Next event: Draft final act 2024/04/29 more...
- Act adopted by Council after Parliament's 1st reading 2024/04/29
- Act adopted by Council after Parliament's 1st reading 2024/04/29
- Final act signed 2024/04/29
- Text adopted by Parliament, 1st reading/single reading 2024/04/23
- Debate in Parliament 2024/04/23
- Decision by Parliament, 1st reading 2024/04/23
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations 2024/03/04
- Coreper letter confirming interinstitutional agreement 2024/02/21
- Text agreed during interinstitutional negotiations 2024/02/21
- FERBER Markus (EPP) appointed as rapporteur in ECON 2024/02/16
- MARQUES Margarida (S&D) appointed as rapporteur in ECON 2024/02/16
- Results of vote in Parliament 2024/01/17
- Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71 - vote) 2024/01/17
- Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71) 2024/01/15
- Contribution 2024/01/03
- Contribution 2023/12/19
- Committee report tabled for plenary, 1st reading 2023/12/15
- Contribution 2023/12/13
- Vote in committee, 1st reading 2023/12/11
- Committee decision to open interinstitutional negotiations with report adopted in committee 2023/12/11
- Committee opinion 2023/10/30
- Amendments tabled in committee 2023/10/25
- Amendments tabled in committee 2023/10/25
- Amendments tabled in committee 2023/10/25
Progress: Procedure completed, awaiting publication in Official Journal
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | FERBER Markus ( EPP), MARQUES Margarida ( S&D) | KELLEHER Billy ( Renew), LAMBERTS Philippe ( Verts/ALE), 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
The Committee on Economic and Monetary Affairs adopted the report by Esther de LANGE (EPP, NL) and Margarida MARQUES (S&D, PT) on the proposal for a regulation of the European Parliament and of the Council the effective coordination of economic policies and multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Subject-matter
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States. It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal-structural plans as part of multilateral budgetary surveillance by the Council and the Commission, with the involvement of the European Parliament, so as to promote debt sustainability, investments and reforms , common priorities of the Union, and sustainable and inclusive growth and resilience in the Member States and to prevent the occurrence of excessive government deficits, by medium-term planning ensuring consistency within the Union, including the euro area.
The European Semester
In order to ensure closer coordination of economic and relevant social policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission, with the involvement of the European Parliament, should conduct multilateral surveillance within the European Semester whose overarching aim is to ensure closer coordination of economic, social, budgetary and structural policies.
Reference trajectory
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission should put forward, in a report to the European Parliament and the Council, a reference trajectory. For the preparation of the report, the Commission should consult the Member State concerned including, where applicable, on its proposed reference trajectory, as part of the dialogue, while ensuring fair and equal treatment of all Member States.
The reference trajectory should be set in levels of net expenditure. It should ensure that:
(a) the public debt ratio is put or remains on a plausibly downward path, leading to sustainable debt reduction or stays at prudent levels ;
(b) the government deficit is brought and maintained below the 3% of GDP reference value;
(c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;
(d) the public debt ratio stabilises over the adjustment period and is reduced every year over the projection period on average by at least one percentage point of debt to GDP for the Member States with a debt-to-GDP ratio exceeding 90% and at least half a percentage point for the Member States with a debt-to-GDP ratio of 60% to 90%.
National medium-term fiscal-structural plans
Each Member State should present a medium-term plan that sets out its net expenditure path as well as priority public investment and reform commitments that together ensure sustained and gradual debt reduction and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments , including in relation to the European Green Deal, the European Pillar of Social Rights, the Digital Decade Policy Programme 2030 and the Strategic Compass for Security and Defence. The national plans should also assess the public investment gaps, in particular to achieve those common Union priorities.
Prior to the submission of the national medium-term fiscal-structural plan to the Council and the Commission, each Member State should establish a structured cooperation mechanism to receive contributions to that national medium-term fiscal-structural plan from civil society, social partners, regional authorities and other relevant stakeholders.
A new government in a Member State may submit a new or revised national medium-term fiscal-structural plan to the Commission. However, if there are objective circumstances preventing the implementation of the plan, a Member State may request to submit a revised plan to the Commission by no later than 12 months before the end of the current plan.
Monitoring by the Commission
The Commission should set up a control account for each Member State to keep track of annual deviations of the net expenditure observed in the Member State from the net expenditure path set by the Council, summing those deviations over time.
A Member State should be deemed not to be in compliance with its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than 1% of GDP in the years of positive GDP growth .
For certain strategic investments that address the common priorities of the Union, and that have added value for the Union as a whole, the Commission should be able to exceptionally allow Member States to exceed the reference value in the control account, for example in exceptional cases where investment costs increase due to unforeseen circumstances or where the need to make additional strategic investments arises during the adjustment period. Any deviation from the reference value can be granted by the Commission for a period of up to 5 years per request.
A dedicated scoreboard should be established by way of a delegated act to display the progress of the implementation of the medium-term fiscal-structural plans of the Member States. The scoreboard should be operational by June 2024 and should be updated by the Commission twice a year.
Parliament’s role
The European Parliament should be duly involved in a regular and structured way in the European Semester. The Council and the Commission should regularly report to the European Parliament on the application of this Regulation and include in their reports the results of the multilateral surveillance carried out pursuant to this Regulation.
In order to ensure transparency and accountability in the application of this Regulation, the Commission should transmit, subject to appropriate confidentiality arrangements where necessary, relevant documents and information simultaneously and on equal terms to the European Parliament and to the Council, such as the medium-term fiscal-structural plans submitted by Member States and the proposed net expenditure path, the debt sustainability assessments and an overview of the Commission's preliminary findings concerning the progress in the implementation of the plans.
PURPOSE: to reform the EU economic governance framework.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: this proposal forms part of a package and aims to replace Council Regulation No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (the preventive arm of the Stability and Growth Pact). It is accompanied by:
- a proposal to amend Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure (the corrective arm of the Stability and Growth Pact);
- a proposal to amend Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States.
The review of the EU's economic governance framework was based on a consultation with a wide range of stakeholders. It revealed that the framework has a number of strengths, but also a series of shortcomings, in particular i) increased complexity, ii) the need to be more effective in reducing high levels of debt and building up buffers for future shocks, as well as (iii) the need to update a number of instruments and procedures to incorporate lessons learned from the response to recent economic shocks, including the interaction between reforms and investments under the Recovery and Resilience Facility.
The strong policy response to the COVID19 pandemic proved effective in mitigating the economic and social damage of the crisis, but resulted in a significant increase in public- and private-sector debt ratios , underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives.
The legislative package aims at making the EU governance framework simpler (by using a single operational indicator in the form of a net expenditure path and by simplifying reporting requirements in particular through the introduction of a holistic, single, integrated medium-term fiscal-structural plan), more transparent and effective, with greater national ownership and better enforcement, allowing for reform and investment while reducing high public debt ratios in a realistic, gradual and sustained manner.
The central objective of these proposals is to strengthen the sustainability of public debt and to promote sustainable and inclusive growth in all Member States through reforms and investments.
CONTENT: the proposed Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Its main elements are as follows:
European Semester
The provisions introduce the EU budgetary framework into the surveillance cycle of the European Semester. They also provide that Member States must take into account the guidance given by the Council, and list the legal instruments in which a failure to do so by Member States could result in
Technical trajectory
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission will put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal-structural plan, and its possible extension by a maximum of 3 years. The trajectory will ensure that the public debt ratio is put or remains on a plausibly downward path or stays at prudent levels and that the government deficit is brought and maintained below the 3% of GDP reference value.
For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission will provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value in the medium-term.
These technical paths and technical information will guide Member States in defining the multi-annual expenditure targets they will include in their plans.
National medium-term fiscal and structural plans
The proposal aims to move to a risk-based EU surveillance framework that differentiates between Member States taking into account their public debt challenges. National medium-term fiscal and structural plans are the cornerstone of the proposed framework. They will integrate fiscal policy, reform and investment objectives , including those to address macroeconomic imbalances where necessary, and to implement the European Social Charter, into a single comprehensive medium-term plan, creating a coherent and streamlined process. Member States will have more room for manoeuvre in setting their net budgetary expenditure path, thereby strengthening national ownership of these budgetary paths.
These plans will be assessed by the Commission and approved by the Council on the basis of common EU criteria. The proposal also sets out the conditions under which the Council will be able to ask a Member State to present a revised plan and under which the Council will be able to propose a revision of the net expenditure path that it has itself approved if the Member State does not meet the requirements for presenting a revised plan.
Member States will submit annual progress reports and the Commission will monitor the implementation of the net expenditure paths including through the set-up of a control account. This intends to make the annual monitoring by the Commission less burdensome for Member States.
Derogation clauses
On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council will specify a time-limit for such deviation.
Economic dialogue
The proposed Regulation lays down the conditions under which the economic dialogue takes place between the institutions and Member States, including the necessity to inform the European Parliament on the application of the Regulation and the possibility for the European Parliament to have an exchange of views with a Member State where there is a significant risk of deviation from the net expenditure path.
Interaction with Regulation (EU) No 1176/2011
The proposed regulation interacts with Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances in that the Council may adopt a recommendation establishing the existence of an excessive imbalance in case a Member State fails to implement the reform and investment commitments included in its medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalances Procedure. Moreover, if a Member State is under an excessive imbalance procedure, it should submit a revised medium-term fiscal-structural plan under the latter regulation.
Documents
- Draft final act: 00051/2024/LEX
- Text adopted by Parliament, 1st reading/single reading: T9-0311/2024
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading: T9-0311/2024
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE759.672
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)001133
- Text agreed during interinstitutional negotiations: PE759.672
- Results of vote in Parliament: Results of vote in Parliament
- 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
- Text adopted by Parliament, 1st reading/single reading: T9-0311/2024
- Draft final act: 00051/2024/LEX
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
- Contribution: COM(2023)0240
Amendments | Dossier |
90 |
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
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events/8/docs |
|
events/8/type |
Old
Approval in committee of the text agreed at 1st reading interinstitutional negotiationsNew
Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71 - vote) |
events/9/date |
Old
2024-04-23T00:00:00New
2024-03-04T00:00:00 |
events/9/docs/0 |
|
events/9/docs/0 |
|
events/9/type |
Old
Debate in ParliamentNew
Approval in committee of the text agreed at 1st reading interinstitutional negotiations |
events/10/docs/0 |
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events/10/docs/0 |
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events/10/type |
Old
Decision by Parliament, 1st readingNew
Debate in Parliament |
events/11/body |
Old
EP/CSLNew
EP |
events/11/date |
Old
2024-04-29T00:00:00New
2024-04-23T00:00:00 |
events/11/docs |
|
events/11/type |
Old
Act adopted by Council after Parliament's 1st readingNew
Decision by Parliament, 1st reading |
events/12/body |
Old
CSLNew
EP/CSL |
events/12/type |
Old
Final act signedNew
Act adopted by Council after Parliament's 1st reading |
events/13 |
|
events/14 |
|
events/12/body |
Old
CSLNew
EP/CSL |
events/12/type |
Old
Final act signedNew
Act adopted by Council after Parliament's 1st reading |
events/13 |
|
events/12/body |
Old
CSLNew
EP/CSL |
events/12/type |
Old
Final act signedNew
Act adopted by Council after Parliament's 1st reading |
events/13 |
|
docs/11 |
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events/11 |
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events/12 |
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procedure/stage_reached |
Old
Awaiting Council's 1st reading positionNew
Procedure completed, awaiting publication in Official Journal |
docs/11 |
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events/11 |
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docs/10 |
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events/9 |
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events/10 |
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forecasts |
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procedure/stage_reached |
Old
Awaiting Parliament's position in 1st readingNew
Awaiting Council's 1st reading position |
docs/10 |
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events/9 |
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events/10 |
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forecasts |
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procedure/stage_reached |
Old
Awaiting Parliament's position in 1st readingNew
Awaiting Council's 1st reading position |
docs/10 |
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events/9 |
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events/10 |
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forecasts |
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procedure/stage_reached |
Old
Awaiting Parliament's position in 1st readingNew
Awaiting Council's 1st reading position |
forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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forecasts/0 |
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docs/9 |
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events/8 |
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committees/0 |
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committees/0 |
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docs/8 |
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docs/8 |
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events/5/summary |
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links |
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forecasts |
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docs/13 |
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events/6 |
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events/7 |
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docs/8 |
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docs/9 |
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docs/12 |
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events/5 |
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procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament's position in 1st reading |
events/3 |
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events/4 |
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forecasts |
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forecasts |
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forecasts |
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docs/2 |
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docs/6 |
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docs/3 |
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docs/4 |
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docs/5 |
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docs/0/docs/1/url |
Old
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2023:290:TOCNew
https://eur-lex.europa.eu/oj/daily-view/L-series/EN/TXT/?uri=OJ:C:2023:290:TOC |
docs/3/date |
Old
2023-07-19T00:00:00New
2023-07-20T00:00:00 |
docs/4/date |
Old
2023-06-26T00:00:00New
2023-06-27T00:00:00 |
forecasts/0/date |
Old
2023-11-13T00:00:00New
2023-12-04T00:00:00 |
docs/1 |
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docs/1 |
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committees/0/rapporteur |
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forecasts |
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events/2 |
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procedure/legal_basis/0 |
Rules of Procedure EP 57
|
procedure/Legislative priorities |
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docs/1 |
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docs/0 |
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committees/1/rapporteur |
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docs/0 |
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docs/0 |
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committees/0/shadows/1 |
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committees/0/shadows/2 |
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committees/0/shadows/0 |
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committees/0/shadows/1 |
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events/1 |
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procedure/dossier_of_the_committee |
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procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
committees/0/shadows |
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commission |
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events/0/summary |
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docs/0/docs/1 |
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events/0/docs/1 |
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