted private enterprises from defaulting on their unsustainable debts; notes that in the private sector, ~~whose~~ annual growth was around 3 % in mid-2018 compared to 0 % in 2015;

Amendment 121 #

Motion for a resolution
Paragraph 6

6. Stresses that the ECB’s non- standard monetary policy measures have proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit to the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015; notes with concern that the ECB's own assessment of its non-standard monetary policies have significantly increased wealth inequality, with resulting capital gains in bonds and equity markets increasing the net wealth of the richest 20 percent by roughly 30 percent than the rest of the population,

Amendment 122 #

Motion for a resolution
Paragraph 6

Amendment 123 #

Motion for a resolution
Paragraph 6

6. Stresses that the ECB’s non- standard monetary policy measures have ostensibly proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit to the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;

Amendment 124 #

Motion for a resolution
Paragraph 6

6. Stresses that the ECB’s non- standard monetary policy measures have ~~proven successful in~~contributed to forestalling the risks of deflation that were still present at the beginning of 2016 and into initiating a recovery in credit to the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015;

Amendment 125 #

Motion for a resolution
Paragraph 6 a (new)

6a. Agrees with the ECB that in order to reach the inflation target, sustainably supportive fiscal policies as well as competitiveness enhancing reforms, productivity enhancing reforms and wage increases in line with productivity growth are required; calls therefore on Member States to redouble their efforts along the principles of the "virtuous triangle" of boosting investment, pursuing structural reforms and ensuring responsible fiscal policies;

Amendment 126 #

Motion for a resolution
Paragraph 7

7. ~~Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States;~~ Notes with concern that the ESRB issued warnings regarding overheating property markets to eight Member States in 2016 and that these bubbles appear to be affecting several additional Member States at present; calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States; notes the comments of ESRB President Mario Draghi* stating that the main source of vulnerability overheating property markets in the EU is the search for yield by international investors - largely cross-border financing and non-banks - and that policymakers should investigate whether new macro- prudential instruments should be introduced for non-banks, especially in relation to their commercial real estate exposures; *Footnote: In the ECON hearing with the ESRB (July 9, 2018)

Amendment 127 #

Motion for a resolution
Paragraph 7

7. ~~Calls~~Is concerned about rapidly rising property prices in certain Member States; calls therefore for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States;

Amendment 128 #

Motion for a resolution
Paragraph 7

7. Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States; due to the accommodative ultra-loose interest policies of the ECB;

Amendment 129 #

Motion for a resolution
Paragraph 7

7. Calls for vigilance against ~~the risk of~~ a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States;

Amendment 13 #

Motion for a resolution
Citation 4 g (new)

– having regard to the Proposal for a Regulation of the European Parliament and of the Council on the establishment of a European Investment Stabilisation Function of 31 May 2018;

Amendment 130 #

Motion for a resolution
Paragraph 8

8. Agrees with the ECB’s decision to end the APP, subject to incoming data confirming its medium-term inflation outlook, and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability ~~and reduces incentives to consolidate public finances;~~ ; Stresses in particular that prolonged non-standard policy measures may have significant distributional effects between the poor and the wealthy, young and old, borrowers and lenders, and also between regions with different financial structures. Urges therefore the ECB to include in its next annual report a comprehensive and detailed analysis of the side effects of its monetary policy measures and its impact on inequality.

Amendment 131 #

Motion for a resolution
Paragraph 8

8. ~~Agrees with~~Takes note of the ECB’s ~~decis~~intention to end the APP in December 2018, subject to incoming data confirming its medium- term inflation outlook~~, and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability and reduces incentives to consolidate public finances~~;

Amendment 132 #

Motion for a resolution
Paragraph 8

8. Agrees with the ECB’s decision to end the APP, subject to incoming data confirming its medium-term inflation outlook, and considers that this instrument should as a rule only be used on a temporary basis, as it may creates new risks for financial stability ~~and reduces incentives to consolidate public finances~~; emphasises, however, that an overly hasty APP exit strategy may create different risks to the financial stability of the euro area;

Amendment 133 #

Motion for a resolution
Paragraph 8

8. AWhile valuing and respecting the independence of the ECB and its policies; agrees with the ECB’s decision to end the APP in a sustainable manner, subject to incoming data confirming its medium-term inflation outlook, and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability and reduces incentives to consolidate public finances;

Amendment 134 #

Thierry CORNILLET, Lieve WIERINCK, Ramon TREMOSA i BALCELLS

Motion for a resolution
Paragraph 8

8. Agrees with the ECB’s decision to end the APP, ~~subject to incoming data confirming its medium-term inflation outlook,~~ and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability and reduces incentives to consolidate public finances;

Amendment 135 #

Motion for a resolution
Paragraph 8

Amendment 136 #

Motion for a resolution
Paragraph 8 a (new)

8a. Urges the ECB, together with other relevant Union bodies and in 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; Asks the ECB to carry out, within the framework of its next annual report, a research on the pro and the cons and the legal feasibility of different options regarding the channelling of newly created money towards sustainable investments, while respecting the provisions of the Treaty;

Amendment 137 #

Motion for a resolution
Paragraph 8 a (new)

8a. 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 138 #

Motion for a resolution
Paragraph 8 a (new)

8a. Notes the decision taken by the ECB Governing Council on 13 September 2018 to continue the process of exiting the APP and to reduce net acquisitions to EUR 15 billion per month;

Amendment 139 #

Motion for a resolution
Paragraph 8 b (new)

8b. Welcomes the undertaking given by the ECB to reinvest maturing securities beyond the end of the net acquisition period, thus guaranteeing that the strategy for ending non-conventional monetary policies will be suitably gradual;

Amendment 14 #

Motion for a resolution
Citation 4 h (new)

– having regard to its Resolution of 3 May on virtual currencies;

Amendment 140 #

Motion for a resolution
Paragraph 8 c (new)

8c. Welcomes the public acknowledgement by the ECB President of the implications of the Paris Agreement for his institution; calls on the ECB, however, to consider the possibility of bringing the APP into line with the EIB’s investment strategy, in particular in the context of the EFIS, with a view to fostering the incorporation of environmental, social and governance (ESG) objectives, such as support for the energy transition, into monetary policy;

Amendment 141 #

Motion for a resolution
Paragraph 9

9. Notes that with holdings of EUR 1.9 trillion at the end of 2017, the public sector purchase programme (PSPP) accounted for the largest part of the APP; emphasises the importance of following the issuer limit of 33 % in public sector purchases; stresses that the ECB has imported considerable risks into its balance sheet through its bond- purchasing programme;

Amendment 142 #

Motion for a resolution
Paragraph 9

9. Notes that with holdings of EUR 1.9 trillion at the end of 2017, the public sector purchase programme (PSPP) accounted for the largest part of the APP; ~~emphasises the importance of following the issuer limit of 33 % in public sector purchases;~~

Amendment 143 #

Motion for a resolution
Paragraph 9 a (new)

9a. Urges countries with high level of debts to reduce them before interest rates start to rise again, as this would reveal that the level of government debt has indeed risen to unsustainable levels, possibly leading to a new sovereign debt crisis

Amendment 144 #

Matt CARTHY, Philippe LAMBERTS

Motion for a resolution
Paragraph 10

10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; takes the view that this transparency drive must be extended to cover other acquisition operations, such as the asset-backed securities purchase programme (ABSPP) and the third covered bond purchase programme (CBPP3); calls, however, for further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);

Amendment 145 #

Motion for a resolution
Paragraph 10

10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; calls~~, however, for~~ on the ECB to apply a similar transparency policy for all asset purchase programmes including ABSPP and CBPP3; in addition to further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);

Amendment 146 #

Motion for a resolution
Paragraph 10

10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; calls~~, however, for~~ on the ECB to apply a similar transparency policy for all asset purchase programmes including ABSPP and CBPP3, in addition to further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);

Amendment 147 #

Motion for a resolution
Paragraph 10

10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; calls, however, for further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs); stresses that the CSPP shall by no means lead to competitive distortions within the internal market;

Amendment 148 #

Motion for a resolution
Paragraph 10 a (new)

10a. Recalls its concerns regarding the fact that the CSPP Programme benefits mainly to large and carbon-intensive multinational corporations; recalls the EP’s recommendation (T8-0215/2018) that the ECB should explicitly take into account the Paris Agreement and ESG goals in its guidelines orienting its purchase programmes; calls, in this respect, for a restructuring 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, including in the framework of a mutually non-coercive coordination between the ECB and the European Fund for Strategic Investment (EFSI) and European Investment Bank (EIB);

Amendment 149 #

Motion for a resolution
Paragraph 10 a (new)

10a. Notes the commitment by the ECB to continue its reinvestment policies beyond the end of the net asset purchases; in this context, calls on the ECB to prioritise the purchasing of bonds connected with long-term strategic investments which contribute to the transition towards a low-carbon economy, and calls on the ECB to immediately develop a transparent and standardised criteria for the selection of beneficiaries for the programme which fully incorporate of environmental, social and governance factors, therefore divesting from carbon-intensive sectors and firms;

Amendment 15 #

Matt CARTHY, Philippe LAMBERTS

Motion for a resolution
Citation 6 a (new)

– having regard to the final report of the High-Level Expert Group on Sustainable Finance, 'Financing a sustainable European Economy', published in January 2018,

Amendment 150 #

Motion for a resolution
Paragraph 10 b (new)

10b. Recalls its concerns regarding the fact that the CSPP Programme benefits mainly to large and carbon-intensive multinational corporations; recalls the EP’s recommendation T8-0215/2018 that the ECB should explicitly take into account the Paris Agreement and ESG goals in its guidelines orienting its purchase programmes;

Amendment 151 #

Matt CARTHY, Philippe LAMBERTS

Motion for a resolution
Paragraph 10 c (new)

10c. Calls on the ECB to disclose the full amounts of profits made by the Eurosystem through ANFAs and SMP from 2010until the full expiration of the programme, with a specific breakdown per countries which have been subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);

Amendment 152 #

Motion for a resolution
Paragraph 11

11. Welcomes the transparency provided by the ECB through its forward guidance; ~~deems it appropriate to keep interest rates low, in the light of uncertainties in the global environment at present;~~

Amendment 153 #

Motion for a resolution
Paragraph 11

11. Welcomes the transparency provided by the ECB through its forward guidance; ~~deems it appropriate~~acknowledges the ECB’s decision to keep interest rates low, in the light of uncertainties in the global environment at present. Underlines however 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;

Amendment 154 #

Motion for a resolution
Paragraph 11

Amendment 155 #

Motion for a resolution
Paragraph 11

11. Welcomes the transparency provided by the ECB through its forward guidance; deems it appropriate to ~~keep interest rates low, in the light of uncertainties in the global environment~~start normalising monetary policy as soon ats p~~resent~~ossible;

Amendment 156 #

Motion for a resolution
Paragraph 11 a (new)

11a. Underlines that a proper sequencing and conduct of the phase-out of exceptional monetary policy measures will be key in order to avoid market disruptions; recalls that it is possible to proceed to rate increases while maintaining a stable balance sheet size for the Eurosystem if economic conditions so warrant;

Amendment 157 #

Motion for a resolution
Paragraph 11 a (new)

11a. Recognises the existence of distributional consequences of the ECB policies; believes that wealth inequality has been exacerbated by the inflation of financial asset prices as financial assets are primarily held by the very wealthy;

Amendment 158 #

Motion for a resolution
Paragraph 11 b (new)

11b. 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 evaluate including asset prices into its measurement of inflation; calls on Eurostat to incorporate the owner- occupied housing price index into HICP in order to make the ECB policies more responsive to development in the housing market;

Amendment 159 #

Motion for a resolution
Paragraph 11 b (new)

11b. Stresses the importance of communication and forward guidance for a successful normalisation of monetary policy;

Amendment 16 #

Motion for a resolution
Citation 6 a (new)

– having regard to the Annual Economic Report 2017 of the Bank for International Settlements (BIS),

Amendment 160 #

Motion for a resolution
Paragraph 11 c (new)

11c. Welcomes the commitments made by Commissioner Vestager in the structured dialogue with the Committee for Economic and Monetary Affairs on 21 November 2017 to reflect on possible distortions of competition arising from the European Central Bank’s Corporate Sector Purchase Programme and to report back with a qualitative answer; emphasises, in this regard, that the notion of selectivity in state aid is an essential criterion that needs to be investigated thoroughly; further points in this regard to Article 4(3) TEU, which contains the so-called principle of loyalty;

Amendment 161 #

Motion for a resolution
Paragraph 11 c (new)

11c. Is mindful of the differentiated impact that normalisation of monetary policy is expected to have on the different Member States, depending on the level and maturity profile of their debt;

Amendment 162 #

Motion for a resolution
Paragraph 11 d (new)

11d. Stresses the magnitude of the regulatory and structural changes that have taken place since the last economic crisis and of their relevance to many areas relating to monetary policy; underlines the importance of research and studies in order to better understand the new environment resulting from the developments that took place over the last decades and of their consequences for the conduct of monetary policy;

Amendment 163 #

Motion for a resolution
Paragraph 12

12. Is concerned by the impact of the negative deposit facility rate imposed on banks since June 2014; considers that this measure, were it still to be pursued, may affect the profitability of the banking sector and should be phased out in the course of normalising monetary policy in line with the current recovery;deleted

Amendment 164 #

Motion for a resolution
Paragraph 12

Amendment 165 #

Motion for a resolution
Paragraph 12

Amendment 166 #

Werner LANGEN

Motion for a resolution
Paragraph 12

12. Is concerned by the impact of the negative deposit facility rate imposed on banks since June 2014; considers that this measure, were it still to be pursued, may affect the profitability of the banking sector and the profitability of retail investors and should be phased out in the course of normalising monetary policy ~~in line with the current recovery~~;

Amendment 167 #

Motion for a resolution
Paragraph 12 a (new)

12a. Emphasises that, in order to enhance the shock absorption capacity and the resilience of the Euro area, steps towards a common fiscal capacity should be undertaken, including by introducing a suitably designed European Unemployment Reinsurance Scheme;

Amendment 168 #

Motion for a resolution
Paragraph 13

13. ~~Calls for th~~Acknowledges the possible continuation of the targeted longer-term refinancing operations (TLTRO), which provide banks with medium-term financing at attractive conditions ~~and in accordance with their efforts to grant new credit to the real~~; considers however that stricter conditionality is required by the ECB to ensure that banks grant new credit to the real economy ; 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 169 #

Motion for a resolution
Paragraph 13

13. Calls for the continuation of the targeted longer-term refinancing operations (TLTRO), which provide banks with medium-term financing at attractive conditions aund ~~in accordance with their efforts to grant new credit~~er the condition that these are actually used to grant new credit to the real economy; takes note of an increasing demand by euro area banks in the last TLTRO in 2017, which may be due to expectations of a hike in deposit rates and the possibility of cheap profits; calls on the ECB to closely monitor this development to ensure that the TLTRO are actually used for stimulating bank lending to the real economy;

Amendment 17 #

Motion for a resolution
Citation 6 b (new)

– having regard to the Resolution on Sustainable Finance (2018/2007(INI)) adopted by the European Parliament in May 2018,

Amendment 170 #

Motion for a resolution
Paragraph 13

13. Calls for the ~~continuation~~phasing out of the targeted longer-term refinancing operations (TLTRO), which provide banks with medium-term financing at attractive conditions and in accordance with their efforts to grant new credit to the real economy;

Amendment 171 #

Motion for a resolution
Paragraph 14

14. ~~Reiterates it~~Notes the many occasions con~~cern about the increase in TARGET2 balances and calls on the ECB to clarify the underlying factors and th~~ which the ECB has explained - both in writing and orally - that the increase in TARGET2 balances is linked to APP liquidity flows and does not constitute a debt owed by NCBs to the ECB, given that the euro is irreversible; calls on the ECB to clarify whether there are potential risks relating to the imbalances ~~that this could cause~~in the TARGET2 balances;

Amendment 172 #

Motion for a resolution
Paragraph 14

14. ~~Reiterates its concern about~~Takes note of the increase in TARGET2 balances ~~and call~~; stresses, however, that according to ECB analysis, changes oin the ~~ECB to clarify the underlying factors and the potential risks relat~~TARGET balances largely reflect the liquidity flows arising in the context of the APP and are not a symptom of renewed stress in financial markets; asks the ECB to continue careful monitoring tof the imTARGET balances ~~that this could cause~~;

Amendment 173 #

Motion for a resolution
Paragraph 14

14. Reiterates its concern about the increase in TARGET2 balances indicating continued capital outflows from the euro area periphery; and calls on the ECB to clarify the underlying factors and the potential risks relating to the imbalances that this could cause;

Amendment 174 #

Motion for a resolution
Paragraph 14 a (new)

14a. Is concerned that certain southern European countries have profited in a disproportionate way from the PSPP, since national central banks and the ECB have purchased Spanish and Italian government bonds whose volume exceeds Spain's and Italy's share in GDP by respectively 43 billion and 51 billion euros, well above the average of 14.4% of GDP for the entire Eurozone; stresses that this strengthens the suspicion that the main goal of the PSPP is fiscal stabilisation of southern Europe, which falls outside the scope of the mandate of the ECB.

Amendment 175 #

Motion for a resolution
Paragraph 14 a (new)

14a. Expresses concern at the pro- cyclical nature of the ECB’s arrangements regarding collateral and in particular at the excessive degree of trust placed in rating agency assessments; takes the view that the ECB should carry out its own internal assessment of the quality of the assets which can be accepted as collateral; takes the view, further, that this task could be carried out by a European public rating agency, which would also be responsible for assessing risks to long-term sustainability;

Amendment 176 #

Motion for a resolution
Paragraph 14 b (new)

14b. Takes the view that, in keeping with the ban on monetary financing and the ‘no bail out’ clause, the ECB has an important role to play in supporting Member States which are the targets of aggressive financial speculation, in particular by purchasing their government bonds as part of non- conventional policies and by accepting them as collateral; takes the view that the ECB’s decision not to grant a derogation for the purchase of non-investment grade Greek bonds prior to 2016 may have had a pro-cyclical impact;

Amendment 177 #

Motion for a resolution
Paragraph 14 c (new)

14c. Draws attention to inconsistencies in the treatment by Member State governments of the profits generated by the Securities Markets Programme (SMP); takes the view that all the profits generated in this context and not retained by the ECB in accordance with Article 33(1)(a) of its Statute should be returned to the Greek Government;

Amendment 178 #

Motion for a resolution
Paragraph 14 d (new)

14d. Calls for the ECB’s profits to be designated as ‘own resources’ or ‘other revenue’ in the EU budget; regards as essential, in that connection, a revision of Article 33(1)(a) of the ECB ‘s Statute which does not involve a change to the rule governing the redistribution of profits to the NCBs, to be carried out in accordance with Article 129(3) TFEU;

Amendment 179 #

Motion for a resolution
Paragraph 14 e (new)

14e. Welcomes the end of the third adjustment programme for Greece and the ECB’s departure from the ‘Troika’;

Amendment 18 #

Motion for a resolution
Citation 6 c (new)

– having regard to the UN 2030 Agenda for Sustainable Development and the Sustainable Development Goals,

Amendment 180 #

Motion for a resolution
Paragraph 15

15. Welcome the adoption of the agreement on emergency liquidity assistance (ELA), which clarifies the allocation of responsibilities, costs and risks; notes that this agreement is to be reviewed in 2019 at the latest; takes the view that certain recent banking scandals, in particular in north-eastern Europe, have highlighted the need for greater centralisation within the ECB of the procedures for providing ELA and the inadequacy of the sole criterion of ‘interference in monetary policy’ as the justification for intervention in an ELA operation by the ECB’s Executive Committee and Governing Council;

Amendment 181 #

Motion for a resolution
Paragraph 15

Amendment 182 #

Motion for a resolution
Paragraph 15

15. Welcomes the adoption of the agreement on emergency liquidity assistance (ELA), which clarifies the allocation of responsibilities, costs and risks; notes that this agreement is to be reviewed in 2019 at the latest;

Amendment 183 #

Motion for a resolution
Paragraph 15 a (new)

15a. Calls on the ECB to disclose the full amounts of profits made by the Eurosystem through ANFAs and SMP from 2010 until the full expiration of the programme, with a specific breakdown per countries which have been subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);

Amendment 184 #

Motion for a resolution
Paragraph 15 a (new)

15a. Rejects a so called Eurosystem Resolution Liquidity framework, along the lines of the Bank of England’s Resolution Liquidity Framework, which would aim at using central bank liquidity to prop up failing banks while they are being resolved;

Amendment 185 #

Motion for a resolution
Paragraph 15 a (new)

15a. Recalls that the ECB as an EU Institution is bound by the Paris Agreement;

Amendment 186 #

Motion for a resolution
Paragraph 15 a (new)

15a. Urges the ECB to withdraw its participation in the Troika;

Amendment 187 #

Motion for a resolution
Paragraph 15 b (new)

15b. Welcomes the amendment of Article 22 of the ESCB and the ECB Statute, in order to provide a clear legal basis for enabling the Eurosystem to carry out its role as central bank of issue for central clearing counterparties (CCPs), thus giving the ECB the competence to regulate the activity of the clearing systems, including CCPs, with the objective of effectively countering the risks posed by those systems to the smooth operation of payment systems and the implementation of the single monetary policy;

Amendment 188 #

Motion for a resolution
Paragraph 15 b (new)

15b. Deplores the ECB decision to remove the waiver on the Greek government debt; urges the ECB to review its eligibility rules in order to ensure fair inclusion of all Eurozone Member States' economies into the ECB’s refinancing operations and asset purchases programme;

Amendment 189 #

Motion for a resolution
Paragraph 15 b (new)

15b. Calls on the ECB to follow the recommendations from Transparency International; in particular as regards the ECB’s role within the Troika1a ; _________________ 1a Based on an amendment proposed by Positive Money Europe

Amendment 19 #

Motion for a resolution
Citation 6 d (new)

– having regard to the Paris Agreement of the United Nations Framework Convention on Climate Change,

Amendment 190 #

Motion for a resolution
Paragraph 15 c (new)

15c. Expresses concern at the ECB's active intervention into shaping financial markets through the promotion of securitisation through its reduction of rating thresholds for ABS collateral, the ABS Purchase Programme and its promotion of regulatory easing;* *Footnote: Benjamin Braun (2018), 'Central banking and the infrastructural power of finance: the case of ECB support for repo and securitization markets'

Amendment 191 #

Motion for a resolution
Paragraph 15 c (new)

15c. Requests the ECB to provide a comprehensive and evidence-based assessment of the impact of quantitative easing on growth and employment, including a comparative study of the potential impact of alternative measures such as transfers to households1a; _________________ 1a Based on an amendment proposed by Positive Money Europe

Amendment 192 #

Motion for a resolution
Paragraph 16 a (new)

16a. 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-big to fail' must be considered 'too dangerous to exist' and should therefore be downsized, simplified into manageable entities with defined economic functions serving the real economy;

Amendment 193 #

Motion for a resolution
Paragraph 16 a (new)

16a. Stresses the need for euro area member states to pursue a joint regulatory strategy for the financial sector in the wake of Brexit, rather than engaging in harmful downward competition;

Amendment 194 #

Motion for a resolution
Paragraph 17

17. ~~Urges an acceler~~Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; urges the implementation of the Capital Markets Union (CMU) ~~project~~ in order to ~~deep~~strengthen financial integration, with a view to helping build resilience to shocks and ~~rend~~lower the ~~transmission of monetary policy across the monetary union more effective~~need for non-standard monetary policy measures to resolve financial an economic shocks;

Amendment 195 #

Motion for a resolution
Paragraph 17

17. Urges an acceleration of the Capital Markets Union (CMU) project in order to deepen financial integration, with a view to helping build resilience to shocks and render the transmission of monetary policy across the monetary union more effective; points out that the CSPP could have contributed, albeit only to a limited degree, to the diversification of the sources of business financing, in particular in the non-financial sector (NFCs);

Amendment 196 #

Motion for a resolution
Paragraph 17

17. Urges an acceleration of the Capital Markets Union (CMU) project in order to deepen financial integration, with a view to helping build resilience to shocks ~~and~~, render the transmission of monetary policy across the monetary union more effective and foster private risk-sharing within the Banking Union and within the Union as a whole;

Amendment 197 #

Motion for a resolution
Paragraph 17 a (new)

17a. Believes that a stronger EMU requires first and foremost decisive actions at the national level and full compliance with the Stability and Growth Pact; believes far-reaching transfers of competence to the European level are unnecessary; underlines that a fiscal capacity as a shock-absorber is not required since governments with access to financial markets can play this role themselves;

Amendment 198 #

Motion for a resolution
Paragraph 17 a (new)

17a. Considers that deeper and better connected European capital markets, as a result of moving towards and EU CMU, as well as a completed banking union, will contribute to the depth and liquidity of euro area financial markets, while fostering the international standing of the euro1a; _________________ 1a See "The international role of the euro", June 2018 : https://www.ecb.europa.eu/pub/ire/html/ec b.ire201806.en.html

Amendment 199 #

Motion for a resolution
Paragraph 17 a (new)

17a. Calls on the ECB to continue to pay attention to the issue of access to credit for SMEs, in particular in the light of the slow improvement in their financial situation highlighted by the Survey on the access to finance of enterprises (SAFE) conducted in June 2018;

Amendment 2 #

Motion for a resolution
Citation 2

– having regard to the Statute of the European System of Central Banks (ESCB) and of the ECB, in particular Article 15s 2, 3, 7, 10(2), 15, 32(5) and 33(1) thereof,

Amendment 20 #

Motion for a resolution
Citation 6 e (new)

– having regard to the EU Shadow Banking Monitor No 3 published in September 2018,

Amendment 200 #

Motion for a resolution
Paragraph 17 a (new)

17a. Believes that the fastest way to achieve a well-functioning capital markets union is to reduce national regulations hindering the well- functioning capital markets to have a broader impact all over the union and to reduce the burden of new regulations;

Amendment 201 #

Motion for a resolution
Paragraph 17 b (new)

17b. Takes note of the Commission proposal on establishing a European safe asset for the euro area´s Banking Union, starting with the issuance of European Sovereign Bonds-backed Securities (ESBBS);

Amendment 202 #

Motion for a resolution
Paragraph 17 b (new)

17b. Stresses that a fully functioning Capital Markets Union in a longer perspective can provide alternative financing to SMEs complementing that of the banking sector;

Amendment 203 #

Motion for a resolution
Paragraph 18

18. Calls on the ECB to increase its monitoring vis-à-vis the development of ~~crypto-currencies~~blockchain technology and the increased cyber- security risks;

Amendment 204 #

Motion for a resolution
Paragraph 18 a (new)

18a. Takes note that the ECB agrees that it is important to study the relevance and implications of issuing central bank digital currency (or digital base money, DBM) to the general public; encourages the ECB to conduct and publish such study and put forward, if appropriate, a carefully designed proposal with a view to improving public access to payment systems; stresses that progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash;

Amendment 205 #

Motion for a resolution
Paragraph 18 a (new)

18a. Calls on the ECB to pay particular attention to the proportionality principle in connection with the banking supervisory tasks conferred on it; points out in this connection that communication with directly and indirectly supervised institutions should in principle be in the national language;

Amendment 206 #

Motion for a resolution
Paragraph 18 a (new)

18a. Emphasises the importance of IT security for the financial sector and the payments system; calls on the ECB to continue to pay close attention to this matter, and to highlight its importance in international forums, and to continue cooperating with the European Data Protection Supervisor;

Amendment 207 #

Motion for a resolution
Paragraph 18 a (new)

18a. Echoes the positions expressed by members of the Executive board on the importance of developing truly European payment systems immune from external disruptions such as those of a political nature;

Amendment 208 #

Motion for a resolution
Paragraph 18 b (new)

18b. Agrees with the ECB on the importance of physical money as legal tender, given that the euro is the sole legal tender within the euro area, and reminds all euro area Member States that the acceptance of euro coins and banknotes should be the rule in retail transactions, without prejudice to the right of the said Member States to introduce upper limits to cash payments with a view to fighting money laundering, tax fraud, and the financing of terrorism and organised crime;

Amendment 209 #

Motion for a resolution
Paragraph 18 b (new)

18b. Draws attention to President Juncker's call in his State of the Union 2018 speech to address the international role of the euro and the need for it to play its full role on the international scene; welcomes the willingness of the ECB to work with the Commission and Member States on this crucial issue, in spite of it falling outside the formal mandate of the ECB;

Amendment 21 #

Motion for a resolution
Citation 6 f (new)

– having regard to the ESRB's report, 'Vulnerabilities in the EU residential real estate sector' of November 2016, and its accompanying country- specific warnings issued to eight Member States,

Amendment 210 #

Thierry CORNILLET, Lieve WIERINCK, Ramon TREMOSA i BALCELLS

Motion for a resolution
Paragraph 18 c (new)

18c. Asks the Commission, in view of its coordination role for euro coin matters, to consider the joint issuance by all 19 euro area countries of a commemorative coin bearing the image of Charlemagne;

Amendment 211 #

Motion for a resolution
Paragraph 19

19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue ~~and, when necessary, to better explain its decisions and policies~~; stresses that the ECB has improved its communication; believes that the ECB should continue its efforts in order to make its decisions available and understandable to all citizens as well as its actions to maintain price stability in the euro area and therefore preserve the purchasing power of the common currency;

Amendment 212 #

Sander LOONES, Matt CARTHY, Thierry CORNILLET

Motion for a resolution
Paragraph 19

19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policies; decides to review and improve the setup of the monetary dialogue following the examples of the UK Parliament and the US Congress and the feedback provided by the monetary experts commissioned by ECON in March 2014(see PE 518.753);

Amendment 213 #

Motion for a resolution
Paragraph 19

19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; ~~encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policie~~To this end, asks the ECON Committee to seek to improve the setup of the monetary dialogue with the ECB president, following the examples of the UK Parliament and the US Congress;

Amendment 214 #

Sander LOONES, Matt CARTHY

Motion for a resolution
Paragraph 19 a (new)

19a. 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; calls in that respect for a revision of the ECB treaty mandate with a view to strengthening its democratic accountability and to ensuring a strict separation between fiscal and monetary policy;

Amendment 215 #

Motion for a resolution
Paragraph 19 a (new)

19a. Regrets the negative attitude of the ECB regarding the European Ombudsman’s case 1697/2016/ANA on the ECB President’s membership in the “Group of Thirty”; calls on the ECB to put an end to the President's membership of the G30, to re-examine the Ombudsman’s recommendations and to carefully review its internal policies in order to protect itself from potential cognitive capture by the financial sector;

Amendment 216 #

Motion for a resolution
Paragraph 19 a (new)

19a. Notes that the High-Level Group on Own Resources identified the ECB profits as one of the possible new own resources for the EU budget; welcomes the Commission proposal regarding using the ECB profits to provide anti-cyclical interest-free loans to Euro area Member States as part of the European Investment Stabilisation Function;

Amendment 217 #

Motion for a resolution
Paragraph 19 a (new)

19a. Congratulates the ECB on the efforts it has made thus far to improve transparency and democratic accountability vis-à-vis European citizens and the European Parliament; urges the ECB, however, not to drop its guard or to consider this process complete;

Amendment 218 #

Motion for a resolution
Paragraph 19 b (new)

19b. Deplores the negative attitude of the ECB regarding the European Ombudsman’s case 1697/2016/ANA on the ECB President’s membership in the “Group of Thirty”; calls on the ECB to put an end to the President's membership of the G30, to re-examine the Ombudsman’s recommendations and to carefully review its internal policies in order to curb conflicts of interest that can arise through revolving door practices as well as the participation of ECB Board and Council of governors Members in informal fora involving secretive discussions with senior representatives of the private sector;

Amendment 219 #

Motion for a resolution
Paragraph 19 b (new)

19b. Emphasises that monetary policy is a strictly EU matter and that scrutiny must therefore be exercised and democratic accountability guaranteed at EU level; regards it as equally important, however, that the NCBs should be transparent and accountable to the citizens and parliaments of the Member States;

Amendment 22 #

Motion for a resolution
Citation 6 g (new)

– having regard to the European Convention on Human Rights and the European Social Charter, and the implicit right to housing enshrined in several of their Articles;

Amendment 220 #

Motion for a resolution
Paragraph 19 b (new)

19b. Welcomes the improved, detailed, section-by-section, and substantial Feedback provided by the ECB to Parliament's input on the 2016 ECB Annual Report; encourages the ECB to continue this commitment to accountability;

Amendment 221 #

Thierry CORNILLET, Lieve WIERINCK, Ramon TREMOSA i BALCELLS

Motion for a resolution
Paragraph 20

20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; reiterates its call for a sufficiently broad range of candidates to be submitted, so that Parliament can carry out to the full its institutional role in connection with the appointment of the President, the Vice-President and the other members of the ECB’s Executive Board; reiterates also, looking ahead to the other posts which will fall vacant at EU level in 2019, the importance of a gender balance among candidates;

Amendment 222 #

Motion for a resolution
Paragraph 20

20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; concluding their terms; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; stresses that the members of the Executive Board must be selected solely on the basis of their recognised standing and professional experience in monetary or banking matters; reiterates its position that the Executive Board needs to significantly improve gender balance, as well as in the ECB staff more generally;

Amendment 223 #

20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; concluding their terms; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; regrets the limited involvement of the European Parliament in the process of appointing the ECB vice president this year; expresses concern at the practice of appointing a former Finance Minister of a Member State to such a senior role in the ECB due to the potential for conflicts of interest to arise;

Amendment 224 #

Motion for a resolution
Paragraph 20

20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President;, concluding their terms; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; urges the Council to elaborate a balanced shortlist of at least three candidates for all upcoming vacancies, thus allowing the Parliament to play a more meaningful advisory role in the appointment process;

Amendment 225 #

Sander LOONES, Matt CARTHY

Motion for a resolution
Paragraph 20

20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; concluding their terms; urges the ECB and the Member States to use this opportunity to address the extreme gender imbalance on the ECB Governing Council; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties;

Amendment 226 #

Motion for a resolution
Paragraph 20 a (new)

20a. Recalls the Parliaments demands that the ECB should ensure the independence of the members of its internal Audit Committee; urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for its Governing Council members; urges the ECB to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB, nor by anyone liable to conflict of interest; calls the ECB Governing Council to follow the EU Staff Regulations and Code of Conduct and require a two-year professional abstention period for its outgoing members after the conclusion of their mandate;

Amendment 227 #

Motion for a resolution
Paragraph 20 a (new)

20a. Deplores the fact that of the 517 members of the ECB's advisory groups, 98%, or 508 are from the private financial sector; believes this situations causes bias, conflicts of interest and regulatory capture in the policy-making process; calls for the greater representation of independent academic experts and consumer protection advocates to be included on all advisory bodies;

Amendment 228 #

Simona BONAFÈ

Motion for a resolution
Paragraph 20 a (new)

20a. Agrees with the argument put forward by Governor Draghi in his speech of 13 September 2018 that the excessive number of inconsistent statements made and then not followed up in recent months have led in Italy to an increase in government bond yields and a widening of the spread, with negative consequences for enterprises and households.

Amendment 229 #

Motion for a resolution
Paragraph 21 a (new)

21a. Stresses 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 23 #

Motion for a resolution
Citation 6 h (new)

– having regard to the report, 'The climate impact of quantitative easing' (2017) by Sini Matikainen, Emanuele Campiglio and Dimitri Zenghelis,

Amendment 230 #

Motion for a resolution
Paragraph 21 b (new)

21b. Calls for a full external audit of the ECB;

Amendment 24 #

Motion for a resolution
Recital -A (new)

-A. whereas the Euro is the currency of the EU; whereas the euro remains unchallenged as the second most important currency in the international monetary system; whereas the euro is the only physical money for euro area citizens which allows instant settlements and is guaranteed by the central banks, as legal issuers;

Amendment 25 #

Motion for a resolution
Recital -A a (new)

-Aa. whereas the ECB is responsible for managing the policies of the single currency, one of the most tangible and historic achievements of European integration; whereas the euro is irreversible;

Amendment 26 #

Motion for a resolution
Recital -A b (new)

-Ab. whereas popular support for the euro was high in 2017 with close to three- quarters of respondents supporting the euro in the euro area (73%), which is the highest score reached since autumn 2004, with 64% thinking the euro is a good thing for their country, and with 74% thinking the euro is a good thing for the EU;

Amendment 27 #

Motion for a resolution
Recital B

B. whereas the latest economic figures in 2018 reflect a certain moderation in growth from the high levels of 2017~~, owing to a weaker impetus from external trade and higher oil prices~~;

Amendment 28 #

Motion for a resolution
Recital C

C. whereas according to Eurostat figures from May 2018, unemployment in the EU and the euro area has now all but returned to pre-crisis levels, standing at 7.0 % and 8.4 % respectively; substantial differences between member states remain, and especially youth unemployment rates remain too high, standing at 15.1% and 16.8% respectively; whereas the number of employed people and labour force participation in the euro area were at their highest levels since the start of the Economic and Monetary Union in 1999;

Amendment 29 #

Motion for a resolution
Recital C

C. whereas according to Eurostat figures from May 2018, unemployment in the EU and the euro area has now all but returned to pre-crisis levels, standing at 7.0 % and 8.4 % respectively; whereas the number of employed people and labour force participation in the euro area were at their highest levels since the start of the Economic and Monetary Union in 1999; whereas the youth unemployment rate remains more than double the average rate, at 16.8% and 18.8% for the EU and the euro area at the end of 2017;

Amendment 3 #

Motion for a resolution
Citation 2

– having regard to the Statute of the European System of Central Banks (ESCB) and of the ECB, in particular Article 15 and article 21 thereof,

Amendment 30 #

Motion for a resolution
Recital D

D. whereas the current broad-based economic expansion is mainly being driven by exports and domestic consumption in the member states; whereas last year, investment grew at the fastest pace since 2007, backed by the global upswing and the Investment Plan for Europe; stresses the role of EFSI in bridging the investment gap in the European Union, mobilizing a total investment of EUR 256.9 bn, providing financing to almost 550.000 SMEs benefiting from EIF financing.

Amendment 31 #

Motion for a resolution
Recital D a (new)

Da. whereas the economic performance of those Member States which are outside the single currency and which enjoy exchange-rate flexibility for their own currencies has been uneven; whereas the economies of those Member States which have adopted the single currency in the last 10 years have performed better than those of the countries with flexible exchange rates;

Amendment 32 #

Motion for a resolution
Recital D a (new)

Da. whereas despite some convergence, growth and unemployment rates remain geographically uneven to a significant degree, causing dangerous fragility for the economy and endangering sound and balanced development;

Amendment 33 #

Motion for a resolution
Recital D b (new)

Db. whereas according to Eurostat data in the Harmonised Index of Consumer Prices, annual headline inflation grew from just 0.2% in 2016 to 1.5% in 2017, recovering from past lows and moving closer to the ECB's medium term inflation aim of close to but below 2%, but still falling short of the said objective; whereas the increase of headline inflation is mainly driven by higher energy prices, while underlying inflation recorded only a marginal increase to 1.0% from 0.9% in 2016, lacking signs of a sustained upward trend in 2017;

Amendment 34 #

Motion for a resolution
Recital D c (new)

Dc. whereas wage growth remains an important precondition for a sustained increase in underlying inflation1a; _________________ 1a See "The role of wages in the pick-up of inflation", ECB Economic Bulletin, Issue 5/2018: https://www.ecb.europa.eu/pub/economic- bulletin/focus/2018/html/ecb.ebbox201804 _04.en.html

Amendment 35 #

Motion for a resolution
Recital E

E. whereas according to the Eurosystem staff macroeconomic projections from June 2018, annual inflation in the Harmonised Index of Consumer Prices (HICP) for the euro area looks set to reach 1.7 % in 2018, 2019 and 2020, and thus converge towards the medium-term objective of just shy of 2 %; recalls however the large variance in inflation rates across the Eurozone;

Amendment 36 #

Motion for a resolution
Recital E a (new)

Ea. whereas the inflation target set by the ECB has no legal base in the Treaties and, moreover, should be revised by taking into account the development of asset prices;

Amendment 37 #

Motion for a resolution
Recital G a (new)

Ga. whereas the measuring of inflation used by the ECB is restricted to consumer prices and ignores the development of asset prices;

Amendment 38 #

Motion for a resolution
Recital H

H. whereas the euro area banks have accelerated their reduction in the number of non-performing loans (NPLs), from 8 % of total loans in 2014 to 4,9 % in the fourth quarter of 2017; whereas disposals of NPLs in a non-liquid and opaque market can lead to unjustified falls in the value of a loan and negative consequences for current account holders, savers and investors; whereas there are significant differences between Member States in the numbers of NPLs;

Amendment 39 #

Motion for a resolution
Recital H

H. whereas the euro area banks have accelerated their reduction in the number of non-performing loans (NPLs), from 8 % of total loans in 2014 to 4.9 % in the fourth quarter of 2017; whereas the total volume of NPLs across the EU is still at the level of EUR 950 billion; whereas there are significant differences between Member States in the numbers of NPLs;

Amendment 4 #

Motion for a resolution
Citation 3

– having regard to Article 123, Article 127(1) and (2) and Article 284 (3) of the Treaty on the Functioning of the European Union,

Amendment 40 #

Motion for a resolution
Recital H a (new)

Ha. whereas NPL ratios in 8 member states are still well above 10%, including two member states with more than 40%1a. _________________ 1a EBA Risk Dashboard.

Amendment 41 #

Motion for a resolution
Recital I

I. whereas at its October 2017 meeting, the ECB Governing Council decided to continue its net purchases under the Asset Purchase Programme (APP) at the monthly pace of EUR 30 billion until September 2018; whereas at its June 2018 meeting, the ECB Governing Council decided to prolong the monthly purchase for a reduced amount of EUR 15 billion until the end of 2018 and then to end purchases altogether, subject to incoming data confirming its medium-term inflation outlook, and confirmed that decision at its September 2018 meeting;

Amendment 42 #

Motion for a resolution
Recital I a (new)

Ia. Whereas there is still uncertainty and scepticism whether the APP falls within the scope of mandate of the ECB and constitutes de facto fiscal financing policy2a; _________________ 2a DG IPOL "Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis", PE 569.994.

Amendment 43 #

Motion for a resolution
Recital J

J. whereas the ECB Governing Council confirmed its expectations to keep the ~~key interest rates~~interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and - 0.40% respectively unchanged until at least the end of summer 2019, and in any event until there has been a sustained adjustment in the path of inflation consistent with its medium-term objective;

Amendment 44 #

Motion for a resolution
Recital J a (new)

Ja. whereas the last take up of the TLTRO in 2017 showed an increasing demand by banks in the euro area; whereas the objective of the TLTRO is to stimulate bank lending to the real economy;

Amendment 45 #

Motion for a resolution
Recital J a (new)

Ja. whereas the establishment of the SSM within the ECB has created a conflict of interest that endangers the pursuit of an independent monetary policy;

Amendment 46 #

Motion for a resolution
Recital K

K. whereas at the end of 2017 the size of the Eurosystem balance sheet had reached an all-time high of EUR 4.5 trillion, growing by 0.8 trillion compared to the end of 2016; whereas concerns continue to exist that the balance sheet of the ECB contains rising levels of risk;

Amendment 47 #

Motion for a resolution
Recital K

K. whereas at the end of 2017 the size of the Eurosystem balance sheet had reached an all-time high of over EUR 4.5 trillion, growing by 0.8 trillion compared to the end of 2016, constituting 41% of the total GDP of the Euro area;

Amendment 48 #

Motion for a resolution
Recital K

K. whereas at the end of 2017 the size of the Eurosystem balance sheet had reached an all-time high of EUR 4.5 trillion, growing by EUR 0.8 trillion compared to the end of 2016;

Amendment 49 #

Motion for a resolution
Recital K a (new)

Ka. whereas in 2017 the number and value of euro banknotes in circulation grew by around 5.9% and 4.0% respectively while the number and value of euro coins grew by 4.2% and 4.0% respectively;

Amendment 5 #

Motion for a resolution
Citation 3

– having regard to Articles 129(3), 130, 138(2), 282(2), 282(3), 283(2) and 284(3) of the Treaty on the Functioning of the European Union,

Amendment 50 #

Motion for a resolution
Recital K b (new)

Kb. whereas the ECB deems it appropriate to invite the European Commission, in view of its coordination role for euro coins matters, to consider the joint issuance by all 19 euro area countries of a commemorative coin bearing the image of Charlemagne;

Amendment 51 #

Motion for a resolution
Recital L a (new)

La. whereas the members of the ECB Executive Board have consistently emphasised the importance of implementing productivity-enhancing structural reforms in the euro area, as well as growth-friendly fiscal policies, within the framework of the Stability and Growth Pact;

Amendment 52 #

Motion for a resolution
Recital L a (new)

La. whereas the ECB has imported considerable risks into its balance sheet through its bond-purchasing programme;

Amendment 53 #

Motion for a resolution
Recital L b (new)

Lb. 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 54 #

Motion for a resolution
Recital L b (new)

Lb. whereas hitherto, when performing its supervisory role, the ECB has not always taken sufficient account of the proportionality principle;

Amendment 55 #

Motion for a resolution
Paragraph -1 (new)

-1. Welcome the fact that popular support for the euro has increased 8 percentage points in 2017 vis-a-vis 2016, with almost two-third of respondents (64%) thinking that the single currency is a good thing for their countries;

Amendment 56 #

Motion for a resolution
Paragraph -1 (new)

-1. Emphasises that the euro is primarily a political project, rather than an economic one; stresses the irreversible nature of the single currency;

Amendment 57 #

Motion for a resolution
Paragraph -1 a (new)

-1a. Draws attention to the requirement for every Member State with the exception of the United Kingdom and Denmark to adopt the single currency once they have met the Maastricht convergence criteria; takes the view that participation in the Banking Union must be regarded as a key criterion for those countries wishing to join the euro area;

Amendment 58 #

Motion for a resolution
Paragraph 1

1. Highlights that the statute of independence of the ECB, as laid down in the treaties, is crucial for fulfilling its mandate of price stability and protecting the institution as a whole from political interference; stresses, however, the need for more accountability and transparency, proportionate to its level of independence;

Amendment 59 #

Motion for a resolution
Paragraph 1

1. Highlights that the statute of independence of the ECB, as laid down in the treaties, is crucial for fulfilling its mandate of price stability and protecting the institution as a whole from political interference; calls on the ECB to concentrate exclusively on the objective of price stability;

Amendment 6 #

Thierry CORNILLET, Ramon TREMOSA i BALCELLS

Motion for a resolution
Citation 3 a (new)

– having regard to Commission Communication COM(2018)321 entitled ‘A Modern Budget for a Union that Protects, Empowers and Defends’,

Amendment 60 #

Motion for a resolution
Paragraph 1 a (new)

1a. Reiterates that the independence of the ECB gives the members of the Executive board the freedom to decide, responsibly and based on the respect of appropriate accountability, about participating in fora, including those not open to the wider public, if they consider it is necessary to ensure the best conduct of the ECB monetary policy;

Amendment 61 #

Motion for a resolution
Paragraph 1 a (new)

1a. Notes that the monetary policies undertaken in the 2012-2017 period have effectively preserved the single currency and the stability of the Economic and Monetary Union, including by maintaining financial stability, the proper functioning of the payment systems, easing financing conditions and boosting economic growth;

Amendment 62 #

Motion for a resolution
Paragraph 1 a (new)

1a. Emphasises, further, that the ECB’s status as a federal institution - which rules out national vetoes, bans government interference and provides for decision-making by a majority of the members of the Governing Council - enables it to act decisively and independently, in keeping with its remit, to safeguard the single currency;

Amendment 63 #

Jörg MEUTHEN, Barbara KAPPEL

Motion for a resolution
Paragraph 1 a (new)

1a. Whereas a decade after the outbreak of the Great Financial Crisis (GFC), and after real GDP has expanded for five consecutive years, the monetary policy stance of the ECB has remained extraordinary accommodative,

Amendment 64 #

Motion for a resolution
Paragraph 1 a (new)

1a. Warns that the ECB's monetary policy is currently dominated by the lack of sound fiscal policies of some Member States;

Amendment 65 #

Motion for a resolution
Paragraph 1 b (new)

1b. Recalls that, in accordance with the provisions of Article 2 of its Statute and Article 127 of the TFEU and the further details set out in Article 282 of the TFEU, the ECB must, without prejudice to the primary objective of price stability, support "the general economic policies of the Union", with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the TEU;

Amendment 66 #

Motion for a resolution
Paragraph 2

2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; ~~welcomes the role of~~notes the impact of the extraordinary accommodative monetary policy pursued by the ECB and the structural reforms undertaken in some Member States as part of the ongoing cyclical recovery; regrets that the heavy reliance on monetary policy to support the post-crisis recovery has also had unintended negative consequences

Amendment 67 #

Motion for a resolution
Paragraph 2

2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of the ECB and the structural reforms designed to bring about sustainable, inclusive growth undertaken in some Member States as part of the ongoing recovery; draws attention to the importance of assessing the social, and not just the economic, impact of the reforms undertaken;

Amendment 68 #

Motion for a resolution
Paragraph 2

2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of the ECB and the structural reforms undertaken in some Member States as part of the ongoing recovery; stresses that the ECB’s monetary policy cannot be a substitute for sustainable structural reforms and sound budgetary policies;

Amendment 69 #

Motion for a resolution
Paragraph 2

2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of the ECB and the structural reforms undertaken in some Member States as part of the ongoing recovery; notes that the ECB’s monetary policy alone is not a suitable instrument for guiding economic growth;

Amendment 7 #

Thierry CORNILLET, Lieve WIERINCK, Ramon TREMOSA i BALCELLS

Motion for a resolution
Citation 4 a (new)

– having regard to the ECB Economic Bulletin, Issue 5/2018;

Amendment 70 #

Motion for a resolution
Paragraph 2

2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; that, while continuing to dramatically affect youth in the EU, EU unemployment is at the lowest level since 2008 welcomes the role of the ECB and the structural reforms undertaken in some Member States as part of the ongoing recovery;

Amendment 71 #

Barbara KAPPEL, Sander LOONES

Motion for a resolution
Paragraph 2

2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of ~~the ECB and the~~ structural reforms undertaken in some Member States as part of the ongoing recovery;

Amendment 72 #

Motion for a resolution
Paragraph 2 a (new)

2a. Notes however that inflation dynamics in 2017, with headline inflation increasing to 1.5% reflecting higher contributions from energy prices, and underlying inflation, excluding energy and food, recording only 1% increase, had yet to show convincing signs of a sustained upward adjustment to a medium-term level below, but close to 2%, consistent with the ECB's definition of price stability1a; _________________ 1a See ECB 2017 Annual Report, pages 4,8 and 16

Amendment 73 #

Motion for a resolution
Paragraph 2 a (new)

2a. Recalls that both monetary and fiscal expansions work to a considerable extent by bringing spending forward in time; believes that the structural contribution that monetary policy makes to sustainable growth is limited; urges policy makers to maintain the current economic upswing beyond the short term by taking productivity-enhancing structural reforms;

Amendment 74 #

Motion for a resolution
Paragraph 2 a (new)

2a. Notes that the 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 75 #

Motion for a resolution
Paragraph 2 a (new)

2a. Considers that monetary policy alone is not sufficient to achieve sustainable economic growth and that monetary policy cannot be a substitute for ambitious structural reforms;

Amendment 76 #

Motion for a resolution
Paragraph 2 b (new)

2b. 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 77 #

Motion for a resolution
Paragraph 3

3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, the Brexit negotiations, new asset bubbles, the emerging market crisis, historic levels of private debt and rising divergences between Member States on the future of European integration, among other causes;

Amendment 78 #

Motion for a resolution
Paragraph 3

3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, the Brexit negotiations, rising populism across the political spectrum and rising divergences between Member States on the future of European integration, among other causes;

Amendment 79 #

Motion for a resolution
Paragraph 3

3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, and the Brexit negotiations ~~and rising divergences between Member States on the future of European integration~~, among other causes;

Amendment 8 #

Motion for a resolution
Citation 4 b (new)

– having regard to Article 11 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro;

Amendment 80 #

Motion for a resolution
Paragraph 3

3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, rising nationalism, the Brexit negotiations and rising divergences between Member States on the future of European integration, among other causes;

Amendment 81 #

Motion for a resolution
Paragraph 3

3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, the Brexit negotiations and rising ~~divergences between Member States on the future of European integration~~concerns on increased deficits and the sustainability of debt burdens in some countries, among other causes;

Amendment 82 #

Motion for a resolution
Paragraph 3 a (new)

3a. Points out that monetary policy is a powerful instrument for stabilising the economic cycle, but that it is no substitute for sound and intelligent countercyclical measures to manage State budgets; regards as essential, in that connection, joint institutional consideration of the validity and appropriateness of the requirements laid down in the Stability and Growth Pact and the Fiscal Compact, which, during the financial crisis, exacerbated the negative repercussions of the economic cycle in the Member States;

Amendment 83 #

Motion for a resolution
Paragraph 3 a (new)

3a. Notes with concerns the backlash against globalization and the rise of protectionism;

Amendment 84 #

Motion for a resolution
Paragraph 4

4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels and the ECB’s fundamental role in this context; urges the Member States not to waste this opportunity and instead to complete the reform process they have embarked on and increase public spending and investment once again, in particular in education and policies aimed at children, which have shown significant potential as regards the enhancement of skills, productivity and the quality of life of (future) workers and citizens; encourages the ECB to take the necessary measures, in line with its mandate, to help realise thisese objectives;

Amendment 85 #

Motion for a resolution
Paragraph 4

4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; ~~encourage~~recalls theat ECB ~~to take the necessary~~ measures, in line with its mandate, ~~to help realise this objective;~~can have favourable effects on financing conditions and investment, but warns that credit driven expansions can lead to a costly misallocation of real resources(“malinvestments”),

Amendment 86 #

Motion for a resolution
Paragraph 4

4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; ~~encourages the ECB to take~~believes that it is primarily Member States’ governments responsibility to implement the necessary measures, in to help realinse ~~with its mandate, to help realise this objective;~~ this objective, in order to ensure parliamentary scrutiny at the appropriate level;

Amendment 87 #

Motion for a resolution
Paragraph 4

4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; encourages the ECB to take the necessary measures, in line with its mandate, to help realise this objective; stresses that the primary objective of the ECB is to maintain price stability;

Amendment 88 #

Motion for a resolution
Paragraph 4

4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels; encourages the ECB to take the necessary measures, in line with its mandate, to help realise this objectiveat low interest rates have made issuing new debt cheaper; reiterates that debt levels in certain member state are still unsustainable; stresses that in 4 euro area member states debt levels are still well above 100% of GDP; reiterates that low interest rates are instrumental in the emergence of market bubbles, primarily in the real estate market;

Amendment 89 #

Motion for a resolution
Paragraph 4 a (new)

4a. Agrees with the ECB that a balanced mix of sound and growth- friendly national fiscal policies, implemented within the framework of the SGP, including its build-in flexibility, as well as socially balanced and ambitious productivity-enhanced reforms, are required at Member State level in order to ensure durable and sustainable economic growth;

Amendment 9 #

Motion for a resolution
Citation 4 c (new)

– having regard to Article 128(1) of the TFEU, on the legal tender character of the euro;

Amendment 90 #

Motion for a resolution
Paragraph 4 a (new)

4a. Considers that monetary policy alone is not sufficient to achieve a sustainable economic recovery, and that investments should be encouraged, as well as structural reforms in the Member States;

Amendment 91 #

Motion for a resolution
Paragraph 4 a (new)

4a. Notes with concern that the EU share of global foreign direct investments flows fell significantly since the crisis;

Amendment 92 #

Motion for a resolution
Subheading 1 a (new)

EMU and Banking Union

Amendment 93 #

Motion for a resolution
Paragraph 4 b (new)

4b. Stresses that in order to ensure the full effectiveness of monetary policy, current account imbalances must be corrected with appropriate fiscal and economic policies, and productivity- enhancing reforms;

Amendment 94 #

Motion for a resolution
Paragraph 4 a (new)

4a. Regards it as essential that the ECB should have an institutional discussion partner on its level in the euro area, in the form of a Finance Minister;

Amendment 95 #

Motion for a resolution
Paragraph 4 c (new)

4c. Notes that, so far the impact of the ECB's monetary policy measures on bank's profitability, appears contained. Overall, lower net interest margins, related to the flat yield curve and the downward stickiness of deposit rates, are being counteracted by improvements in the economic outlook that are having positive impact on credit quality (and therefore on bank's provisioning costs) and on lending volumes. At the same time, while cyclical challenges are gradually abating, bank profitability still remains fairly subdue. This reflects structural factors, including low cost-efficiency, weak revenue generation and diversification, and high stocks of NPLs in some jurisdictions;

Amendment 96 #

Motion for a resolution
Paragraph 4 b (new)

4b. Takes the view, further, that that minister should be able to take decisions concerning the aggregate fiscal position of the euro area and manage its centralised budget, with the European Parliament playing an appropriate governance and supervisory role;

Amendment 97 #

Motion for a resolution
Paragraph 4 c (new)

4c. Calls for the establishment of a rainy day fund, financed from the distributable profits of the Eurosystem, which would play a stabilising role in the event of macroeconomic shocks; calls for that fund to be managed by the Finance Minister, who would be accountable to the European Parliament; points out that in that context the distributable profits of the Eurosystem would be regarded as own resources under the euro area budget;

Amendment 98 #

Motion for a resolution
Paragraph 5

Amendment 99 #