Progress: Procedure completed, awaiting publication in Official Journal
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | FERBER Markus ( EPP), MARQUES Margarida ( S&D) | KELLEHER Billy ( Renew), LAMBERTS Philippe ( Verts/ALE), VAN OVERTVELDT Johan ( ECR), RINALDI Antonio Maria ( ID), GUSMÃO José ( GUE/NGL) |
Committee Opinion | EMPL | BISCHOFF Gabriele ( S&D) | Sandra PEREIRA ( GUE/NGL), Elżbieta RAFALSKA ( ECR), Max ORVILLE ( RE) |
Lead committee dossier:
Legal Basis:
RoP 57_o, TFEU 121-p6
Legal Basis:
RoP 57_o, TFEU 121-p6Subjects
Events
The European Parliament adopted by 367 votes to 161, with 69 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on the effective coordination of economic policies and multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97.
The European Parliament’s position adopted at first reading under the ordinary legislative procedure amends the proposal as follows:
Subject-matter
This Regulation:
- lays down rules to ensure the effective coordination of sound economic policies of the Member States , thereby supporting the achievement of the Union’s objectives of sustainable and inclusive growth and employment;
- lays down detailed rules on the content, submission, assessment and monitoring of national medium-term fiscal-structural plans as part of multilateral budgetary surveillance by the Council and the Commission, so as to promote sound and sustainable public finances, sustainable and inclusive growth and resilience through reforms and investments, and prevent excessive government deficits.
Reference trajectory
Where the general government debt exceeds 60 % of GDP or the general government deficit exceeds 3 % of GDP, the Commission should transmit to the Member State concerned and to the Economic and Financial Committee a reference trajectory for the net expenditure covering an adjustment period of four years and its possible extension by up to three years .
The reference trajectory should be risk-based and differentiated for each Member State, ensuring that:
(a) by the end of the adjustment period, assuming that there are no further budgetary measures, the projected general government debt ratio is put or remains on a plausibly downward path, or stays at prudent levels below 60 % of GDP over the medium-term;
(b) the projected general government deficit is brought below 3 % of GDP over the adjustment period and is maintained below that reference value over the medium-term assuming that there are no further budgetary measures;
The reference trajectory should:
- ensure that the projected general government debt-to-GDP ratio decreases by a minimum annual average amount of: (a) 1 percentage point of GDP as long as the general government debt-to-GDP ratio exceeds 90 %; (b) 0.5 percentage points of GDP as long as the general government debt-to-GDP ratio remains between 60 % and 90 %;
- ensure that fiscal adjustment continues, where needed, until the Member State concerned reaches a deficit level that provides a common resilience margin in structural terms of 1.5 % of GDP relative to the deficit reference value of 3 % of GDP.
During the month before the deadline by which the Commission is to transmit a reference trajectory or technical information to a Member State, that Member State should have the possibility to request a technical exchange with the Commission. That technical exchange should provide an opportunity to discuss the latest statistical information available and the economic and fiscal outlook of the Member State concerned, while ensuring equal treatment of Member States.
National medium-term fiscal-structural plans
Each Member State should submit to the Council and to the Commission a national medium-term fiscal-structural plan by 30 April of the last year of the plan in force. Prior to the submission of its national medium-term fiscal-structural plan, each Member State should conduct, in accordance with its national legal framework, a consultation of civil society, social partners, regional authorities and other relevant stakeholders.
Those plans should also include broader reforms and investments , including in relation to common priorities of the Union, namely the green transition, including the European Green Deal; the digital transition; social and economic resilience and the implementation of the European Pillar of Social Rights; energy security; the build-up of defence capabilities. The national plans should also integrate the impact of reforms and investments already implemented by the Member State concerned, paying particular attention to the impact of future government revenue, expenditure and potential growth on fiscal sustainability, based on sound economic evidence.
Where a Member State commits to a relevant set of reforms and investments in accordance with certain criteria, the adjustment period may be extended by up to three years .
A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of the period covered by the national medium-term fiscal-structural plan if there are objective circumstances preventing its implementation within that period.
In the case of a newly appointed government , a Member State may submit a revised national medium-term fiscal-structural plan covering a new period of four or five years depending on the regular term of its legislature.
Upon a recommendation from the Commission, the Council should adopt a recommendation setting the net expenditure path of the Member State concerned and, where applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in the national medium-term fiscal-structural plan. Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitments, the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter adjustment period, unless there are objective circumstances preventing the implementation by the initial deadline.
Role of the European Parliament
The European Parliament should be involved in the European Semester on a regular and structured basis. The Council and the Commission must report regularly to the European Parliament on the application of the Regulation. The competent committee of the European Parliament should offer the possibility of participating in an exchange of views with a Member State that is the subject of a Council recommendation.
Lastly, a permanent and more independent European Fiscal Board should play a more prominent advisory role in the economic governance framework of the Union. It should continue to evaluate the implementation of the Stability and Growth Pact, assess the prospective fiscal stance for the euro area as a whole, and provide advice to the Commission and the Council.
The Committee on Economic and Monetary Affairs adopted the report by Esther de LANGE (EPP, NL) and Margarida MARQUES (S&D, PT) on the proposal for a regulation of the European Parliament and of the Council the effective coordination of economic policies and multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Subject-matter
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States. It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal-structural plans as part of multilateral budgetary surveillance by the Council and the Commission, with the involvement of the European Parliament, so as to promote debt sustainability, investments and reforms , common priorities of the Union, and sustainable and inclusive growth and resilience in the Member States and to prevent the occurrence of excessive government deficits, by medium-term planning ensuring consistency within the Union, including the euro area.
The European Semester
In order to ensure closer coordination of economic and relevant social policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission, with the involvement of the European Parliament, should conduct multilateral surveillance within the European Semester whose overarching aim is to ensure closer coordination of economic, social, budgetary and structural policies.
Reference trajectory
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission should put forward, in a report to the European Parliament and the Council, a reference trajectory. For the preparation of the report, the Commission should consult the Member State concerned including, where applicable, on its proposed reference trajectory, as part of the dialogue, while ensuring fair and equal treatment of all Member States.
The reference trajectory should be set in levels of net expenditure. It should ensure that:
(a) the public debt ratio is put or remains on a plausibly downward path, leading to sustainable debt reduction or stays at prudent levels ;
(b) the government deficit is brought and maintained below the 3% of GDP reference value;
(c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;
(d) the public debt ratio stabilises over the adjustment period and is reduced every year over the projection period on average by at least one percentage point of debt to GDP for the Member States with a debt-to-GDP ratio exceeding 90% and at least half a percentage point for the Member States with a debt-to-GDP ratio of 60% to 90%.
National medium-term fiscal-structural plans
Each Member State should present a medium-term plan that sets out its net expenditure path as well as priority public investment and reform commitments that together ensure sustained and gradual debt reduction and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments , including in relation to the European Green Deal, the European Pillar of Social Rights, the Digital Decade Policy Programme 2030 and the Strategic Compass for Security and Defence. The national plans should also assess the public investment gaps, in particular to achieve those common Union priorities.
Prior to the submission of the national medium-term fiscal-structural plan to the Council and the Commission, each Member State should establish a structured cooperation mechanism to receive contributions to that national medium-term fiscal-structural plan from civil society, social partners, regional authorities and other relevant stakeholders.
A new government in a Member State may submit a new or revised national medium-term fiscal-structural plan to the Commission. However, if there are objective circumstances preventing the implementation of the plan, a Member State may request to submit a revised plan to the Commission by no later than 12 months before the end of the current plan.
Monitoring by the Commission
The Commission should set up a control account for each Member State to keep track of annual deviations of the net expenditure observed in the Member State from the net expenditure path set by the Council, summing those deviations over time.
A Member State should be deemed not to be in compliance with its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than 1% of GDP in the years of positive GDP growth .
For certain strategic investments that address the common priorities of the Union, and that have added value for the Union as a whole, the Commission should be able to exceptionally allow Member States to exceed the reference value in the control account, for example in exceptional cases where investment costs increase due to unforeseen circumstances or where the need to make additional strategic investments arises during the adjustment period. Any deviation from the reference value can be granted by the Commission for a period of up to 5 years per request.
A dedicated scoreboard should be established by way of a delegated act to display the progress of the implementation of the medium-term fiscal-structural plans of the Member States. The scoreboard should be operational by June 2024 and should be updated by the Commission twice a year.
Parliament’s role
The European Parliament should be duly involved in a regular and structured way in the European Semester. The Council and the Commission should regularly report to the European Parliament on the application of this Regulation and include in their reports the results of the multilateral surveillance carried out pursuant to this Regulation.
In order to ensure transparency and accountability in the application of this Regulation, the Commission should transmit, subject to appropriate confidentiality arrangements where necessary, relevant documents and information simultaneously and on equal terms to the European Parliament and to the Council, such as the medium-term fiscal-structural plans submitted by Member States and the proposed net expenditure path, the debt sustainability assessments and an overview of the Commission's preliminary findings concerning the progress in the implementation of the plans.
PURPOSE: to reform the EU economic governance framework.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: this proposal forms part of a package and aims to replace Council Regulation No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (the preventive arm of the Stability and Growth Pact). It is accompanied by:
- a proposal to amend Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure (the corrective arm of the Stability and Growth Pact);
- a proposal to amend Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States.
The review of the EU's economic governance framework was based on a consultation with a wide range of stakeholders. It revealed that the framework has a number of strengths, but also a series of shortcomings, in particular i) increased complexity, ii) the need to be more effective in reducing high levels of debt and building up buffers for future shocks, as well as (iii) the need to update a number of instruments and procedures to incorporate lessons learned from the response to recent economic shocks, including the interaction between reforms and investments under the Recovery and Resilience Facility.
The strong policy response to the COVID19 pandemic proved effective in mitigating the economic and social damage of the crisis, but resulted in a significant increase in public- and private-sector debt ratios , underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives.
The legislative package aims at making the EU governance framework simpler (by using a single operational indicator in the form of a net expenditure path and by simplifying reporting requirements in particular through the introduction of a holistic, single, integrated medium-term fiscal-structural plan), more transparent and effective, with greater national ownership and better enforcement, allowing for reform and investment while reducing high public debt ratios in a realistic, gradual and sustained manner.
The central objective of these proposals is to strengthen the sustainability of public debt and to promote sustainable and inclusive growth in all Member States through reforms and investments.
CONTENT: the proposed Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Its main elements are as follows:
European Semester
The provisions introduce the EU budgetary framework into the surveillance cycle of the European Semester. They also provide that Member States must take into account the guidance given by the Council, and list the legal instruments in which a failure to do so by Member States could result in
Technical trajectory
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission will put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal-structural plan, and its possible extension by a maximum of 3 years. The trajectory will ensure that the public debt ratio is put or remains on a plausibly downward path or stays at prudent levels and that the government deficit is brought and maintained below the 3% of GDP reference value.
For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission will provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value in the medium-term.
These technical paths and technical information will guide Member States in defining the multi-annual expenditure targets they will include in their plans.
National medium-term fiscal and structural plans
The proposal aims to move to a risk-based EU surveillance framework that differentiates between Member States taking into account their public debt challenges. National medium-term fiscal and structural plans are the cornerstone of the proposed framework. They will integrate fiscal policy, reform and investment objectives , including those to address macroeconomic imbalances where necessary, and to implement the European Social Charter, into a single comprehensive medium-term plan, creating a coherent and streamlined process. Member States will have more room for manoeuvre in setting their net budgetary expenditure path, thereby strengthening national ownership of these budgetary paths.
These plans will be assessed by the Commission and approved by the Council on the basis of common EU criteria. The proposal also sets out the conditions under which the Council will be able to ask a Member State to present a revised plan and under which the Council will be able to propose a revision of the net expenditure path that it has itself approved if the Member State does not meet the requirements for presenting a revised plan.
Member States will submit annual progress reports and the Commission will monitor the implementation of the net expenditure paths including through the set-up of a control account. This intends to make the annual monitoring by the Commission less burdensome for Member States.
Derogation clauses
On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council will specify a time-limit for such deviation.
Economic dialogue
The proposed Regulation lays down the conditions under which the economic dialogue takes place between the institutions and Member States, including the necessity to inform the European Parliament on the application of the Regulation and the possibility for the European Parliament to have an exchange of views with a Member State where there is a significant risk of deviation from the net expenditure path.
Interaction with Regulation (EU) No 1176/2011
The proposed regulation interacts with Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances in that the Council may adopt a recommendation establishing the existence of an excessive imbalance in case a Member State fails to implement the reform and investment commitments included in its medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalances Procedure. Moreover, if a Member State is under an excessive imbalance procedure, it should submit a revised medium-term fiscal-structural plan under the latter regulation.
Documents
- Commission response to text adopted in plenary: SP(2024)394
- Draft final act: 00051/2024/LEX
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading: T9-0311/2024
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE759.672
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)001133
- Text agreed during interinstitutional negotiations: PE759.672
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Committee report tabled for plenary, 1st reading: A9-0439/2023
- Contribution: COM(2023)0240
- Committee opinion: PE752.621
- Amendments tabled in committee: PE754.898
- Amendments tabled in committee: PE754.936
- Amendments tabled in committee: PE754.937
- Committee draft report: PE754.668
- Committee of the Regions: opinion: CDR0157/2023
- Economic and Social Committee: opinion, report: CES2275/2023
- Contribution: COM(2023)0240
- European Central Bank: opinion, guideline, report: CON/2023/0020
- European Central Bank: opinion, guideline, report: OJ C 290 18.08.2023, p. 0017
- Contribution: COM(2023)0240
- Legislative proposal published: COM(2023)0240
- Legislative proposal published: EUR-Lex
- European Central Bank: opinion, guideline, report: CON/2023/0020 OJ C 290 18.08.2023, p. 0017
- Economic and Social Committee: opinion, report: CES2275/2023
- Committee of the Regions: opinion: CDR0157/2023
- Committee draft report: PE754.668
- Amendments tabled in committee: PE754.898
- Amendments tabled in committee: PE754.936
- Amendments tabled in committee: PE754.937
- Committee opinion: PE752.621
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)001133
- Text agreed during interinstitutional negotiations: PE759.672
- Draft final act: 00051/2024/LEX
- Commission response to text adopted in plenary: SP(2024)394
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
Votes
A9-0439/2023 – Esther de Lange, Margarida Marques #
A9-0439/2023 – Markus Ferber, Margarida Marques – Rejection – Am 2 #
FR | CY | AT | IE | ?? | BE | EL | HR | LU | MT | DE | LV | DK | FI | EE | SK | NL | LT | SI | PT | BG | CZ | HU | SE | RO | ES | PL | IT | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total |
72
|
1
|
17
|
12
|
1
|
20
|
11
|
5
|
6
|
4
|
88
|
7
|
14
|
14
|
6
|
13
|
27
|
10
|
8
|
19
|
14
|
21
|
17
|
20
|
24
|
53
|
44
|
57
|
|
Verts/ALE |
67
|
France Verts/ALEFor (12) |
3
|
2
|
3
|
1
|
1
|
Germany Verts/ALEFor (21)Alexandra GEESE, Anna CAVAZZINI, Anna DEPARNAY-GRUNENBERG, Daniel FREUND, Erik MARQUARDT, Hannah NEUMANN, Henrike HAHN, Jan OVELGÖNNE, Jutta PAULUS, Katrin LANGENSIEPEN, Manuela RIPA, Martin HÄUSLING, Michael BLOSS, Niklas NIENASS, Pierrette HERZBERGER-FOFANA, Rasmus ANDRESEN, Reinhard BÜTIKOFER, Sergey LAGODINSKY, Ska KELLER, Terry REINTKE, Viola VON CRAMON-TAUBADEL
Against (1)Abstain (1) |
2
|
3
|
3
|
2
|
1
|
3
|
3
|
3
|
1
|
1
|
|||||||||||
The Left |
30
|
France The LeftFor (6) |
4
|
1
|
2
|
4
|
1
|
1
|
4
|
1
|
1
|
Spain The LeftFor (5) |
|||||||||||||||||
ID |
47
|
3
|
2
|
Germany IDFor (9) |
1
|
1
|
1
|
||||||||||||||||||||||
NI |
35
|
3
|
1
|
2
|
1
|
3
|
1
|
3
|
1
|
1
|
Hungary NIAgainst (10) |
1
|
1
|
Italy NIFor (6)Against (1) |
|||||||||||||||
ECR |
58
|
1
|
3
|
1
|
2
|
1
|
Netherlands ECRFor (4)Against (1) |
1
|
2
|
4
|
2
|
1
|
Spain ECR |
Poland ECRAgainst (23)
Adam BIELAN,
Andżelika Anna MOŻDŻANOWSKA,
Anna FOTYGA,
Anna ZALEWSKA,
Beata KEMPA,
Beata MAZUREK,
Bogdan RZOŃCA,
Dominik TARCZYŃSKI,
Elżbieta KRUK,
Elżbieta RAFALSKA,
Grzegorz TOBISZOWSKI,
Izabela-Helena KLOC,
Jacek SARYUSZ-WOLSKI,
Jadwiga WIŚNIEWSKA,
Joanna KOPCIŃSKA,
Kosma ZŁOTOWSKI,
Krzysztof JURGIEL,
Patryk JAKI,
Ryszard Antoni LEGUTKO,
Ryszard CZARNECKI,
Tomasz Piotr PORĘBA,
Witold Jan WASZCZYKOWSKI,
Zdzisław KRASNODĘBSKI
|
Italy ECRAgainst (8) |
||||||||||||||
Renew |
94
|
France RenewAgainst (21)
Bernard GUETTA,
Catherine AMALRIC,
Catherine CHABAUD,
Christophe GRUDLER,
Dominique RIQUET,
Fabienne KELLER,
Gilles BOYER,
Guy LAVOCAT,
Ilana CICUREL,
Irène TOLLERET,
Jérémy DECERLE,
Laurence FARRENG,
Marie-Pierre VEDRENNE,
Max ORVILLE,
Pascal CANFIN,
Pierre KARLESKIND,
Salima YENBOU,
Sandro GOZI,
Stéphane BIJOUX,
Stéphanie YON-COURTIN,
Sylvie BRUNET
|
1
|
2
|
4
|
1
|
2
|
Germany RenewFor (1)Against (5) |
1
|
Denmark RenewAgainst (6) |
3
|
3
|
Slovakia RenewFor (1)Against (3) |
Netherlands RenewAgainst (7) |
1
|
2
|
2
|
Czechia RenewAgainst (5) |
1
|
3
|
Romania RenewFor (1)Against (6) |
1
|
3
|
||||||
S&D |
124
|
France S&DFor (7) |
1
|
Austria S&DAbstain (5) |
1
|
2
|
1
|
4
|
1
|
3
|
Germany S&DFor (1)Against (13) |
2
|
3
|
2
|
2
|
1
|
Netherlands S&DAbstain (6) |
2
|
2
|
Portugal S&DAgainst (7) |
4
|
1
|
5
|
5
|
4
|
Spain S&DAgainst (20)
Alicia HOMS GINEL,
Clara AGUILERA,
Cristina MAESTRE,
César LUENA,
Domènec RUIZ DEVESA,
Eider GARDIAZABAL RUBIAL,
Estrella DURÁ FERRANDIS,
Ibán GARCÍA DEL BLANCO,
Inma RODRÍGUEZ-PIÑERO,
Iratxe GARCÍA PÉREZ,
Isabel GARCÍA MUÑOZ,
Javi LÓPEZ,
Javier MORENO SÁNCHEZ,
Jonás FERNÁNDEZ,
Juan Fernando LÓPEZ AGUILAR,
Laura BALLARÍN CEREZA,
Marcos ROS SEMPERE,
Mónica Silvana GONZÁLEZ,
Nacho SÁNCHEZ AMOR,
Nicolás GONZÁLEZ CASARES
|
Poland S&DFor (1)Against (5) |
13
|
|
PPE |
150
|
France PPEFor (1)Against (6) |
Austria PPEAgainst (5) |
4
|
Belgium PPEFor (1)Against (2)Abstain (1) |
Greece PPEAgainst (4) |
2
|
1
|
Germany PPEFor (3)Against (25)
Andreas SCHWAB,
Angelika NIEBLER,
Axel VOSS,
Christian DOLESCHAL,
Christian EHLER,
Christine SCHNEIDER,
Daniel CASPARY,
David MCALLISTER,
Dennis RADTKE,
Hildegard BENTELE,
Jens GIESEKE,
Karolin BRAUNSBERGER-REINHOLD,
Lena DÜPONT,
Manfred WEBER,
Marion WALSMANN,
Markus FERBER,
Marlene MORTLER,
Michael GAHLER,
Niels GEUKING,
Norbert LINS,
Peter LIESE,
Rainer WIELAND,
Ralf SEEKATZ,
Sabine VERHEYEN,
Stefan BERGER
|
3
|
1
|
3
|
4
|
Netherlands PPEAgainst (5) |
4
|
4
|
Portugal PPEAgainst (7) |
Bulgaria PPEFor (1)Against (5) |
Czechia PPEAgainst (5) |
1
|
Sweden PPEAgainst (6) |
Romania PPEFor (1)Against (10) |
Spain PPEAgainst (12) |
Italy PPEAgainst (10) |
A9-0439/2023 – Markus Ferber, Margarida Marques – Provisional agreement – Am 3 #
Amendments | Dossier |
1135 |
2023/0138(COD)
2023/09/29
EMPL
90 amendments...
Amendment 100 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 b (new) (10 b) ‘do no significant harm’ means not supporting or carrying out economic activities that do significant harm to any environmental objective. within the meaning of Article 17 of Regulation (EU) 2020/852.
Amendment 101 #
Proposal for a regulation Article 3 – paragraph 1 1. In order to ensure closer coordination of economic policies and sustained convergence of the economic
Amendment 102 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic and employment policies and sustain
Amendment 103 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained upward convergence of the economic
Amendment 104 #
Proposal for a regulation Article 3 – paragraph 2 – introductory part 2. The European Semester shall include:
Amendment 105 #
Proposal for a regulation Article 3 – paragraph 2 – point a (a) the formulation, and the surveillance of the implementation, of the broad guidelines for the economic, social and sustainability policies of the Member States and of the Union in accordance with Article 121(2) TFEU, Article 148 TFEU, and Article 191 TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area;
Amendment 106 #
Proposal for a regulation Article 3 – paragraph 2 – point a (a) the formulation, and the surveillance of the implementation, of the broad guidelines of
Amendment 107 #
Proposal for a regulation Article 3 – paragraph 2 – point b (b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU,
Amendment 108 #
Proposal for a regulation Article 3 – paragraph 2 – point b (b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the European Pillar of Social Rights, the Social Scoreboard and its headline and secondary indicators, and of the related country-specific recommendations;
Amendment 109 #
Proposal for a regulation Article 3 – paragraph 2 – point b (b) the formulation, and the
Amendment 110 #
Proposal for a regulation Article 3 – paragraph 2 – point d (d) the surveillance to prevent and correct
Amendment 111 #
Proposal for a regulation Article 3 – paragraph 2 – point d a (new) (d a) a early warning system for social imbalances, pursuant to Article 148 TFEU;
Amendment 112 #
Proposal for a regulation Article 4 – paragraph 1 1. Where necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the socio- economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU, the European Pillar of Social Rights, and related secondary legislation.
Amendment 113 #
Proposal for a regulation Article 4 – paragraph 3 – point a a (new) (a a) a recommendation by the Council pursuant to Article 9 or 148 TFEU, the implementation of the principles of the European Pillar of Social Rights, or reflecting the outcomes of the Social Convergence Framework;
Amendment 114 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) at the end of the adjustment period, the public debt ratio is
Amendment 115 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b)
Amendment 116 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 117 #
Proposal for a regulation Article 6 – paragraph 1 – point e a (new) (e a) maintaining the headline deficit below the 3% of GDP reference value does not come at the expense of the need for the Member State concerned to fill their investment gaps to achieve the EU common priorities as set out in Article 1, also accounting for the possibility of spreading the cost of eligible investment over its lifetime in line with article 11;
Amendment 118 #
Proposal for a regulation Article 7 – paragraph 2 2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan, without compromising the need to fill the investment gaps for the Member State concerned to achieve the common priorities as set out in article 1.
Amendment 119 #
Proposal for a regulation Article 9 – paragraph 2 a (new) Amendment 120 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure
Amendment 121 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 – point 1 (new) (1) When presenting the net expenditure path, the cost of public investment expenditure that addresses the common priorities of the Union as referred to in Article 1 shall be spread over the life-cycle of the investment or in any case over 20 years, thereby accounting for one twentieth of the total investment cost in each yearly budget over this timespan.
Amendment 122 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, challenges identified in country reports and social convergence reports under the Social Convergence Framework, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 9 TFEU, 121(4) TFEU, Article 148 TFEU, and the implementation of the European Pillar of Social Rights.
Amendment 123 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the relevant country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU.
Amendment 124 #
Proposal for a regulation Article 12 – paragraph 1 – point a a (new) (a a) assess the national public and private investment gaps that need to be filled to achieve the common priorities listed in article 1;
Amendment 125 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, country reports and social convergence reports under the Social Convergence Framework, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union
Amendment 126 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, correct the identified social imbalances under the early warning system for social imbalances if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;
Amendment 127 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b)
Amendment 128 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union
Amendment 129 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) explain how it will ensure the reduction of the investment gaps referred to in paragraph (aa) within the timeframe of the plan;
Amendment 130 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (d a) contain a chapter summarising the quality and quantity of consultations of national parliaments, social partners, civil society organisations and other stakeholders and how their input is reflected in the plan and in the implementation process;
Amendment 131 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 1 The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with national investment gaps as identified in the national fiscal- structural plans as per Article 12 (aa), the degree of public debt challenges and challenges to medium-
Amendment 132 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i) be growth or resilience enhancing;
Amendment 133 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii (iii) address the common priorities of the Union referred to in A
Amendment 134 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iv (iv) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure and Social Convergence Framework under article 148 TFEU;
Amendment 135 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v a (new) (v a) comply with the ‘Do no significant harm' principle.
Amendment 136 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) whether the government deficit is maintained below the 3% of GDP reference value throughout the duration of the plan or whether the government deficit returns
Amendment 137 #
Proposal for a regulation Article 15 – paragraph 2 – point c (c) whether the government deficit is
Amendment 138 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 139 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio at the end of the planning horizon is
Amendment 140 #
Proposal for a regulation Article 20 – paragraph 2 2. The annual progress report referred to in paragraph 1 shall contain in particular information about the progress in the
Amendment 141 #
Proposal for a regulation Article 20 – paragraph 2 2. The annual progress report referred to in paragraph 1 shall contain in particular information about the progress in the implementation of the net expenditure path, the implementation of broader reform and investment commitments in the European Semester context and the common priorities of the Union referred to in Annex VI and, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period.
Amendment 142 #
Proposal for a regulation Article 26 – paragraph 1 The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic
Amendment 143 #
Proposal for a regulation Article 26 – paragraph 1 The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic and social dialogue. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee and the Working Party on the Environment shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners
Amendment 144 #
Proposal for a regulation Article 26 – paragraph 2 In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure transparency and accountability, the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before it to discuss the
Amendment 145 #
Proposal for a regulation Article 33 – paragraph 4 4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. It shall also consult social partners, civil society organisations and other relevant stakeholders.
Amendment 146 #
Proposal for a regulation Article 34 – paragraph 1 The Commission shall ensure a permanent dialogue with Member States in accordance with the objectives of this Regulation. To that end, the Commission shall, in particular, carry out missions for
Amendment 147 #
Proposal for a regulation Article 35 – paragraph 2 a (new) 2 a. The European Commission will publish guidance to the Member States on stakeholder involvement, providing advice on how to meaningfully and structurally involve social partners, civil society organisations and other relevant stakeholders in development, implementation, monitoring and evaluation of national fiscal-structural plans.
Amendment 148 #
Proposal for a regulation Annex II – paragraph 1 – point i a (new) (i a) a detailed plan to enact a socially just and time-bound reduction of fossil fuel and other environmentally harmful subsidies.
Amendment 149 #
Proposal for a regulation Annex II – paragraph 1 – point j (j) Total public investment expenditure, as well as reforms and public investment expenditure addressing each of the common priorities of the Union referred to in Annex VI.
Amendment 150 #
Proposal for a regulation Annex II – paragraph 1 – point l (l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability,
Amendment 151 #
Proposal for a regulation Annex II – paragraph 1 – point n a (new) (n a) If applicable, reforms and investments to correct the identified social imbalances under the early warning system for social imbalances.
Amendment 152 #
Proposal for a regulation Annex III – paragraph 1 – point n (n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030, and if applicable the expected impact of measures to correct identified social imbalances under the early warning system for social imbalances.
Amendment 153 #
Proposal for a regulation Annex III – paragraph 1 – point n (n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU and the Social Convergence Framework. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030.
Amendment 154 #
Proposal for a regulation Annex III – paragraph 1 – point n a (new) (n a) Information on how expenditures and revenues reflect the need to ensure that the “polluter-pays” principle is enacted. Information on how the planned government expenditure contributes to achieving climate and environmental national and international commitments and the methodology used. Data and descriptive information shall be provided separately for expenditure, tax expenditure and revenue items. Information on the distributional impact of budgetary policies, taking into account employment, social and distributional aspects in the development of green budgeting.
Amendment 155 #
Proposal for a regulation Annex III – paragraph 1 – point o a (new) (o a) Information on the consultations of social partners, civil society organisations and other relevant stakeholders in view of the preparation of the report.
Amendment 156 #
Proposal for a regulation Annex VI Amendment 157 #
Proposal for a regulation Annex VI Amendment 158 #
Proposal for a regulation Annex VI – paragraph 1 Amendment 159 #
Proposal for a regulation Annex VI – paragraph 1 – point a Amendment 160 #
Proposal for a regulation Annex VI – paragraph 1 – point b Amendment 161 #
Proposal for a regulation Annex VI – paragraph 1 – point c Amendment 162 #
Proposal for a regulation Annex VI – paragraph 1 – point d Amendment 163 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.5 a (new) 2.5 a The set of reform and investment commitments enacts a socially just and time-bound reduction of fossil fuel and other environmentally harmful subsidies.
Amendment 74 #
Proposal for a regulation – The Committee on Employment and Social Affairs, as associated Committee under Rule 57, proposes the rejection of the Commission proposal; Urges the European Commission to present a new proposal in which it repeals the Stability and Growth Pact and the related instruments of economic governance and replace it with a Pact for Social Progress and Employment which: (i) Respects the sovereignty of each state, ensuring the conditions for its economic and social development, for overcoming structural deficits, for restoring productive capacity; (ii) Promotes economic growth and the realisation of the principles of economic, social and territorial cohesion; (iii) Fights unemployment and aims for full employment, promotes the defence and strengthening of workers' rights and other social rights, the defence and promotion of collective bargaining as well as the eradication of precariousness; (iv) Promotes the defence and strengthening of public services and the social functions of states, namely access to the right to health, education, housing and social security.
Amendment 75 #
Proposal for a regulation Citation 1 Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) and article 148 thereof,
Amendment 76 #
Proposal for a regulation Recital 2 (2) The Stability and Growth Pact (SGP), which initially consisted of Council Regulation (EC) No 1466/9719 , Council Regulation (EC) No 1467/97 of 7 July 199720 and the Resolution of the European Council of 17 June 1997 on the Stability and Growth Pact21 , is based on the objective of sound and sustainable government finances as a means of strengthening the conditions for price stability and for strong sustainable growth conducive to employment creation underpinned by financial stability, thereby supporting the achievement of the Union’s objectives for sustainable and inclusive growth a
Amendment 77 #
Proposal for a regulation Recital 3 (3) The fiscal governance framework, which is the subject matter of this Regulation, is a part of the European Semester, which also comprises the coordination and surveillance of broader economic
Amendment 78 #
Proposal for a regulation Recital 5 Amendment 79 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights and the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. __________________ 22 The European Climate Law sets a
Amendment 80 #
Proposal for a regulation Recital 5 a (new) Amendment 81 #
Proposal for a regulation Recital 7 a (new) (7 a) The economic governance framework of the Union should enable to promote financially supported tenders for its Member States which, through regional aid, provide the poorest with opportunities for various agricultural and other forms of farming, livestock farming, plant production and the production of 'artisanal-organic' food products; it should also enable to provide opportunities for sharing good practices between Member States which, by taking advantage of their geographical situation, provide opportunities for supporting agricultural and rural projects within the various integration programmes;
Amendment 82 #
Proposal for a regulation Recital 9 (9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the
Amendment 83 #
Proposal for a regulation Recital 10 (10) Cohesion policy funds are also synchronised with the European Semester process. As the long-term investment policy of the EU budget strengthening economic, social and territorial cohesion, cohesion policy investments and reforms should also be
Amendment 84 #
Proposal for a regulation Recital 11 a (new) (11 a) Within the net expenditure path developed by Member States as part of the medium term fiscal structural plan, amortisation of investments that address EU priorities should contribute to the creation of the required fiscal space for key investments. This includes the implementation of the EU Green Deal and of the European Pillar of Social Rights. The amortisation of investments should enable the front-loading of green investments, accelerating the green transition and enabling a smoother adjustment with reference to the overall carbon budget on the path to the Paris Agreement goals. Likewise, frontloading of investments in the implementation of the European Pillar of Social Rights and its action plan will contribute to the timely achievement of its goals, not least with regard to training, employment and reduction of poverty. To achieve this, investments in line with Article 1 shall be spread over the life-cycle of the investment or in any case over 20 years, thereby accounting for one twentieth of the total investment cost in each yearly budget over this time span, as set out in Article 11.
Amendment 85 #
Proposal for a regulation Recital 13 (13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level, while also taking into account the investment needs of Member States to achieve the common priorities of the Union. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies, trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies, which do no significant harm to the achievement of the common priorities of the Union according to Article 1.
Amendment 86 #
Proposal for a regulation Recital 13 (13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level, while also taking into account the investment needs of Member States to achieve the common priorities of the Union. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies. The sustainability of that debt reduction should result from forward- looking fiscal policies, which do no significant harm to the achievement of the common priorities of the Union.
Amendment 87 #
Proposal for a regulation Recital 16 a (new) (16 a) The economic governance framework of the Union should not hamper building on the anti- discrimination, Roma and social inclusion and equal opportunities strategies that have been prepared so far, in particular with a view to providing Member States with a framework package that seeks to ensure equal access to opportunities for Roma in practice in all respects and to promote social inclusion and participation of Roma, ('2020-2030 EU Roma Strategic Framework') to provide guidelines for the implementation of national inclusion strategies, and the re-establishment of the Roma Task Force;
Amendment 88 #
Proposal for a regulation Recital 21 (21) In order to ensure the implementation of the medium-term fiscal- structural plans, the Commission and the Council should monitor the reform and investment commitments made in these plans under the European Semester, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue
Amendment 89 #
Proposal for a regulation Recital 21 (21) In order to ensure the implementation of the medium-term fiscal- structural plans, the
Amendment 90 #
Proposal for a regulation Recital 22 (22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether:
Amendment 91 #
Proposal for a regulation Recital 23 (23) With a view to ensuring an equitable and transparent process, the reform and investment commitments should be assessed using a common Union framework. During the lifetime of the Recovery and Resilience Facility, commitments in the national Recovery and Resilience Plans can be considered in the assessment of the request for an extension of the adjustment period, where applicable. The set of reforms and investments underpinning an extension of the fiscal adjustment path period should be commensurate with the degree of public debt challenges as established in the most recent update of the Debt Sustainability Monitor
Amendment 92 #
Proposal for a regulation Recital 29 a (new) (29 a) In order to promote upward social convergence, the multilateral surveillance procedure set out in Article 148(4) TFEU is complemented with an early warning system within the European Semester, whereby the Commission pursuant to Article 148 TFEU alerts a Member State at an early stage about the need to take the necessary corrective measures to prevent a social imbalance. To detect, prevent and address a social imbalance, the Commission draws on situations identified as critical in the Social Scoreboard, and on clear deviations from the trajectory of the European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030.
Amendment 93 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for
Amendment 94 #
Proposal for a regulation Article 1 – paragraph 2 It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans in line with the economic, social and sustainability objectives of the EU as part of multilateral budgetary surveillance by the Council and the Commission so as to promote debt sustainability and sustainable and inclusive growth and resilience in the Member States and prevent the occurrence of excessive government deficits, by medium- term planning, while ensuring the necessary economic, green and social investments that bring progress towards EU common priorities, as defined in this article.
Amendment 95 #
Proposal for a regulation Article 1 – paragraph 2 a (new) The common priorities of the Union are: (a) The European Green Deal, including the reduction of greenhouse gas emissions by 55% by 2023, the transition to climate neutrality by 2050, and the translation at national level through the National Energy and Climate Plans; (b) The European Pillar of Social Rights including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 2030, and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.
Amendment 96 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, national co-financing for EU programmes and expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a);
Amendment 97 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5)
Amendment 98 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path,
Amendment 99 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 a (new) (10 a) ‘resilience’ means the ability to face economic, social and environmental shocks or persistent structural changes in a fair, sustainable and inclusive way;
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2023/10/26
ECON
1045 amendments...
Amendment 1000 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, accompanied by an opinion from the European Fiscal Board, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.
Amendment 1001 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, complemented by an assessment carried out by an independent fiscal institution, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.
Amendment 1002 #
Proposal for a regulation Article 25 – paragraph 1 a (new) Before drafting the recommendation, the European Fiscal Board shall submit an opinion to the Commission assessing whether exceptional circumstances outside the control of the Member State leading to a major impact on the public finances of the Member State concerned exist. The opinion shall also assess whether the deviation endangers fiscal sustainability and shall propose a time- limit for the deviation. The opinion shall be made available to the Council and shall be made public.
Amendment 1003 #
Proposal for a regulation Article 25 – paragraph 2 Amendment 1004 #
Proposal for a regulation Article 25 – paragraph 2 The Council, on a recommendation from the Commission, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances
Amendment 1005 #
Proposal for a regulation Article 25 – paragraph 2 The Council, on a recommendation from the Commission, or based on the request of a Member State subjected to the Commission opinion, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.
Amendment 1006 #
Proposal for a regulation Article 25 – paragraph 2 The Council, on a recommendation from the Commission, complemented by an assessment carried out by an independent fiscal institution, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. The existence of the exceptional circumstances referred to in this Article will be subject to regular reviews carried out at least once a year. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.
Amendment 1007 #
Proposal for a regulation Article 25 – paragraph 2 The Council, on a recommendation from the Commission and the independent evaluation of the respective national IFI and the EFB, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.
Amendment 1008 #
Proposal for a regulation Article 25 – paragraph 2 a (new) Where Member States face a negative GDP growth or must implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12, with a combined size of at least (X)% of GDP, shall be considered as exceptional circumstances and shall allow Member States to deviate from its net expenditure path.
Amendment 1009 #
Proposal for a regulation Article 25 – paragraph 2 a (new) Before an extension of the period is recommended, the Commission shall gather the opinion of the European Fiscal Board. The opinion shall be made available to the Council and shall be made public.
Amendment 1010 #
Proposal for a regulation Article 25 a (new) Amendment 1011 #
Proposal for a regulation Article 25 a (new) Article25a European Central Bank support The ECB shall do everything in its power to support the sustainability of public debt of Member States and prevent a significant divergence of the spreads of Member State’s sovereign debts.
Amendment 1012 #
Proposal for a regulation Article 26 Amendment 1013 #
Proposal for a regulation Article 26 – paragraph 1 The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue as well as for setting macroeconomic and social policy priorities . The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the
Amendment 1014 #
Proposal for a regulation Article 26 – paragraph 1 The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue, as well as for setting macroeconomic and social policy priorities. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.
Amendment 1015 #
Proposal for a regulation Article 26 – paragraph 1 The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders
Amendment 1016 #
Proposal for a regulation Article 26 – paragraph 2 In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure transparency and accountability, the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before it to discuss the policy guidance to Member States issued by the Commission, conclusions drawn by the European Council and the results of multilateral surveillance carried out under
Amendment 1017 #
Proposal for a regulation Article 26 – paragraph 2 a (new) The President of the Eurogroup shall attend a quarterly Economic Dialogue, four times per year, to be held in the competent committee of the European Parliament.
Amendment 1018 #
Proposal for a regulation Article 26 – paragraph 3 The President of the Council, and the Commission in accordance with Article 121 TFEU, and, where appropriate, the President of the Eurogroup, shall report annually to the European Parliament and to the European Council on the results of the
Amendment 1019 #
Proposal for a regulation Article 26 a (new) Article 26a Medium-term structural-fiscal plan dialogue 1. In order to enhance the dialogue between the European Parliament and the Commission, and to ensure greater transparency and accountability, the Commission shall appear before the competent committees of the European Parliament every two months to discuss the content, submission, assessment and monitoring of its medium-term fiscal- structural plans as part of multilateral budgetary surveillance, including the information listed in Article 25a(7). 2. In order to enhance the dialogue between the Union institutions, in particular the European Parliament and the Council, and to ensure greater transparency and accountability, the competent committees of the European Parliament may invite the President of the Council and, where appropriate, the President of the European Council or the President of the Eurogroup to appear [at least twice a year] before its competent committees to discuss the matters referred to in paragraph 1.
Amendment 1020 #
Proposal for a regulation Article 27 Amendment 1021 #
Proposal for a regulation Article 28 – paragraph 1 Amendment 1022 #
Proposal for a regulation Article 28 – paragraph 1 Where the Council addresses a recommendation to a Member State pursuant to Article 23(2) in the event of a significant
Amendment 1023 #
Proposal for a regulation Article 28 a (new) Article28a European Parliament and the European Semester An agreement shall be concluded between the European Parliament and Commission on the detailed arrangements for organising the Parliamentary scrutiny of the European Semester and the involvement of the European Parliament in the drafting and approval of the Annual Sustainability Growth Survey, of the broad economic policy and employment guidelines, of the reference trajectory, of the medium-term fiscal- structural plans, of the country-specific recommendations, and for organising the accountability of the Commission and the responsible Commissioner for their activities in implementing this Regulation.
Amendment 1024 #
Proposal for a regulation Article 29 – paragraph 1 1. The
Amendment 1025 #
Proposal for a regulation Article 29 – paragraph 2 Amendment 1026 #
Proposal for a regulation Article 29 – paragraph 2 2. The Council and the Commission shall include in their report to the European Parliament the results of the
Amendment 1027 #
Proposal for a regulation Article 29 – paragraph 2 a (new) Amendment 1028 #
Proposal for a regulation Article 29 – paragraph 2 a (new) 2 a. Information shall be prepared and transmitted by the Commission to the Council and any of its preparatory bodies in the context of this Regulation or its implementation and shall be made available to the European Parliament simultaneously and on equal terms without undue delay, subject to confidentiality arrangements if necessary.
Amendment 1029 #
Proposal for a regulation Article 30 Amendment 1030 #
Proposal for a regulation Article 30 – paragraph 1 1. Where a Member State fails to implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and whe
Amendment 1031 #
Proposal for a regulation Article 30 – paragraph 1 Amendment 1032 #
Proposal for a regulation Article 30 – paragraph 2 2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation.
Amendment 1033 #
Proposal for a regulation Article 30 – paragraph 2 2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria.
Amendment 1034 #
Proposal for a regulation Article 30 – paragraph 2 2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7(2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria.
Amendment 1035 #
Proposal for a regulation Article 30 – paragraph 2 2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised
Amendment 1036 #
Proposal for a regulation Article 30 – paragraph 2 a (new) 2 a. Where the Council decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where the Commission considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall publicly explain its position.
Amendment 1037 #
Proposal for a regulation Article 31 A
Amendment 1038 #
Proposal for a regulation Article 31 – paragraph 2 a (new) Where a Member State becomes subject to a macroeconomic adjustment programme in accordance with Article 7 of Regulation (EU) No 472/2013, the medium-term fiscal-structural plan shall be taken into account in the design of the macroeconomic adjustment programme.
Amendment 1039 #
Proposal for a regulation Article 32 – paragraph 1 Amendment 1040 #
Proposal for a regulation Article 32 – paragraph 1 The Commission is empowered to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III),
Amendment 1041 #
Proposal for a regulation Article 32 – paragraph 1 The Commission is empowered - after duly consulting the Member States - to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), regarding the functioning of the control account (Annex IV),
Amendment 1042 #
Proposal for a regulation Article 32 – paragraph 1 The Commission is empowered to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), regarding the functioning of the control account (Annex IV), regarding the methodology for the assessment of plausibility (Annex V)
Amendment 1043 #
Proposal for a regulation Article 33 Amendment 1044 #
Proposal for a regulation Article 33 – paragraph 2 2. The power to adopt delegated acts referred to in Articles 3, 8, 11(1a) and 32 shall be conferred for an indeterminate period of time from XXX.
Amendment 1045 #
Proposal for a regulation Article 33 – paragraph 2 2. The power to adopt delegated acts referred to in Article 8 and Article 32 shall be conferred for an indeterminate period of time from
Amendment 1046 #
Proposal for a regulation Article 33 – paragraph 3 3. The delegations of power referred to in Articles 3, 8, 11(1a) and 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 1047 #
Proposal for a regulation Article 33 – paragraph 3 3. The delegations of power referred to in Article 8 and Article 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 1048 #
Proposal for a regulation Article 33 – paragraph 4 4. Before adopting a delegated act, the Commission shall conduct a public consultation and consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.
Amendment 1049 #
Proposal for a regulation Article 33 – paragraph 6 6. A delegated act adopted pursuant to Articles 3, 13, 11(1a) and 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
Amendment 1050 #
Proposal for a regulation Article 33 – paragraph 6 6. A delegated act adopted pursuant to Article 8 and Article 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
Amendment 1051 #
Proposal for a regulation Article 33 – paragraph 6 a (new) 6 a. When modifying Annexes I, II and VI the European Commission will ask for the opinion of European workers' associations.
Amendment 1052 #
Proposal for a regulation Article 34 – paragraph 1 The Commission
Amendment 1053 #
Proposal for a regulation Article 35 Amendment 1054 #
Proposal for a regulation Article 35 Amendment 1055 #
Proposal for a regulation Article 35 – paragraph 1 1. The Commission may undertake
Amendment 1056 #
Proposal for a regulation Article 35 – paragraph 2 Amendment 1057 #
Proposal for a regulation Article 35 – paragraph 2 a (new) 2 a. European Commission may invite social partners or other relevant stakeholders to offer their views on the socio-economic situation in the Member State and the identification of any risks or difficulties in complying with the objectives of this Regulation.
Amendment 1058 #
Proposal for a regulation Article 35 a (new) Amendment 1059 #
Proposal for a regulation Article 36 – paragraph 1 1. By [31 December 20
Amendment 1060 #
Proposal for a regulation Article 36 – paragraph 2 Amendment 1061 #
Proposal for a regulation Article 36 – paragraph 2 – introductory part 2. The report referred to in paragraph 1 shall assess and review:
Amendment 1062 #
Proposal for a regulation Article 36 – paragraph 2 – introductory part 2. The report referred to in paragraph 1 shall assess and review
Amendment 1063 #
Proposal for a regulation Article 36 – paragraph 2 – point a (a) the effectiveness of this Regulation
Amendment 1064 #
Proposal for a regulation Article 36 – paragraph 2 – point a (a) the effectiveness of this Regulation
Amendment 1065 #
(a) the effectiveness of this Regulation, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for
Amendment 1066 #
Proposal for a regulation Article 36 – paragraph 2 – point a a (new) (a a) the use of the delegated powers as stated in Article 33;
Amendment 1067 #
Proposal for a regulation Article 36 – paragraph 2 – point b (b) the progress in ensuring closer coordination of economic policies and sustain
Amendment 1068 #
Proposal for a regulation Article 36 – paragraph 2 – point b (b) the progress in ensuring closer coordination of economic policies and sustained upward convergence of economic and social performances of the Member States.
Amendment 1069 #
Proposal for a regulation Article 36 – paragraph 2 – point b a (new) (b a) the progress in closing the investment gap in the pursuit of the EU policy priorities set out in Annex VI.
Amendment 1070 #
Proposal for a regulation Article 36 – paragraph 2 a (new) 2 a. The Commission shall submit the report to the European Parliament and to the Council, together with, where appropriate, a legislative proposal for an EU investment instrument to ensure that the central objective of the reform of this framework - to strengthen public debt sustainability while promoting sustainable and inclusive growth and upward social convergence in all Member States and respond fully to the sustained high levels of investment needed to address the current and future strategic priorities of the EU - can be met, or if the framework needs to be complemented by the establishment of a central and permanent investment instrument
Amendment 1071 #
Proposal for a regulation Article 36 a (new) Article 36a EU Investment Instrument With the view to incorporate it into the new Multiannual Financial Framework (MFF), the Commission shall propose the establishment of a permanent EU investment instrument that addresses the EU common priorities, boosts investment in new strategic and political priorities, and provides a stabilisation function to the European economy.
Amendment 1072 #
Proposal for a regulation Article 38 – paragraph 2 This Regulation shall be binding in its entirety and directly applicable in all Member States following the entry into force of a legal framework that establishes a European Investment Capacity that supports Member States in responding to the climate emergency and fulfilling the European Green Deal objectives by addressing related investment gaps. Such capacity shall be of a size of at least 1% of EU GDP and empowered to provide non repayable financial support to Member States through recourse to financial markets. During the period between the entry into force and the date of application of this Regulation, the general escape clause allowing for an orderly deviation from the requirements for all Member States as set out in Articles 5(1), 6(3), 9(1) and 10(3) of Regulation (EC) 1466/97 and Articles 3(5) and 5(2) of Regulation (EC) 1467/97 shall remain applicable.
Amendment 1073 #
Proposal for a regulation Annex I Amendment 1074 #
Proposal for a regulation Annex I Amendment 1075 #
Proposal for a regulation Annex I Amendment 1076 #
Proposal for a regulation Annex I Amendment 1077 #
Proposal for a regulation Annex I Amendment 1078 #
Proposal for a regulation Annex I Amendment 1079 #
Proposal for a regulation Annex I Amendment 1080 #
Proposal for a regulation Annex I – paragraph 1 – point a (a)
Amendment 1081 #
Proposal for a regulation Annex I – paragraph 1 – point a (a)
Amendment 1082 #
Proposal for a regulation Annex I – paragraph 1 – point a (a) by the end of the adjustment period,
Amendment 1083 #
Proposal for a regulation Annex I – paragraph 1 – point a (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels based on a commonly agreed methodology;
Amendment 1084 #
Proposal for a regulation Annex I – paragraph 1 – point a (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward sustainable path or stays at prudent levels;
Amendment 1085 #
Proposal for a regulation Annex I – paragraph 1 – point b (b)
Amendment 1086 #
Proposal for a regulation Annex I – paragraph 1 – point b (b) by the end of the adjustment period, the government deficit is brought
Amendment 1087 #
Proposal for a regulation Annex I – paragraph 1 – point c Amendment 1088 #
Proposal for a regulation Annex I – paragraph 1 – point c Amendment 1089 #
Proposal for a regulation Annex I – paragraph 1 – point c Amendment 1090 #
Proposal for a regulation Annex I – paragraph 1 – point c Amendment 1091 #
Proposal for a regulation Annex I – paragraph 1 – point d Amendment 1092 #
Proposal for a regulation Annex I – paragraph 1 – point d (d) the adjustment effort is not postponed towards the final years of the adjustment
Amendment 1093 #
Proposal for a regulation Annex I – paragraph 1 – point d (d) the annual debt reduction starts at the latest 2 years after the adoption of the national medium-term fiscal-structural plan depending on the economic situation of the Member State and the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal
Amendment 1094 #
Proposal for a regulation Annex I – paragraph 1 – point d (d) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan calculated based on a commonly agreed methodology is at least proportional to the total effort over the entire adjustment period;
Amendment 1095 #
Proposal for a regulation Annex I – paragraph 1 – point e Amendment 1096 #
Proposal for a regulation Annex I – paragraph 1 – point e Amendment 1097 #
Proposal for a regulation Annex I – paragraph 1 – point e (e)
Amendment 1098 #
Proposal for a regulation Annex I – paragraph 1 – point f Amendment 1099 #
Proposal for a regulation Annex I – paragraph 1 – point f Amendment 1100 #
Proposal for a regulation Annex I – paragraph 1 – point f Amendment 1101 #
Proposal for a regulation Annex I – paragraph 1 – point f (f) national financed net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.
Amendment 1102 #
Proposal for a regulation Annex II – paragraph 1 – point a (a) The
Amendment 1103 #
Proposal for a regulation Annex II – paragraph 1 – point a (a) The national financed net expenditure path referred to in Article 11. The other budgetary variables outside the control of the government that are part of the definition of net expenditure referred to in Article 2 consist in expenditure on
Amendment 1104 #
Proposal for a regulation Annex II – paragraph 1 – point a a (new) (a a) on how to address the social and environmental guidelines laid down in article 3 of the present Regulation;
Amendment 1105 #
Proposal for a regulation Annex II – paragraph 1 – point c (c) The projected path of the public debt ratio as well as of the development of the interest rate burden from the public debt measured as a percentage of GDP and the structure of the bondholders with particular attention to the percentage of bondholders outside of the euro area.
Amendment 1106 #
Proposal for a regulation Annex II – paragraph 1 – point c (c) The projected path of the public debt ratio
Amendment 1107 #
Proposal for a regulation Annex II – paragraph 1 – point c a (new) (c a) Progress in addressing national public investment gaps in alignment with each of the priorities of the Union as stated in Article 12;
Amendment 1108 #
Proposal for a regulation Annex II – paragraph 1 – point d (d) Information on implicit liabilities related to ageing, and contingent liabilities with a potentially large impact on government budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof, potential expenses and obligations arising from court cases and, to the extent possible, information on disaster and climate contingent liabilities.
Amendment 1109 #
Proposal for a regulation Annex II – paragraph 1 – point e (e) The main assumptions about expected economic developments and main economic variables which are relevant for ensuring consistency with a
Amendment 1110 #
Proposal for a regulation Annex II – paragraph 1 – point f Amendment 1111 #
Proposal for a regulation Annex II – paragraph 1 – point f (f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, or if the proposed technical trajectory deviates from the one put forward by the Commission, due explanations and justifications based on sound economic arguments of these differences.
Amendment 1112 #
Proposal for a regulation Annex II – paragraph 1 – point f (f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, du
Amendment 1113 #
Proposal for a regulation Annex II – paragraph 1 – point f a (new) (f a) An overview of all direct and indirect subsidies, benefiting economic activities under Annex VIa as well as a plan to phase out such subsidies at the latest by the end of the adjustment period.
Amendment 1114 #
Proposal for a regulation Annex II – paragraph 1 – point g (g) An analysis of how changes in the main economic assumptions would affect the budgetary and debt position of the Member State
Amendment 1115 #
Proposal for a regulation Annex II – paragraph 1 – point h Amendment 1116 #
Proposal for a regulation Annex II – paragraph 1 – point h Amendment 1117 #
Proposal for a regulation Annex II – paragraph 1 – point h (h) If applicable, the duly substantiated reasons
Amendment 1118 #
Proposal for a regulation Annex II – paragraph 1 – point i (i)
Amendment 1119 #
Proposal for a regulation Annex II – paragraph 1 – point i a (new) (ia) Measures in place or planned to enhance the Member State levels of productivity;
Amendment 1120 #
Proposal for a regulation Annex II – paragraph 1 – point j (j) Total public investment expenditure, as well as reforms and public investment expenditure addressing the common priorities of the Union referred to in Annex VI, as well as the public and private investment gap for the implementation of these common priorities.
Amendment 1121 #
Proposal for a regulation Annex II – paragraph 1 – point j (j)
Amendment 1122 #
Proposal for a regulation Annex II – paragraph 1 – point j (j)
Amendment 1123 #
Proposal for a regulation Annex II – paragraph 1 – point k (k) If applicable, information on a specific, time-bound and verifiable set of
Amendment 1124 #
Proposal for a regulation Annex II – paragraph 1 – point l (l) A quantification, as much as possible, of the expected impacts of
Amendment 1125 #
Proposal for a regulation Annex II – paragraph 1 – point l (l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability,
Amendment 1126 #
Proposal for a regulation Annex II – paragraph 1 – point l (l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability,
Amendment 1127 #
Proposal for a regulation Annex II – paragraph 1 – point l (l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) and, if possible, the impact of their absence on fiscal sustainability, growth and employment, where applicable in line with commonly agreed methodologies.
Amendment 1128 #
Proposal for a regulation Annex II – paragraph 1 – point m (m) The medium-term budgetary and potential medium-term growth impact of those
Amendment 1129 #
Proposal for a regulation Annex II – paragraph 1 – point n Amendment 1130 #
Proposal for a regulation Annex II – paragraph 1 – point n (n) If applicable, reforms and investment to correct the identified macroeconomic imbalances under the Macroeconomic Imbalance Procedure or under the Excessive Imbalance Procedure.
Amendment 1131 #
Proposal for a regulation Annex II – paragraph 1 – point o Amendment 1132 #
Proposal for a regulation Annex II – paragraph 1 – point o Amendment 1133 #
Proposal for a regulation Annex II – paragraph 1 – point p Amendment 1134 #
Proposal for a regulation Annex II – paragraph 1 – point q (q)
Amendment 1135 #
Proposal for a regulation Annex II – paragraph 1 – point q (q) Information on the public consultations of social partners, civil society organisations and other relevant stakeholders in view of the preparation of the plan and a summary of their contributions to the plan.
Amendment 1136 #
Proposal for a regulation Annex II – paragraph 1 – point q a (new) (q a) Challenges identified in the social convergence reports under the Social Convergence Framework and the implementation of the European Pillar of Social Rights.
Amendment 1137 #
Proposal for a regulation Annex II – paragraph 1 – point q b (new) (q b) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, sustainable and inclusive growth and quality employment as well as upward social convergence, where applicable in line with commonly agreed methodologies;
Amendment 1138 #
Proposal for a regulation Annex III – paragraph 1 – point a (a)
Amendment 1139 #
Proposal for a regulation Annex III – paragraph 1 – point a (a) A comparison between the planned net expenditure based on the nationally financed net expenditure path set by the Council and the net expenditure based on outturn data.
Amendment 1140 #
Proposal for a regulation Annex III – paragraph 1 – point b (b)
Amendment 1141 #
Proposal for a regulation Annex III – paragraph 1 – point d (d) Progress and the planned implementation for the following year of the commitments to
Amendment 1142 #
Proposal for a regulation Annex III – paragraph 1 – point d a (new) (d a) Detailed information on how representatives of workers' associations, civil society organizations and other relevant stakeholders are being involved in the implementation of the commitments;
Amendment 1143 #
Proposal for a regulation Annex III – paragraph 1 – point e Amendment 1144 #
Proposal for a regulation Annex III – paragraph 1 – point f (f) During the lifetime of the Recovery and Resilience Facility, information on the progress of implementation of the Recovery and Resilience Plan
Amendment 1145 #
Proposal for a regulation Annex III – paragraph 1 – point f (f) During the lifetime of the Recovery and Resilience Facility, any EU investment instrument that would serve a similar purpose, information on the progress of implementation of the Recovery and Resilience Plan, to comply with the bi-annual reporting requirements in the context of the European Semester set out in Article 27 of Regulation (EU) 2021/241.
Amendment 1146 #
Proposal for a regulation Annex III – paragraph 1 – point g a (new) (g a) Progress on the phase out of all direct and indirect subsidies, benefiting economic activities under Annex VIa.
Amendment 1147 #
Proposal for a regulation Annex III – paragraph 1 – point h (h) The main assumptions about expected economic developments and main economic variables for the following years of the
Amendment 1148 #
Proposal for a regulation Annex III – paragraph 1 – point i (i) The projections at unchanged policies for the following years of the
Amendment 1149 #
Proposal for a regulation Annex III – paragraph 1 – point j (j) The planned government expenditure and revenue as a percentage of GDP and their main components for the following years of the
Amendment 1150 #
Proposal for a regulation Annex III – paragraph 1 – point l Amendment 1151 #
Proposal for a regulation Annex III – paragraph 1 – point m a (new) (m a) Progress in addressing national public investment gaps in alignment with each of the priorities of the Union as stated in Article 12;
Amendment 1152 #
Proposal for a regulation Annex III – paragraph 1 – point n (n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030, and if applicable the expected impact of measures to address the challenges identified under the Social Convergence Framework.
Amendment 1153 #
Proposal for a regulation Annex III – paragraph 1 – point n (n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030 and if applicable the expected impact of measures to address the challenges identified under the Social Convergence Framework.
Amendment 1154 #
Proposal for a regulation Annex III – paragraph 1 – point n a (new) (n a) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, sustainable and inclusive growth and quality employment as well as upward social convergence, where applicable in line with commonly agreed methodologies
Amendment 1155 #
Proposal for a regulation Annex IV Amendment 1156 #
Proposal for a regulation Annex IV Amendment 1157 #
Proposal for a regulation Annex IV – paragraph 1 The control account for each Member State referred to in Article 21 will record a debit when the actual net expenditure in the Member State in a given year is above the nationally financed net expenditure path set by the Council.
Amendment 1158 #
Proposal for a regulation Annex IV – paragraph 1 a (new) This debit shall be halved by 50 % for all the additional expenditure which arises due to public investment in line with the priorities set out in Annex VI.
Amendment 1159 #
Proposal for a regulation Annex IV – paragraph 3 The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member State will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.
Amendment 1160 #
Proposal for a regulation Annex V Amendment 1161 #
Proposal for a regulation Annex V – subheading 1 Methodology to assess
Amendment 1162 #
Proposal for a regulation Annex V – paragraph 1 – introductory part Amendment 1163 #
Proposal for a regulation Annex V – paragraph 1 – introductory part The methodology for the assessment of plausibility pursuant to Article 8 is replicable, predictable and transparent and based on the following conditions:
Amendment 1164 #
Proposal for a regulation Annex V – paragraph 1 – indent 1 – public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework
Amendment 1165 #
Proposal for a regulation Annex V – paragraph 1 – indent 2 – the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium- term fiscal-structural plan is sufficiently low. The risk is assessed with the help of the Commission’s stochastic analysis that is based on a commonly agreed methodology.
Amendment 1166 #
Proposal for a regulation Annex V a (new) Annex Va Methodology used by the Commission to assess economic and social sustainability The methodology for the assessment of sustainability pursuant to Article 8 is based on the following conditions: the roadmap used to reduce the public debt ratio should be based on GDP growth and take into account the specific situation of each country; the roadmap used to reduce the public debt ratio should in no way jeopardise the public investments necessary for attaining the objectives of the European Pillar of Social Rights, including its targets for employment, skills and poverty reduction, by 2030.
Amendment 1167 #
Proposal for a regulation Annex VI Amendment 1168 #
Proposal for a regulation Annex VI Amendment 1169 #
Proposal for a regulation Annex VI – paragraph 1 – point a (a) The European Green Deal34 , including the reduction of greenhouse gas emissions by 55% by 2030, the transition to climate neutrality by 205035 and the translation at national level through the National Energy and Climate Plans; _________________ 34 Communication COM(2019) 640 final of
Amendment 1170 #
Proposal for a regulation Annex VI – paragraph 1 – point c (c)
Amendment 1171 #
Proposal for a regulation Annex VI – paragraph 1 – point c a (new) (c a) The UN 2030 Agenda for sustainable development, including its Sustainable Development Goals.
Amendment 1172 #
Proposal for a regulation Annex VI – paragraph 1 – point d Amendment 1173 #
Proposal for a regulation Annex VI – paragraph 1 – point d a (new) (da) promoting the EU's development by means of the economic, social and territorial cohesion instruments;
Amendment 1174 #
Proposal for a regulation Annex VI – paragraph 1 – point d b (new) (db) where applicable, essential investments made up to 2026, to achieve the targets and reforms set out in the national recovery and resilience plans, as well as the cost of borrowing, including principal and interest, up to the year of full repayment.
Amendment 1175 #
Proposal for a regulation Annex VI a (new) Amendment 1177 #
Proposal for a regulation Annex VII – point 2 – paragraph 1 In accordance with Article 13(2), the set of reforms and investment commitments included in the national medium term fiscal structural plans underpinning an extension of the adjustment period shall be commensurate with the degree of public debt challenges as established
Amendment 1178 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.1 – introductory part 2.1 The set of reform and investment commitments are
Amendment 1179 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.1 – indent 1 – The set of reform and investment commitments are expected to en
Amendment 1180 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.2 – introductory part 2.2 The set of reform and investment commitments, taken alltogether, support fiscal sustainability;
Amendment 1181 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.3 – introductory part 2.3 The set of reform and investment commitments address
Amendment 1182 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.3 a (new) 2.3 a The set of reform and investment commitments do not cause significant harm to any of the environmental objectives under the Taxonomy Regulation; - The set of reform and investments do not cause significant harm to any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 in accordance with Article 17 and the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of that Regulation and do not relate to economic activities listed in Annex VIa;
Amendment 1183 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.4 – introductory part 2.4 The set of reform and investment commitments, taken altogether, addresses relevant country-specific recommendations, including, where applicable, recommendations issued under the Macroeconomic Imbalance Procedure or under the Excessive Imbalance Procedure;
Amendment 1184 #
Proposal for a regulation Annex VII – point 2 – paragraph 2 – point 2.5 Amendment 1185 #
Proposal for a regulation Annex VII a (new) Amendment 141 #
Proposal for a regulation – The European Parliament rejects the Commission proposal; Urges the European Commission to present a new proposal in which it repeals the Stability and Growth Pact and the related instruments of economic governance and replace it with a Pact for Social Progress and Employment which: (i) Respects the sovereignty of each state, ensuring the conditions for its economic and social development, for overcoming structural deficits, for improving productive capacity; (ii) Promotes the realisation of the principles of economic, social and territorial cohesion; (iii) Fights unemployment and aims for full employment, promotes the defence and strengthening of workers' rights and other social rights, the defence and promotion of collective bargaining as well as the eradication of precariousness; (iv) Promotes the defence and strengthening of public services and the social functions of states, namely access to the right to health, education, housing and social security.
Amendment 143 #
Proposal for a regulation Recital 1 (1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty on the Functioning of the European Union (TFEU), entails compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. This framework constrains the sovereignty of Member States.
Amendment 144 #
Proposal for a regulation Recital 1 (1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty on the Functioning of the European Union (TFEU), entails compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. The coordination is a necessity while a complete Fiscal Union still does not exist.
Amendment 145 #
Proposal for a regulation Recital 1 a (new) (1 a) The review of economic governance should not lead to a set of transitionary band-aid measures that perpetuate the flaws of the current model while being unable to cope with the challenges ahead. It should instead give birth to a framework that enhances social progress and convergence and fosters the ecological transition. The EU economic governance should aim at eradicating poverty and inequalities, provide a high- level of social protection, qualitative public services, individual and collective well-being through the fulfillment of essential needs of all citizens; and ecological planification.
Amendment 146 #
Proposal for a regulation Recital 1 a (new) (1 a) The Global Financial Crisis and the following Sovereign Debts Crisis revealed the economic and political risks of EU lacking a lender-of-last-resort that can support Member States in times of crisis and impede a further fragmentation of the Euro Area.
Amendment 147 #
Proposal for a regulation Recital 1 b (new) (1 b) The Intergovernmental Panel on Climate Change warns that the window of opportunity to secure a liveable and sustainable future for all is rapidly closing and calls for urgent near-term integrated climate action 1a; the transgression of six out of nine planetary boundaries suggests that Earth is now well outside of the safe operating space for humanity ; all EU and Member States' efforts should be directed towards the radical transformation of production and consumption patterns to secure a liveable future for all. Any revised EU economic governance framework that may result in hindering, lowering the ambition of, or delaying investments in a fair and ecological transition by putting a cap on investments or conditioning them to the achievement of arbitrary and misguided fiscal targets or macroeconomic stability would be disconnected from scientific reality and completely unfit to address the challenges ahead. _________________ 1a IPCC, 2023: Summary for Policymakers. In: Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [Core Writing Team, H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland, pp. 1-34, doi: 10.59327/IPCC/AR6-9789291691647.001 https://www.ipcc.ch/report/ar6/syr/downlo ads/report/IPCC_AR6_SYR_SPM.pdf
Amendment 148 #
Proposal for a regulation Recital 2 (2) The Stability and Growth Pact (SGP), which initially consisted of Council Regulation (EC) No 1466/97
Amendment 149 #
Proposal for a regulation Recital 2 a (new) (2 a) The limits of 3% and 60% of GDP for government deficit and public debt, respectively, lack a sound economic justification. Evidence shows the compliance by Member States with such rules is unrealistic, this is especially clear regarding the public debt threshold.
Amendment 150 #
Proposal for a regulation Recital 2 b (new) (2 b) The Commission recognizes the large amount of public and private investment to accomplish the EU’s climate goals and the even higher when referring to the climate goals set in the Paris Agreement. However, evidence shows that EU net public investment as a proportion of GDP has not fully recovered since its sharp fall after the financial crisis, especially serious in Southern Europe, due to fiscal consolidation pressure under the former EU economic governance rules. Moreover, recent independent studies show that the current Commission’s proposal fails to guarantee sufficient fiscal capacity to Member States to promote the investment needed to promote climate transition and conversion.
Amendment 151 #
Proposal for a regulation Recital 2 c (new) (2 c) EU's past experience showed the limits of fiscal consolidation in promoting sustainable public finances and promoting full-employment. Recently, the IMF published evidence that, on average, fiscal consolidation does not reduce debt- to-GDP ratio. Moreover, the so-called Troika programs failed to accomplish their own economic goals and accentuated the economic downturn.
Amendment 152 #
Proposal for a regulation Recital 4 Amendment 153 #
Proposal for a regulation Recital 4 (4)
Amendment 154 #
Proposal for a regulation Recital 4 (4) The involvement of
Amendment 155 #
Proposal for a regulation Recital 4 (4) The involvement of the European Parliament, national parliaments, social partners, civil society organisations and other relevant stakeholders in the European Semester is key to ensure ownership and transparent and inclusive policy-making.
Amendment 156 #
Proposal for a regulation Recital 4 (4) The involvement of
Amendment 157 #
Proposal for a regulation Recital 4 (4) The involvement of social partners, civil society organisations and other relevant stakeholders in the European Semester is key to ensure ownership and
Amendment 158 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity and challenges of fiscal positions
Amendment 159 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges, social considerations, green investment needs and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of
Amendment 160 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other economic vulnerabilities across Member States. The
Amendment 161 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the macroeconomic divergences and disparities in production capacities, growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law
Amendment 162 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights, as well as the strategic compass for security and defence, all of
Amendment 163 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt and massive investment challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic, especially through the RRF instrument, proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly
Amendment 164 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public
Amendment 165 #
Proposal for a regulation Recital 5 (5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition,
Amendment 166 #
Proposal for a regulation Recital 5 a (new) (5 a) Fiscal rules have incentivized governments of the Member States to carry out fiscal adjustments detrimental to long-term investments, contributing to a drop of total public investment as share of GDP during the decade 2011-2020 following the financial crisis. Public investment is crucial to guarantee a high level of citizens’ well-being, address existing and new social needs and foster the transition to a fair and sustainable economy. At the scale of the EU the additional investments needed in the decarbonation of the economy, in social infrastructures such as health, education, social housing and in the maintenance of public infrastructures amount to at least 520 billion euros, 142 billion euros, and 190 billion euros per year respectively, the majority of which should come from public sources to support a fair a democratic transition.
Amendment 167 #
Proposal for a regulation Recital 5 a (new) (5 a) The economic governance framework of the Union should in future be complemented by a permanent investment facility, to enhance macroeconomic stabilisation and convergence in the euro area, including providing investment support for Member States with restricted fiscal space to achieve the Union's priorities. The capacity should have a volume of around 1% of the European GDP and allocate grants fro investment analogue to the RRF, financed by EU bonds and new own resources. A political agreement should be reached in a manner that allows the new capacity to succeed seamlessly to the Recovery and Resilience Facility to ensure continuity in funding.
Amendment 168 #
Proposal for a regulation Recital 5 a (new) Amendment 169 #
Proposal for a regulation Recital 5 b (new) (5 b) Backloading of investments and failure to mitigate and adapt to climate change fast enough will not only have catastrophic human consequences but will also be much more costly in sheer economic terms, hence contradicting the very purpose of the fiscal rules to support sound public finances.
Amendment 170 #
Proposal for a regulation Recital 5 c (new) Amendment 171 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put debt sustainability, investment and reforms, the common priorities of the Union and sustainable and inclusive growth at its core on equal footing and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories, and ensure consistency among the Union as a whole, including the euro area.
Amendment 172 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put
Amendment 173 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put
Amendment 174 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put debt sustainability
Amendment 175 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put debt sustainability, debt reduction and sustainable and inclusive growth at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories, while safeguarding equal treatment.
Amendment 176 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put debt sustainability and sustainable and inclusive growth, through both reforms and investments, at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories.
Amendment 177 #
Proposal for a regulation Recital 6 (6) The economic governance framework of the Union should put debt sustainability
Amendment 178 #
Proposal for a regulation Recital 6 a (new) Amendment 179 #
Proposal for a regulation Recital 6 a (new) (6 a) The concept of sustainable growth relies on the assumption that it is possible to achieve absolute decoupling of economic growth on the one hand from GHG emissions, environmental pressures and use of natural resources on the other hand. There is no empirical evidence that this is being nor can be achieved at a global scale and at the pace necessary to meet the Paris agreement targets. The persistence of poverty and inequalities shows that economic growth cannot be equated with collective and individual well being nor should be deemed a prerequisite for this wellbeing in the future; a review of the EU Economic governance frawemork that would reenact growth of GDP as a primary objective would therefore be totally misguided, lack scientific credibility and lock in the EU in ecologically and socially unsustainable patterns of production and consumption for many more years. The EU Economic Governance framework should instead promote and coordinate the implementation of post-growth policies that aim at fulfilling essential needs of all citizens without fostering economic growth nor relying on economic growth.
Amendment 180 #
Proposal for a regulation Recital 6 a (new) (6 a) To achieve the central objective of the reform of this framework - to strengthen public debt sustainability while promoting sustainable and inclusive growth in all Member States and respond fully to the sustained high levels of investment needed to finance EU public goods to address the current and future strategic priorities of the EU - , this framework would be better equipped, if supported by a central and permanent investment instrument. The lessons learned from the implementation of EU instruments, such as SURE or NextGenerationEU, could serve as constructive models for forthcoming investment and macroeconomic stabilisation mechanisms aimed at strengthening the fiscal governance framework.
Amendment 181 #
Proposal for a regulation Recital 6 b (new) (6 b) In order to increase the legitimacy of the European semester, in order to account for the far-reaching consequences of measures adopted in the context of the European semester on the economic and fiscal course of action and the social fabric of the Member States and in order to ensure appropriate public scrutiny, the European semester should only be launched by a legislative act in the form of a decision on a proposal made by the Commission, based on Article 121(6) TFEU, and promptly adopted jointly by the European Parliament and the Council. In this decision, the European Parliament and the Council define, in the recitals, their benchmarks for the outcome of the European semester that is to be launched. The European Commission has to take due account of this decision and its recitals when adopting its communication on the Annual Sustainability Growth Survey. By the same token, the Commission takes due account of the Annual Sustainability Growth Survey, the Council’s conclusions and the European Parliament’s resolutions thereon when drafting the recommendations for the draft broad guidelines of the economic policies of the Member States and the Union pursuant to Article 121(2) TFEU and the proposal for the guidelines for employment pursuant to Article 148(2) TFEU. The European Parliament evaluates the Commission's role in the previous European semester against the benchmark of launching decision, the Annual Sustainability Growth Survey and the Parliament’s resolution thereon when adopting the decision to launch the subsequent European semester.
Amendment 182 #
Proposal for a regulation Recital 6 c (new) (6 c) In order to set out the detailed arrangements of the interinstitutional relationship between the European Parliament and the European Commission in the context of the European semester, both institutions should conclude an interninstitutional agreement between each other on the involvement of the European Parliament in the drafting and approval of the Annual Sustainability Growth Survey, of the broad economic policy and employment guidelines, of the reference trajectory, of the medium-term fiscal- structural plans, of the country-specific recommendations. In order to increase the personal accountability of the Commissioner responsible for the implementation of the European semester, the President of the Commission should commit itself, as a rule, to request that Commissioner to resign, in accordance with Article 17(6) TEU and Point 5 of the Framework Agreement on relations between the European Parliament and the Commission, if Parliament asks the President of the Commission to withdraw confidence in that Commissioner on the basis of a negative assessment of the outcome of the European semester. If the President refuses exceptionally to require resignation, she/he explains his/her refusal to do so before Parliament in the following part-session.
Amendment 183 #
Proposal for a regulation Recital 6 d (new) (6 d) In order to promote upward social convergence, the multilateral surveillance procedure set out in Article 148(4) TFEU is complemented with an early warning system within the European Semester (Social Convergence Framework). Within the Social Convergence Framework, the Commission - pursuant to Article 148 TFEU - first identifies risks to upward convergence for Member States in the Joint Employment Report based on the Social Scoreboard headline indicators. In the second stage, the Commission identifies Member States requiring further examination and publishes the ‘Social Convergence Reports’ for those Member States identified as facing risks to upward social convergence. The country-specific conclusions of the multilateral surveillance activities under the new framework should provide input to the Commission’s reflection on CSR proposals.
Amendment 184 #
Proposal for a regulation Recital 7 Amendment 185 #
Proposal for a regulation Recital 7 a (new) (7 a) In order to promote upward social convergence, the multilateral surveillance procedure set out in Article 148(4) TFEU should be complemented with an early warning system within the European Semester through a Social Convergence Framework. Within the Social Convergence Framework the Commission, pursuant to Article 148 TFEU, first identifies risks to upward convergence for Member States in the Joint Employment Report based on the Social Scoreboard headline indicators. In the second stage, the Commission identifies Member States requiring further examination and publishes the ‘Social Convergence Reports’ for those Member States identified as facing risks to upward social convergence. The country-specific conclusions of the multilateral surveillance activities under the new framework should provide input to the Commission’s reflection on CSR proposals.
Amendment 186 #
Proposal for a regulation Recital 7 a (new) Amendment 187 #
Proposal for a regulation Recital 8 (8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term
Amendment 188 #
Proposal for a regulation Recital 8 (8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote such goals, while guaranteeing debt sustainability and sustainable and inclusive growth in the Member States
Amendment 189 #
Proposal for a regulation Recital 8 (8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability
Amendment 190 #
Proposal for a regulation Recital 8 (8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability and sustainable and inclusive growth in the Member States, ensure an appopriate fiscal stance, and prevent the occurrence of excessive government deficits through medium-term planning.
Amendment 191 #
Proposal for a regulation Recital 8 (8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability
Amendment 192 #
Proposal for a regulation Recital 8 (8) Detailed, clear and transparent rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability
Amendment 193 #
Proposal for a regulation Recital 9 (9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State, following close and structured cooperation with regional authorities and other relevant stakeholders, and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ensure sustained and gradual debt reduction and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments
Amendment 194 #
Proposal for a regulation Recital 9 (9) National medium-term fiscal- structural plans should bring together the fiscal
Amendment 195 #
Proposal for a regulation Recital 9 (9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority strategic public investment and reform commitments that together
Amendment 196 #
Proposal for a regulation Recital 9 (9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together
Amendment 197 #
Proposal for a regulation Recital 9 a (new) (9 a) Instead of promoting budgetary cuts and harmful structural reforms in the name of debt reduction, the EU economic governance should establish a framework that favours and facilitates the collection by Member States and at EU level of additional resources through fair taxation, in particular taxes on the wealthiest and multinational companies, in particular on windfall profits; taxes on ecologically harmful products and services; the cancellation of ineffective and unfair tax and social contributions exemptions; the fight against tax dodging and tax evasion of rich individuals and multinational companies.
Amendment 198 #
Proposal for a regulation Recital 9 a (new) (9 a) A Member State's debt level is only sustainable if this Member State is sufficiently protected from the risk of climate change. As such green debt in the form of European Green Bonds issued in accordance with the Regulation on European Green Bonds should be encouraged by excluding such debt from net expenditure calculation in the control account.
Amendment 199 #
Proposal for a regulation Recital 10 (10) Cohesion policy funds are also synchronised with the European Semester process. As the long-term investment policy of the EU budget, strengthening economic, social and territorial cohesion, cohesion policy investments and reforms should also be duly taken into account in the drawing of the national medium-term fiscal-structural plans. Each Member State should also explain how its national medium-term fiscal-structural plan will ensure consistency with the expenditure on EU programmes fully matched by EU funds revenue and the relevant national co- financing.
Amendment 200 #
Proposal for a regulation Recital 10 (10) Cohesion policy funds are also synchronised with the European Semester
Amendment 201 #
Proposal for a regulation Recital 10 a (new) (10 a) Investments have proven to be an essential part of the economic and social recovery after the pandemic, as well as following inflation and the rise of the energy prices, In addition to investments in infrastructure, multiannual social investment in human capital, in particular in education, health and labour market integration could harness the opportunities for societal and individual growth and consequently should be subject to favourable treatment in the macro-economic governance procedure and taken into consideration in the fiscal path of a Member State.
Amendment 202 #
Proposal for a regulation Recital 10 a (new) (10 a) Investments have proven to be an essential part of the economic and social recovery after the pandemic, and in response to inflation and the rise of the energy prices. In addition to investments in infrastructure, multiannual social investment in human capital, in particular in education, health and labour market integration, could harness the opportunities for societal and individual growth.
Amendment 203 #
Proposal for a regulation Recital 11 (11) The presentation of the national medium-term fiscal-structural plan
Amendment 204 #
Proposal for a regulation Recital 11 (11) The presentation of the national medium-term fiscal-structural plan should be accompanied by an opinion of the independent fiscal institutions of the Member State and should be preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, accompanied by a report from the European Fiscal Board, the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriate.
Amendment 205 #
Proposal for a regulation Recital 11 (11) The presentation of the national medium-term fiscal-structural plan should be preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, the European Parliament and the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriate.
Amendment 206 #
Proposal for a regulation Recital 11 (11) The presentation of the national medium-term fiscal-structural plan should be preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, the European Parliament and the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriate.
Amendment 207 #
Proposal for a regulation Recital 11 a (new) Amendment 208 #
Proposal for a regulation Recital 12 (12) In order to
Amendment 209 #
Proposal for a regulation Recital 12 (12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single operational indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure
Amendment 210 #
Proposal for a regulation Recital 12 (12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in
Amendment 211 #
Proposal for a regulation Recital 12 (12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in
Amendment 212 #
Proposal for a regulation Recital 12 a (new) Amendment 213 #
Proposal for a regulation Recital 12 a (new) (12 a) Any potential exclusion from the net expenditure definition of certain expenditure on co-financing of programmes funded by the Union and of costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility should not apply to calculations regarding the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]
Amendment 214 #
Proposal for a regulation Recital 12 a (new) (12 a) The sustainability of public debt endorsed by each Member State should take into account a diverse set of factors besides debt stock. Moreover, the underlying data, models and assumptions used should be made public, namely the fiscal multipliers used.
Amendment 215 #
Proposal for a regulation Recital 13 Amendment 216 #
Proposal for a regulation Recital 13 (13) To
Amendment 217 #
Proposal for a regulation Recital 13 (13) To
Amendment 218 #
Proposal for a regulation Recital 13 (13) To
Amendment 219 #
Proposal for a regulation Recital 13 (13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. It should also ensure that the public debt
Amendment 220 #
Proposal for a regulation Recital 13 (13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or
Amendment 221 #
Proposal for a regulation Recital 13 (13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly and sustainable downward path or maintains debt at a prudent level. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies.
Amendment 222 #
Proposal for a regulation Recital 13 a (new) (13 a) Following the submission of Members States' reference trajectory, a dialogue with the Commission should take place to assess compliance of its reference trajectory with the provisions of this Regulation. If as a result of the dialogue, the Commission and the Member State disagree, the reference trajectory put forward by the Commission should apply. The reference trajectory should be made public only after the the submission of the national medium-term fiscal-structural plan.
Amendment 223 #
Proposal for a regulation Recital 13 a (new) (13a) Following the submission of a Members State’s technical trajectory, a dialogue with the Commission should be initiated to assess compliance of its reference trajectory with the provisions of this Regulation.
Amendment 224 #
Proposal for a regulation Recital 13 a (new) (13 a) The IMF, long-time supporter of austerity and structural adjustments, acknowledges that fiscal consolidation is not effective, on average, at lowering debt-to-GDPs ratios.
Amendment 225 #
Proposal for a regulation Recital 13 b (new) (13 b) In addition to being dependent on arbitrary assumptions over 14 to 17 years in the future, including policy-based assumptions, the Debt Sustainability Analysis underpinning the technical trajectory relies on an outdated macroeconomic model that does not acknowledge the embeddedness of economic activities in the biosphere, and therefore does not take into account their increasing exposure to climate change, resource scarcity, environmental degradation and natural disasters in the future. This highly problematic feature of the DSA will lead to misguided perceptions of economic risks and misguided economic projections that will in turn influence the whole economic governance.
Amendment 226 #
Proposal for a regulation Recital 14 Amendment 227 #
Proposal for a regulation Recital 14 Amendment 228 #
Proposal for a regulation Recital 14 (14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought
Amendment 229 #
Proposal for a regulation Recital 14 (14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought and maintained well below the 3% of gross
Amendment 230 #
Proposal for a regulation Recital 14 a (new) (14 a) Prior guidance should also be provided by the independent fiscal institutions. To this end, Member States should make a draft plan available one month before the submission of the plan. The national independent fiscal institution should assess the plan and provide an opinion addressing in particular the feasibility of complying wit |