2023/0138(COD) Effective coordination of economic policies and multilateral budgetary surveillance
Next event: Debate in plenary scheduled 2024/04/23
Lead committee dossier:
Next event: Debate in plenary scheduled 2024/04/23
Progress: Awaiting Parliament's position in 1st reading
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
FERBER Markus ( EPP),
MARQUES Margarida ( S&D)
|
KELLEHER Billy ( Renew),
LAMBERTS Philippe ( Verts/ALE),
RINALDI Antonio Maria ( ID),
VAN OVERTVELDT Johan ( ECR),
GUSMÃO José ( GUE/NGL)
|
| Committee Opinion | EMPL |
BISCHOFF Gabriele ( S&D)
|
Tomáš ZDECHOVSKÝ ( PPE),
Sandra PEREIRA ( GUE/NGL),
Kira Marie PETER-HANSEN ( Verts/ALE),
Elżbieta RAFALSKA ( ECR),
Max ORVILLE ( RE)
|
Lead committee dossier:
Legal Basis:
RoP 57, TFEU 121-p6
Legal Basis:
RoP 57, TFEU 121-p6Subjects
Events
2024/04/23
Debate in plenary scheduled
2024/03/04
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2024/02/21
CSL - Coreper letter confirming interinstitutional agreement
Documents
2024/02/21
EP - Text agreed during interinstitutional negotiations
Documents
2024/02/16
EP - FERBER Markus (EPP) appointed as rapporteur in ECON
2024/02/16
EP - MARQUES Margarida (S&D) appointed as rapporteur in ECON
2024/01/17
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71 - vote)
2024/01/15
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2024/01/03
FR_SENATE - Contribution
Documents
2023/12/19
IT_SENATE - Contribution
Documents
2023/12/15
EP - Committee report tabled for plenary, 1st reading
Details
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.
Documents
2023/12/13
IT_CHAMBER - Contribution
Documents
2023/12/11
EP - Vote in committee, 1st reading
2023/12/11
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2023/10/30
EP - Committee opinion
Documents
2023/10/25
EP - Amendments tabled in committee
Documents
2023/10/25
EP - Amendments tabled in committee
Documents
2023/10/25
EP - Amendments tabled in committee
Documents
2023/10/12
EP - Committee draft report
Documents
2023/10/10
CofR - Committee of the Regions: opinion
Documents
2023/09/20
ESC - Economic and Social Committee: opinion, report
Documents
2023/09/14
EP - Referral to associated committees announced in Parliament
2023/07/20
CZ_SENATE - Contribution
Documents
2023/07/05
ECB - European Central Bank: opinion, guideline, report
Documents
2023/06/29
EP - BISCHOFF Gabriele (S&D) appointed as rapporteur in EMPL
2023/06/27
IE_HOUSES-OF-OIREACHTAS - Contribution
Documents
2023/06/12
EP - Committee referral announced in Parliament, 1st reading
2023/04/26
EC - Legislative proposal published
Details
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
Documents
- 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
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
Votes
Decision to enter into interinstitutional negotiations Effective coordination of economic policies and multilateral budgetary surveillance – A9-0439/2023 – Esther de Lange, Margarida Marques #
2024/01/17 Outcome: +: 431, -: 172, 0: 4
NI
The Left| 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;
source: 753.574
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 with the net expenditure path considering the forecasts, the compliance of the plan with the requirements set out in Article 12 and the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory. This opinion should be made public. Member States should take this opinion into account and should include relevant modifications to their national medium-term fiscal-structural plan before its submission to the Commission. During the technical dialogue, the Commission should ensure that the opinion of the independent fiscal institutions is duly taken into account.
Amendment 231 #
Proposal for a regulation Recital 15 Amendment 232 #
Proposal for a regulation Recital 15 (15) In order to assess whether further adjustments are required towards the end of the four-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if
Amendment 233 #
Proposal for a regulation Recital 15 (15) In order to assess whether further adjustments are required towards the end of the four-year implementation period of the national medium-term fiscal-structural plan, the Commission and the Member State should reassess the situation, and the Member State should put forward a new technical trajectory if
Amendment 234 #
Proposal for a regulation Recital 15 (15) All Member States should submit a new medium-term fiscal-structural plan before end-April of the year before the end of the period covered by the previous plan. In order to assess whether further adjustments are required towards the end of the four-year or seven-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if the public debt of the Member State is still above 60% of GDP reference value or its government deficit is higher than 3% of GDP reference value. A new opinion by the national independent fiscal institution should also be provided.
Amendment 235 #
Proposal for a regulation Recital 15 (15) In order to assess whether further adjustments are required towards the end of the four-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if the public debt of the Member State is still above 60% of GDP reference value or its government deficit is higher than 3% of GDP reference value. The European Parliament and the Council commit themselves to adapt those reference values, even at Treaty level, in a manner to reflect the actual economic situation of the Union as a whole and to reach a fairer fiscal surveillance.
Amendment 236 #
Proposal for a regulation Recital 15 a (new) (15 a) Debt sustainability depends on many factors beyond the mere quantitative debt-to-GDP ratio and financial markets are less concerned by the debt stock than the overall resilience and strength of a country’s economy. Anticipation of negative reactions from markets to high debt ratios should not be used to legitimate the perpetuation of arbitrary debt targets and their usual corollary : budget cuts, under-financing of public services and unfair structural and reforms weakening social protection and workers' rights.
Amendment 237 #
Proposal for a regulation Recital 15 b (new) (15 b) The 3% deficit-to-GDP and 60% debt-to-GDP ceilings are arbitrary numbers invented in the early eighties without sound economic rationale. The overall level of compliance with the fiscal rules meant to guarantee that Member States abide by these ceilings has been as low as 50% on average since the implementation of the Stability and Growth Pact in 1998, with significant disparities across Member States 4a; respectively 11 and 13 EU Member States are currently above the deficit and debt- to-GDP ratios. In view of their many shortcomings, the 3% deficit-to-GDP and 60% debt-to-GDP ceilings are no appropriate references to guide the revised economic governance of the European Union. _________________ 4a Martin Larch, Janis Malzubris and Stefano Santacroce, "Numerical Compliance with EU Fiscal Rules: Facts and Figures from a New Database", Intereconomics 58(1):32-42, January 2023 https://www.researchgate.net/publication/ 367542392_Numerical_compliance_with_ EU_fiscal_rules_facts_and_figures_from _a_new_database
Amendment 238 #
Proposal for a regulation Recital 16 (16)
Amendment 239 #
Proposal for a regulation Recital 16 (16) Each national medium-term fiscal- structural plan should
Amendment 240 #
Proposal for a regulation Recital 16 (16) Each national medium-term fiscal- structural plan should mention its status in the context of national procedures, notably whether the plan was presented to the national parliament and whether there has been parliamentary approval of the plan. Given the predetermining effect of national medium-term fiscal structural plans on national economic and fiscal policies and the national laws implementing them, national Parliaments should, as a rule, adopt national medium- term fiscal-structural plans where the respective national constitutional rules allow for such an adoption. The adoption of national medium-term fiscal-structural plans by national Parliaments will increase the national ownership of these plans. The national medium-term fiscal- structural plan should also indicate whether the national parliament had the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.
Amendment 241 #
Proposal for a regulation Recital 16 (16) Each national medium-term fiscal- structural plan should mention its status in the context of national procedures, notably whether the plan was presented to the national parliament and, where relevant, to regional parliaments, depending on the division of competences in the Member State concerned, and whether there has been parliamentary approval of the plan. The national medium-term fiscal-structural plan should also indicate whether the national parliaments had the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.
Amendment 242 #
Proposal for a regulation Recital 16 a (new) (16 a) Each national medium-term fiscal- structural plan should be drafted following a consultation process, conducted in accordance with the national legal framework, of local and regional authorities, social partners, civil society organisations, youth organisations and other relevant stakeholders. The national medium-term fiscal-structural plan should include an explanation the implementation of the consultation process and how the input of the stakeholders is reflected in the plan;
Amendment 243 #
Proposal for a regulation Recital 16 a (new) (16 a) In the development process of the medium-term fiscal-structural plan, Member States should also consider consulting relevant stakeholders, including local and regional authorities, social partners, civil society organisations, youth organisations.
Amendment 244 #
Proposal for a regulation Recital 17 Amendment 245 #
Proposal for a regulation Recital 17 (17) When Member States use assumptions in their medium-term fiscal- structural plan that differ from the Commission’s standard medium-term debt projection framework, they should explain and duly justify the differences in a transparent manner and based on sound economic arguments. The independent fiscal institutions of the Member State should also opine on the justifications for deviating from the technical trajectory.
Amendment 246 #
Proposal for a regulation Recital 18 Amendment 247 #
Proposal for a regulation Recital 18 (18) Since Member States could face additional costs at the end of their medium- term fiscal-structural plan such as ageing costs or an unfavourable interest-growth differential, they should ensure that the headline balance at the end of the adjustment period will be sufficient to ensure that the deficit
Amendment 248 #
Proposal for a regulation Recital 18 a (new) (18 a) Key interest rates have reached unprecedented levels since the creation of the euro zone and are foreseen to remain at a high level, increasing debt servicing while having no effect on jugulating an inflation that originates primarily from the rise in companies’ profit margins, as acknowledged by the ECB and the IMF.
Amendment 249 #
Proposal for a regulation Recital 19 Amendment 250 #
Proposal for a regulation Recital 20 Amendment 251 #
Proposal for a regulation Recital 20 (20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be
Amendment 252 #
Proposal for a regulation Recital 20 (20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and EFB should be duly taken into account. In case the EFB’s assessment is that the plan does not fulfil the criteria of this Regulation, the Council can only recommend the proposed net expenditure path with a 4/5th majority of Member States in favour, excluding the Member State in question.
Amendment 253 #
Proposal for a regulation Recital 20 (20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and European Fiscal Board should be duly taken into account by the Commission.
Amendment 254 #
Proposal for a regulation Recital 21 Amendment 255 #
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 with the European Parliament. The role of the European Parliament in the European Semester process itself should be preserved.
Amendment 256 #
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
Amendment 257 #
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 and the Social Scoreboard, 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 with the European Parliament.
Amendment 258 #
Proposal for a regulation Recital 22 (22) T
Amendment 259 #
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
Amendment 260 #
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: are
Amendment 261 #
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: are growth-enhancing, improve the resilience of the economy, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.
Amendment 262 #
Proposal for a regulation Recital 23 Amendment 263 #
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 identified national investment gaps, the degree of public debt challenges as established in the most recent update of the Debt Sustainability Monitor and challenges to medium-term growth in the Member State. For Member States where public debt challenges are
Amendment 264 #
Proposal for a regulation Recital 23 a (new) (23 a) High inflation is hitting people head on, with half of Europeans in deprivation from health, heating, and/or food over the last six months; the reintroduction of the fiscal rules and the subsequent return of austerity would only make this situation worse. The required fiscal adjustment would amount on average to more than 2% of GDP in the medium-term and be equivalent to 30 billion euros per year over 4 years.3a Not only is this debt reduction path totally irrealistic but would it also have terrible social consequences due to excessive and brutal contraction of the economy, decline in social spending, deterioration of public services and structural reforms weakening workers' rights and social protection in line with the general orientation of the EU economic governance so far. _________________ 3a Darvas, Z., L. Welslau and J. Zettelmeyer (2023) ‘A quantitative evaluation of the European Commission´s fiscal governance proposal’, Working Paper 16/2023, Bruegel https://www.bruegel.org/sites/default/files/ 2023-09/WP%2016_3.pdf
Amendment 265 #
Proposal for a regulation Recital 24 (24) The set of
Amendment 266 #
Proposal for a regulation Recital 24 a (new) Amendment 267 #
Proposal for a regulation Recital 24 a (new) (24 a) Government budgets can be brought in line either by spending reductions or revenue increases. As such this regulation should be neutral in the way governments seek to reduce their levels of debt and deficit, and should not prioritise cuts in public expenditures over increases in tax revenue;
Amendment 268 #
Proposal for a regulation Recital 25 Amendment 269 #
Proposal for a regulation Recital 25 (25) Where the verifiable and time- bound set of reform and investment commitments underpinning the more gradual net expenditure path is not met within the specified deadline, the Council, on a recommendation from the Commission, can recommend that adjustment be steepened, that is to say by shortening the extension of the net expenditure path. Both net expenditure significantly exceeding the net expenditure path and a significant cumulated debit balance should be considered as not in compliance with the net expenditure path. Such a measure should ensure that Member States undertake necessary consolidation even in times of economic growth.
Amendment 270 #
Proposal for a regulation Recital 26 Amendment 271 #
Proposal for a regulation Recital 26 (26) To inform enforcement actions, in particular a report under Article 126(3) TFEU, 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 will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth. Deviations from the net expenditure determined by justifiable and strategically significant investments addressing common priorities of the Union, or by exceptional circumstances outside the control of the Member States that lead to a major impact on the public finances should not be included in the control account. If in the reference period the Member State achieves an average primary balance that is lower than expected but still satisfactory, the deviations should not be considered in the control account.
Amendment 272 #
Proposal for a regulation Recital 26 (26) To inform enforcement actions, in particular a report under Article 126(3) TFEU, 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 will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth. It should be netted out from the control account, the years where Member States implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union, the years where Member States suffer exceptional circumstances outside its control that lead to a major impact on the public finances, the years where the structural primary balance remains above X% during the adjustment period.
Amendment 273 #
Proposal for a regulation Recital 27 (27) Independent fiscal institutions should have a p
Amendment 274 #
Proposal for a regulation Recital 27 (27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be
Amendment 275 #
Proposal for a regulation Recital 27 (27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of
Amendment 276 #
Proposal for a regulation Recital 27 (27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union with an appropriate balance with the role of the European Parliament in order to increase the overall democratic accountability of the framework.
Amendment 277 #
Proposal for a regulation Recital 27 (27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership and the accountability of the national governments, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union.
Amendment 278 #
Proposal for a regulation Recital 27 a (new) (27 a) The role of the European Fiscal Board should also be enhanced and its independence should be ensured. While national independent fiscal institutions should have a role in assessing and monitoring national medium-term fiscal- structural plans, as they might be better suited to assess national circumstances, the European Fiscal Board should provide assessment at the Union level to ensure that technical and depoliticised opinions are given and to ensure homogeneity in the interpretation and implementation of the rules.
Amendment 279 #
Proposal for a regulation Recital 27 b (new) (27 b) The European Fiscal Board should, in particular, have a role in assessing whether the reforms and investments underpinning an extension of the adjusment period comply with the requirements set out in Article 13. The recommendation from the Commission to the Council regarding the extension of the adjustment period should be in line with the assessment of the European Fiscal Board, otherwise, the Commission should explain the deviation using sound economic arguments.
Amendment 280 #
Proposal for a regulation Recital 27 c (new) (27 c) The European Fiscal Board should also assess whether objective circumstances allowing the submission of a modified national medium-term fiscal- structural plan exist.
Amendment 281 #
Proposal for a regulation Recital 28 Amendment 282 #
Proposal for a regulation Recital 28 a (new) (28 a) Unlike in other major advanced economies, the euro-area aggregate fiscal stance is not based on a single budget voted for by a single parliament, but on the aggregation of twenty national budgets and the EU budget. It is therefore accidental if the sum of country-specific fiscal stances corresponds with the optimal aggregate fiscal stance as recommended by the Council. In the absence of a euro-area instrument for stabilising economic cycles, stronger coordination among the different national fiscal stances is needed. In order to achieve a European fiscal stance consistent with the optimal fiscal stance as recommended by the Council, national medium-term fiscal-structural plans should internalise the effects of national fiscal policies on the euro-area as a whole. Moreover, the European Fiscal Board should be entrusted with the definition of an unconstrained optimal aggregate fiscal stance and its constrained version according to the rules laid down in this Regulation. This exercise should be done for the euro area as a whole and for each euro-area Member State. The Commission should amend its Decision (EU) 2015/1937 accordingly.
Amendment 283 #
Proposal for a regulation Recital 29 Amendment 284 #
Proposal for a regulation Recital 30 (30) In case
Amendment 285 #
Proposal for a regulation Recital 30 (30) In case of major shocks to the euro area or the Union as a whole, it is necessary to have a general escape clause to be able to deal with a severe economic downturn in the euro area or the Union as a whole by allowing for a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term. The European Fiscal Board should submit to the Commission an opinion assessing whether a severe economic downturn on the euro area or the Union as a whole exist and should propose a time-limit for the deviation.
Amendment 286 #
Proposal for a regulation Recital 31 (31) There should also be a country- specific escape clause to allow a deviation from the
Amendment 287 #
Proposal for a regulation Recital 31 (31) There should also be a country-
Amendment 288 #
Proposal for a regulation Recital 31 (31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range
Amendment 289 #
Proposal for a regulation Recital 31 (31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. Exceptional circumstances should be qualified as a significant negative GDP shock. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation and an EFB opinion. In case the EFB opinion on the country-specific escape clause is negative, the Council can only recommend a positive decision with a 4/5th majority of Member States in favour, excluding the Member State in question. The Council should specify a time limit and maximum size as measured through the control account for such a deviation.
Amendment 290 #
Proposal for a regulation Recital 31 (31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation. In order to ensure homogeneity of implementation, the European Fiscal Board should submit to the Commission an opinion assessing whether exceptional circumstances outside the control of the Member State exist and whether the deviation endangers fiscal sustainability. The European Fiscal Board should also propose a time-limit for the deviation.
Amendment 291 #
(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. Exceptional circumstances should be considered as a significant negative GDP shock. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation and accompanied by an opinion from the European Fiscal Board .
Amendment 292 #
Proposal for a regulation Recital 32 Amendment 293 #
Proposal for a regulation Recital 32 (32) This Regulation is part of a package together with Council Directive [XXX amending 2011/85/EU] and Council Regulation [XXX amending Council Regulation (EC) No 1467/97].
Amendment 294 #
Proposal for a regulation Recital 32 (32) This Regulation is part of a package together with Council Directive [XXX amending 2011/85/EU] and Council Regulation [XXX amending Council Regulation (EC) No 1467/97].
Amendment 295 #
Proposal for a regulation Recital 33 Amendment 296 #
Proposal for a regulation Recital 33 a (new) (33 a) A methodology for debt sustainability analysis should be adopted by means of a delegated act no later than 12 months after the entry into force of this Regulation. For the first year in which the Member States have to submit their medium-term fiscal-structural plans, the 2022 Debt Sustainability Monitor should be the basis for the underlying medium- term public debt projection framework.
Amendment 297 #
Proposal for a regulation Recital 34 a (new) (34 a) The existence of a common currency area, as the Economic and Monetary Union, requires the establishment of common investment tools at the European level in order to counterbalance the investment gap created by the budgetary requirements applicable to national governments. Building on the successful experience of the Recovery and Resilience Facility (RRF), and in order to ensure sufficient investment is allocated to EU common priorities beyond the implementation timeframe of the RRF, the Commission will integrate an EU investment instrument in its proposal for the new Multiannual Financial Framework (MFF).
Amendment 298 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of
Amendment 299 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of economic policies
Amendment 300 #
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 301 #
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 sustainable and inclusive growth and quality employment.
Amendment 302 #
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 sustainable and inclusive growth and quality employment.
Amendment 303 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Amendment 304 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Amendment 305 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Amendment 306 #
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 sustainable growth and employment.
Amendment 307 #
Proposal for a regulation Article 1 – paragraph 1 This Regulation sets out rules ensuring effective coordination of economic policies
Amendment 308 #
Proposal for a regulation Article 1 – paragraph 2 It
Amendment 309 #
Proposal for a regulation Article 1 – paragraph 2 It lays down detailed rules concerning the content, submission, assessment and
Amendment 310 #
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, as
Amendment 311 #
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
Amendment 312 #
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 as part of multilateral budgetary surveillance by the Council and the Commission
Amendment 313 #
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 as part of multilateral budgetary surveillance by the Council and the Commission, with involvement of the European Parliament, so as to promote debt sustainability, strategic reforms and investments, and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficits, by medium-term planning.
Amendment 314 #
Proposal for a regulation Article 1 – paragraph 2 a (new) The 3% deficit-to-GDP and 60% debt-to- GDP threshold are no longer targets to be reached nor pursued in the framework of the EU economic governance.
Amendment 315 #
Economic growth is not longer an objective of the Union economic governance.
Amendment 316 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1)
Amendment 317 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 Amendment 318 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of total tax revenues, interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a);
Amendment 319 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures
Amendment 320 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, national expenditure on co- financing of programmes funded by the Union, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a), and government investment expenditure allocated in line with Article 11(1a) and (1b);
Amendment 321 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of : (a) interest expenditure, (b) discretionary revenue measures
Amendment 322 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures
Amendment 323 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures
Amendment 324 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2)
Amendment 325 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241, cyclical elements of unemployment benefit expenditure, and other budgetary variables outside the control of the government as set out in Annex II, point (a);
Amendment 326 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, public investments that are growth-enhancing as defined in Annex VIII and other budgetary variables outside the control of the government as set out in Annex II, point (a);
Amendment 327 #
(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a). The government expenditure aggregate should be adjusted by averaging the investment expenditure over seven years;
Amendment 328 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means all government expenditure net of interest expenditure, discretionary revenue measures
Amendment 329 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means, without exception, all government expenditure net of interest expenditure, discretionary revenue measures
Amendment 330 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means all government expenditure net of interest expenditure, discretionary revenue measures
Amendment 331 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures
Amendment 332 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) (2a) ‘decoupling investments’ means excluding, when calculating government expenditure, the cost of investments falling under the common priorities of the Union set out in Annex VI and any other priorities identified, on a proposal from the European Commission, by the Council and Parliament;
Amendment 333 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 Amendment 334 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) ‘technical trajectory’ means the net expenditure trajectory put forward by each Member State and subsequently negotiated with the Commission to provide guidance to Member States with public debt above the 60% of gross domestic product (GDP) reference value or government deficit above the 3% of GDP reference value when drawing up their national medium-
Amendment 335 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 Amendment 336 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) ‘nationally financed net expenditure path’ means the multi-annual trajectory for net expenditure real growth of a Member State as set by the Council;
Amendment 337 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) ‘net expenditure path’ means the multi-annual trajectory for net expenditure of a Member State as set by the Council; a detailed description of such a trajectory is included in Annex II;
Amendment 338 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 a (new) (4 a) 'reference trajectory' means the trajectory for the primary balance each Member State shall present, as set out in Article 5;
Amendment 339 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) ‘national medium-term fiscal- structural plan’ means the document containing the fiscal,
Amendment 340 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) ‘national medium-term fiscal- structural plan’ means the document containing the fiscal, reform, sustainability, social convergence and investment commitments of a Member State;
Amendment 341 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) ‘national medium-term fiscal- structural plan’ means the document containing the fiscal, structural reform and investment commitments of a Member State;
Amendment 342 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 (5) ‘national
Amendment 343 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 a (new) (5 a) ‘European medium-term fiscal- structural plan’ means the document containing the Union budgetary commitmments, the evolution of the Union public debt, the guarantees supported by the Union budget, interest expenditure and any liabilities, actual or contingent, of the European Commission;
Amendment 344 #
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
Amendment 345 #
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, and of the reforms and investment commitments and advancements in achieving social progress and sustainability objectives included in its national medium-term fiscal-structural plan;
Amendment 346 #
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, and
Amendment 347 #
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 national medium-term fiscal-structural plan, including the net expenditure path
Amendment 348 #
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 national medium-term fiscal-structural plan, including the net expenditure path
Amendment 349 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) ‘national annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path, and of the reforms and investment commitments included in its national medium-term fiscal-structural plan;
Amendment 350 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 a (new) (6 a) ‘European annual progress report’ means the document of the Commission containing the Union budgetary commitmments, the evolution of the Union public debt, the guaranntees suppoted by the Union budget, interest expenditure, and any liabilities, actual or contingent, of the Commission.
Amendment 351 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 (7) ‘adjustment period’ means the period of time over which the fiscal adjustment of a Member State takes place, covering a minimum adjustment period
Amendment 352 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 (7) ‘
Amendment 353 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) (7 a) '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 354 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) (7 a) ‘planning horizon’ means adjustment period;
Amendment 355 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 Amendment 356 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 Amendment 357 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 Amendment 358 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 (9) ‘structural balance’ means the cyclically adjusted general government balance net of one-off and temporary measures;
Amendment 359 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 a (new) (9 a) ‘residual value’ of a public asset is the estimated amount to be currently obtained from disposal of that asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life;
Amendment 360 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 b (new) (9 b) ‘useful life’ means the period over which a public asset is expected to be available for use;
Amendment 361 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Amendment 362 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Amendment 363 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 (10) ‘structural primary balance’ means the cyclically adjusted general government balance net of one-off, temporary measures and
Amendment 364 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 a (new) (10 a) ‘projection period‘ means the adjustment period plus ten years.
Amendment 365 #
Proposal for a regulation Article 3 – title The
Amendment 366 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained convergence of the economic, employment, environmental and social performance of the Member States, the Co
Amendment 367 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained convergence of the economic and social and ecological performance of the Member States, the Council
Amendment 368 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained
Amendment 369 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic and employment policies and sustain
Amendment 370 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained convergence of the economic and social performance of the Member States, the Council, the European Parliament and the Commission shall conduct
Amendment 371 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained convergence of the economic and upward social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 372 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic policies and sustained convergence of the economic
Amendment 373 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics,
Amendment 374 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 375 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic, budgetary and structural policies and sustained
Amendment 376 #
Proposal for a regulation Article 3 – paragraph 1 In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic
Amendment 377 #
Proposal for a regulation Article 3 – paragraph 1 a (new) The European Semester should favour the collection by Member States and at EU level of additional resources through fair taxation, in particular taxes on the wealthiest and multinational companies, such as taxes 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 378 #
Proposal for a regulation Article 3 – paragraph 2 – introductory part The
Amendment 379 #
Proposal for a regulation Article 3 – paragraph 2 – point a (a) the
Amendment 380 #
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 policies of the Member States and of the Union in accordance with Article 121(2) TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area, including with regard to the achievement of the EU Green Deal;
Amendment 381 #
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 and Article 148 TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area, including progress toward sustainability objectives;
Amendment 382 #
Proposal for a regulation Article 3 – paragraph 2 – point b (b)
Amendment 383 #
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 384 #
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 surveillance of the implementation of the European Pillar of Social Rights and its headline targets, and of the related country-specific recommendations, related analysis in country reports as well as social convergence reports under the Social Convergence Framework;
Amendment 385 #
Proposal for a regulation Article 3 – paragraph 2 – point b (b) the formulation, and the surveillance of the implementation within a social convergence framework, 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, and of the related country-specific recommendations;
Amendment 386 #
Proposal for a regulation Article 3 – paragraph 2 – point c (c) the
Amendment 387 #
Proposal for a regulation Article 3 – paragraph 2 – point c (c) the submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, where appropriate, as well as their monitoring via the annual progress reports;
Amendment 388 #
Proposal for a regulation Article 3 – paragraph 2 – point c (c) the submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, where appropriate, as well as their monitoring via the annual progress reports;
Amendment 389 #
Proposal for a regulation Article 3 – paragraph 2 – point c (c) the submission, assessment and endorsement of
Amendment 390 #
Proposal for a regulation Article 3 – paragraph 2 – point d (d)
Amendment 391 #
Proposal for a regulation Article 3 – paragraph 2 – point d a (new) (d a) the surveillance to detect, prevent and correct challenges identified in the social convergence reports under the Social Convergence Framework;
Amendment 392 #
Proposal for a regulation Article 3 – paragraph 2 – point d a (new) (d a) the goals laid out in the European Pillar of Social Rights.
Amendment 393 #
Proposal for a regulation Article 3 – paragraph 2 – point e Amendment 394 #
Proposal for a regulation Article 3 – paragraph 2 – point e Amendment 395 #
Proposal for a regulation Article 3 – paragraph 2 – point e (e) other multilateral surveillance procedures established by the European Parliament and the Council pursuant to Article 121(6) TFEU and Article 148 TFEU.
Amendment 396 #
Proposal for a regulation Article 3 – paragraph 2 – point e a (new) (e a) the formulation and the surveillance of the implementation recommendations on the common priorities listed in Article 12(1), point (ba), in particular past and current investments and each member states investment gaps associated to those priorities.
Amendment 397 #
(e a) the assessment of Member States' progress regarding the their individual reduction of greenhouse gas emission in accordance with the European Green Deal.
Amendment 398 #
Proposal for a regulation Article 3 – paragraph 2 a (new) The Commission shall make public and submit to the European Parliament the reports pursuant to Article 121(3) TFEU submitted to the Council on monitoring economic developments in each of the Member States and in the Union, and include in these reports: (a) a list of country-specific recommendations for each Member State; (b) the state of implementation of already issued country-specific recommendations for each Member State; (c) recommendations to issue further country-specific recommendations to the Council in case of unsatisfactory implementation of the country-specific recommendations for each Member State; (d) further quantifiable targets that constitute a satisfactory implementation of the country-specific recommendations for each Member State.
Amendment 399 #
Proposal for a regulation Article 3 – paragraph 2 a (new) Member States shall incorporate the following EU policy objectives into the design, implementation and evaluation of their national budgetary frameworks: (a) combating climate change; (b) halting and reversing the decline of biodiversity; (c) promoting equality between women and men as well as rights and equal opportunities for all; (d) promoting the digital transition; (e) implementing the United Nations Sustainable Development Goals.
Amendment 400 #
Proposal for a regulation Article 3 – paragraph 2 b (new) As part of the European Semester, Member states shall set targets in line with national and EU legal requirements related to the policy objectives under paragraph 1a and report on the performance of their national budgetary frameworks towards these targets. Such reporting shall entail the identification of relevant expenditure and revenue items and rely on output, results and impact indicators. Indicators shall be duly aligned with the ‘do no significant harm’ principle in the meaning of Article 13(2) (iiia) and (iiib) and ‘digital by default’ principle.
Amendment 401 #
Proposal for a regulation Article 3 – paragraph 2 b (new) Pursuant to Article 121(6) TFEU, the Commission shall, where appropriate, submit to the European Parliament and the Council a legislative proposal on a comprehensive sanctioning mechanism in case of unsatisfactory implementation of country-specific recommendations by the Member States.
Amendment 402 #
Proposal for a regulation Article 3 – paragraph 2 c (new) The Commission shall be empowered to adopt delegated acts pursuant to Article 33 at least every 3 years to specify the indicators for tracking the performance of national budgets towards these EU policy objectives.
Amendment 403 #
Proposal for a regulation Article 3 a (new) Article3a Launching the European Semester 1. The European Semester is launched by a decision of the European Parliament and Council, on a proposal by the Commission, based on Article 121(6) of the Treaty on the Functioning of the European Union adopted in accordance with the ordinary legislative procedure. 2. Following the adoption of the decision pursuant to paragraph 1, the European Commission shall adopt a communication on the Annual Sustainability Growth Survey taking due account of the decision referred to in paragraph 1. 3. 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) of the Treaty on the Functioning of the European Union and when drafting the proposal for the guidelines for employment pursuant to Article 148(2) of the Treaty on the Functioning of the European Union the European Commission shall take due account of Annual Sustainability Growth Survey referred to in paragraph 2.
Amendment 404 #
Proposal for a regulation Article 4 Amendment 405 #
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
Amendment 406 #
Proposal for a regulation Article 4 – paragraph 1 1. Whenever
Amendment 407 #
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 and related secondary legislation. Such recommendations shall identify relevant measures to be taken in case of insufficient progress towards achieving applicable targets in line with Member States' reporting under Article 3.
Amendment 408 #
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
Amendment 409 #
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, and the Union as a whole, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States and to the Commission making full use of the legal instruments provided in Articles 121 and 148 TFEU and related secondary legislation.
Amendment 410 #
Proposal for a regulation Article 4 – paragraph 2 2. Member States shall take due account of the
Amendment 411 #
Proposal for a regulation Article 4 – paragraph 2 2. Member States shall take due account of the broad guidelines for the economic policies of the Member States, of the employment guidelines and of the recommendations referred to in Article 3, second paragraph, points (a) and (b) before taking key decisions in the development of their economic, employment, sustainability and budgetary policies. Progress shall be monitored by the Commission.
Amendment 412 #
Proposal for a regulation Article 4 – paragraph 3 – introductory part 3. Failure by a Member State to act upon the guidance received
Amendment 413 #
Proposal for a regulation Article 4 – paragraph 3 – point b (b)
Amendment 414 #
Proposal for a regulation Article 4 – paragraph 3 – point b a (new) (b a) a recommendation by the Council pursuant to Article 9 or Article 148 TFEU, the implementation of the principles of the European Pillar of Social Rights, or reflecting the outcomes of the Social Convergence Framework;
Amendment 415 #
Proposal for a regulation Article 4 – paragraph 3 – point b a (new) (b a) a recommendation by the Council based on a proposal by the Commission pursuant to Article 148(4) TFEU or reflecting the outcomes of the Social Convergence Framework;
Amendment 416 #
Proposal for a regulation Article 4 – paragraph 3 – point b a (new) (b a) a warning by the Commission or a recommendation by the Council in accordance with Article 148 TFEU;
Amendment 417 #
Proposal for a regulation Article 4 – paragraph 3 – point c a (new) (c a) a public statement by the Council specifying the reasons for a Member State's failure to act upon the guidance received as well as the measures the Council aims to take to remedy the Member State's failure.
Amendment 420 #
Proposal for a regulation Article 5 – paragraph 1 Amendment 421 #
Amendment 422 #
Proposal for a regulation Article 5 – paragraph 1 For each Member State
Amendment 423 #
Proposal for a regulation Article 5 – paragraph 1 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 shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of
Amendment 424 #
Proposal for a regulation Article 5 – paragraph 1 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 shall 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
Amendment 425 #
Proposal for a regulation Article 5 – paragraph 1 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, acting on its own authority and judgment, shall 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
Amendment 426 #
Proposal for a regulation Article 5 – paragraph 1 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 shall 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
Amendment 427 #
Proposal for a regulation Article 5 – paragraph 1 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 shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure after the submission of a proposal by the Member State and the dialogue in accordance with the procedure referred to in Article 7. The technical trajectory for net expenditure shall cover
Amendment 428 #
Proposal for a regulation Article 5 – paragraph 1 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
Amendment 429 #
Proposal for a regulation Article 5 – paragraph 1 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 shall 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 which comprises annual debt reduction measures starting at the latest 2 years after its adoption, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public.
Amendment 430 #
Proposal for a regulation Article 5 – paragraph 1 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 shall 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 pursuant to Article 13. The Commission shall make the report public granting by all means transparency in the procedure including all data, assumptions and calculations refered to the technical trayectory.
Amendment 431 #
Proposal for a regulation Article 5 – paragraph 1 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 shall put forward, in a report to the Economic and Financial Committee, having consulted relevant social partners, 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 pursuant to Article 13. The Commission shall make the report public.
Amendment 432 #
Proposal for a regulation Article 5 – paragraph 1 a (new) Based on an assessment of the Economic and Financial Committee, the Council shall, within the framework of multilateral surveillance under Article 121 TFEU, examine draft technical trajectories published by the Commission and assess whether the economic assumptions on which draft technical trajectories are based are plausible, and whether the fiscal adjustment effort is appropriate in order to promote the debt sustainability. The Council, on a recommendation from the Commission and after consulting the Economic and Financial Committee, shall adopt/endorse the draft technical trajectories. Expenditure paths adopted/endorsed by the Ecofin should become the basis for the EU fiscal surveillance and enforcement should there be no agreement on a medium-term fiscal- structural plan of a Member State.
Amendment 433 #
Proposal for a regulation Article 5 – paragraph 1 a (new) To aid the preparation of the report, the European Commission may consult the relevant Member State and national independent fiscal institution on the proposed technical trajectory. The report mentioned in paragraph 1 shall also be referred to the European Parliament. The European Parliament is entitled to organise a hearing or conduct a written consultation with the relevant Commissioner in order to gather additional information on the proposed technical trajectory in the two weeks following the submission of the report.
Amendment 434 #
Proposal for a regulation Article 6 Amendment 435 #
Proposal for a regulation Article 6 Amendment 436 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) by the
Amendment 437 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) by the
Amendment 438 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a)
Amendment 439 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) by the
Amendment 440 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a)
Amendment 441 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) the public debt ratio is put or remains on a plausibly downward path towards 60% of GDP, or stays at prudent levels, i.e. below 60% of GDP;
Amendment 442 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) the public debt ratio is put or remains on a
Amendment 443 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) at the end of the adjustment period, the public debt ratio is put or remains on a plausibly downward path, or
Amendment 444 #
(a) at the end of the adjustment period, the public debt ratio is put or remains on a plausibly downward path, or stays at prudent levels;
Amendment 445 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) the public debt ratio is put or remains on a plausibly and sustainable downward path, or stays at prudent levels;
Amendment 446 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the government deficit is maintained or brought and maintained sufficiently below
Amendment 447 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the government deficit is maintained or brought and maintained below
Amendment 448 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the government deficit is maintained or brought and maintained well below the 3% of GDP reference value;
Amendment 449 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period;
Amendment 450 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) at the end of the adjustment period, the government deficit is brought
Amendment 451 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) at the end of the adjustment period, the government deficit is brought and
Amendment 452 #
Proposal for a regulation Article 6 – paragraph 1 – point b (b) the government deficit is brought and maintained below, on average, the 3% of GDP reference value;
Amendment 453 #
Proposal for a regulation Article 6 – paragraph 1 – point b a (new) (b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the deficit is not close to reference value and is not temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];
Amendment 454 #
Proposal for a regulation Article 6 – paragraph 1 – point b a (new) (b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];
Amendment 455 #
Proposal for a regulation Article 6 – paragraph 1 – point b a (new) (b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];
Amendment 456 #
Proposal for a regulation Article 6 – paragraph 1 – point c Amendment 457 #
Proposal for a regulation Article 6 – paragraph 1 – point c Amendment 458 #
Proposal for a regulation Article 6 – paragraph 1 – point c (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, provided that the path is economically and socially sustainable;
Amendment 459 #
Proposal for a regulation Article 6 – paragraph 1 – point c Amendment 460 #
Proposal for a regulation Article 6 – paragraph 1 – point c (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; If a Member State plans to implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12, that year will be exempted from this rule, meaning that the year will be taken out of the proportionality calculations;
Amendment 461 #
Proposal for a regulation Article 6 – paragraph 1 – point c (c) the fiscal adjustment effort is linear over the period of the national medium- term fiscal-
Amendment 462 #
Proposal for a regulation Article 6 – paragraph 1 – point c (c) the fiscal adjustment effort over the
Amendment 463 #
Proposal for a regulation Article 6 – paragraph 1 – point c (c) the
Amendment 464 #
Proposal for a regulation Article 6 – paragraph 1 – point c (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; in cases where it is not proportional, detailed plans for compensation of lower than proportional effort should be presented by the member state, in line with Article 11(2);
Amendment 465 #
Proposal for a regulation Article 6 – paragraph 1 – point c (c) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the
Amendment 466 #
Proposal for a regulation Article 6 – paragraph 1 – point c (c) 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-
Amendment 467 #
Proposal for a regulation Article 6 – paragraph 1 – point d Amendment 468 #
Proposal for a regulation Article 6 – paragraph 1 – point d Amendment 469 #
Proposal for a regulation Article 6 – paragraph 1 – point d Amendment 470 #
Proposal for a regulation Article 6 – paragraph 1 – point d Amendment 471 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio
Amendment 472 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio
Amendment 473 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt
Amendment 474 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio at the end of the planning horizon
Amendment 475 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio
Amendment 476 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d)
Amendment 477 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d)
Amendment 478 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 479 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 480 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio at the end of the planning horizon is considerably below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 481 #
Proposal for a regulation Article 6 – paragraph 1 – point d (d) the public debt ratio at the end of the planning horizon is well below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 482 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (d a) the public debt ratio is reduced by at least 0,5% of GDP per year on average over the adjustment period, if the GDP growth is between 0% and 2% per year;
Amendment 483 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (d a) the plan has sufficient investments in climate change mitigation and climate change adaptation;
Amendment 484 #
Proposal for a regulation Article 6 – paragraph 1 – point d b (new) (d b) the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period, if the GDP growth is at least at 2% of per year;
Amendment 485 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (d a) the public debt ratio is reduced by at least 1.5% of GDP per year on average over the adjustment period;
Amendment 486 #
Proposal for a regulation Article 6 – paragraph 1 – point d a (new) (d a) the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period;
Amendment 487 #
Proposal for a regulation Article 6 – paragraph 1 – point d b (new) (d b) the projected debt reduction ten years after the adjustment period is at least [X]% of the excess of the public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 488 #
Proposal for a regulation Article 6 – paragraph 1 – point d b (new) (d b) the projected debt reduction ten years after the adjustment period is at least [X]% of the excess of the public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 489 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 490 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 491 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 492 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 493 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 494 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 495 #
Proposal for a regulation Article 6 – paragraph 1 – point e Amendment 496 #
Proposal for a regulation Article 6 – paragraph 1 – point e (e) national net expenditure growth
Amendment 497 #
Proposal for a regulation Article 6 – paragraph 1 – point e (e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan. The growth of net expenditure in relation to medium-term output growth will be commensurate to public debt challenges;
Amendment 498 #
Proposal for a regulation Article 6 – paragraph 1 – point e a (new) (e a) the government has a fiscal buffer equivalent to X% of the adjustment effort over the adjustment period for the purpose of unforeseeable budgetary measures.
Amendment 499 #
Proposal for a regulation Article 6 – paragraph 1 – point e a (new) (e a) the fiscal adjustment necessary to put or keep public debt ratio on a plausibly declining path with debt reductions of 1-1.5% of GDP annually on average over the 4 years following the adjustment period, depending on debt levels and sustainability and the business cycle.
Amendment 500 #
Proposal for a regulation Article 6 – paragraph 1 – point e a (new) (ea) the measures contained in the national medium-term fiscal-structural plan are adequate to support strategic public investment in order to reduce the public debt ratio through growth;
Amendment 501 #
Proposal for a regulation Article 6 – paragraph 1 – point e a (new) (ea) the measures contained in the national medium-term fiscal-structural plan are capable of ensuring the Member State’s growth and are therefore adequate to support strategic public investment;
Amendment 502 #
Proposal for a regulation Article 6 – paragraph 1 – point e b (new) (eb) in the event that medium-term output growth stagnates or declines, the downward path for the public debt ratio is suspended and the fiscal adjustment effort over the period of the national medium- term fiscal-structural plan is revised accordingly;
Amendment 503 #
Proposal for a regulation Article 6 – paragraph 1 a (new) By way of derogation, point (d) of paragraph 1 shall not apply in the first two years after the entry into force of this Regulation, and in the two years following the expiry of the Council recommendation referred to in Articles 24 and 25.
Amendment 504 #
Proposal for a regulation Article 6 – paragraph 1 a (new) If a Member States deficit is above 3% while the public debt is below the 60% of GDP reference value, the rules in Article 6(1), points (c) and (d), shall not apply.
Amendment 505 #
Proposal for a regulation Article 6 – paragraph 1 a (new) Points (da) and (db) shall not apply if there is a negative GDP growth per year on average over the adjustment period.
Amendment 506 #
Proposal for a regulation Article 6 – paragraph 2 The technical trajectories
Amendment 507 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 508 #
Proposal for a regulation Article 6 – paragraph 2 The technical trajectories shall be differentiated for each Member State.
Amendment 509 #
Proposal for a regulation Article 6 – paragraph 2 a (new) Public debt issued in the form of European Green Bonds according to [the Green Bonds Regulation] shall not be counted in the calculation of the public debt ratio for the purpose of paragraph 1, point (d).
Amendment 510 #
Proposal for a regulation Article 6 a (new) Article6a Requirements for setting the technical trajectory When designing the technical trajectory for each Member State, the Commission shall ensure that: (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 credibly downward path or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period; (c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm]; (d) the public debt ratio stabilises over the adjustment period and is reduced over the projection period. The Commission will set out the minimum annual average adjustment figure for each Member State within a range of [x] p.p of debt to GDP and [y] p.p of debt to GDP, depending on that Member State's debt levels and sustainability and the business cycle, for the whole projection period. The technical trajectories shall be differentiated for each Member State.
Amendment 512 #
Proposal for a regulation Article 7 – paragraph 1 – introductory part 1.
Amendment 513 #
Proposal for a regulation Article 7 – paragraph 1 – introductory part 1. By [1
Amendment 514 #
Proposal for a regulation Article 7 – paragraph 1 – introductory part 1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or by [1 March] of the final year covered by the ongoing medium-term fiscal-structural plan or, as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:
Amendment 515 #
Proposal for a regulation Article 7 – paragraph 1 – introductory part 1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or, by [1 March] of the last year covered by the ongoing medium-term fiscal-structural plan or as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:
Amendment 516 #
Proposal for a regulation Article 7 – paragraph 1 – introductory part 1. By
Amendment 517 #
Proposal for a regulation Article 7 – paragraph 1 – point a Amendment 518 #
Proposal for a regulation Article 7 – paragraph 1 – point a (a)
Amendment 519 #
Proposal for a regulation Article 7 – paragraph 1 – point a (a) the underlying medium-term public debt projection framework and results
Amendment 520 #
Proposal for a regulation Article 7 – paragraph 1 – point a (a) the underlying medium-term public debt projection framework, based on the debt sustainability analysis methodology, and results;
Amendment 521 #
Proposal for a regulation Article 7 – paragraph 1 – point a (a) the country-specific underlying medium-term public debt projection framework and results;
Amendment 522 #
Proposal for a regulation Article 7 – paragraph 1 – point b Amendment 523 #
Proposal for a regulation Article 7 – paragraph 1 – point b (b)
Amendment 524 #
Proposal for a regulation Article 7 – paragraph 1 – point b (b) its macroeconomic forecast and assumptions, including social and sustainability challenges;
Amendment 525 #
Proposal for a regulation Article 7 – paragraph 1 – point b (b) its country-specific macroeconomic forecast and assumptions;
Amendment 526 #
Proposal for a regulation Article 7 – paragraph 1 – point c Amendment 527 #
Proposal for a regulation Article 7 – paragraph 1 – point c Amendment 528 #
Proposal for a regulation Article 7 – paragraph 1 – point c Amendment 529 #
Proposal for a regulation Article 7 – paragraph 1 – point c Amendment 530 #
Proposal for a regulation Article 7 – paragraph 1 – point c (c) the technical trajectory, if required under Article 5
Amendment 531 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1a. By [1 March] of the year referred to in paragraph 1, each Member State shall submit its proposal for a technical trajectory to the Commission. That proposal shall take into account the information referred to in paragraph 1. Following the submission of a proposal, the Commission and the Member State shall engage in a dialogue with a view to ensuring that the proposed technical trajectory complies with Articles 5 and 6. The Commission shall provide the technical trajectories to the Council and the European Parliament, including the proposed trajectories put forward by the Member States, data, assumptions and calculations underlying the trajectories in a way that allows for reproduction.
Amendment 532 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1 a. By [1 February] of the year [xxxx], the Commission shall prepare its medium- term fiscal-structural plan which shall include: (a) the underlying framework for forecasting EU public debt and any liabilities, actual or contingent, over the medium term and the outturn; (b) its macroeconomic forecasts and assumptions for the EU economy and an assessment of the fiscal stance of the euro area for the current and future years; (c) developments in interest payments.
Amendment 533 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1 a. The Commission shall provide the reference trajectories and the information referred to in paragraph 1 to the Council and the European Parliament, after the submission of the national plans, including the proposed trajectories put forward by the Member States, data, assumptions and calculations underlying the trajectories in a way that allows for replication.
Amendment 534 #
Proposal for a regulation Article 7 – paragraph 1 b (new) 1 b. Following the negotiations, in case of no agreement between the Member State and the Commission on the reference trajectory, the Council may recommend the Member State concerned that the technical trajectory proposed by the Commission be the net expenditure path of the Member State or request a new proposal.
Amendment 535 #
Proposal for a regulation Article 7 – paragraph 1 c (new) 1 c. In case a Member State does not submit its proposal for a reference trajectory by [1 March] of the same year referred to in paragraph 1, the Commission shall put forward a reference trajectory meeting the requirements set out in Article 6 in its own motion.
Amendment 536 #
Proposal for a regulation Article 7 – paragraph 2 2.
Amendment 537 #
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
Amendment 538 #
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. Moreover, for Member States in the monetary union, the technical information shall internalise the effects of national fiscal policies on the euro area as a whole, incorporating additional recommendations, which, while consistent with the deficit and the public debt targets of the Member State, contribute to achieve a Union fiscal stance consistent with the economic cycle.
Amendment 539 #
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 and the public debt ratio remains below the 60% of GDP reference value, both without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan.
Amendment 540 #
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
Amendment 541 #
Proposal for a regulation Article 7 – paragraph 3 Amendment 542 #
Proposal for a regulation Article 7 – paragraph 3 Amendment 543 #
Proposal for a regulation Article 7 – paragraph 3 3. The Commission shall update the technical trajectories and the quantitative guidance
Amendment 544 #
Proposal for a regulation Article 7 – paragraph 3 3.
Amendment 545 #
Proposal for a regulation Article 7 – paragraph 3 3. The Commission shall update the technical trajectories and the quantitative guidance
Amendment 546 #
Proposal for a regulation Article 7 – paragraph 3 a (new) 3a. In the event of periods of severe economic crisis for the euro area or for the whole Union, or of exceptional events beyond the control of the Member State having a strong impact on its financial position, the Commission shall revise and, where necessary, promptly update, in consultation with the Member States, the technical trajectories and quantitative guidance of the medium-term fiscal- structural plans of the Member States concerned.
Amendment 547 #
Proposal for a regulation Article 7 a (new) Article7a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address, among others: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12, in particular, whether the draft plan ensures the delivery of investment and reforms referred to in point (b); (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.
Amendment 548 #
Proposal for a regulation Article 8 Amendment 549 #
Proposal for a regulation Article 8 – title Assessment of plausibility and economic and social sustainability
Amendment 550 #
Proposal for a regulation Article 8 – title Assessment of plausibility
Amendment 551 #
Proposal for a regulation Article 8 – title Assessment of plausibility and debt sustainability
Amendment 552 #
Proposal for a regulation Article 8 – title Assessment of plausibility and debt sustainability
Amendment 553 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or
Amendment 554 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use
Amendment 555 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility and sustainability that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use
Amendment 556 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use
Amendment 557 #
To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, and consistent, in the case of the Member States in the monetary union, with the achievement of a fiscal stance in line with the cyclical situation of the economy, the Commission shall use the methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.
Amendment 558 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward sustainable path or remains at a prudent level, the Commission shall use the methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.
Amendment 559 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use
Amendment 560 #
Proposal for a regulation Article 8 – paragraph 1 To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use the commonly agreed methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.
Amendment 561 #
Proposal for a regulation Article 8 – paragraph 1 a (new) For the purpose of the delegated act on debt sustainability analysis, the Commission shall identify the relevant factors to assess the sustainability of debt, taking into consideration, in particular the future evolution of sustainable growth, interest rates, the level of inflation, liquidity risks, the structure of the debt, contingent liabilities, the potential growth impact of the reforms and investments underpinning the implemented national medium-term fiscal-structural plans, as well as social convergence risks and climate risks.
Amendment 562 #
Proposal for a regulation Article 8 – paragraph 1 a (new) The Commission shall also assess the economic and social sustainability of the public debt ratio trajectory according to the methodology set out in Annex Va. The Commission shall make public its analysis of the economic and social sustainability and the underlying data.
Amendment 563 #
Proposal for a regulation Article 8 – paragraph 1 a (new) The Commission shall be supported by a new dedicated DSA working group composed of experts appointed by the Member States, the European Parliament, the Commission, and the European Fiscal Board.
Amendment 564 #
Proposal for a regulation Article 8 – paragraph 1 a (new) The Commission shall inform the Council and the European Parliament of its analysis of plausibility and the underlying data, subject to confidentiality arrangements if necessary.
Amendment 565 #
Proposal for a regulation Article 8 – paragraph 1 b (new) By … [12 months after the entry into force of this Regulation], the Commission shall adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining the methodology, agreed with the Member States in the relevant working groups, for debt sustainability analysis and the methodology for the assessment of plausibility referred to in paragraph 1. For the purpose of the delegated act on debt sustainability analysis, the Commission shall take into account, in particular, the future evolution of sustainable growth; the public debt ratio; interest rates; the level of inflation; liquidity risks; the structure of the debt; contingent liabilities; the potential growth impact of the reforms and investments underpinning the implemented national medium-term fiscal-structural plans.
Amendment 566 #
Proposal for a regulation Article 8 – paragraph 1 b (new) By 12 months after the entry into force of this Regulation, the Commission shall adopt delegated acts in accordance with Article 33 to supplement this Regulation by defining the methodology for debt sustainability analysis and the methodology for the assessment of plausibility as referred to in paragraph 1. Delegated acts shall be sufficiently detailed in the disclosure of models and ranges of variables and assumptions as to enable replicability of the debt sustainability analyses.
Amendment 567 #
Proposal for a regulation Article 8 – paragraph 1 b (new) By 12 months after the entry into force of this Regulation, the Commission shall adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining a commonly agreed methodology for the assessment of plausibility as referred to in paragraph 1.
Amendment 568 #
Proposal for a regulation Article 8 – paragraph 1 c (new) For the first year in which the Member States have to submit their medium-term fiscal-structural plans, and as long as the delegated act referred to in paragraph 3 is not adopted, the 2022 Debt Sustainability Monitor should be the basis for the underlying medium-term public debt projection framework.
Amendment 569 #
Proposal for a regulation Article 8 – paragraph 1 d (new) For the purpose of the delegated act on debt sustainability analysis, the Commission shall take into account the future evolution of sustainable growth, interest rates, the level of inflation, liquidity risks, the structure of the debt, contingent liabilities, the potential growth impact of the reforms and investments underpinning the implemented national medium-term fiscal-structural plans, as well as climate challenges.
Amendment 570 #
Proposal for a regulation Article 8 a (new) Article8a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12; (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.
Amendment 571 #
Proposal for a regulation Chapter IV – title IV
Amendment 572 #
Proposal for a regulation Article 9 – title Amendment 573 #
Proposal for a regulation Article 9 – title Amendment 574 #
Proposal for a regulation Article 9 – paragraph 1 Each Member State shall submit to the
Amendment 575 #
Proposal for a regulation Article 9 – paragraph 1 Each Member State shall submit to the Council, to the European Parliament and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary. The Commission shall submit its medium- term fiscal-structural plan to the Council and to the European Parliament before the end of March following the entry into force of this Regulation. The Member State and the Commission shall make their medium-term fiscal- structural plan public.
Amendment 576 #
Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary. It shall ensure debate of the draft national medium-term fiscal-structural plan in its national parliament before submission, and enable social partners, civil society organisations and other relevant stakeholders opportunities to participate in the preparation of the national medium-term fiscal structural plans. Each Member State shall attach to the submission of such documents to the Commission a summary of the format and outcome of these consultations.
Amendment 577 #
Proposal for a regulation Article 9 – paragraph 1 Each national medium-term fiscal- structural plan should be presented to and approved by the respective national parliament, in accordance with their constitutional requirements. The national parliaments should also have the opportunity to discuss the Council recommendation on their previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning. Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.
Amendment 578 #
Proposal for a regulation Article 9 – paragraph 1 Each Member State shall submit to the Council and to the Commission, after approval form its national parliament and due consultation with civil society organizations and social partners, a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.
Amendment 579 #
Proposal for a regulation Article 9 – paragraph 1 Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State
Amendment 580 #
Proposal for a regulation Article 9 – paragraph 1 Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan, accompanied by an opinion of the independent fiscal institutions of the Member State, before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.
Amendment 581 #
Proposal for a regulation Article 9 – paragraph 1 Each Member State shall, without undue delay, submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree
Amendment 582 #
Proposal for a regulation Article 9 – paragraph 1 – subparagraph 1 (new) Before drawing up its national medium- term fiscal-structural plan, each Member State shall set up a structured cooperation mechanism with regional authorities and other relevant stakeholders so that they are fully involved in developing the plan, in accordance with the national legal framework. The plan shall mention whether this cooperation took place.
Amendment 583 #
Proposal for a regulation Article 9 – paragraph 1 a (new) Amendment 584 #
Proposal for a regulation Article 9 – paragraph 1 a (new) Prior to submission, Member States shall discuss its draft national medium-term fiscal-structural plan with its respective parliaments. The Member State shall make its national medium-term fiscal- structural plan public, including all the data and documents related to the negotiations and assumptions used for the reference trajectory.
Amendment 585 #
Proposal for a regulation Article 9 – paragraph 1 a (new) Each Member State shall submit to the Council and to the Commission a new national medium-term fiscal-structural plan before end-April of the last year covered by the ongoing medium-term fiscal-structural plan.
Amendment 586 #
Proposal for a regulation Article 9 – paragraph 1 a (new) Prior to submission, the Member States shall discuss their draft national medium- term fiscal-structural plans with their national parliaments.
Amendment 587 #
Proposal for a regulation Article 9 – paragraph 2 The Member State shall make its national medium-term fiscal-structural plan public immediately upon its submission to the Council and the Commission.
Amendment 588 #
Proposal for a regulation Article 9 – paragraph 2 a (new) The Member States are strongly encouraged to discuss their draft national medium term fiscal structural plans with their parliaments and with civil society, social partners and relevant stakeholders, without prejudice to national legal frameworks. If such discussions result in formal decisions or contributions, the content of such conclusions must be annexed to the proposal.
Amendment 589 #
Proposal for a regulation Article 9 – paragraph 2 a (new) Prior to submission Member States shall discuss the draft national medium term fiscal structural plans with respective parliaments. Where possible under the respective constitutional rules, the national parliament shall adopt the respective national medium-term fiscal- structural plan.
Amendment 590 #
Proposal for a regulation Article 9 – paragraph 2 a (new) Each Member State shall ensure that representatives of workers' associations, civil society organizations and other relevant stakeholders are given early and effective opportunities to participate in the preparation of the national medium-term fiscal structural plans.
Amendment 591 #
Proposal for a regulation Article 9 – paragraph 2 a (new) Without prejudice to the rules of the constitutional system of each Member State, prior to the submission of its plan, the Member State shall discuss the content of the medium-term fiscal- structural plan before the national parliament.
Amendment 592 #
Proposal for a regulation Article 10 – title Amendment 593 #
Proposal for a regulation Article 10 – paragraph 1 Amendment 594 #
Proposal for a regulation Article 10 – paragraph 1 Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12, 14 and 1
Amendment 595 #
Proposal for a regulation Article 10 – paragraph 1 Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12
Amendment 596 #
Proposal for a regulation Article 10 – paragraph 1 Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and 14, taking into account the European framework defined by the Commission in its own fiscal-structural plan.
Amendment 597 #
Proposal for a regulation Article 10 – paragraph 1 Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue
Amendment 598 #
Proposal for a regulation Article 10 – paragraph 1 Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and 14. The Commission shall ensure equal treatment of Member States.
Amendment 599 #
Proposal for a regulation Article 10 a (new) Article10a Consultations with relevant stakeholders Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold a consultation process, conducted in accordance with the national legal framework, of local and regional authorities, social partners, civil society organisations, youth organisations and other relevant stakeholders.
Amendment 600 #
Proposal for a regulation Article 11 – title Content of the
Amendment 601 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 The national medium-term fiscal-structural plan shall provide the information
Amendment 602 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 1. The national medium-term fiscal- structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectory covering
Amendment 603 #
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 trajectory covering a period of at least
Amendment 604 #
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 nationally financed net expenditure trajectory covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.
Amendment 605 #
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
Amendment 606 #
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 607 #
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 608 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 Amendment 609 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 Amendment 610 #
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
Amendment 611 #
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, and the
Amendment 612 #
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
Amendment 613 #
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, as well as the challenges identified in the 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
Amendment 614 #
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, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU and Article 148 TFEU.
Amendment 615 #
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 616 #
Proposal for a regulation Article 11 – paragraph 2 Amendment 617 #
Proposal for a regulation Article 11 – paragraph 2 Amendment 618 #
Proposal for a regulation Article 11 – paragraph 2 Amendment 619 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic
Amendment 620 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic
Amendment 621 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic
Amendment 622 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic
Amendment 623 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the difference. The explanation shall be accompanied by an assessment by the Independent Fiscal Institutions of the Member State of the economic arguments put forward by the Member State.
Amendment 624 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall
Amendment 625 #
Proposal for a regulation Article 11 – paragraph 2 2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure
Amendment 626 #
Proposal for a regulation Article 11 – paragraph 2 a (new) 2 a. The medium-term fiscal-structural plan shall provide the information detailed in Annex II. In particular, it shall include a net expenditure path covering a period of at least four years, as well as the underlying macroeconomic assumptions and the structural and budgetary measures envisaged to demonstrate compliance with the legal EU budgetary requirements. In addition, it shall provide an assessment of the evolution of the consolidated fiscal stance of the monetary union, as well as recommendations on the necessary evolution of the fiscal stance to achieve economic consistency with current and future developments in the economic cycle.
Amendment 627 #
Proposal for a regulation Article 12 – title Requirements of the national medium- term fiscal-structural plans
Amendment 628 #
Proposal for a regulation Article 12 – paragraph 1 – point a Amendment 629 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) e
Amendment 630 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) ensure th
Amendment 631 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) ensure the fiscal adjustment necessary to put or keep public debt on a plausibl
Amendment 632 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) ensure the fiscal adjustment necessary to put or keep public debt on a plausibly downward path
Amendment 633 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) ensure the fiscal adjustment necessary to put or keep public debt on a plausibly downward sustainable path by the end of the adjustment period
Amendment 634 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) ensure the fiscal adjustment necessary to put or keep public debt on a
Amendment 635 #
Proposal for a regulation Article 12 – paragraph 1 – point a (a) ensure the primary structural fiscal adjustment necessary to put or keep public debt on a plausibly downward path by the end of the adjustment period at the latest, or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;
Amendment 636 #
Proposal for a regulation Article 12 – paragraph 1 – point a a (new) (a a) ensure that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or plausibly stays at prudent levels;
Amendment 637 #
Proposal for a regulation Article 12 – paragraph 1 – point a a (new) (a a) assess the national public and private investment gaps to achieve the common priorities of the Union listed in Article 12;
Amendment 638 #
Proposal for a regulation Article 12 – paragraph 1 – point a a (new) (a a) assess the national public and private investment gaps to achieve the common priorities of the Union listed in Article 12;
Amendment 639 #
Proposal for a regulation Article 12 – paragraph 1 – point a a (new) (a a) adhere to the requirements for the technical trajectory pursuant to Article 6 and Annex I;
Amendment 640 #
Proposal for a regulation Article 12 – paragraph 1 – point a b (new) (a b) ensure that the government deficit is maintained below the 3% of GDP reference value throughout the duration of the plan or that the government deficit is brought swiftly below the 3% of GDP reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;
Amendment 641 #
Proposal for a regulation Article 12 – paragraph 1 – point a c (new) (a c) ensure that the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years and that, after the end of the national medium-term fiscal-structural plan, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels;
Amendment 642 #
Proposal for a regulation Article 12 – paragraph 1 – point a d (new) (a d) ensure that, if applicable, the fiscal adjustment effort over the first four years of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;
Amendment 643 #
Proposal for a regulation Article 12 – paragraph 1 – point a e (new) (a e) ensure that, for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation [on the corrective arm];
Amendment 644 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b)
Amendment 645 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b)
Amendment 646 #
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
Amendment 647 #
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
Amendment 648 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b) explain how it will ensure the delivery of investment
Amendment 649 #
Proposal for a regulation Article 12 – paragraph 1 – point b (b) explain how it will ensure the delivery of investment and reforms
Amendment 650 #
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,
Amendment 651 #
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,
Amendment 652 #
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
Amendment 653 #
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
Amendment 654 #
Proposal for a regulation Article 12 – paragraph 1 – point b Amendment 655 #
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 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, as well as detail the targets and the performance of national budgetary frameworks towards EU policy objectives in line with Article 3;
Amendment 656 #
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 the challenges identified in the social convergence reports under the Social Convergence Framework 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 657 #
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
Amendment 658 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) explain the consistency of the plan with the common priorities of the Union, as follows: (a) The European Green Deal, including the objectives of the Regulation 2021/1119 (European Climate Law) and 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 659 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) explain the consistency of the plan with the common priorities of the Union, as follows: (a) The European Green Deal, including the objectives of the Regulation 2021/1119 (European Climate Law) and 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 660 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) address the following common priorities of the Union: (a) The European Green Deal, including 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 661 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) explain how it will ensure consistency with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;
Amendment 662 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) assess the national public and private investment gaps that need to be filled to achieve the common priorities listed in Annex VI;
Amendment 663 #
Proposal for a regulation Article 12 – paragraph 1 – point b a (new) (b a) assess the national public investment gaps that need to be filled to achieve the common priorities listed in Annex VI;
Amendment 664 #
Proposal for a regulation Article 12 – paragraph 1 – point b b (new) (b b) explain how it will address the common priorities of the Union referred to in Annex VI, including the European Green Deal, European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030, and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps. In addition, it shall explain how it will ensure consistency with the broad guidelines for the economic policies of the Member States and with the employment guidelines in accordance with Article 121(2) and Article 148(2) TFEU;
Amendment 665 #
Proposal for a regulation Article 12 – paragraph 1 – point b b (new) (b b) quantify the current and planned expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level) and explain their consistency with the reduction of the investment gap referred to in point (aa) within the timeframe of the plan;
Amendment 666 #
Proposal for a regulation Article 12 – paragraph 1 – point b b (new) (b b) explain how it will ensure the reduction of the investment gaps referred to in point (ba) within the timeframe of the plan, as well as guarantee universal access to basic public services;
Amendment 667 #
Proposal for a regulation Article 12 – paragraph 1 – point b b (new) (b b) disclose the change of public debt net of the sum of the cumulative investment undertaken in support of each common priority of the Union referred to in Article 12, point (ba);
Amendment 668 #
Proposal for a regulation Article 12 – paragraph 1 – point c (c) if applicable,
Amendment 669 #
Proposal for a regulation Article 12 – paragraph 1 – point c (c) if applicable, explain how it will ensure the delivery of a relevant set of reforms and investments referred to in Article 13, underpinning an extension of the Member State’s adjustment period by
Amendment 670 #
Proposal for a regulation Article 12 – paragraph 1 – point c (c) if applicable, explain how it will ensure the delivery of a relevant set of reforms and investments referred to in Article 13, underpinning an extension of the Member State’s adjustment period by 3 years at most; and
Amendment 671 #
Proposal for a regulation Article 12 – paragraph 1 – point d (d)
Amendment 672 #
Proposal for a regulation Article 12 – paragraph 1 – point d (d)
Amendment 673 #
Proposal for a regulation Article 12 – paragraph 1 – point d (d) if applicable, explain how it will ensure consistency with the Recovery and Resilience Plan of the Member State concerned during the period of availability of the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241.
Amendment 674 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) Amendment 675 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (d a) quantify the current and planned green transition expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level).
Amendment 676 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (d a) quantify the current and planned green transition expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level).
Amendment 677 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (da) explain how it will ensure consistency with the expenditure on EU programmes fully matched by EU funds revenue and the relevant national co- financing;
Amendment 678 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (d a) foresee that Member States start the annual debt reduction at the latest 2 years after its adoption depending on their economic situation.
Amendment 679 #
Proposal for a regulation Article 12 – paragraph 1 – point d a (new) (d a) explain how the consultation process was conducted and how the input of the stakeholders is reflected in the plan.
Amendment 680 #
Proposal for a regulation Article 12 – paragraph 1 – point d b (new) (d b) ensure progress in addressing national public investment gaps in alignment with each of the priorities of the Union as stated in Article 12 of Regulation (EC) No 1466/97, recognising that these investments play a pivotal role in supporting the fulfilment of Union objectives and ensuring sustainable and inclusive growth, upward social convergence and fiscal stability;
Amendment 681 #
Proposal for a regulation Article 12 – paragraph 1 – point d b (new) (d b) list the significant investments that support or carry out economic activities that do significant harm to any environmental objective within the meaning of the ‘Do no significant harm’ referred to in Article 17 of Regulation (EU) 2020/852;
Amendment 682 #
Proposal for a regulation Article 12 – paragraph 1 – point d b (new) (d b) explain how it will ensure consistency and, where appropriate, complementarity the EU funds, namely cohesion policy funds from which the Member State concerned benefits.
Amendment 683 #
Proposal for a regulation Article 12 – paragraph 1 – point d b (new) (db) be debated and approved by national parliaments in accordance with national procedures;
Amendment 684 #
Proposal for a regulation Article 12 – paragraph 1 – point d c (new) (dc) be drafted after having consulted social partners in a timely and meaningful manner; the reforms proposed must be in line with the social policy goals as defined in the European Pillar of Social Rights and its action plan;
Amendment 685 #
Proposal for a regulation Article 12 – paragraph 1 – point d c (new) (d c) ensure consistency and, where appropriate, complementarity with the EU funds, namely cohesion policy funds the Member State concerned benefits from;
Amendment 686 #
Proposal for a regulation Article 12 – paragraph 1 – point d d (new) (d d) ensure consistency with the broad guidelines for the economic policies of the Member States and with the employment guidelines in accordance with Article 121(2) and Article 148(2) TFEU;
Amendment 687 #
When calculating the budget balance, Member States shall be allowed to use alternative accounting views on public investments replacing gross investment expenditure with depreciation on investments in calculating public deficit. This shall apply particularly for those member states whose budget position exceeds the 3% of deficit/GDP reference value.
Amendment 688 #
Proposal for a regulation Article 13 – title Conditions for an extension of the
Amendment 689 #
Proposal for a regulation Article 13 – paragraph 1 Amendment 690 #
Proposal for a regulation Article 13 – paragraph 1 1. Where a Member State commits to a relevant set of reforms and investments in accordance with the criteria set out in paragraph 2, the adjustment period may be extended by
Amendment 691 #
Proposal for a regulation Article 13 – paragraph 1 1. Where a Member State commits to a relevant set of
Amendment 692 #
Proposal for a regulation Article 13 – paragraph 1 1. Where a Member State commits to a relevant set of reforms and investments in accordance with the criteria set out in paragraph 2, the adjustment period may be extended by up to 3 years
Amendment 693 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 1 Amendment 694 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 1 Amendment 695 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 1 Amendment 696 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 1 The set of
Amendment 697 #
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
Amendment 698 #
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 the degree of public debt challenges
Amendment 699 #
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 the degree of public debt challenges and challenges to medium- term growth in the Member State concerned, including demographic challenges.
Amendment 700 #
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 the degree of public debt challenges and challenges to medium- term growth in the Member State concerned, including the demographic challenge.
Amendment 701 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – introductory part Amendment 702 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – introductory part The set of
Amendment 703 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – introductory part The set of reforms and investment commitments shall fulfil, taken altogether, several of the following criteria:
Amendment 704 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i)
Amendment 705 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i)
Amendment 706 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i) be
Amendment 707 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i) be growth enhancing and boost resilience and upward social convergence;
Amendment 708 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i) be growth enhancing or improve the resilience of the economy;
Amendment 709 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i (i) be growth and resilience enhancing;
Amendment 710 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i a (new) (i a) help to achieve the climate goals set in the Paris Agreement and the necessary green energy transition;
Amendment 711 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point i b (new) (i b) promote overall upward social convergence and help to achieve the goals in the European Pillar of Social Rights;
Amendment 712 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point ii Amendment 713 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point ii (ii)
Amendment 714 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point ii (ii)
Amendment 715 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point ii (ii)
Amendment 716 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point ii (ii)
Amendment 717 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point ii (ii)
Amendment 718 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii Amendment 719 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii Amendment 720 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii Amendment 721 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii (iii) address the common priorities of the Union referred to in Annex VI or other priorities identified as such by the Member State concerned;
Amendment 722 #
(iii) address at least one of the common priorities of the Union referred to in Annex VI;
Amendment 723 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii (iii) address
Amendment 724 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii a (new) (iii a) 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;
Amendment 725 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii b (new) (iii b) not relate to economic activities listed in Annex VIa;
Amendment 726 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iii c (new) (iii c) be sufficiently detailed, front- loaded, time-bound and verifiable.
Amendment 727 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iv Amendment 728 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iv (iv) address
Amendment 729 #
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 or under the Excessive Imbalance Procedure;
Amendment 730 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point iv (iv) address relevant country-specific recommendations addressed to the Member State concerned, under Article 121(4) and Article 148(4) TFEU including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure as well as under the Social Convergence Framework;
Amendment 731 #
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 procedures as referred to in Article 148 TFEU;
Amendment 732 #
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
Amendment 733 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v Amendment 734 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v Amendment 735 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v Amendment 736 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v (v) ensure that
Amendment 737 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v (v) ensure that the overall level of nationally financed public investment over the lifetime of the national medium-term fiscal-structural plan is higher than the medium-term level before the period of that plan; such elevated level of public investment has to be commensurate to the fulfilment of criteria laid down in points (i) to (iv) of this subparagraph.
Amendment 738 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v a (new) (v a) be coherent with the fiscal- structural plan drawn up by the Commission.
Amendment 739 #
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 740 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v a (new) (v a) ensure compliance with the European Green Deal.
Amendment 741 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v b (new) (v b) guarantee universal access to basic public services;
Amendment 742 #
Proposal for a regulation Article 13 – paragraph 2 – subparagraph 2 – point v c (new) (v c) guarantee added value to the national economic production.
Amendment 743 #
Proposal for a regulation Article 13 – paragraph 2 a (new) 2 a. The set of reforms and investment shall, taken together: (i) support fiscal sustainability; (ii) 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 744 #
Proposal for a regulation Article 13 – paragraph 3 Amendment 745 #
Proposal for a regulation Article 13 – paragraph 3 3. Each of
Amendment 746 #
Proposal for a regulation Article 13 – paragraph 3 3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed,
Amendment 747 #
Proposal for a regulation Article 13 – paragraph 3 3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed,
Amendment 748 #
Proposal for a regulation Article 13 – paragraph 3 3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be
Amendment 749 #
Proposal for a regulation Article 13 – paragraph 4 4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned
Amendment 750 #
Proposal for a regulation Article 13 – paragraph 4 4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned
Amendment 751 #
Proposal for a regulation Article 13 – paragraph 4 4.
Amendment 752 #
Proposal for a regulation Article 13 – paragraph 4 4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned
Amendment 753 #
Proposal for a regulation Article 13 – paragraph 4 4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned
Amendment 754 #
Proposal for a regulation Article 13 – paragraph 4 a (new) 4 a. Commitments included in the Partnership Agreement in Multiannual Financial Framework can also be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3.
Amendment 755 #
Proposal for a regulation Article 13 – paragraph 4 b (new) 4 b. Commitments that are matched by at least 40% private investment may, upon request for approval from the Commission, exceptionally account for this investment evenly until the maturity of the investment, meaning that the credit recorded in the control account may be spread evenly over the lifetime of the investment.
Amendment 756 #
Proposal for a regulation Article 13 – paragraph 5 Amendment 757 #
Proposal for a regulation Article 13 – paragraph 5 5. The assessment of whether
Amendment 758 #
Proposal for a regulation Article 13 – paragraph 5 5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out by the European Fiscal Board in accordance with the assessment framework set out in Annex VII.
Amendment 759 #
Proposal for a regulation Article 13 – paragraph 5 5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 760 #
Proposal for a regulation Article 13 – paragraph 5 5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 761 #
Proposal for a regulation Article 13 – paragraph 5 5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 762 #
Proposal for a regulation Article 13 – paragraph 5 a (new) 5 a. The extension of the adjustment period is to be adopted by the Commission in the form of a delegated act.
Amendment 763 #
Proposal for a regulation Article 14 – title Amendment 764 #
Proposal for a regulation Article 14 – title Revised
Amendment 765 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State
Amendment 766 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal-
Amendment 767 #
Proposal for a regulation Article 14 – paragraph 1 1. 1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal-
Amendment 768 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal-
Amendment 769 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal-
Amendment 770 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request to submit a
Amendment 771 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the
Amendment 772 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission no later than six months before the end of its
Amendment 773 #
Proposal for a regulation Article 14 – paragraph 1 1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances, as those referred to in Article 24 and 25 of this Regulation, preventing the implementation of the original national medium-term fiscal-
Amendment 774 #
Proposal for a regulation Article 14 – paragraph 1 a (new) 1 a. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural plan.
Amendment 775 #
Proposal for a regulation Article 14 – paragraph 1 a (new) 1 a. A revised national medium-term fiscal-structural plan submitted by a new government shall only reverse or remove investments present in the original plan if their removal does not result in unjustified additional costs for the Member State.
Amendment 776 #
Proposal for a regulation Article 14 – paragraph 1 b (new) 1 b. A revised national medium term fiscal structural plan shall be accompanied by an opinion of the Independent Fiscal Institutions of the Member State on the objective circumstances preventing the implementation of the original plan and, where relevant, the necessity to remove or reverse committed investments.
Amendment 777 #
Proposal for a regulation Article 14 – paragraph 2 Amendment 778 #
Proposal for a regulation Article 14 – paragraph 2 2. Prior to the submission of the revised national medium-term fiscal- structural plan, the
Amendment 779 #
Proposal for a regulation Article 14 – paragraph 2 2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee,
Amendment 780 #
Proposal for a regulation Article 14 – paragraph 2 2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the European Parliament and the Economic and Financial Committee, a new technical trajectory.
Amendment 781 #
Proposal for a regulation Article 14 – paragraph 2 2. Prior to the submission of the
Amendment 782 #
Proposal for a regulation Article 14 – paragraph 2 2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory or technical information, where applicable .
Amendment 783 #
Amendment 784 #
Proposal for a regulation Article 14 – paragraph 3 3. T
Amendment 785 #
Proposal for a regulation Article 14 – paragraph 3 3. T
Amendment 786 #
Proposal for a regulation Article 14 – paragraph 3 3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow
Amendment 787 #
Proposal for a regulation Article 14 – paragraph 3 3. Taking into account the past
Amendment 788 #
Proposal for a regulation Article 14 – paragraph 4 Amendment 789 #
Proposal for a regulation Article 14 – paragraph 4 4. Where a
Amendment 790 #
Proposal for a regulation Article 14 – paragraph 5 Amendment 791 #
Proposal for a regulation Article 14 – paragraph 5 5. The Commission shall in particular assess, if applicable, whether an
Amendment 792 #
Proposal for a regulation Article 14 – paragraph 5 5. The Commission shall in particular assess, if applicable, whether any extension of the adjustment period is to continue to apply under the
Amendment 793 #
Proposal for a regulation Article 14 – paragraph 5 a (new) 5 a. The Commission may review its medium-term fiscal-structural plan before the end of its adjustment period if there are objective circumstances that prevent the implementation of the initial plan or if the request for the review of the national medium-term fiscal-structural plan would have a significant impact on the Commission's plans and forecasts.
Amendment 794 #
Proposal for a regulation Article 15 – title Assessment of national medium-term fiscal-structural plans
Amendment 795 #
Proposal for a regulation Article 15 – title Assessment of
Amendment 796 #
Proposal for a regulation Article 15 – paragraph 1 1. The Commission shall assess each national medium-term fiscal-structural plan
Amendment 797 #
Proposal for a regulation Article 15 – paragraph 1 1. The Commission shall assess each national medium-term fiscal-structural plan within
Amendment 798 #
Proposal for a regulation Article 15 – paragraph 1 1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding one additional month.
Amendment 799 #
Proposal for a regulation Article 15 – paragraph 1 1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding two months.
Amendment 800 #
Proposal for a regulation Article 15 – paragraph 1 1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding two months.
Amendment 801 #
Proposal for a regulation Article 15 – paragraph 1 1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding 2 months.
Amendment 802 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan
Amendment 803 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibl
Amendment 804 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly
Amendment 805 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or
Amendment 806 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or, in the Member States with debt levels below 60%, it stays at prudent levels;
Amendment 807 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or in the Member States with debt levels below 60%, it stays at prudent levels;
Amendment 808 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path
Amendment 809 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path or on sustainable levels by the end of the adjustment period
Amendment 810 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public
Amendment 811 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward sustainable path by the end of the adjustment period
Amendment 812 #
Proposal for a regulation Article 15 – paragraph 2 – point a (a) whether the national medium-term fiscal-structural plan
Amendment 813 #
Proposal for a regulation Article 15 – paragraph 2 – point a a (new) (a a) whether the set of reform and investment commitments underpinning an extension of the adjustment period fulfils the conditions set out in Article 13;
Amendment 814 #
Proposal for a regulation Article 15 – paragraph 2 – point a b (new) (a b) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, point (b).
Amendment 815 #
Proposal for a regulation Article 15 – paragraph 2 – point b Amendment 816 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) whether the
Amendment 817 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) whether the government deficit is maintained below, on average, the 3% of GDP reference value throughout the duration of the plan or whether the government deficit
Amendment 818 #
Proposal for a regulation Article 15 – paragraph 2 – point b (b) whether the government deficit is
Amendment 819 #
Proposal for a regulation Article 15 – paragraph 2 – point c Amendment 820 #
Proposal for a regulation Article 15 – paragraph 2 – point c Amendment 821 #
Proposal for a regulation Article 15 – paragraph 2 – point c (c) whether the government deficit is maintained below
Amendment 822 #
Proposal for a regulation Article 15 – paragraph 2 – point c (c) whether the government deficit is
Amendment 823 #
Proposal for a regulation Article 15 – paragraph 2 – point c (c) whether the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years after the end of the plan;
Amendment 824 #
Proposal for a regulation Article 15 – paragraph 2 – point d Amendment 825 #
Proposal for a regulation Article 15 – paragraph 2 – point d Amendment 826 #
Proposal for a regulation Article 15 – paragraph 2 – point d Amendment 827 #
Proposal for a regulation Article 15 – paragraph 2 – point d Amendment 828 #
Proposal for a regulation Article 15 – paragraph 2 – point d Amendment 829 #
Proposal for a regulation Article 15 – paragraph 2 – point d (d) whether the fiscal adjustment effort
Amendment 830 #
Proposal for a regulation Article 15 – paragraph 2 – point d (d) whether 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, provided that the path is economically and socially sustainable;
Amendment 831 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 832 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 833 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 834 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 835 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 836 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 837 #
Proposal for a regulation Article 15 – paragraph 2 – point e Amendment 838 #
Proposal for a regulation Article 15 – paragraph 2 – point e (e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close
Amendment 839 #
Proposal for a regulation Article 15 – paragraph 2 – point e (e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance 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]; and
Amendment 840 #
Proposal for a regulation Article 15 – paragraph 2 – point e (e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP
Amendment 841 #
Proposal for a regulation Article 15 – paragraph 2 – point e (e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance 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]; and
Amendment 842 #
Amendment 843 #
Proposal for a regulation Article 15 – paragraph 2 – point f Amendment 844 #
Proposal for a regulation Article 15 – paragraph 2 – point f Amendment 845 #
Proposal for a regulation Article 15 – paragraph 2 – point f Amendment 846 #
Proposal for a regulation Article 15 – paragraph 2 – point f Amendment 847 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt
Amendment 848 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio
Amendment 849 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f)
Amendment 850 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio
Amendment 851 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory
Amendment 852 #
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 853 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f)
Amendment 854 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) for Member States fulfilling the criteria of Article 5(1), whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.
Amendment 855 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio at the end of the planning horizon is substantially below the public debt ratio in the year before the start of the technical trajectory
Amendment 856 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio at the end of the planning horizon is substantially below the public debt ratio in the year before the start of the technical trajectory.
Amendment 857 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory.
Amendment 858 #
Proposal for a regulation Article 15 – paragraph 2 – point f (f) whether the public debt ratio at the end of the planning horizon is well below the public debt ratio in the year before the start of the technical trajectory.
Amendment 859 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) whether representatives of workers' associations , civil society organisations and other relevant stakeholders were consulted and how their opinions have been taken into account.
Amendment 860 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) whether the fiscal balances and the projected evolution of the public debt are consistent with the Commission's medium-term fiscal-structural plan.
Amendment 861 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) whether the consultation process was adequately conducted whether the input of the stakeholders is reflected in the plan.
Amendment 862 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, point (b).
Amendment 863 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) the public debt ratio is reduced by at least 1.5% of GDP per year on average over the adjustment period;
Amendment 864 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) whether the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period.
Amendment 865 #
Proposal for a regulation Article 15 – paragraph 2 – point f a (new) (f a) whether the projected debt reduction ten years after the adjustment period is at least X% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 866 #
(f b) whether the projected debt reduction ten years after the adjustment period is at least X% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory; and
Amendment 867 #
Proposal for a regulation Article 15 – paragraph 2 – point f b (new) (f b) whether the projected debt reduction ten years after the adjustment period is at least x% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 868 #
Proposal for a regulation Article 15 – paragraph 2 – point f c (new) Amendment 869 #
Proposal for a regulation Article 15 – paragraph 3 – introductory part 3.
Amendment 870 #
Proposal for a regulation Article 15 – paragraph 3 – point a Amendment 871 #
Proposal for a regulation Article 15 – paragraph 3 – point a a (new) (a a) whether the expenditure benefitting from the treatment under Article 11(1a) meets the eligibility conditions under Article 11(1b);
Amendment 872 #
Proposal for a regulation Article 15 – paragraph 3 – point b Amendment 873 #
Proposal for a regulation Article 15 – paragraph 3 – point b Amendment 874 #
Proposal for a regulation Article 16 Amendment 875 #
Proposal for a regulation Article 16 – title Endorsement of the national medium-term fiscal-structural plan by the European Parliament and the Council
Amendment 876 #
Proposal for a regulation Article 16 – title Endorsement of the national medium-term fiscal-structural plan by the European Parliament and the Council
Amendment 877 #
Proposal for a regulation Article 16 – title Endorsement of the
Amendment 878 #
Proposal for a regulation Article 16 – paragraph 1 The European Parliament and the Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule.
Amendment 879 #
Proposal for a regulation Article 16 – paragraph 1 The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The recommendation from the Commission regarding the extension of the adjustment period shall be in line with the assessment of the European Fiscal Board, otherwise, the Commission shall explain the deviation using sound economic arguments.
Amendment 880 #
Proposal for a regulation Article 16 – paragraph 1 The Council, on a recommendation from the Commission and after consulting the relevant advisory committees identified in Article 26, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan
Amendment 881 #
Proposal for a regulation Article 16 – paragraph 1 The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within
Amendment 882 #
Proposal for a regulation Article 16 – paragraph 1 The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.
Amendment 883 #
Proposal for a regulation Article 16 – paragraph 1 The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.
Amendment 884 #
Proposal for a regulation Article 16 – paragraph 1 The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period and the allocation of investment expenditure over the life-cycle of incurred assets included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule.
Amendment 885 #
Proposal for a regulation Article 16 – paragraph 1 a (new) The Commission recommendation shall be accompanied by a report from the European Fiscal Board assessing the plausibility of the expenditure path, the assumptions underlying the investment commitments if an extensions of the adjustment period is foreseen, and compliance with the criteria laid down in Article 15(2) and (3).
Amendment 886 #
Proposal for a regulation Article 16 – paragraph 2 Where the national medium-term fiscal- structural plan serves as the corrective action plan required for the correction of excessive macroeconomic imbalances, as provided for in Article 30, the European Parliament and the Council shall also endorse in that recommendation the reforms and investment necessary to correct the imbalances.
Amendment 887 #
Proposal for a regulation Article 17 Amendment 888 #
Proposal for a regulation Article 17 – title Amendment 889 #
Proposal for a regulation Article 17 – title Amendment 890 #
Proposal for a regulation Article 17 – paragraph 1 Where it considers that the plan does not comply with the requirements set out in Article 15 (2) and (3) point (a), the Council
Amendment 891 #
Proposal for a regulation Article 17 – paragraph 1 Where it considers that the plan does not comply with the requirements set out in Article 15 (2) and (3) point (a), the European Parliament and the Council shall, on a recommendation from the Commission, recommend that the Member State concerned submits a revised national medium-term fiscal-structural plan.
Amendment 892 #
Proposal for a regulation Article 17 – paragraph 1 Where it considers that the plan does not
Amendment 893 #
Proposal for a regulation Article 18 Amendment 894 #
Proposal for a regulation Article 18 – title Amendment 895 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part The Council
Amendment 896 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part The European Parliament and the Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission be the net expenditure path of the Member State where:
Amendment 897 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission pursuant to Article 5 be the net expenditure path of the Member State where:
Amendment 898 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued
Amendment 899 #
Proposal for a regulation Article 18 – paragraph 1 – introductory part The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission, in accordance with Article 5, be the net expenditure path of the Member State where:
Amendment 900 #
Proposal for a regulation Article 18 – paragraph 1 – point a (a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within
Amendment 901 #
Proposal for a regulation Article 18 – paragraph 1 – point a (a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within
Amendment 902 #
Proposal for a regulation Article 18 – paragraph 1 – point a (a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within
Amendment 903 #
Proposal for a regulation Article 18 – paragraph 1 – point b (b) the European Parliament and the Council consider
Amendment 904 #
Proposal for a regulation Article 18 – paragraph 1 – point b (b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 1
Amendment 905 #
Proposal for a regulation Article 18 – paragraph 1 – point b (b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 1
Amendment 906 #
Proposal for a regulation Article 18 – paragraph 1 – point b (b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a), duly justifying its position;
Amendment 907 #
Proposal for a regulation Article 18 – paragraph 1 – point c (c) the Member State fails to submit an initial national medium term fiscal- structural plan or a new national medium- term fiscal-structural plan at the end of the
Amendment 908 #
Proposal for a regulation Article 18 – paragraph 1 – point c (c) the Member State fails to submit a new national medium-term fiscal-structural plan at the end of the
Amendment 909 #
Proposal for a regulation Article 19 Amendment 910 #
Proposal for a regulation Article 19 – paragraph 1 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 underpinning the extension referred to in Article 13(1), the European Parliament and the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter adjustment period.
Amendment 911 #
Proposal for a regulation Article 19 – paragraph 1 Where a Member State has been granted an extension of its adjustment period but, according to the annual report published by the independent fiscal institutions as referred to in Article 22, fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter adjustment period.
Amendment 912 #
Proposal for a regulation Article 19 – paragraph 1 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 underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend that the Member State concerned submits an amended national medium-term fiscal-structural plan with a revised net expenditure path
Amendment 913 #
Proposal for a regulation Article 19 – paragraph 1 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 underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend that the Member State concerned submits an amended national medium-term fiscal-structural plan with a revised net expenditure path with a shorter adjustment period.
Amendment 914 #
Proposal for a regulation Article 19 a (new) Amendment 915 #
Proposal for a regulation Article 19 a (new) Amendment 916 #
Proposal for a regulation Article 19 a (new) Article19a Medium-term scoreboard 1. The Commission shall establish a medium-term fiscal-structural plans' scoreboard (the "Scoreboard"), which shall display the contribution of the national medium-term fiscal-structural plans of the Member States in the achievement of the common priorities of the Union as defined in Article 12. 2. The Commission shall be empowered to adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining the detailed elements of the Scoreboard. 3. The Scoreboard shall be operational by [June] 2024 and shall be updated by the Commission twice a year. The Scoreboard shall be made publicly available on a website or internet portal.
Amendment 917 #
Proposal for a regulation Chapter V – title V IMPLEMENTATION OF THE
Amendment 918 #
Proposal for a regulation Article 20 – paragraph 1 1. Each Member State shall submit to the Commission and to the European Parliament an annual progress report on the implementation of its national medium- term fiscal-structural plan, by 15 April each year at the latest. The Commission shall present to the Parliament and the Council an annual progress report on its medium-term fiscal-structural plan.
Amendment 919 #
Proposal for a regulation Article 20 – paragraph 1 1. Each Member State shall submit to the Commission an annual progress report
Amendment 920 #
Proposal for a regulation Article 20 – paragraph 1 1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan,
Amendment 921 #
Proposal for a regulation Article 20 – paragraph 1 1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan,
Amendment 922 #
Proposal for a regulation Article 20 – paragraph 1 1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, b
Amendment 923 #
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
Amendment 924 #
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 context of the European Semester
Amendment 925 #
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, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period and progress in reducing the investment gaps referred to in Article 12 paragraph (aa).
Amendment 926 #
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
Amendment 927 #
Proposal for a regulation Article 20 – paragraph 3 a (new) 3 a. The annual progress report referred to in paragraph 1 shall also contain an assessment of the national public and private investment gaps for the achievement of the common priorities listed in Annex VI.
Amendment 928 #
Proposal for a regulation Article 20 – paragraph 4 4. Each Member State and the Commission shall make
Amendment 929 #
Proposal for a regulation Article 20 – paragraph 4 a (new) 4a. Member States are strongly encouraged to discuss the progress report in their national parliaments and with civil society, social partners and relevant stakeholders, in full respect of their national legal frameworks.
Amendment 930 #
Proposal for a regulation Article 21 Amendment 931 #
Proposal for a regulation Article 21 – title Monitoring
Amendment 932 #
Proposal for a regulation Article 21 – paragraph 1 The Commission shall monitor the implementation of the national medium- term fiscal-structural plan,
Amendment 933 #
Proposal for a regulation Article 21 – paragraph 1 The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reform and investment commitments.
Amendment 934 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall
Amendment 935 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall
Amendment 936 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path. 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 937 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path. Debt issued in the form of European Green Bonds according to [the Green Bonds Regulation] shall not be counted in the calculation of deviations from the net expenditure path.
Amendment 938 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reforms and investments underpinning the adjustment period. The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path, taking into account the requirements set out under article 25 of this Regulation, when it applies.
Amendment 939 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path. In the control account, upward deviations shall also take into account the ratio of private debt to GDP .
Amendment 940 #
Proposal for a regulation Article 21 – paragraph 2 The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path. The European Parliament and the Council will monitor the implementation of the Commission's medium-term fiscal- structural plan.
Amendment 941 #
Proposal for a regulation Article 21 – paragraph 2 a (new) Deviations of actual net expenditures from the net expenditure path shall not be included in the control account in the following cases: (a) where the Member State implements justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12; (b) where the Member State experiences exceptional circumstances outside its control that lead to a major impact on the public finances; (c) where the Member State’s average primary balance in the reference period is lower than expected but still satisfactory.
Amendment 942 #
Proposal for a regulation Article 21 – paragraph 2 a (new) A Member State will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth.
Amendment 943 #
Proposal for a regulation Article 21 – paragraph 2 a (new) The years where Member States 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, that lead to a deviation from the net expenditure path, shall not be recorded as deviation from the control account and shall be included among the relevant factors to be assessed when opening an Excessive Deficit Procedure as specified in the Article 126(3)
Amendment 944 #
Proposal for a regulation Article 21 – paragraph 2 b (new) The same procedure applies for the years where a Member State suffers exceptional circumstances outside its control that lead to a major impact on the public finances of the Member State concerned, as specified in article 25.
Amendment 945 #
Proposal for a regulation Article 21 – paragraph 2 c (new) If the structural primary balance remains above X% during the adjustment period, the Member State would be exempt from the debt-based EDP triggered by deviations on control account.
Amendment 946 #
Proposal for a regulation Article 22 – title Amendment 947 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the
Amendment 948 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the
Amendment 949 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall pro
Amendment 950 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. The assessment of compliance with the net expenditure path referred to in this Article shall complement the assessment made by the Commission and the Council. _________________ 32 Council Directive […] of […]
Amendment 951 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment
Amendment 952 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path, including of non quantifiable targets and an assessment of the social impact of fiscal adjustment policy choices involving social experts in the process. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. _________________ 32 Council Directive […] of […]
Amendment 953 #
Proposal for a regulation Article 22 – paragraph 1 Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path, using only quantifiable targets. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. _________________ 32 Council Directive […] of […]
Amendment 954 #
Proposal for a regulation Article 22 – paragraph 1 a (new) The Commission shall establish the European Advisory Fiscal Board (EFB), an independent expert group, which shall have an advisory role in respect of the Union’s economic policy coordination and shall include economic and social experts. The Commission shall have no voting rights. European social partners should be invited as observer members.
Amendment 955 #
Proposal for a regulation Article 22 – paragraph 1 a (new) The Commission shall establish the European Advisory Fiscal Board (EFB), an independent expert group, which shall have an advisory role in respect of the Union’s economic policy coordination. The Commission shall have no voting rights. European social partners should be invited as observer members.
Amendment 956 #
Proposal for a regulation Article 22 – paragraph 1 a (new) National independent fiscal institutions shall also, as part of their contribution to the report referred to in Article 20, provide an assessment of the national public and private investment gaps that need to be filled to achieve the common priorities listed in Annex VI.
Amendment 957 #
Proposal for a regulation Article 22 – paragraph 1 b (new) The Commission shall establish the European Advisory Fiscal Board (EFB) as an independent expert group, with the aim to provide advisory role for the purpose of the Union’s economic policy coordination.
Amendment 958 #
Proposal for a regulation Article 22 a (new) Amendment 959 #
Proposal for a regulation Article 22 a (new) Amendment 960 #
Proposal for a regulation Article 23 Amendment 961 #
Proposal for a regulation Article 23 – title Amendment 962 #
Proposal for a regulation Article 23 – paragraph 1 Amendment 963 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant and/or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU. In case the value of the control account is higher than 0.3% of GDP, the Member State shall be deemed not to be in compliance with its net expenditure path. In case the Member State has to follow a corrective net expenditure path, this path should ensure that the value of the control account is brought to zero within the deadline set in the Council recommendation.
Amendment 964 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU. In case the value of the control account is higher than 2% of GDP and is not expected to fall below this level within one year, the Member State shall be deemed not to be in compliance of its net expenditure path.
Amendment 965 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant and/or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 966 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 967 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant risk of deviation from the net expenditure path
Amendment 968 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant
Amendment 969 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant risk of deviation from the net expenditure path due to which the public debt ratio of the Member State may fail to be on a downward path (or may fail to remain at a prudent level) or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 970 #
Proposal for a regulation Article 23 – paragraph 1 1. In the event of a significant risk of deviation from the net expenditure path or a risk that the government deficit may significantly exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.
Amendment 971 #
Proposal for a regulation Article 23 – paragraph 2 Amendment 972 #
Proposal for a regulation Article 23 – paragraph 2 2. On the basis of a Commission recommendation, the Council shall
Amendment 973 #
Proposal for a regulation Article 23 – paragraph 2 a (new) 2 a. The Commission shall orally inform the Chair and Vice-Chairs of the competent committee of the European Parliament of the progress made in the preparation of the draft Commission recommendation referred to in paragraph 2. That information shall be treated as confidential.
Amendment 974 #
Proposal for a regulation Article 24 – title Amendment 975 #
Proposal for a regulation Article 24 – paragraph 1 Amendment 976 #
Proposal for a regulation Article 24 – paragraph 1 Amendment 977 #
Proposal for a regulation Article 24 – paragraph 1 On a recommendation from the
Amendment 978 #
Proposal for a regulation Article 24 – paragraph 1 On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States, for a limited and pre-defined period of time, 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 shall specify a time-limit
Amendment 979 #
Proposal for a regulation Article 24 – paragraph 1 On a recommendation from the Commission, the Council may adopt a recommendation allowing 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 shall specify a time-limit
Amendment 980 #
Proposal for a regulation Article 24 – paragraph 1 On a recommendation from the Commission, the Council may adopt a recommendation allowing 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 shall specify a time-limit
Amendment 981 #
Proposal for a regulation Article 24 – paragraph 1 On a recommendation from the Commission, complemented by an independent assessment carried out by the European Fiscal Board, the Council may adopt a recommendation allowing 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 shall specify a time-limit for such deviation.
Amendment 982 #
Proposal for a regulation Article 24 – paragraph 1 On a recommendation from the Commission, the Council may adopt a recommendation, accompanied by an opinion from the European Fiscal Board, allowing 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 shall specify a time-limit for such deviation.
Amendment 983 #
Proposal for a regulation Article 24 – paragraph 1 a (new) Before drafting the recommendation, the European Fiscal Board shall submit an opinion to the Commission assessing whether a severe economic downturn on the euro area or the Union as a whole exist and shall propose a time-limit for the deviation. The opinion shall be made available to the Council and shall be made public.
Amendment 984 #
Proposal for a regulation Article 24 – paragraph 2 As long as the severe economic downturn in the euro area or the Union as a whole persists, the Commission shall continue to monitor debt sustainability, compatibility of policies and investments with the common objectives listed in Article 12, in particular the transition to climate neutrality by 2050 and ensure policy coordination and a consistent policy mix that takes into account the euro area and the Union dimension.
Amendment 985 #
Proposal for a regulation Article 24 – paragraph 2 As long as the severe economic downturn in the euro area or the Union as a whole persists, the Commission shall continue to monitor debt sustainability and ensure policy coordination and a consistent policy mix that takes into account the euro area and the Union dimension. The existence of the severe economic downturn referred to in this article will be subject to regular reviews carried out at least once a year.
Amendment 986 #
Proposal for a regulation Article 24 – paragraph 3 Amendment 987 #
Proposal for a regulation Article 24 – paragraph 3 The Council, on a recommendation from
Amendment 988 #
Proposal for a regulation Article 24 – paragraph 3 The Council, on a recommendation from the Commission, complemented by an assessment carried out by the European Fiscal Board, may extend the period during which Member States may deviate from the net expenditure paths, provided that the severe economic downturn in the euro area or the Union as a whole persists. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.
Amendment 989 #
Proposal for a regulation Article 24 – paragraph 3 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 990 #
Proposal for a regulation Article 25 – title Amendment 991 #
Proposal for a regulation Article 25 – title Exceptional circumstances
Amendment 992 #
Amendment 993 #
Proposal for a regulation Article 25 – paragraph 1 Amendment 994 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, along with an independent evaluation of the respective national IFI and the EFB, 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
Amendment 995 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, 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
Amendment 996 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State, for a limited and pre-defined period of time, 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
Amendment 997 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside
Amendment 998 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, 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
Amendment 999 #
Proposal for a regulation Article 25 – paragraph 1 On a recommendation from the Commission, or based on the request of a Member State subjected to the Commission opinion, 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.
source: 754.898
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https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2023:290:TOCNew
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Rules of Procedure EP 57
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Preparatory phase in ParliamentNew
Awaiting committee decision |
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