2021/2063(INI) European Central Bank – annual report 2021
Next event: Indicative plenary sitting date 2022/02/14
Lead committee dossier:
Next event: Indicative plenary sitting date 2022/02/14
Progress: Awaiting Parliament's vote
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
PAPADIMOULIS Dimitrios ( GUE/NGL)
|
KYRTSOS Georgios ( EPP),
MAVRIDES Costas ( S&D),
EROGLU Engin ( Renew),
HAHN Henrike ( Verts/ALE),
GRANT Valentino ( ID),
VAN OVERTVELDT Johan ( ECR)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Events
2022/02/14
Indicative plenary sitting date
2021/12/15
EP - Committee report tabled for plenary
2021/12/06
EP - Vote in committee
2021/10/12
EP - Amendments tabled in committee
Documents
2021/09/09
EP - Committee draft report
Documents
2021/05/20
EP - Committee referral announced in Parliament
2021/03/23
EP - PAPADIMOULIS Dimitrios (GUE/NGL) appointed as rapporteur in ECON
Documents
Activities
- Roberta METSOLA
Plenary Speeches (0)
- Dimitrios PAPADIMOULIS
Plenary Speeches (0)
- Evelyn REGNER
Plenary Speeches (0)
- Irene TINAGLI
Plenary Speeches (0)
| Amendments | Dossier |
| 357 |
2021/2063(INI)
2021/10/13
ECON
357 amendments...
Amendment 1 #
Motion for a resolution Citation 4 a (new) — having regard to the ECB occasional papers No 263 to 280 of September 2021 on the monetary policy strategy review,
Amendment 10 #
Motion for a resolution Citation 9 a (new) — having regard to the ECB staff macroeconomic projections for the euro area published on 9 September 2021,
Amendment 100 #
Motion for a resolution Paragraph 5 5.
Amendment 101 #
Motion for a resolution Paragraph 5 5.
Amendment 102 #
Motion for a resolution Paragraph 5 5.
Amendment 103 #
Motion for a resolution Paragraph 5 5.
Amendment 104 #
Motion for a resolution Paragraph 5 5. Agrees with the ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’, implying that European and national fiscal policies should continue to aid those households and businesses which were most severely impacted by the pandemic;
Amendment 105 #
Motion for a resolution Paragraph 5 a (new) Amendment 106 #
Motion for a resolution Paragraph 6 Amendment 107 #
Motion for a resolution Paragraph 6 Amendment 108 #
Motion for a resolution Paragraph 6 Amendment 109 #
Motion for a resolution Paragraph 6 Amendment 11 #
Motion for a resolution Citation 10 a (new) — having regard to the ECB Survey on the Access to Finance of Enterprises (SAFE) in the euro area - 8 March and 22 April 2021, published on 1 June 2021,
Amendment 110 #
Motion for a resolution Paragraph 6 6. Underlines the importance of
Amendment 111 #
Motion for a resolution Paragraph 6 6. Underlines the importance of a central fiscal capacity capable of providing a counter-cyclical stabilisation function and timely and adequate support in the event of economic shocks; agrees with President Lagarde that ‘such a central fiscal capacity could help steer the aggregate euro area fiscal policy stance and ensure a more appropriate macroeconomic policy mix’;
Amendment 112 #
Motion for a resolution Paragraph 6 6. Underlines the importance of a central fiscal capacity capable of providing a counter-cyclical stabilisation function and timely and adequate support in the event of economic shocks as well as financing of the green transition; emphasises that a permanent central EU common fiscal capacity would act as the ECB’s central fiscal counterpart;
Amendment 113 #
Motion for a resolution Paragraph 6 6. Underlines the importance of a
Amendment 114 #
Motion for a resolution Paragraph 6 a (new) 6 a. Highlights that a common euro area safe asset could foster financial stability and financial integration and help mitigate risks spilling over from sovereigns to their domestic banking sector;
Amendment 115 #
Motion for a resolution Paragraph 7 Amendment 116 #
Motion for a resolution Paragraph 7 Amendment 117 #
Motion for a resolution Paragraph 7 Amendment 118 #
Motion for a resolution Paragraph 7 Amendment 119 #
Motion for a resolution Paragraph 7 7.
Amendment 12 #
Motion for a resolution Citation 11 a (new) — having regard to the Network for Greening the Financial System (NGFS) report entitled ‘Adapting central bank operations to a hotter world: Reviewing some options’, published on 24 March 2021,
Amendment 120 #
Motion for a resolution Paragraph 7 7. Echoes President Lagarde’s call for the revision and simplification of the Stability and Growth Pact (SGP) to be carried out before the deactivation of the general escape clause; calls for an enhanced debate on the future of the EU economic governance framework in order to facilitate the economic and social recovery, promote fair, inclusive and sustainable growth and boost full and high-quality employment;
Amendment 121 #
Motion for a resolution Paragraph 7 a (new) 7a. Expresses concern at the imbalances in the currency area and believes the excessive current account surpluses in the balance of payments of some Member States should be addressed more resolutely;
Amendment 122 #
Motion for a resolution Paragraph 8 8.
Amendment 123 #
Motion for a resolution Paragraph 8 8. Welcomes the ECB’s
Amendment 124 #
Motion for a resolution Paragraph 8 8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; acknowledges the positive impact of this response on the economic situation of the euro area; expects that the ECB will retain its support as long as it is needed; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance,
Amendment 125 #
Motion for a resolution Paragraph 8 8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkit; points out that the ECB's ultra-accommodative monetary policy provides disadvantages for savers and comes with the severe risk of asset price inflation;
Amendment 126 #
Motion for a resolution Paragraph 8 8. Welcomes the
Amendment 127 #
Motion for a resolution Paragraph 8 8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations;
Amendment 128 #
Motion for a resolution Paragraph 8 8.
Amendment 129 #
Motion for a resolution Paragraph 8 8.
Amendment 13 #
Motion for a resolution Citation 11 a (new) — having regard to the monetary dialogues with the President of the European Central Bank, Christine Lagarde, of 18 March, 21 June and 27 September 2021,
Amendment 130 #
Motion for a resolution Paragraph 8 8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations, in particular the pandemic emergency longer-term refinancing operations (PELTROs); welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkit;
Amendment 131 #
Motion for a resolution Paragraph 8 8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of
Amendment 132 #
Motion for a resolution Paragraph 8 a (new) 8a. Calls on the ECB to monitor the proportionality of quantitative easing to the risks on its balance sheets, asset price inflation and the potential misallocation of resources; notes that, in using this tool, the ECB is also encouraging Member States to run up greater debts, which is unfair on future generations;
Amendment 133 #
Motion for a resolution Paragraph 8 a (new) 8 a. Points out that operating close to the effective lower bound significantly reduces the effectiveness of monetary policy;
Amendment 134 #
Motion for a resolution Paragraph 9 Amendment 135 #
Motion for a resolution Paragraph 9 9.
Amendment 136 #
Motion for a resolution Paragraph 9 9.
Amendment 137 #
Motion for a resolution Paragraph 9 9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until
Amendment 138 #
Motion for a resolution Paragraph 9 9.
Amendment 139 #
Motion for a resolution Paragraph 9 9.
Amendment 14 #
Motion for a resolution Citation 11 a (new) — having regard to the ECB's study "The use of cash by Households in the euro area" published in November 2017,
Amendment 140 #
Motion for a resolution Paragraph 9 9. Welcomes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022; Recalls the temporary nature of the PEPP;
Amendment 141 #
Motion for a resolution Paragraph 9 9.
Amendment 142 #
Motion for a resolution Paragraph 9 9.
Amendment 143 #
Motion for a resolution Paragraph 9 9.
Amendment 144 #
Motion for a resolution Paragraph 9 9.
Amendment 145 #
Motion for a resolution Paragraph 9 a (new) 9 a. Welcomes ECB’s decision to purchase flexibly under the PEPP with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic, while supporting the smooth transmission of monetary policy;
Amendment 146 #
Motion for a resolution Paragraph 9 a (new) 9a. Notes the quick and substantial ECB monetary policy response to the COVID-19 crisis in an emergency context and takes the view that the ECB needs to strengthen its role of lender of last resort for the euro area;
Amendment 147 #
Motion for a resolution Paragraph 9 a (new) 9 a. Recalls and supports the statement of Bundesbank president Jens Weidmann in his interview with Welt Am Sonntag of 8 August 2021 that PEPP must end when COVID-19 is over, since "the first P stands for pandemic and not for permanent";
Amendment 148 #
Motion for a resolution Paragraph 10 10.
Amendment 149 #
Motion for a resolution Paragraph 10 10.
Amendment 15 #
Motion for a resolution Citation 11 b (new) — having regard to the ECB's study "Inflation measurement and its assessment in the ECB’s monetary policy strategy review" published in September 2021,
Amendment 150 #
Motion for a resolution Paragraph 10 10.
Amendment 151 #
Motion for a resolution Paragraph 10 10.
Amendment 152 #
Motion for a resolution Paragraph 10 10.
Amendment 153 #
Motion for a resolution Paragraph 10 10.
Amendment 154 #
Motion for a resolution Paragraph 10 10.
Amendment 155 #
Motion for a resolution Paragraph 10 10. Welcomes the fact that net purchases under the asset purchase programme (APP) will continue at a monthly pace of EUR 20 billion; welcomes ECB’s expectation that monthly net asset purchases under the
Amendment 156 #
Motion for a resolution Paragraph 10 10. Welcomes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will
Amendment 157 #
Motion for a resolution Paragraph 10 10. Welcomes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates; Reminds that according to the most recent ECB's governing council's decisions the asset purchase programme (APP), the pre-pandemic programme, will remain operational at the steady pace;
Amendment 158 #
Motion for a resolution Paragraph 10 a (new) 10 a. Welcomes the inclusion of Greek bonds in the PEPP; notes, however, that they are still not eligible under the public sector purchase programme (PSPP) despite the significant progress made; calls on the ECB to reassess the eligibility of Greek bonds under the PSPP and to provide specific recommendations well in advance of the conclusion of the PEPP for their inclusion in the PSPP;
Amendment 159 #
Motion for a resolution Paragraph 10 a (new) 10 a. Welcomes the ECB’s decision to continue reinvesting in full the principal payments from maturing securities purchased under APP for as long as necessary to maintain favourable liquidity conditions;
Amendment 16 #
Motion for a resolution Citation 12 Amendment 160 #
Motion for a resolution Paragraph 10 a (new) 10 a. Calls on the ECB to study the possibility of using unconventional policy measures that have the potential to better fulfil inflation targets;
Amendment 161 #
10 b. Welcomes ECB’s decision to continue to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2023 and to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation;
Amendment 162 #
Motion for a resolution Paragraph 11 11.
Amendment 163 #
Motion for a resolution Paragraph 11 11. Notes that the amount of Eurosystem refinancing operations increased to EUR 1 850 billion at the end of 2020, mainly due to the third series of targeted longer-term refinancing operations (TLTRO III); notes, moreover, that the weighted average maturity of outstanding Eurosystem refinancing operations increased to around 2.4 years at the end of 2020;
Amendment 164 #
Motion for a resolution Paragraph 11 a (new) 11 a. Welcomes ECB’s decision to continue to provide ample liquidity through its refinancing operations; acknowledges that the funding obtained through the TLTRO III plays a crucial role in supporting bank lending to businesses and households; stresses, however, that in some cases a very small part of these liquidity injections has increased bank lending to the real economy, especially households and SMEs; calls on the ECB to ensure that such measures truly facilitate the financing of the real economy;
Amendment 165 #
Motion for a resolution Paragraph 11 a (new) 11 a. Is extremely worried about the fact and condemns that German Target claims rose by 78 billion euros in September, which means the Bundesbank now has a claim against the rest of the Eurosystem of over 1.12 trillion euros;
Amendment 166 #
Motion for a resolution Paragraph 11 b (new) 11 b. Is extremely worried and condemns that since March 2020, the ECB has overbought 19 billion euros worth of Italian debt, relative to the Capital Key; calls on the ECB to end the Mediterranean bias and return to the Capital Key;
Amendment 167 #
Motion for a resolution Paragraph 11 c (new) 11 c. Recalls that the ECB is now by far the largest creditor of the euro countries; calls on the ECB to end this kind of monetary cannibalism;
Amendment 168 #
Motion for a resolution Paragraph 12 12.
Amendment 169 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term
Amendment 17 #
Motion for a resolution Citation 13 Amendment 170 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3.4 % in
Amendment 171 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target;
Amendment 172 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term
Amendment 173 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021;
Amendment 174 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021;
Amendment 175 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term
Amendment 176 #
Motion for a resolution Paragraph 12 12.
Amendment 177 #
Motion for a resolution Paragraph 12 12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and resolutely address this upward trend and its consequences more attentively;
Amendment 178 #
Motion for a resolution Paragraph 12 12.
Amendment 179 #
Motion for a resolution Paragraph 12 a (new) Amendment 18 #
Motion for a resolution Citation 13 a (new) — having regard to the European Parliament resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations (2019/2614(RSP)),
Amendment 180 #
Motion for a resolution Paragraph 12 a (new) 12 a. Echoes President Lagarde’s call not to overreact to transitory supply shocks that have no bearing on the medium term, and for monetary policy to remain focused on steering the economy safely out of the pandemic emergency;
Amendment 181 #
Motion for a resolution Paragraph 12 a (new) 12 a. Expects the ECB’s key interest rate to remain at present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projected horizon and durably for the rest of the projected horizon;
Amendment 182 #
Motion for a resolution Paragraph 13 13. Notes the ECB’s
Amendment 183 #
Motion for a resolution Paragraph 13 13.
Amendment 184 #
Motion for a resolution Paragraph 13 13. Notes the ECB’s decision to include the costs related to owner-occupied housing in the HICP to better represent the inflation rate that is relevant for households; acknowledges that this inclusion is a multi-year project; stresses that such inclusion could result to raising the price indices and, at least temporarily, bringing inflation above the medium-term target thus reducing ECB’s room for manoeuvre; calls on the ECB to prepare for and effectively address such risks;
Amendment 185 #
Motion for a resolution Paragraph 13 13.
Amendment 186 #
Motion for a resolution Paragraph 13 13. Notes the ECB’s decision to include the costs related to owner-occupied housing in the HICP
Amendment 187 #
Motion for a resolution Paragraph 13 13. Notes the ECB’s decision to include the costs related to owner-occupied housing in the HICP to better represent the inflation rate that is comparable and relevant for households, as housing costs have been continuously rising;
Amendment 188 #
Motion for a resolution Paragraph 13 13.
Amendment 189 #
Motion for a resolution Paragraph 13 13.
Amendment 19 #
Motion for a resolution Citation 15 a (new) — having regard to the ECB economy-wide climate stress-test of September 2021,
Amendment 190 #
Motion for a resolution Paragraph 13 a (new) 13 a. Is extremely worried that real estate prices in the euro area have risen 6.8% in Q2 of 2021 compared to Q2 in 2020, and 11% in Germany, largely due to the ultra-accommodative monetary policy off the EU; recalls that almost 50% of German households are tenants and that German rents have risen 80% since 2010, and that the German middle class can no longer afford real estate; recalls that Germans now have to take out an average mortgage of 312.000 euros, which is 7 times their disposable income: reminds the ECB that this leverage is no longer affordable for most Germans; calls on the ECB to end its monetary terrorism on the German citizen and normalise interest rates as soon as possible;
Amendment 191 #
Motion for a resolution Paragraph 13 a (new) 13 a. Calls on the ECB to conduct a detailed and transparent audit of public debts and a public debt sustainability analysis for the euro area to facilitate a sustainable economic recovery; recommends that the ECB discuss a constructive plan on renegotiating and reconstructing public debt as part of an overall debt relief policy and re-examine the possibility to cancel the share of public debt it holds; invites the ECB to examine the possibility for the European Stability Mechanism (ESM) to purchase the ECB-held sovereign debt, which could enhance monetary policy independence;
Amendment 192 #
Motion for a resolution Paragraph 13 a (new) 13 a. Takes note of potential HICP measurement biases including the Quality Adjustment bias; invites the ECB to provide more transparency about the Quality Adjustments in different Member States and their effects on the measured inflation;
Amendment 193 #
Motion for a resolution Paragraph 13 a (new) 13 a. Considers that the ECB needs to use all of the tools at its disposal in order to fight and mitigate climate related risks for our economy including a greening of its portfolio assets and of its refinancing operations;
Amendment 194 #
Motion for a resolution Paragraph 13 b (new) 13 b. Notes the impact of long-term low interest rates; underlines that low interest rates, on the one hand, offer opportunities to consumers, companies, including SMEs, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs; recognises the diverging distributional consequences of the ECB’s policies; calls on the ECB to examine the impact of its policies on wealth inequality; regrets, on the other hand, the increase of unviable and highly indebted business, the reduced incentive for governments to pursue growth and sustainability-enhancing reforms, as well as detrimental effects on insurers and pension funds, and stresses the financial burden this places on many citizens across the Union;
Amendment 195 #
Motion for a resolution Paragraph 13 b (new) 13 b. Warns, however, against the risk of excessive valuations on bond markets, which risk being difficult to handle if interest rates start to rise again, particularly for countries involved in an excessive deficit procedure or those with high levels of debt;
Amendment 196 #
Motion for a resolution Paragraph 13 b (new) 13 b. Welcomes ECB’s decision to assess periodically the appropriateness of its monetary policy strategy, thus enhancing also public awareness and involvement in monetary policy;
Amendment 197 #
Motion for a resolution Paragraph 13 c (new) 13 c. Asks the ECB to monitor the proportionality of quantitative easing to the risks in its balance sheets, asset price inflation and the potential misallocation of resources;
Amendment 199 #
Motion for a resolution Paragraph 14 Amendment 2 #
Motion for a resolution Citation 6 a (new) — having regard to the Intergovernmental Panel onClimate Change’s (IPCC) special report on global warming of 1,5 °C, its special report on climate change and land, and its special report on the ocean and cryosphere in a changing climate,
Amendment 20 #
Motion for a resolution Recital A A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU
Amendment 200 #
Motion for a resolution Paragraph 14 Amendment 201 #
Motion for a resolution Paragraph 14 Amendment 202 #
Motion for a resolution Paragraph 14 14. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that this should be reflected in its policies, taking into account the potential adverse effects on prices, especially of raw materials, and on employment, which may be created if an unpragmatic approach is adopted to the digital and green transition;
Amendment 203 #
Motion for a resolution Paragraph 14 14. Recalls that, as an EU institution, the ECB is bound by the
Amendment 204 #
Motion for a resolution Paragraph 14 14. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that this should be reflected in its policies together with adhering to its mandate of supporting general economic policies of the union, specifically in this case the achievement of a climate-neutral economy by 2050;
Amendment 205 #
Motion for a resolution Paragraph 14 14.
Amendment 206 #
Motion for a resolution Paragraph 14 14.
Amendment 207 #
Motion for a resolution Paragraph 14 14. Notes, respecting the independence of the ECB, the impact of climate change on inflation dynamics and transmission risks in monetary policy; Recalls that, as an EU institution, the ECB is bound by the Paris Agreement and that this should be reflected in its policies;
Amendment 208 #
Motion for a resolution Paragraph 14 a (new) 14 a. Notes with concern the Bank for International Settlement's analysis that the valuations of certain ESG assets may already be stretched1a, _________________ 1aBIS Quarterly Review, September 2021. Box A: Sustainable finance: trends, valuations and exposures
Amendment 209 #
Motion for a resolution Paragraph 14 a (new) 14 a. Welcomes the ECB's efforts to monitor and reduce ist Environmental Footprint;
Amendment 21 #
Motion for a resolution Recital A A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU and the euro area
Amendment 210 #
Motion for a resolution Paragraph 15 Amendment 211 #
Motion for a resolution Paragraph 15 Amendment 212 #
Motion for a resolution Paragraph 15 Amendment 213 #
Motion for a resolution Paragraph 15 Amendment 214 #
Motion for a resolution Paragraph 15 15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and its consequences pose a threat to price stability by hampering the transmission of monetary policy to the real economy, affecting growth and increasing macroeconomic instability; stresses that the EU has already decided on the priority of economic policies steered towards achieving climate neutrality by 2050 at the latest, hence the ECB is already obliged to adopt specific policies contributing to the EU climate policies and targets;
Amendment 215 #
Motion for a resolution Paragraph 15 15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and its consequences pose a threat to price stability; notes that the results of the ECB first climate stress test indicate that without strong measures, the EUGDP could be 10% lower in 2100 than it would be with an orderly planned scenario for the green transition; therefore welcomes that the ECB will conduct regular climate stress-tests both at economy-wide and individual banks levels;
Amendment 216 #
Motion for a resolution Paragraph 15 15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and its consequences pose a serious threat to price stability; emphasises that tackling the climate and biodiversity emergency requires an integrated approach in order to achieve a just transition;
Amendment 217 #
Motion for a resolution Paragraph 15 15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and its consequences pose a threat to price stability, and calls on the ECB in this context to maintain a cautious approach aimed at introducing an economically-sustainable ecological transition not driven by excessive ideological zeal;
Amendment 218 #
Motion for a resolution Paragraph 15 15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change
Amendment 219 #
15.
Amendment 22 #
Motion for a resolution Recital A A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area;
Amendment 220 #
Motion for a resolution Paragraph 16 Amendment 221 #
Motion for a resolution Paragraph 16 Amendment 222 #
Motion for a resolution Paragraph 16 Amendment 223 #
Motion for a resolution Paragraph 16 16. Welcomes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework and models; emphasises that this is an important step, but stresses that more ambitious and timely action is required to tackle climate change and the loss of biodiversity and put climate action at the core of its strategy, moving away from the market neutrality principle;
Amendment 224 #
Motion for a resolution Paragraph 16 16. Welcomes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework; notes, however, that the action plan focuses on climate- related risks, sidelining the issue of environmental impacts and thus potentially disregarding the double materiality principle that is at the heart of the EU sustainable finance framework; calls on the ECB to develop further its action plan to fully integrate environmental impacts;
Amendment 225 #
Motion for a resolution Paragraph 16 16. Welcomes the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework; welcomes the ECB’s economy-wide climate stress test, which was developed to assess the resilience of banks and corporations to transition and physical risks arising from climate change;
Amendment 226 #
Motion for a resolution Paragraph 16 16.
Amendment 227 #
Motion for a resolution Paragraph 16 16.
Amendment 228 #
Motion for a resolution Paragraph 16 16.
Amendment 229 #
Motion for a resolution Paragraph 17 Amendment 23 #
Motion for a resolution Recital A A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU and the euro area, with significant
Amendment 230 #
Motion for a resolution Paragraph 17 Amendment 231 #
Motion for a resolution Paragraph 17 Amendment 232 #
Motion for a resolution Paragraph 17 17. Believes that the market neutrality principle
Amendment 233 #
Motion for a resolution Paragraph 17 17. Believes that the market neutrality principle
Amendment 234 #
Motion for a resolution Paragraph 17 17. Believes that the market neutrality principle falls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the latest; notes that the ECB has already deviated from market neutrality in several instances; calls on the ECB to adopt a benchmark that fully accounts for market failures and the need to align with EU environmental objectives;
Amendment 235 #
Motion for a resolution Paragraph 17 17. Believes that the market neutrality principle falls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the latest;
Amendment 236 #
Motion for a resolution Paragraph 17 17.
Amendment 237 #
Motion for a resolution Paragraph 17 17.
Amendment 238 #
Motion for a resolution Paragraph 17 17. Believes that the market neutrality principle
Amendment 239 #
Motion for a resolution Paragraph 17 – point 1 (new) (1) Welcomes the fact that the ECB will create indicators on exposures of financial institutions to climate-related physical risks through their portfolios, including indicators on the carbon footprint;
Amendment 24 #
Motion for a resolution Recital A A. whereas, according to the Commission’s Summer 2021 Economic Forecast, GDP contracted in 2020 by 6 % in the EU and 6.5 % in the euro area; whereas GDP is forecast to grow by 4.8 % in 2021 and 4.5 % in 2022 in both the EU and the euro area, with
Amendment 240 #
Motion for a resolution Paragraph 17 a (new) 17 a. Regrets the predominance of carbon-intensive sectors in the ECB’s corporate sector purchase programme (CSPP); welcomes ECB’s commitment to assess potential biases in the market allocation and alternative allocations and to make concrete proposals for alternative benchmarks, in particular for the CSPP; believes that such biases and alternative benchmarks are essential in order to align the CSPP with the Paris Agreement and the EU environmental objectives; calls on the ECB to accelerate the implementation of its commitment; calls for concrete action to tackle lending in the carbon economy and reduce the high emission intensity in the ECB’s portfolio also in the meantime;
Amendment 241 #
Motion for a resolution Paragraph 17 a (new) 17 a. Considers that in its current form, the principle of market neutrality doesn't factor in negative externalities; deems that this therefore goes against the Treaty principle to ensure an "efficient allocation of resources" and excessively favours high-emitting sectors; Calls on the ECB to review its principle of market neutrality as soon as possible and replace it with a market efficiency principle that ensures the efficient allocation of resources over a long-term horizon;
Amendment 242 #
Motion for a resolution Paragraph 17 a (new) 17 a. Calls on ECB to move beyond a purely risk-based approach and to apply the “double materiality” by taking urgent steps to decarbonise the collateral framework governing its monetary policy operations, its long-term refinancing operations, and corporate bond purchase programs, noting that concrete and feasible proposals to do so already exist1a; _________________ 1aDafermos et al. (2020), Dafermos et al (2021)
Amendment 243 #
Motion for a resolution Paragraph 17 a (new) 17 a. Welcomes the fact that the ECB will develop macroeconomic modelling and scenario analyses to integrate climate risks into the ECB’s models and assess their impact on potential growth; further welcome that the ECB will conduct scenario analyses regarding transition policies;
Amendment 244 #
Motion for a resolution Paragraph 17 b (new) 17 b. Notes with concern that the ECB refinancing operations, especially the targeted Longer-Term Refinancing Operations (TLTRO), provide banks with cheap funding, irrespective of whether their lending contributes to or harms the EU’s climate and environmental objectives; highlights that such operations have been indirectly supporting carbon lock-in and unsustainable lending practices; urges the ECB to implement Green TLTROs by making the provision of liquidity at favourable financing conditions to banks conditional on their volume of lending to sustainable activities that comply with the EU’s Green Taxonomy, in order to counterbalance the existing carbon-intensive bias of bank lending and accelerate the green transition;
Amendment 245 #
Motion for a resolution Paragraph 17 b (new) 17 b. Acknowledges ECB’s commitment to prepare climate-related disclosures of the CSPP as well as to develop proposals and ultimately adapt the CSPP framework to include climate change considerations but warns against delays; encourages the ECB to aim for a faster disclosure where advanced data is already available; invites the ECB to open a public consultation on decarbonising the CSPP to strengthen the legitimacy of its decisions; recalls that other asset purchase programmes, such as the third covered bond purchase programme (CBPP3) and the asset- backed securities purchase programme (ABSPP), are also to be aligned with the Paris Agreement and the EU environmental objectives;
Amendment 246 #
Motion for a resolution Paragraph 18 Amendment 247 #
Motion for a resolution Paragraph 18 Amendment 248 #
Amendment 249 #
Motion for a resolution Paragraph 18 18. Regrets the fact that green bond issuance in the EU represents only 2.6 % of the EU’s total bond issuance, despite the fact that, in 2020, 51 % of global bond issuance was concentrated in the EU and 49 % of global green bond issuance was denominated in euro; notes that the ECB has increased the share of green bonds in its own funds portfolio from 0.5 % in January 2020 to 3.5 % with a view of further increasing this percentage in the coming years; underlines, however, that this share remains considerably low; calls on the ECB to speed up its work on increasing the share of green bonds in its portfolio; welcomes, in this regard, ECB’s decision to use part of its own funds portfolio to invest in the euro- denominated green bond investment fund for central banks (EUR BISIP G2);
Amendment 25 #
Motion for a resolution Recital A a (new) A a. whereas, according to the Eurosystem staff macroeconomic projections of September 2021, real GDP contracted in 2020 by 6.5 % in the euro area and is projected to grow by 5.0 % in 2021, 4.6 % in 2022 and 2.1 % in 2023;
Amendment 250 #
Motion for a resolution Paragraph 18 18.
Amendment 251 #
Motion for a resolution Paragraph 18 18. Regrets the fact that green bond issuance in the EU represents only 2.6 % of the EU’s total bond issuance, but welcomes the creation of an EU Green Bond Standard as a way to increase the EU's dominance in this market; calls on the ECB to support the EU Green Bond Standard by creating space for their purchase in its asset portfolio;
Amendment 252 #
Motion for a resolution Paragraph 18 18.
Amendment 253 #
Motion for a resolution Paragraph 18 18.
Amendment 254 #
Motion for a resolution Paragraph 18 a (new) 18 a. Calls on the ECB to stop purchases related to fossil fuels in order to accelerate the decarbonisation of the ECB’s portfolio and reduce exposure to companies that undermine the Paris climate agreement; stresses the need for a EU Taxonomy for environmentally harmful activities to be developed by the Commission; at the same time calls on the ECB to accelerate the development of indicators on the carbon footprint of portfolios of financial institutions;
Amendment 255 #
Motion for a resolution Paragraph 18 a (new) 18 a. Calls on the ECB to prioritise the purchasing of bonds connected with long- term strategic investments, which contribute to the transition towards a carbon-neutral economy and to immediately develop transparent and standardised criteria for the selection of beneficiaries that fully incorporate environmental, social and governance factors, therefore divesting from carbon- intensive sectors and firms;
Amendment 256 #
Motion for a resolution Paragraph 18 a (new) 18 a. Underlines that efforts to introduce green bond standards should be aimed at improving the amount of green bonds issued in the EU;
Amendment 257 #
Motion for a resolution Paragraph 18 b (new) Amendment 258 #
Motion for a resolution Paragraph 19 Amendment 259 #
Motion for a resolution Paragraph 19 Amendment 26 #
Motion for a resolution Recital B Amendment 260 #
Motion for a resolution Paragraph 19 Amendment 261 #
Motion for a resolution Paragraph 19 19. Welcomes the fact that the ECB is taking steps to incorporate climate-related risks into its collateral framework
Amendment 262 #
Motion for a resolution Paragraph 19 19. Welcomes the fact that the ECB is taking steps to incorporate climate-related risks into its collateral framework but warns against delays in its implementation; is concerned about the fact that the ECB continues to rely exclusively on private external credit rating agencies (CRAs) for risk assessment, particularly considering the fact that incorporation of climate risks in external CRAs is still an underdeveloped process in an unregulated field; calls on the ECB to develop a harmonised in-house climate and environment credit risk assessment framework in order to identify and eventually exclude polluting assets from monetary policy operations;
Amendment 263 #
Motion for a resolution Paragraph 19 19. Welcomes the fact that the ECB is taking steps to incorporate climate-related risks into its collateral framework but warns against delays in its implementation
Amendment 264 #
Motion for a resolution Paragraph 19 19. Welcomes the fact that the ECB is taking steps to incorporate climate-related risks into its collateral framework but warns against delays in its implementation and recommends the ECB also aligns its collateral framework with the Paris Agreement and EU objectives; is concerned about the fact that the ECB continues to rely exclusively on private external credit rating agencies (CRAs) for risk assessment;
Amendment 265 #
Motion for a resolution Paragraph 19 19.
Amendment 266 #
Motion for a resolution Paragraph 19 a (new) 19 a. Welcomes the ECB’s commitment to challenge the methodologies and disclosures of credit rating agencies and assess how they incorporate climate change risk in credit ratings; calls on the ECB to speed up the introduction of climate risks assessment into the Eurosystem Credit Assessment Framework (ECAF) and create a unified framework for the in-house Credit Assessment System (ICAS) of the national central bank in the Eurosystem, in order to expand internal capacity and to reduce reliance on external ratings;
Amendment 267 #
Motion for a resolution Paragraph 19 a (new) 19 a. Calls on the ECB to expand the scope of its action by aligning its collateral framework with biodiversity- related risks and to explore further ways of aligning its TLTROs with the objectives of the European Green Deal and the Paris Agreement;
Amendment 268 #
Motion for a resolution Paragraph 19 a (new) 19 a. Considers additional capital requirements and concentration limits for exposures to high emitting sectors an effective way to address the significant transition risks found in the ECB's economy-wide climate stress test;
Amendment 269 #
Motion for a resolution Paragraph 19 a (new) 19 a. Welcomes the fact the ECB is preparing to align its corporate asset purchases with the Paris Agreement and calls on the ECB to clarify the criteria that will be used to do so;
Amendment 27 #
Motion for a resolution Recital B B. whereas, according to Eurostat, the unemployment rate in
Amendment 270 #
Motion for a resolution Paragraph 19 b (new) 19 b. Highlights that recent studies1a found evidence for the structural carbon bias in the corporate asset purchase programmes towards GHG-intensive assets, which undermines the EU’s environmental and climate objectives and policies and is a direct consequence of the application of the existing eligibility criteria and contentious market neutrality principle, and put forward strategies and proposals how to address the carbon bias; underlines that according to available data, 62.7 % of ECB corporate bond purchases take place in the sectors that are responsible for 54.8 % of euro area greenhouse gas emissions; _________________ 1a https://greenpeace.at/assets/uploads/pdf/G reening-the-Eurosystem-collateral- framework-Report.pdf https://neweconomics.org/2020/10/decarb onising-is-easy
Amendment 271 #
Motion for a resolution Paragraph 19 b (new) 19 b. Calls on the ECB, as member of the NGFS, to build on the nine options assessed by the NGFS for central banks to factor climate-related risks into their operational framework on credit operations, collateral and asset purchases;
Amendment 272 #
Motion for a resolution Paragraph 19 b (new) 19 b. Believes in this context that new fossil fuel investments should be fully equity funded;
Amendment 273 #
Motion for a resolution Paragraph 19 c (new) 19 c. Welcomes the fact that the ECB is preparing to align its corporate asset purchases with the Paris Agreement but warns against delays; calls, in this respect, to set a deadline for a restructuring of the ECB’s portfolio of securities held under the CSPP and PEPP in order to reduce its holding of bonds linked with fossil fuel industries and increase its holding of bonds linked with sustainable investments, taking into account the Paris Agreement and ESG objectives; advocates for the urgent adoption of precise and measurable intermediate targets, that are evaluated on a regular basis, in order to comply with the objective of climate neutrality by 2050 at the latest; stresses that ECB policy action in this regard would have a strong signalling effect on the market and incentivises companies to accelerate the green transition;
Amendment 274 #
Motion for a resolution Paragraph 19 c (new) 19 c. Welcomes the creation of a climate change centre to bring together the work on climate issues in different parts of the ECB; expects the ECB to intensify its work to effectively incorporate climate considerations into its routine business;
Amendment 275 #
Motion for a resolution Paragraph 19 d (new) 19 d. Welcomes the ECB’s commitment to introduce disclosure of climate-related risks as an eligibility requirement for collateral and asset purchases; calls further on the ECB to investigate the option to include in the eligibility criteria for asset purchases the adoption of credible decarbonisation plans aligned with the Paris Agreement using science- based emission targets; urges the ECB to publish comprehensive climate-related data on its asset purchases;
Amendment 276 #
Motion for a resolution Paragraph 19 e (new) 19 e. Welcomes the implementation and publication of the first economy-wide climate stress test analysing the impacts on over four million firms worldwide and 1,600 euro area banks under three different climate policy scenarios; welcomes the commitment to introduce regular climate stress-testing building up on the pilot and warns against delay; Calls on the ECB to strengthen its cooperation on climate change with international networks also beyond the NGFS, in particular the Sustainable Banking Network and the UN Principles for Responsible Banking initiative, and to improve the dialogue with the civil society, with the aim to reinforce the EU role as global leader on sustainable finance and climate action;
Amendment 277 #
Motion for a resolution Paragraph 19 f (new) 19 f. Encourages the ECB to follow up on its economy-wide climate stress test by addressing finance-related climate financial risks its supervisory practice, drawing upon the opportunities provided, among others, by the Single Review and Evaluation Process (SREP), and proactively sharing best supervisory practices within the ESCB;
Amendment 278 #
Motion for a resolution Paragraph 20 20. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU economy, economic and social convergence and employment; stresses that SMEs have been severely hit by the economic crisis caused by the COVID-19 pandemic, which has led to a serious deterioration in their economic turnover and their access to finance;
Amendment 279 #
Motion for a resolution Paragraph 20 20. Underlines the pivotal role of small and medium-sized enterprises (SMEs) as the backbone of the in the EU economy, economic and social convergence and employment; stresses that SMEs have been severely hit by the economic crisis caused by the COVID-19 pandemic, which has led to a serious deterioration in their economic turnover, the challenge to succeed in the green transition and their access to finance; calls on the
Amendment 28 #
Motion for a resolution Recital B B. whereas, according to Eurostat, the unemployment rate in July 2021 stood at 6.9 % in the EU and 7.6 % in the euro area, spread in an uneven way across the EU and with unemployment rates among young people and women remaining much higher; whereas a high youth unemployment rate remains a serious issue to be tackled in the EU;
Amendment 280 #
Motion for a resolution Paragraph 20 20. Underlines the pivotal role of micro, small and medium-sized enterprises (SMEs) in the EU economy, economic and social convergence and employment; stresses that SMEs have been severely hit by the economic crisis caused by the COVID-19 pandemic, which has led to a serious deterioration in their economic turnover and their access to finance; calls on the ECB to step up its efforts on financing and access to credit for SMEs;
Amendment 281 #
Motion for a resolution Paragraph 21 Amendment 282 #
Motion for a resolution Paragraph 21 Amendment 283 #
Motion for a resolution Paragraph 21 Amendment 284 #
Motion for a resolution Paragraph 21 21. Is concerned about the risks caused by the serious delay in completing the third pillar of the banking union; welcomes the ECB’s long-standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS); stresses that the upcoming review of the Crisis Management and Deposit Insurance framework (CMDI) should include a proposal in this regard and address the existing loopholes in the resolution framework, in order to ensure a consistent and efficient approach for all banks, regardless of their size or business model; considers that the further integration of the banking sector could revitalize the "too big to fail" problem; calls on the ECB to refrain from promoting the further consolidation of the banking sector;
Amendment 285 #
Motion for a resolution Paragraph 21 21. Is concerned about the risks caused by the serious delay in completing the third pillar of the banking union; welcomes the ECB’s long-standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS) that would complete the banking union, ensure depositors’ protection, support the confidence of savers and safeguard financial stability;
Amendment 286 #
Motion for a resolution Paragraph 21 21.
Amendment 287 #
Motion for a resolution Paragraph 21 21.
Amendment 288 #
Motion for a resolution Paragraph 21 21.
Amendment 289 #
Motion for a resolution Paragraph 21 21.
Amendment 29 #
Motion for a resolution Recital B B. whereas, according to Eurostat, the unemployment rate in
Amendment 290 #
Motion for a resolution Paragraph 21 21. Is concerned about the risks caused by the serious delay in completing the third pillar of the banking union and repeats its calls for its swift completion; welcomes the ECB’s long-standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS);
Amendment 291 #
Motion for a resolution Paragraph 21 a (new) 21 a. Notes the progress made so far on the reduction of non-performing loans (NPLs); regrets the practice in several Member States of banks selling private non-performing mortgages to private equity funds on a mass scale, which results in a higher rate of home repossessions; regrets the failure of several Member States to deal with this problem through adequate consumer protection legislation; calls for the introduction of legal protection from repossession for mortgage holders at EU level;
Amendment 292 #
Motion for a resolution Paragraph 21 a (new) 21 a. Calls on the ECB to explore ways of strengthening the international role of the euro; notes that making the euro more attractive as a reserve currency will further enhance its international use; stresses that the creation of a well- designed European safe asset could facilitate financial integration and help mitigate the negative feedback loops between sovereigns and the domestic banking sectors;
Amendment 293 #
Motion for a resolution Paragraph 21 a (new) 21 a. Shares its concern about rising levels of income and wealth inequalities between households in the European Union; encourages the ECB to continue to monitor the side-effects of its accommodative monetary policy on inequality levels, including on the housing market;
Amendment 294 #
Motion for a resolution Paragraph 21 b (new) 21 b. Points out the importance of cash as a means of payment; notes that the number and value of euro banknotes in circulation grew by around 10 % in 2020; takes note of the Eurosystem’s Cash 2030 strategy aiming to ensure that all euro area citizens and businesses will continue to have good access to cash services and that cash will remain a generally accepted means of payment, while addressing the elements of reducing the ecological footprint of euro banknotes and developing innovative and secure banknotes; is concerned about the downsizing of the banking network in some Member States; considers that such practices can lead to significant restrictions to equal access to essential financial services and products;
Amendment 295 #
Motion for a resolution Paragraph 21 b (new) 21 b. Underlines that strengthening the role of the euro requires the deepening and completion of the European economic and monetary union, including the creation of instruments of the nature of Next Generation EU, which enhance the EU budget;
Amendment 296 #
Motion for a resolution Paragraph 21 c (new) 21 c. Welcomes the fact that, in 2020, the number of counterfeit euro banknotes decreased to its lowest level since 2003 (17 parts per million); calls on the ECB to enhance the fight against counterfeiting and its cooperation with Europol, Interpol and the European Commission in pursuit of this goal; invites the ECB, without prejudice to the Member States’ prerogatives, to create a system to better monitor large transactions with a view to combating money laundering, tax evasion and the financing of terrorism and organised crime;
Amendment 297 #
Motion for a resolution Paragraph 22 Amendment 298 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; points out that a digital euro shall not replace cash, should promote financial inclusion, and must give additional data privacy and legal security for consumers and companies; reiterates its strong concerns about the risks for financial stability, monetary policy and consumer protection posed by private stablecoins with potential for mass adoption, aimed to replace public currencies; invites the ECB to closely align and exchange with the Parliament during the investigation phase;
Amendment 299 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; reiterates that a digital euro does not constitute a crypto-asset; reminds that a digital euro would have to satisfy a range of minimal requirements including robustness, safety, efficiency and protection of privacy; furthermore stresses that a digital euro must not endanger cash as means of payment;
Amendment 3 #
Motion for a resolution Citation 6 b (new) Amendment 30 #
Motion for a resolution Recital B a (new) Ba. whereas, according to the Commission’s estimates, some Member States will return to their pre-pandemic levels of GDP by the end of 2021, while others will not do so until the end of 2022;
Amendment 300 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to
Amendment 301 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro, such as privacy, security, the ability to pay across the euro area, no additional costs and offline usability; notes that this investigation phase will not prejudge any decision on the possible issuance of a digital euro;
Amendment 302 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; stresses that a digital euro must not endanger cash as a means of payment for EU citizens;
Amendment 303 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro which include concerns for privacy, security, usability, low cost and accessibility;
Amendment 304 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; insists that this digital Euro must not replace cash as means of payment;
Amendment 305 #
Motion for a resolution Paragraph 22 a (new) 22 a. Calls on the ECB to immediately end its plans to launch a digital euro, since a CBDC would give unprecedented and unwarranted power to the ECB over the financial system, and allows for the ECB to nudge users in politically desired directions;
Amendment 306 #
Motion for a resolution Paragraph 22 a (new) 22 a. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 307 #
Motion for a resolution Paragraph 22 a (new) 22 a. Calls on the ECB to duly consider the risks for the banking sector and overall lending to the real economy when designing the digital euro;
Amendment 308 #
Motion for a resolution Paragraph 22 b (new) 22 b. Invites the ECB to regularly share the progress made on the digital euro during the investigation phase with the European Parliament;
Amendment 309 #
Motion for a resolution Paragraph 23 23.
Amendment 31 #
Motion for a resolution Recital C C. whereas, according to the Eurosystem staff macroeconomic projections of June 2021, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) will be 1.9 % in 2021, 1.5 % in 2022 and 1.4 % in 2023 on average; whereas inflation projections show substantial variance across the euro area; whereas many EU citizens and industries are now confronted with even higher inflation rates and doubt that this figures are temporary and transitionary;
Amendment 310 #
Motion for a resolution Paragraph 23 23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks; expresses concerns about the service interruption that affected the TARGET2 system in 2020; calls on the ECB to ensure the enduring stability of sensitive infrastructure such as the TARGET2 system;
Amendment 311 #
Motion for a resolution Paragraph 23 23. Welcomes the continuous efforts of the ECB to strengthen its response and
Amendment 312 #
Motion for a resolution Paragraph 23 23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks in line with a new European Cyber defence policy and a European Cyber defence act as proposed by the Commission;
Amendment 313 #
Motion for a resolution Paragraph 23 23. Welcomes the continuous efforts of the ECB to strengthen its response and recovery capabilities in the event of cyberattacks and warns for the increasing risk cyber attacks pose on the banking sector;
Amendment 314 #
Motion for a resolution Paragraph 24 24.
Amendment 315 #
Motion for a resolution Paragraph 24 Amendment 316 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to step up its monitoring of the development of crypto- currencies and the related risks in terms of cybersecurity and money laundering;
Amendment 317 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to step up its monitoring of the development of crypto- currencies and the related risks in terms of financial stability, monetary policy and the functioning and safety of market infrastructures and payments; stresses that the development of crypto-assets poses additional concerns in terms of cybersecurity and money laundering;
Amendment 318 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to step up its monitoring of the development of crypto- currencies and the related risks in terms of cybersecurity
Amendment 319 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to step up its monitoring of the development of crypto-
Amendment 32 #
Motion for a resolution Recital C C. whereas, according to the Eurosystem staff macroeconomic projections of June 2021, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) will be 1.9 % in 2021, 1.5 % in 2022 and 1.4 % in 2023 on average; whereas inflation projections show substantial variance across the euro area; whereas the HICP has hit 3% in the Eurozone in August 2021, which represents the highest level in a decade;
Amendment 320 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to step up its monitoring of the development of crypto-
Amendment 321 #
Motion for a resolution Paragraph 24 a (new) 24 a. Notes that Bulgaria and Croatia joined the Single Supervisory Mechanism (SSM) in 2020 thus becoming the first countries outside the euro area to join the European banking supervision; notes the equal representation of their national banks on the ECB’s Supervisory Board; notes, also, the inclusion of the Bulgarian lev and the Croatian kuna in the exchange rate mechanism (ERM II) as one of the preconditions for adopting the euro;
Amendment 322 #
Motion for a resolution Paragraph 24 a (new) 24a. Stresses the need to carefully assess the systemic risks to the European banking system and for proper regulation of the non-banking financial sector, as it believes that financial risk is being underestimated, especially as regards exposure in the shadow banking system;
Amendment 323 #
Motion for a resolution Paragraph 24 a (new) 24 a. Calls on the ECB to explore ways of strengthening the international role of the euro, as its increased use as a reserve currency would increase the EU’s ability to frame its policy stance independently and is a key element in safeguarding European economic sovereignty;
Amendment 324 #
Motion for a resolution Paragraph 24 a (new) 24 a. Calls on the ECB to ensure an adequate balance between allowing regulatory financial innovation in the FinTech area and ensuring financial stability and to assess the possible need of Central Bank digital currency;
Amendment 325 #
Motion for a resolution Paragraph 24 a (new) 24 a. Recalls the support of the ECB for the implementation of Basel III, as this would lower the risk of a banking crisis and thus enhance financial stability within the EU;
Amendment 326 #
Motion for a resolution Paragraph 24 a (new) 24 a. Expresses concern about the steadily increasing divergence of TARGET2 balances within the ESCB; notes that the interpretation of these divergences is contested;
Amendment 327 #
Motion for a resolution Paragraph 24 b (new) 24 b. Is concerned about the unfair clauses and practices employed by the banking sector in consumer contracts and stresses the need for the effective and swift implementation by all Member States of the Directive93/13/EEC on unfair terms; Call the ECB to contribute actively towards this by using all means in place, leading to fair competition;
Amendment 328 #
Motion for a resolution Paragraph 24 b (new) Amendment 329 #
Motion for a resolution Paragraph 25 25. Welcomes the substantial and detailed feedback provided by the ECB to Parliament’s resolution on the 2019 ECB Annual Report; calls on the ECB to continue this commitment to accountability and keep on publishing its written feedback to Parliament’s resolutions on the ECB Annual Reports each year;
Amendment 33 #
Motion for a resolution Recital C C. whereas, according to the E
Amendment 330 #
Motion for a resolution Paragraph 25 25. Welcomes the substantial and detailed feedback provided by the ECB to Parliament’s resolution on the 2019 ECB Annual Report; calls on the ECB to continue publishing its written feedback on Parliament’s resolution each year;
Amendment 331 #
Motion for a resolution Paragraph 25 a (new) 25 a. Is concerned by the ECB’s lack of responsiveness to the proposal adopted by the Conference of Presidents of the European Parliament of an interinstitutional agreement between the European Parliament and the ECB and urges to ECB to take action swiftly;
Amendment 332 #
Motion for a resolution Paragraph 26 26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB;
Amendment 333 #
Motion for a resolution Paragraph 26 26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB; recognises the steps taken by the ECB
Amendment 334 #
Motion for a resolution Paragraph 26 26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB; recognises the
Amendment 335 #
Motion for a resolution Paragraph 26 26. Stresses the need to further enhance the accountability and transparency arrangements of the ECB; recognises the steps taken by the ECB;
Amendment 336 #
Motion for a resolution Paragraph 26 a (new) 26 a. Notes that the ECB is ‘reconsidering’ its policy of allowing the Chief Economist to make private phone calls following meetings where policy decisions are made; reiterates that this practice must end immediately as it lacks transparency and expresses concern more generally at the existence of engagements with private interests where policy is discussed;
Amendment 337 #
Motion for a resolution Paragraph 26 a (new) 26 a. Suggests a regular dialogue between members of Parliament’s Committee on Economic and Monetary Affairs and relevant ECB representatives following the publication of the latest available account of the proceedings of the Governing Council to assess ECB decisions ahead of and in parallel with the monetary dialogues;
Amendment 338 #
Motion for a resolution Paragraph 26 b (new) 26 b. Calls on the ECB to publish the full list of purchases under the ABSPP and the CBPP3, as it has been doing with the CSPP since 2017, thus increasing the transparency of the APP;
Amendment 339 #
Motion for a resolution Paragraph 26 c (new) 26 c. Calls on the ECB to disclose the full amounts of profit made by the Eurosystem through the agreements on net financial assets (ANFAs) and the securities markets programme (SMP) from 2010 until the full expiration of the programme, with a specific breakdown per country subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);
Amendment 34 #
Motion for a resolution Recital C C. whereas, according to the E
Amendment 340 #
Motion for a resolution Paragraph 27 27. Reiterates its call for the ECB to ensure the independence of the members of its Audit Committee, as well as of its Ethics Committee; urges the ECB to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council, nor by anyone liable to conflict of interest; calls on the ECB to require a two-year cooling-off period for its outgoing members after the conclusion of their mandate;
Amendment 341 #
27 a. Is concerned about the fact that more than 90 % of the members of the ECB’s advisory groups are from the private sector, which could cause bias, conflict of interest and regulatory capture in the policy-making process;
Amendment 342 #
Motion for a resolution Paragraph 28 28. Welcomes the ECB’s new internal whistleblowing framework; calls on the ECB to ensure
Amendment 343 #
Motion for a resolution Paragraph 28 28. Welcomes the enhancement of the ECB’s
Amendment 344 #
Motion for a resolution Paragraph 28 a (new) 28 a. Welcomes the ECB and President Lagarde ongoing efforts to improve communication with Parliament; agrees with President Lagarde, furthermore, that the ECB has to modernize its communication to citizens on the impact of its policies; welcomes in that regard President Lagarde’s announcement during the Monetary Dialogue held on 27 September 2021 to make outreach events a structural feature of its interaction with the public;
Amendment 345 #
Motion for a resolution Paragraph 28 a (new) 28 a. Calls on the ECB to further take into account the decision of the European Ombudsman on the involvement of the President of the ECB and members of its decision-making bodies in the ‘Group of Thirty’ (Case 1697/2016/ANA) in order to ensure full transparency and public confidence in the independence of the ECB;
Amendment 346 #
Motion for a resolution Paragraph 29 29.
Amendment 347 #
Motion for a resolution Paragraph 29 29. Re
Amendment 348 #
Motion for a resolution Paragraph 29 29. Reiterates that the nominations of the Executive Board members should be prepared carefully and take a gender- balanced approach, with full transparency and together with Parliament, in line with the Treaties and according to paragraph 4 of the European Parliament’s Resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations, in which the European Parliament commits itself not to consider shortlists that do not respect the gender balance principle;
Amendment 349 #
Motion for a resolution Paragraph 29 29. Reiterates that the nominations of the Executive Board members should be prepared carefully and take a gender- balanced approach, with full transparency
Amendment 35 #
Motion for a resolution Recital C C. whereas, according to the Eurosystem staff macroeconomic projections of
Amendment 350 #
Motion for a resolution Paragraph 29 a (new) 29a. Points out that the rotation principle as applied on the ECB's Governing Council allocates only four votes to the five largest euro area countries, which account for more than 80 % of euro area GDP, but 11 to the 14 remaining countries, although they generate less than 20 % of euro area GDP; asks the ECB to draw up a proposal to make the allocation of voting rights on the ECB Governing Council more democratic, and recommends that votes be weighted according to shares in the capital of the ECB;
Amendment 351 #
Motion for a resolution Paragraph 29 a (new) 29 a. Expresses strong concern that only two of the 25 members of the ECB’s Governing Council are women given that all governors of the national central banks of the euro area member countries are men; calls on the euro area member countries to fully incorporate the principle of gender equality in their appointment process and to ensure equal opportunities for all genders for the position of the governor of their national central banks;
Amendment 352 #
Motion for a resolution Paragraph 30 Amendment 353 #
Motion for a resolution Paragraph 30 30.
Amendment 354 #
Motion for a resolution Paragraph 30 30. Welcomes the ECB’s
Amendment 355 #
Motion for a resolution Paragraph 30 30. Welcomes the ECB’s new strategy to further improve the gender balance of its staff at all levels; notes the increasing share of women in managerial positions
Amendment 356 #
Motion for a resolution Paragraph 30 a (new) 30 a. Acknowledges the ongoing efforts by the ECB to enhance its communication to citizens on its policies and their impact; notes that a relevant Eurobarometer survey indicates that only 40 % of euro area respondents tend to trust the ECB; calls on the ECB to further engage in constructive dialogue with citizens to explain its decisions and listen to citizens’ concerns;
Amendment 357 #
Motion for a resolution Paragraph 30 a (new) 30 a. Reiterates that a vacant position should simply go to the best woman or man;
Amendment 36 #
C a. whereas ECB expects its key interest rates to remain at their present or lower levels until inflation reaches two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and the realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term; whereas this may also imply a transitory period in which inflation is moderately above target;
Amendment 37 #
Motion for a resolution Recital C a (new) C a. whereas ECB’s September projections for global real GDP (excluding the euro area) are for a rebound of 6.3% in 2021, before decelerating to 4.5% in 2022 and 3.7% in 2023;
Amendment 38 #
Motion for a resolution Recital D D. whereas, at the end of 2020, the
Amendment 39 #
Motion for a resolution Recital D D. whereas, at the end of 2020, the size of the Eurosystem balance sheet had reached its all-time peak of EUR 6 979 324 million, an increase of almost 50 % (EUR 2 306 233 million) compared with the end of 2019
Amendment 4 #
Motion for a resolution Citation 7 — having regard to Articles 123, 125, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 40 #
Motion for a resolution Recital D a (new) D a. whereas small and medium-sized enterprises (SMEs) constitute the backbone of the EU economy, representing 99 % of all businesses in the EU, employing around 100 million people, accounting for more than half of EU’s GDP and playing a key role in adding value in every sector of the economy; whereas SMEs have been severely hit by the economic crisis caused by the COVID-19 pandemic;
Amendment 41 #
Motion for a resolution Recital D a (new) D a. whereas in 2020, the ECB`s net profit amounted to EUR 1,643 million, compared to EUR 2,366 million in 2019, a drop that is mainly attributable to the significant drop of 50% in interest income generated on the US dollar portfolio;
Amendment 42 #
Motion for a resolution Recital D a (new) D a. whereas SMEs, which remain the backbone of the EU’s economy and societies, have been severely impacted by the COVID-19 crisis and need further support;
Amendment 43 #
Motion for a resolution Recital D b (new) D b. whereas, according to the Eurosystem staff macroeconomic projections of September 2021, global real GDP (excluding the euro area) is projected to increase by 6.3 % in 2021, before decelerating to 4.5 % in 2022 and 3.7 % in 2023; whereas global activity had already exceeded its pre-pandemic level in late 2020;
Amendment 44 #
Motion for a resolution Recital D c (new) D c. whereas ECB’s net profit for 2020 amounted to EUR 1 643 million, compared with EUR 2 366 million in 2019; whereas this decrease was mainly due to the lower net interest income on foreign reserve assets and on securities held for monetary policy purposes as well as the decision by the Governing Council to transfer EUR 48 million to the ECB’s provision for financial risks;
Amendment 45 #
Motion for a resolution Recital E Amendment 46 #
Motion for a resolution Recital E E. whereas,
Amendment 47 #
Motion for a resolution Recital E E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU;
Amendment 48 #
Motion for a resolution Recital E E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU;
Amendment 49 #
Motion for a resolution Recital E E. whereas, without prejudice to the primary objective of price stability, the ECB sh
Amendment 5 #
Motion for a resolution Citation 7 — having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 50 #
Motion for a resolution Recital E E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to
Amendment 51 #
Motion for a resolution Recital E a (new) E a. whereas climate change, the loss of biodiversity and the transition towards a carbon neutral economy affects price stability through their impact on macroeconomic indicators, financial stability and the transmission of monetary policy, while increasing the exposure of the ECB portfolio to climate-related financial risks; whereas monetary policy operations on the other hand further exacerbate the risks of climate change by supporting greenhouse gas intensive assets that are not aligned with the Paris Agreement;
Amendment 52 #
Motion for a resolution Recital E a (new) E a. whereas 150 banks (<10% of total banks) account for 30% of total exposures to climate transition risks and physical risks and account for 60% of total emissions in the Eurozone; whereas, without orderly and rapid action on climate change, these banks suffer significant transition risks and would be five times more vulnerable than other banks to defaults in their portfolio as a result of climate change;
Amendment 53 #
Motion for a resolution Recital E a (new) E a. whereas SMEs have been severely impacted by the COVID-19 crisis; whereas developments in the general economic outlook have negatively affected their access to finance; whereas SMEs, which remain the backbone of the EU's economy and societies, and which enhance economic and social cohesion, need further support;
Amendment 54 #
Motion for a resolution Recital E a (new) E a. whereas according to the Spring 2021 Eurobarometer survey, the public support for the European economic and monetary union with one single currency, the euro, was 79 % in the euro area;
Amendment 55 #
Motion for a resolution Recital E a (new) E a. whereas a monetary union can only exist with fiscal responsibility and efficient markets within the Member States;
Amendment 56 #
Motion for a resolution Recital E a (new) E a. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 57 #
E b. whereas, according to Executive Board Member Isabel Schnabel1a, the ECB corporate sector purchase programme (CSPP) currently exhibits an inherent bias towards large firms in carbon-intensive industries as a direct consequence of the application of the existing eligibility criteria and market neutrality principle; _________________ 1a https://www.ecb.europa.eu/press/key/date/ 2021/html/ecb.sp210614~162bd7c253.en. html
Amendment 58 #
Motion for a resolution Recital E b (new) E b. whereas the main physical risks identified in the ECB's economy-wide climate stress test are the risks of wildfires, which is unequally distributed in the Eurozone; whereas transition risks due to exposures in high-emitting industries are more equally spread in the Eurozone;
Amendment 59 #
Motion for a resolution Recital E b (new) E b. whereas each institution named in the Article 13 TEU shall act within the limits of the powers conferred on it in the Treaties, and in conformity with the procedures, conditions and objectives set out in them;
Amendment 6 #
Motion for a resolution Citation 7 — having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on
Amendment 60 #
Motion for a resolution Recital E b (new) E b. whereas the ECB's legitimacy is closely linked to its mandate of maintaining price stability;
Amendment 61 #
Motion for a resolution Recital E c (new) Amendment 62 #
Motion for a resolution Recital E c (new) E c. whereas current price-increases due to gas shortages indicate the importance of the environmental transition to maintain price stability;
Amendment 63 #
Motion for a resolution Recital E c (new) E c. whereas Article 123 TFEU sets the prohibition on monetary financing by ECB;
Amendment 64 #
Motion for a resolution Recital E d (new) E d. whereas out of 25 members of ECB Governing Council, there are only two women; whereas women continue to be underrepresented across the ECB organisation hierarchy;
Amendment 65 #
Motion for a resolution Recital E e (new) E e. whereas housing costs represent almost a quarter of EU-27 household expenditure; whereas more than two thirds of the EU population own their home; whereas house prices have been subject to a steep increase by over 30% in the past decade1a and rents have gone up by almost 15% in the EU, in a context of rising unemployment across the Eurozone; _________________ 1ahttps://ec.europa.eu/eurostat/statistics- explained/index.php?title=Housing_price _statistics_-_house_price_index
Amendment 66 #
Motion for a resolution Paragraph 1 Amendment 67 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding euro stability; Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; notes that independence requires that the ECB must not seek or take instructions from Union institutions or bodies, from any government of a Member State or from any other body; stresses that this independence must not be infringed on, and highlights that central bank independence should always be complemented by a corresponding level of accountability;
Amendment 68 #
Motion for a resolution Paragraph 1 1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; emphasises that accountability is the necessary counterpart to that independence;
Amendment 69 #
Motion for a resolution Paragraph 1 1. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;
Amendment 7 #
Motion for a resolution Citation 8 a (new) — having regard to the monetary dialogues with the President of the ECB, Christine Lagarde, of 18 March, 21 June and 27 September 2021,
Amendment 70 #
Motion for a resolution Paragraph 1 1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate to maintain price stability; notes with great concern the rise of the inflation rate above the 2% target;
Amendment 71 #
Motion for a resolution Paragraph 1 1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; highlights that central bank independence should always be complemented by a corresponding level of accountability;
Amendment 72 #
Motion for a resolution Paragraph 1 1. Highlights that the statutory independence of the ECB is a prerequisite for it to fulfil its mandate; stresses that this independence must not be infringed on;
Amendment 73 #
Motion for a resolution Paragraph 1 a (new) 1a. Believes that the ECB's new objectives need to be geared primarily to achieving full employment;
Amendment 74 #
Motion for a resolution Paragraph 2 2. Welcomes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives without prejudice to the primary objective of price stability; calls on the ECB to set climate change, just transition, social, economic and territorial cohesion and full and high- quality employment as priority objectives;
Amendment 75 #
Motion for a resolution Paragraph 2 2. Welcomes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives, which include balanced and sustainable economic growth, highly competitive social market economy aiming at full employment and social progress and convergences, and a high level of protection and improvement of the quality of the environment, without prejudice to the objective of price stability;
Amendment 76 #
Motion for a resolution Paragraph 2 2. Welcomes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives without prejudice to the objective of price stability; underlines that sustainable development, convergence, full employment and social progress are general objectives of the Union as defined in Article 3 of the TFEU;
Amendment 77 #
Motion for a resolution Paragraph 2 2. Welcomes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives without prejudice to the objective of price stability; welcomes President Lagarde’s commitment during the Monetary Dialogue held on 27 September 2021 to assess the appropriateness of the monetary policy strategy periodically, with the next assessment expected in 2025;
Amendment 78 #
Motion for a resolution Paragraph 2 2. Welcomes the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives without prejudice to the objective of price stability; notes that this is the first strategy review in 18 years;
Amendment 79 #
Motion for a resolution Paragraph 2 2.
Amendment 8 #
Motion for a resolution Citation 9 — having regard to the Eurosystem staff macroeconomic projections for the euro area published on
Amendment 80 #
Motion for a resolution Paragraph 2 2.
Amendment 81 #
Motion for a resolution Paragraph 2 2.
Amendment 82 #
Motion for a resolution Paragraph 3 Amendment 83 #
Motion for a resolution Paragraph 3 3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the national and regional lockdown measures following the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, exacerbated by the ultra-loose monetary policy of the ECB, and rapidly deteriorating labour market conditions; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 84 #
Motion for a resolution Paragraph 3 3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic,
Amendment 85 #
Motion for a resolution Paragraph 3 3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions;
Amendment 86 #
3.
Amendment 87 #
Motion for a resolution Paragraph 3 3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; is especially concerned about the effect that the COVID-19 pandemic had on SMEs; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 88 #
Motion for a resolution Paragraph 3 3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic and the economic lockdowns, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains
Amendment 89 #
Motion for a resolution Paragraph 3 3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; notes that euro area economic activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 9 #
Motion for a resolution Citation 9 — having regard to the E
Amendment 90 #
Motion for a resolution Paragraph 4 Amendment 91 #
Motion for a resolution Paragraph 4 4.
Amendment 92 #
Motion for a resolution Paragraph 4 4. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone
Amendment 93 #
Motion for a resolution Paragraph 4 4. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and
Amendment 94 #
Motion for a resolution Paragraph 4 4.
Amendment 95 #
Motion for a resolution Paragraph 4 4. Stresses that sustainable growth, resilience and price stability
Amendment 96 #
Motion for a resolution Paragraph 4 4. Stresses that sustainable growth, resilience and price stability cannot be
Amendment 97 #
Motion for a resolution Paragraph 4 a (new) 4 a. Points out that climate change and the loss of biodiversity will endanger the ECB’s fulfilment of its mandate, since climate change poses a direct threat to price stability; stresses that to reach climate neutrality by 2050 at the latest, as outlined in the EU climate law, all relevant actors must contribute to that objective and operate in a way that is consistent with it;
Amendment 98 #
Motion for a resolution Paragraph 4 a (new) 4 a. Notes that the euro system has been built on the principle of monetary dominance; points out that a prolonged period of ultra-accomodative monetary policy might shift the balance towards fiscal dominance;
Amendment 99 #
Motion for a resolution Paragraph 5 source: 699.009
|
History
(these mark the time of scraping, not the official date of the change)
2022-02-02Show (3) Changes | Timetravel
| docs/2 |
|
| events/2/docs |
|
| forecasts/0/title |
Old
Indicative plenary sitting dateNew
Debate in plenary scheduled |
2021-12-17Show (2) Changes | Timetravel
| events/2 |
|
| procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament's vote |
2021-12-08Show (1) Changes | Timetravel
| events/1 |
|
2021-11-18Show (1) Changes | Timetravel
| forecasts/0 |
|
2021-11-06Show (2) Changes | Timetravel
| docs/1/docs/0/url |
https://www.europarl.europa.eu/doceo/document/ECON-AM-699009_EN.html
|
| forecasts/1 |
|
2021-10-21Show (1) Changes | Timetravel
| docs/1 |
|
2021-09-25Show (1) Changes | Timetravel
| forecasts |
|
2021-09-24Show (1) Changes | Timetravel
| committees/0/shadows/3 |
|
2021-09-12Show (1) Changes | Timetravel
| docs/0/docs/0/url |
https://www.europarl.europa.eu/doceo/document/ECON-PR-693753_EN.html
|
2021-09-11Show (1) Changes | Timetravel
| docs/0/date |
Old
2021-09-08T00:00:00New
2021-09-09T00:00:00 |
2021-09-10Show (1) Changes | Timetravel
| docs/0/date |
Old
2021-06-04T00:00:00New
2021-09-08T00:00:00 |
2021-06-29Show (1) Changes | Timetravel
| committees/0/shadows/1 |
|
2021-06-15Show (1) Changes | Timetravel
| committees/0/shadows/0 |
|
2021-06-08Show (2) Changes | Timetravel
| committees/0/shadows/2 |
|
| docs |
|
2021-06-03Show (1) Changes | Timetravel
| committees/0/shadows/1 |
|
2021-06-02Show (1) Changes
| commission |
|