2023/2064(INI) European Central Bank – annual report 2023
Next event: Indicative plenary sitting date 2024/02/05
Lead committee dossier:
Next event: Indicative plenary sitting date 2024/02/05
Progress: Awaiting committee decision
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
VAN OVERTVELDT Johan ( ECR)
|
SIMON Sven ( EPP),
SILVA PEREIRA Pedro ( S&D),
EROGLU Engin ( Renew),
EICKHOUT Bas ( Verts/ALE),
GUSMÃO José ( GUE/NGL)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Events
2024/02/05
Indicative plenary sitting date
2023/11/28
Vote scheduled in committee
2023/10/06
EP - Amendments tabled in committee
Documents
2023/09/08
EP - Committee draft report
Documents
2023/05/11
EP - Committee referral announced in Parliament
2023/03/28
EP - VAN OVERTVELDT Johan (ECR) appointed as rapporteur in ECON
Documents
Activities
- Fabio Massimo CASTALDO
Plenary Speeches (0)
- Angelo CIOCCA
Plenary Speeches (0)
- Bas EICKHOUT
Plenary Speeches (0)
- Maria GRAPINI
Plenary Speeches (0)
- Othmar KARAS
Plenary Speeches (0)
- Jörg MEUTHEN
Plenary Speeches (0)
- João PIMENTA LOPES
Plenary Speeches (0)
- Pedro SILVA PEREIRA
Plenary Speeches (0)
- Johan VAN OVERTVELDT
Plenary Speeches (0)
- Susanna CECCARDI
Plenary Speeches (0)
- Mislav KOLAKUŠIĆ
Plenary Speeches (0)
- Jan-Christoph OETJEN
Plenary Speeches (0)
- Mauri PEKKARINEN
Plenary Speeches (0)
- Mick WALLACE
Plenary Speeches (0)
- Billy KELLEHER
Plenary Speeches (0)
- Lídia PEREIRA
Plenary Speeches (0)
- Engin EROGLU
Plenary Speeches (0)
- Andżelika Anna MOŻDŻANOWSKA
Plenary Speeches (0)
- Silvia SARDONE
Plenary Speeches (0)
- Irene TINAGLI
Plenary Speeches (0)
- Stéphanie YON-COURTIN
Plenary Speeches (0)
- Sven SIMON
Plenary Speeches (0)
- Michiel HOOGEVEEN
Plenary Speeches (0)
| Amendments | Dossier |
| 240 |
2023/2064(INI)
2023/10/06
ECON
240 amendments...
Amendment 1 #
Motion for a resolution Citation 2 a (new) – having regard to the ECB climate action plan of 4 July 2022 to further incorporate climate change into its monetary policy operations,
Amendment 10 #
Motion for a resolution Citation 10 a (new) – having regard to the European Parliament resolution of 19 May 2022 on the social and economic consequences for the EU of the Russian war in Ukraine – reinforcing the EU’s capacity to act (2022/2653(RSP)),
Amendment 100 #
Motion for a resolution Paragraph 8 8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; calls on Member States to urgently phase out subsidies that run counter to the goal of reducing energy consumption, in particular with regard to fossil fuels; notes that the jury is out on the ultimate effect of such measures, which according to a recent IMF study were more successfully than first assumed in reducing inflation;1a points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms; _________________ 1a https://www.imf.org/en/Publications/WP/I ssues/2023/08/31/Unconventional-Fiscal- Policy-in-Times-of-High-Inflation- 537454
Amendment 101 #
Motion for a resolution Paragraph 8 8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy;
Amendment 102 #
Motion for a resolution Paragraph 8 8.
Amendment 103 #
Motion for a resolution Paragraph 8 8. Echoes President Lagarde’s warning that fiscal support should be temporary, targeted and
Amendment 104 #
Motion for a resolution Paragraph 8 8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; calls for fiscal efforts to focus on productive investments and reforms resulting from proper implementation of the Recovery and Resilience Facility; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms, such as removing the excessive regulatory burden, that promote competition and free trade and investment in infrastructure;
Amendment 105 #
Motion for a resolution Paragraph 8 8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; recalls that the Economic and Monetary Union requires solid fiscal policies in Member States in order to be able to respond to external shocks; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms;
Amendment 106 #
Motion for a resolution Paragraph 8 8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms; notes, however, that the Eurozone's architecture has been designed on the premise of monetary dominance;
Amendment 107 #
Motion for a resolution Paragraph 8 a (new) 8a. Notes that according to the most recent economic forecast, the Euro Area economy is expected to growth much less than what was predicted last spring, while there is a certain inertia in the price level; emphasizes that, as a consequence, the so- called “sacrifice ratio” to bring inflation back to 2% is becoming higher than the it was expected some time ago; recognizes that inflation is a painful and harmful phenomenon, and that ECB is using every tools at its disposal to cope with that; underlines, however, that social tensions, economic crisis and political instability are also equally dangerous for the future of the Union; warns that inflation, social, economic and political tensions might feed each other and could create a dangerous spiral; calls for a proper assessment on how to make the fight against inflation economically, socially and politically sustainable, and therefore possible.
Amendment 108 #
Motion for a resolution Paragraph 8 a (new) 8a. Recalls that fiscal policy is led by Member States with strong and effective coordination at the EU level; recalls that monetary policy is led by the ECB in an independent way, according to the treaties; takes note of President Lagarde´s comments on the targeted and limited nature of fiscal support by Member States; takes note of some national governments and political leaders comments on the proportionality and adequacy of monetary policy decisions by the ECB; notes that the high levels of inflation require a strong commitment by all EU institutions and national authorities in order to tackle the economic and social consequences of the inflationary crisis;
Amendment 109 #
Motion for a resolution Paragraph 8 a (new) 8a. Emphasises the ineptness of conventional monetary policy alone in achieving price stability, sustainable growth and financial resilience, especially in consideration of the limited influence of monetary policy tools in tackling inflation that is mainly supply-driven; highlights the key role of supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments in this regard; calls for closer and more strategic coordination between fiscal, monetary and structural policies;
Amendment 11 #
Motion for a resolution Citation 10 b (new) – having regard to the Paris Agreement adopted under the UN Framework Convention on Climate Change,
Amendment 110 #
Motion for a resolution Paragraph 9 Amendment 111 #
Motion for a resolution Paragraph 9 9. Welcomes
Amendment 112 #
Motion for a resolution Paragraph 9 9. Welcomes the ECB’s support for a well thought out completion of the banking union and the capital markets union; recalls that this would contribute to a larger spread of risks within and the enhanced financial stability of the monetary union and to the EU’s economic and social recovery, the reduction of bank loans’ dependence on capital, and competition with the Asian and American markets; reiterates the need to remove bureaucratic barriers to cross-border investments in the EU, alleviate the tax burden on companies, simplify legal frameworks to attract capital, encourage SMEs’ entry into financial markets and foster financial literacy among citizens to raise awareness of the benefits of investments; recalls the need for clear political will to advance the completion of the banking union and the capital markets union;
Amendment 113 #
Motion for a resolution Paragraph 9 9. Welcomes the ECB’s support for a well thought out completion of the banking union and the capital markets union; recalls that this would contribute to a larger spread of risks within and the enhanced financial stability of the monetary union; in this context emphasises the importance of a European safe asset for the completion of CMU;
Amendment 114 #
Motion for a resolution Paragraph 9 a (new) 9a. Notes the ongoing work on the EU bank crisis management and deposit insurance (CMDI); regrets the delay on the adoption of the European Deposit Insurance Scheme (EDIS), as the third pillar of the Banking Union; expects a swift, effective and future-driven negotiating process on CMDI;
Amendment 115 #
Motion for a resolution Paragraph 9 a (new) 9a. Appreciates the ECB’s backing for the new rules on economic governance, which promote the counter-cyclicality of fiscal policies, and the invitation to conclude the negotiations by the end of the year;
Amendment 116 #
Motion for a resolution Paragraph 9 a (new) 9a. Welcomes the ongoing work by the ECB on the digital euro; encourages the governing board to continue into the ‘realisation’ phase; looks forward to the ECB opinion on the digital euro legislative package.
Amendment 117 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.
Amendment 118 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks;
Amendment 119 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks;
Amendment 12 #
– having regard to the European Pillar of Social Rights,
Amendment 120 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and implications for growth and employment, as well as the extraordinary burden placed on lower-income strata;
Amendment 121 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and the need to take into account improvements in economic productivity;
Amendment 122 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.
Amendment 123 #
Motion for a resolution Paragraph 10 10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and about inflation expectations becoming de- anchored;
Amendment 124 #
Motion for a resolution Paragraph 10 a (new) 10a. Notes that high inflation levels disproportionally affect lower-income households that spend a higher proportion of their budget on necessities; stresses that bringing down inflation back to target level is therefore also important for maintaining social cohesion;
Amendment 125 #
Motion for a resolution Paragraph 11 11. Expresses its uneasiness with the persistently high rate of core inflation
Amendment 126 #
Motion for a resolution Paragraph 11 11.
Amendment 127 #
Motion for a resolution Paragraph 11 11. Expresses its uneasiness with the persistently high rate of core inflation; understands that wage growth is expected to remain more than double its historical average, driven by inflation compensation and the tight labour market;
Amendment 128 #
Motion for a resolution Paragraph 11 11. Expresses its uneasiness with the persistently high rate of core inflation; understands that wage growth is expected to remain more than double its historical average, driven by inflation compensation and the tight labour market; warns of a wage-price spiral when inflation expectations and therefore wages are increasing extensively; encourages the ECB, furthermore, to look into and report on the inflationary effect of the green transition;
Amendment 129 #
Motion for a resolution Paragraph 12 12.
Amendment 13 #
Motion for a resolution Recital A A. whereas, according to the
Amendment 130 #
Motion for a resolution Paragraph 12 12. Points out that inflation already began rising above target levels in 2021
Amendment 131 #
Motion for a resolution Paragraph 12 12. Points out that inflation already began rising above target levels in July 2021, thus before Russia’s unprovoked and illegal aggression in Ukraine
Amendment 132 #
Motion for a resolution Paragraph 12 12. Points out that inflation already began rising above target levels in 2021, thus before Russia’s unprovoked aggression in Ukraine; deplores, however, that the ECB only started to tackle inflation in June 2022, even though the COVID-19 crisis proved that it is able to act in a timely manner; notes that other central banks acted more promptly; maintains that a swifter response would have had an earlier impact on price dynamics, thereby averting peaks of 10.6% as in October 2022;
Amendment 133 #
Motion for a resolution Paragraph 12 12. Points out that inflation already began rising above target levels in 2021, thus before Russia’s unprovoked aggression in Ukraine; deplores, however, that the ECB only started to tackle inflation in June 2022, even though the COVID-19 crisis proved that it is able to act in a timely manner; notes that other central banks acted more promptly; observes that the ECB should act swiftly, fulfilling its mandate to base all decisions on economic and financial indicators;
Amendment 134 #
Motion for a resolution Paragraph 12 12. Points out that inflation already began rising above target levels in 2021, thus before Russia’s unprovoked aggression in Ukraine;
Amendment 135 #
Motion for a resolution Paragraph 12 a (new) 12a. Emphasises that higher interest rates impact inflation by reducing aggregate demand when the economy is ‘running hot’; highlights that consumption remains below pre-pandemic levels, while employment, hours worked, and productivity all rose; concludes that this calls into question how strong the demand component in the currently high inflation levels can be, making higher interest rates to further limit demand counterproductive, notably when it comes to the investments required to overcome supply bottlenecks in energy generation in particular, which become costlier as a result; welcomes repeated acknowledgements by the ECB that raising interest rates will not bring down energy prices nor will it impact inflation in the short term; is in this regard concerned that higher interest rates hit disproportionately hard on green investments vis-á-vis non-green investments, because of a different capital structure, which can delay the green transition; similarly notes that in addition to the increased cost of living, citizens will also have to shoulder an increased cost of money as a result of higher ECB interest rates, which is why central banks do not normally respond to supply shocks by an increase in interest rates;
Amendment 136 #
Motion for a resolution Paragraph 12 a (new) 12a. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU's economy and economic and social convergence and employment; is especially concerned about the effect that the COVID-19 pandemic and the Russian war of aggression in Ukraine have on SMEs;
Amendment 137 #
Motion for a resolution Paragraph 13 13.
Amendment 138 #
Motion for a resolution Paragraph 13 13.
Amendment 139 #
Motion for a resolution Paragraph 13 13.
Amendment 14 #
Motion for a resolution Recital A A. whereas, according to the June 2023 Eurosystem staff macroeconomic projections, the growth of the euro area economy is expected to slow down from
Amendment 140 #
Motion for a resolution Paragraph 13 13.
Amendment 141 #
Motion for a resolution Paragraph 13 13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary
Amendment 142 #
Motion for a resolution Paragraph 13 13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB,
Amendment 143 #
Motion for a resolution Paragraph 13 13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review and improve its models and their role in its policymaking in light of their subpar performance in recent years;
Amendment 144 #
Motion for a resolution Paragraph 14 Amendment 145 #
Motion for a resolution Paragraph 14 Amendment 146 #
Motion for a resolution Paragraph 14 Amendment 147 #
Motion for a resolution Paragraph 14 14.
Amendment 148 #
Motion for a resolution Paragraph 14 14.
Amendment 149 #
Motion for a resolution Paragraph 14 14.
Amendment 15 #
Motion for a resolution Recital A a (new) Aa. whereas the current predictions of recovery of 1.0% in 2024 and 1,5% in 2025 indicate a slow pace for the economy; whereas the June projections were revised down by 0,4 percentages points for 2024 and 0,1 percentage points for 2025, reflecting a significant worsening of the macroeconomic scenario, namely tighter financing conditions;
Amendment 150 #
Motion for a resolution Paragraph 14 14. Trusts that the ECB will deliver on its mandate to safeguard price stability; notes that real interest rates are still negative; is deeply concerned about the implications of increasingly higher interest rates for strategic and sustainable investments; calls on the ECB to ponder the feasibility of applying differentiated rates to tilt investment patterns away from brown technology and support investments that contribute most to reducing inflationary pressures such as those in energy efficiency and renewables;
Amendment 151 #
Motion for a resolution Paragraph 15 Amendment 152 #
Motion for a resolution Paragraph 15 15.
Amendment 153 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level;
Amendment 154 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level;
Amendment 155 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level;
Amendment 156 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of 2 % in the medium term; observes that
Amendment 157 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invites the ECB to look into a more qualitative approach to price stability, preserving enough scope to reap the benefits offered by price stability while at the same time providing enough scope to cut the risk of deflation;
Amendment 158 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well
Amendment 159 #
Motion for a resolution Paragraph 15 15. Notes the inflation target level of symmetric 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invites the ECB to look into a more qualitative approach to price stability;
Amendment 16 #
Motion for a resolution Recital A b (new) Ab. whereas, according to the same predictions, both private consumption and gross fixed capital formation are expected to be severely hindered; whereas the private consumption is expected to slow down from 4,1 % in 2022 to 0.3 % in 2023 and to recover to 1,6% in 2024 and 2025; whereas the case of investment is event worst, annual growth of GFCF is expected to slow down from 2,9 % in 2022 to 1,7 % in 2023 and to enter in negative values in 2024 at -0,4%;
Amendment 160 #
Motion for a resolution Paragraph 15 a (new) 15a. 15.a Expresses alarm at the fact that the ECB is projected to send an estimated 146 billion euro in risk-free profits to commercial banks, an amount almost equivalent to the EU’s annual budget, as a result of the increased deposit rate in combination with the presence of excess reserves; questions the democratic legitimacy of this large scale wealth transfer from the public to the private banks and their shareholders, as well as its characterisation as a so-called side effect of monetary policy; calls on the ECB to adapt its policies urgently in order to stop these outflows; to this end suggests to increase unremunerated minimum reserve requirements, reverse tiering, or quota systems remunerating reserves up to a threshold as possible alternatives; notes that these are indeed public funds since the ECB normally channels profits to national central banks and on to national treasuries;
Amendment 161 #
Motion for a resolution Paragraph 16 16.
Amendment 162 #
16.
Amendment 163 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market;
Amendment 164 #
Motion for a resolution Paragraph 16 16.
Amendment 165 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market;
Amendment 166 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market;
Amendment 167 #
Motion for a resolution Paragraph 16 16.
Amendment 168 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market; is concerned, however, that the ECB still intends to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2024; notes the ECB’s announcement to decarbonise its corporate
Amendment 169 #
Motion for a resolution Paragraph 16 a (new) 16a. Recalls that the ECB, as an EU institution, is bound by the EU’s commitments under the Paris Agreement; emphasises that tackling the climate and biodiversity emergency requires the ECB to take an integrated approach that should be reflected in all its policies, decisions and operations, together with adhering to its mandate of supporting the general economic policies of the Union, specifically, in this case, the achievement of a climate-neutral economy by 2050 at the latest, as outlined in the European Climate Law; considers that the ECB needs to use all the tools at its disposal to fight and mitigate climate-related risks; these estimates need to be science-based and adequate to meet the required goals;
Amendment 17 #
Motion for a resolution Recital A c (new) Ac. whereas ECB’s latest euro area bank lending survey report a tightening of credit supply conditions and a sharp decreased of loan growth to households and companies; whereas, once more, this represents a worsening of the outlook scenario of June;
Amendment 170 #
Motion for a resolution Paragraph 16 a (new) 16a. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; underlines that excessive divergence in sovereign yields makes credit conditions inconsistent with the uniform transmission of monetary policy and makes a reduction of public debt exceedingly difficult; notes, in this context, the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area;
Amendment 171 #
Motion for a resolution Paragraph 16 a (new) 16a. Notes that, the concept of market neutrality is related to the principle of an open market economy with free competition; deplores that the ECB has already deviated from market neutrality in several instances; calls on the ECB to respect the principle of market neutrality going forward;
Amendment 172 #
Motion for a resolution Paragraph 16 a (new) 16a. Call for the revision of the Treaty rules to allow the ECB to buy Member States' debt securities when necessary to ensure the stability of the Eurozone;
Amendment 173 #
Motion for a resolution Paragraph 16 a (new) 16a. Stresses the importance of adhering to the principle of market neutrality in the conduct of the ECB's monetary policy;
Amendment 174 #
Motion for a resolution Paragraph 16 b (new) 16b. Is deeply worried about worsening of financial conditions for households and businesses, and the increasing imbalances between Member States in the Eurozone due to the extraordinary rising in interest rates; calls on the ECB not to raise rates further, and carefully assess the medium term effects of recent increases on the economy;
Amendment 175 #
Motion for a resolution Paragraph 16 b (new) 16b. Emphasizes that it is vital to recognize climate risks as economical risks;
Amendment 177 #
Motion for a resolution Paragraph 16 b (new) 16b. Recalls that, without prejudice to the objective of price stability, the TFEU requires the ECB to support the general economic policies of the Union as laid down in Article 3 TEU; points out that there is a clear hierarchy between the ECB’s objectives;
Amendment 178 #
Motion for a resolution Paragraph 16 c (new) 16c. Calls on the ECB to further implement the environmental, social and governance principles (ESG principles) into its policies;
Amendment 179 #
Motion for a resolution Paragraph 16 d (new) 16d. Regrets that the gender imbalance also persists across the organisational structure of the ECB, notably in the share of women in senior management positions; notes that the latest available statistics on this date from 2019, and indicate that the share of women in all ECB management positions had risen to 30,3 % and in its senior management positions to 30,8 %; welcomes the ECB’s new strategy to improve gender balance, including the objective of increasing the share of women to between 40 % and 51 % by 2026; calls on the ECB to report on progress in this area as part of its annual report;
Amendment 18 #
Motion for a resolution Recital A d (new) Ad. whereas the expected recovery of real disposable income depends on robust wage growth and fiscal transfers;
Amendment 180 #
Motion for a resolution Paragraph 16 c (new) 16c. Notes that ECB monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment; notes that the proportionality assessment takes into account the impact of monetary policy measures on the broader economy and economic policies; stresses that, where it faces a choice between different sets of policies that are equally conducive to price stability, the ECB will choose those that best support the general economic policies of the EU2a; _________________ 2a https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220324~61c5afb6b9.en.h tml
Amendment 181 #
Motion for a resolution Paragraph 16 d (new) 16d. Calls on the ECB to devote a specific chapter in its annual report to explaining how it has interpreted and acted upon its secondary objectives and to presenting the effects of its monetary policy on the EU’s general economic policies;
Amendment 182 #
Motion for a resolution Paragraph 16 e (new) 16e. Considers it necessary to introduce gender budgeting and assessment of decisions’ impact on genders into ECB’s work; calls on the ECB to implement gender mainstreaming intro all budgetary policies;
Amendment 183 #
Motion for a resolution Paragraph 16 e (new) 16e. Suggests that as part of its proportionality assessment, the ECB should consider that the costs of its monetary policy operations are not disproportionately borne by lower income strata and the most vulnerable groups and assess the impact of its monetary policy operations on these groups, while bearing in mind that wealth and income inequality negatively affect the effectiveness of monetary policy transmission and previous monetary operations may have contributed to an increase in wealth and income inequality;3a _________________ 3a https://www.bis.org/publ/othp50.htm
Amendment 185 #
Motion for a resolution Paragraph 16 f (new) 16f. Recalls that the ECB, as an EU institution, is bound by the EU’s commitments under the Paris Agreement;
Amendment 186 #
Motion for a resolution Paragraph 16 g (new) 16g. Urges the Governing Council to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 187 #
Motion for a resolution Paragraph 16 h (new) 16h. Welcomes, furthermore, the announcement on the greening of the ECB’s collateral framework, which will help reduce financial risk on the ECB’s balance sheet; regrets, however, that this will be limited to instruments issued by non-financial corporations, which represent only a small fraction of the instruments that banks pledge as collateral;
Amendment 188 #
Motion for a resolution Paragraph 16 i (new) 16i. Welcomes the ECB’s announcement to further enhance the Eurosystem’s risk assessment tools and capabilities in order to better include climate- and environment-related risks, such as through their in-house credit assessment systems; welcomes in particular the ECB’s engagement with rating agencies to increase transparency on how they incorporate climate risks into their ratings and their ambition regarding disclosure requirements on climate risks;
Amendment 189 #
Motion for a resolution Paragraph 16 j (new) 16j. Welcomes the ECB’s action plan and its detailed road map of climate- change-related actions to further incorporate climate-change considerations into its policy framework and models; regrets that the climate roadmap does not include green targeted longer-term refinancing operations or similar instruments; stresses that providing cheap liquidity to financial institutions investing in carbon intensive activities is not consistent with the Paris Agreement; remarks that the ECB´s action plan remains unclear about actions in line with the ECB´s secondary objectives as to address nature-related risks and impacts;
Amendment 19 #
Motion for a resolution Recital B B. whereas, according to the
Amendment 190 #
Motion for a resolution Paragraph 16 k (new) 16k. Is concerned about the increase of cost and, as a consequence, slowdown of investment in investments required for the green transition, in particular renewable energies; notes that national central banks from the Eurosystem have in the past implemented differentiated interest rates e.g. for the benefit of export credits; calls on the ECB to assess the feasibility of applying differentiated interest rates to support investments clearly geared towards energy efficiency and renewable energies;
Amendment 191 #
Motion for a resolution Paragraph 17 Amendment 192 #
Motion for a resolution Paragraph 17 a (new) 17a. Underlines that climate change and extreme weather phenomena could lead to greater variability in prices, especially in the agri-food sector; notes that sudden tightening conditions on the supply side might become very frequent, leading to new inflationary episodes in the coming years; emphasizes that this is an issue that evidently poses serious difficulties for the ECB, which have adequate tools to stabilize demand-driven inflation, but can do little when price instability is mainly due to variations in supply conditions; expresses concern that the Union do not have a proper toolkit to deal with such episodes.
Amendment 193 #
Motion for a resolution Paragraph 17 a (new) 17a. Highlights that the private banking sector is registering significant windfall profits due to the difference between DFT and TLTRO, as well as the severe market concentration of this sector; Condemns the ECB’s position against taxing such windfall profits; Stresses that a growing number of countries is taxing such profits, namely Czech Republic, France, Italy, Germany, Hungary, Lithuania, Spain, Sweden and United Kingdom;
Amendment 194 #
Motion for a resolution Paragraph 17 a (new) 17a. Regrets the ECB’s continued reliance on private credit rating agencies for sovereign bond ratings in determining eligibility of sovereign bonds in its collateral framework; reiterates its call on the ECB to put an end to this practice;
Amendment 195 #
Motion for a resolution Paragraph 17 a (new) 17a. It’s concerned about the ECB's systematic inability to make correct forecasts; calls the ECB to equip itself with tools to study and assess geopolitical scenarios in order to improve its forecasting ability;
Amendment 196 #
Motion for a resolution Paragraph 18 18. Welcomes the attention that the ECB pays to the risks of cyberattacks; encourages the ECB to maintain this awareness, especially in the light of the current geopolitical context; calls
Amendment 197 #
Motion for a resolution Paragraph 18 a (new) 18a. Points out the need to adapt monetary policy to employment performance in Europe. By stabilising internal demand, conditions are created for nominal salaries to increase and, ultimately, for employment to grow, which is what drives income growth today. That creates a spiral with negative repercussions for ECB efforts to control inflation by raising interest rates; stresses that, at the end of last year, excess savings were estimated to be worth EUR 860 billion, representing 10.6 % of annual disposable income.
Amendment 198 #
Motion for a resolution Paragraph 18 a (new) 18a. Calls on the ECB not to relax its monitoring of the development of new types of digital assets, such as crypto- assets, namely cryptocurrencies; understands that special attention must be given to the dimensions of cybersecurity, money laundering, terrorist financing and other criminal activities, such as tax fraud and evasion;
Amendment 199 #
Motion for a resolution Paragraph 18 a (new) 18a. Calls the ECB to monitor the risks of contagion between crypto-assets and the traditional financial system; Reiterates the concerns expressed by Elizabeth McCaul, Member of the Supervisory Board of the ECB, on April 20232a _________________ 2a https://www.bankingsupervision.europa.e u/press/blog/2023/html/ssm.blog230405~0 3fd3d664f.en.html
Amendment 2 #
Motion for a resolution Citation 2 b (new) – having regard to the results of the ECB climate risk stress test of 8 July 2022,
Amendment 20 #
Motion for a resolution Recital B B. whereas, according to the June 2023 Eurosystem staff macroeconomic projections for the euro area, headline inflation is expected to average 5.4 % in 2023, 3.0 % in 2024 and 2.2 % in 2025, despite falling energy prices and easing supply bottlenecks; whereas core inflation has been more persistent, w
Amendment 200 #
Motion for a resolution Paragraph 18 b (new) 18b. Notes the close link between monetary policy and employment policy in Europe, which creates a spiral with negative repercussions for ECB efforts to control inflation by raising interest rates; stresses that, at the end of last year, excess savings were estimated to be worth EUR 860 billion, representing 10.6 % of annual disposable income.
Amendment 201 #
Motion for a resolution Paragraph 19 19.
Amendment 202 #
Motion for a resolution Paragraph 19 a (new) 19a. stresses that a digital Euro can complement, but must not replace cash as a means of payment;
Amendment 203 #
Motion for a resolution Paragraph 19 19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape,
Amendment 204 #
Motion for a resolution Paragraph 19 19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must
Amendment 205 #
Motion for a resolution Paragraph 19 19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must
Amendment 206 #
Motion for a resolution Paragraph 19 19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape, must not endanger the existence or use of cash and must respect the privacy of citizens and businesses; stresses that cultural difference between Member States regarding the importance of cash transactions must be respected;
Amendment 207 #
Motion for a resolution Paragraph 19 19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect
Amendment 208 #
Motion for a resolution Paragraph 19 19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape, must not endanger the existence or use of cash and must respect the privacy of citizens and businesses; considers that the digital euro will only become a success if it comes with a tangible added value that is clearly communicated to European citizens;
Amendment 209 #
Motion for a resolution Paragraph 19 19.
Amendment 21 #
Motion for a resolution Recital B B. whereas, according to the
Amendment 210 #
Motion for a resolution Paragraph 19 a (new) 19a. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 211 #
Motion for a resolution Paragraph 20 20. Shares the ECB’s
Amendment 212 #
Motion for a resolution Paragraph 20 20. Shares the ECB’s concern regarding the rise of the shadow banking sector and the risk it may pose to financial stability; calls on the ECB to step up its monitoring of the development of crypto- currencies and of the related risks and emerging threats in terms of cybersecurity, money laundering, terrorism financing and other criminal activities; stresses the need for adequate regulation in this field;
Amendment 213 #
Motion for a resolution Paragraph 21 21. Welcomes the Basel III framework, as it will strengthen the resilience of the banking sector;
Amendment 214 #
Motion for a resolution Paragraph 21 21. Welcomes the Basel III framework, as it will strengthen the resilience of the banking sector; warns about the risk of non-compliance; stresses that bank supervision should at all times be risk- based and not guided by secondary considerations;
Amendment 215 #
Motion for a resolution Paragraph 21 21. Welcomes the Basel III framework, as it will strengthen the resilience of the banking sector; warns about the risk of non-compliance; notes that bank supervision should be risk-based and not guided by secondary considerations;
Amendment 216 #
Motion for a resolution Paragraph 21 21. Welcomes the Basel III framework, as it will strengthen the resilience of the banking sector; warns about the risk of
Amendment 217 #
Motion for a resolution Paragraph 21 a (new) 21a. Welcomes the inclusion of climate- and nature-related financial risks in the ECB´s supervisory priorities for the coming years; welcomes, among other things, the ECB´s second economy-wide climate stress test in September 2023; echoes ECB´s concerns as the stress test found that the best way to achieve a net- zero economy for firms, households and banks in the euro area is to accelerate the green transition to a rate that is faster than under current policies; calls on the ECB to continue to give priority to climate- and nature-related financial risks in its supervisory practices and monitor growing physical and transition risks closely;
Amendment 218 #
Motion for a resolution Paragraph 21 a (new) Amendment 219 #
Motion for a resolution Paragraph 21 a (new) 21a. Welcomes the fact that the ECB adapts its systems to technological developments such as the integration of artificial intelligence into its data processing and analysis models; welcomes the initiative which will help improve monetary analysis and decision-making; stresses that all those developments should always be made within the safety parameters to avoid operational risks;
Amendment 22 #
Motion for a resolution Recital B a (new) Ba. whereas headline inflation reach its peak on October 2022 at 10,6% and core inflation on March 2023 at 5,7%; whereas ECB projections of core inflation are constantly revised upward; whereas ECB recognizes that a significant part of the reduction of headline inflation was due to external factors such as the prices of commodities; whereas, according to the September projections, the withdrawn of energy and inflation fiscal compensatory measures will contribute again for a positive effect of energy inflation to headline inflation in the second quarter of 2024;
Amendment 220 #
Motion for a resolution Paragraph 21 a (new) 21a. Evokes the crucial role of the ECB in supporting the implementation of the European Pillar of Social Rights as the beacon of equality and social justice guiding the EU towards greater socio- economic convergence;
Amendment 221 #
Motion for a resolution Paragraph 21 a (new) 21a. asks the ECB to draw up a proposal to make the allocation of voting rights on the ECB Governing Council more democratic, and recommends that votes be weighted according to shares in the capital of the ECB;
Amendment 222 #
Motion for a resolution Paragraph 21 b (new) 21b. Points out that bank balances are exposed to major climate risks; urges double materiality assessment of banks and high capital requirements on fossil fuel investments; calls upon the ECB to address the market failure of inadequate pricing of externalities in assets prices.
Amendment 223 #
Motion for a resolution Paragraph 22 22. Acknowledges the ECB’s openness and availability to Parliament;
Amendment 224 #
Motion for a resolution Paragraph 22 a (new) 22a. Calls for the enhancement of the ECB’s internal whistleblowing framework;
Amendment 225 #
Motion for a resolution Paragraph 22 b (new) 22b. Calls for the ECB to create an internal evaluation office for ex post assessment of its policy decisions;
Amendment 226 #
Motion for a resolution Paragraph 23 23. Welcomes the ECB’s substantial and detailed feedback on Parliament’s resolution on the 2021 ECB annual report; calls on the ECB to maintain this commitment to accountability and transparency, and to continue publishing its written feedback on Parliament’s resolutions on the ECB annual reports every year;
Amendment 227 #
Motion for a resolution Paragraph 23 a (new) 23a. Regrets that ECB overlooked the European Parliament’s appointment of the Chair of the Supervisory Board of the European Central Bank;
Amendment 228 #
Motion for a resolution Paragraph 23 a (new) 23a. Calls on the ECB to better report on positions taken by the ECB in the Basel Committee on Banking Supervision, including in writing;
Amendment 229 #
Motion for a resolution Paragraph 23 b (new) 23b. Regrets that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender-balanced, with shortlists submitted to Parliament; strongly regrets that instead of providing shortlists of candidates, Member States have recently nominated a number of candidates equal to the number of vacant positions; recalls that Parliament has previously committed not to consider shortlists that do not respect the gender- balance principle, in accordance with its resolution on gender balance in EU economic and monetary affairs nominations; calls on the euro area’s Member States to do their part and fully incorporate the principle of gender equality in their appointment processes in order to ensure equal opportunity for all genders for the position of governor of national central banks;
Amendment 23 #
Motion for a resolution Recital B b (new) Bb. whereas unit profits contributed around with two-thirds to domestic inflation in 2022; whereas profit margins can partly accommodate the increase of prices without passing it to final consumers;
Amendment 230 #
Motion for a resolution Paragraph 23 c (new) 23c. Supports the ECB’s aim to increase female representation by encouraging women to advance in this field; welcomes, therefore, initiatives such as the ECB Women in Economics Scholarship;
Amendment 231 #
Motion for a resolution Paragraph 24 24. 24. Welcomes the ECB’s new communication
Amendment 232 #
Motion for a resolution Paragraph 24 24. Welcomes the ECB’s new communications policy, which includes more accessible ways to explain and present ECB policy decisions to citizens and stakeholders; encourages the reinforcement of the ECB’s communication about central bank policy objectives and crisis responses in order to stabilise euro area inflation expectations and allow families and business to better manage the higher interest rates environment stimulated by the substantial tightening of monetary policy;
Amendment 233 #
Motion for a resolution Paragraph 24 a (new) 24a. Notes the recent appointment of the new Chair of the Supervisory Board and calls on the ECB to take better account of the position of the European Parliament’s Committee on Economic and Monetary Affairs on such appointments in the future;
Amendment 234 #
Motion for a resolution Paragraph 24 a (new) 24a. Calls on the ECB to develop a strategy on how to deal with lobbyists and increase the transparency of staff-level contacts beyond the Governing Council
Amendment 235 #
Motion for a resolution Paragraph 25 Amendment 236 #
Motion for a resolution Paragraph 25 Amendment 237 #
Motion for a resolution Paragraph 25 25. Invites the ECB to engage in a dialogue with national parliaments, while strictly respecting its political independence; believes that this would strengthen the legitimacy and policies of the ECB;
Amendment 238 #
Motion for a resolution Paragraph 25 a (new) 25a. Reminds the ECB to fully respect the European Parliament's prerogatives in appointment procedures, in particular in relation to the Single Supervisory Mechanism;
Amendment 239 #
Motion for a resolution Paragraph 25 a (new) 25a. Calls for the further enhancement of the ECB’s internal whistleblowing framework, bringing it in line with the EU Whistleblower Directive;
Amendment 24 #
Motion for a resolution Recital C C. whereas, according to the Commission 2023 economic forecast, government deficits are projected to decline to 3.1 % of GDP in 2023 and 2.4 % in 2024; whereas the government debt to GDP ratio decreased in the euro area from 95.0 % to 91.2 % and in the EU-27 from 87.4 % to 83.7 % in 2022 and 2023 respectively; whereas government debt and deficits vary grandly among Member States;
Amendment 240 #
Motion for a resolution Paragraph 25 b (new) 25b. Recalls its suggestion to establish an independent evaluation office modelled on that of the IMF, which could perform evaluations of ECB policies and conduct impact assessments of different policy options, without infringing on the ECB’s independence;
Amendment 25 #
Motion for a resolution Recital C C. whereas, according to the Commission 2023 economic forecast, government deficits are projected to decline to 3.1 % of GDP in 2023 and 2.4 % in 2024; whereas the government debt to GDP ratio decreased in the euro area from 95.0 % to 91.2 % and in the EU-27 from 87.4 % to 83.7 % in 2022 and 2023 respectively; whereas this is still above the treaty reference values;
Amendment 26 #
Motion for a resolution Recital C a (new) Ca. whereas since July 2022 the ECB increased 10 consecutive times the reference interest rates; whereas the deposit facility rate reached 4%, representing the highest level since the creation of the common currency; whereas the current cycle of restrictive monetary policy is still ongoing; whereas the full set of economic and social consequences are yet to be fully assessed, such as further pressure on the EU and national budgets, on the stability of the financial system, and hardships for households;
Amendment 27 #
Motion for a resolution Recital C a (new) Ca. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 28 #
Motion for a resolution Recital D D. whereas the
Amendment 29 #
Motion for a resolution Recital D D. whereas the ECB is politically independent
Amendment 3 #
Motion for a resolution Citation 3 a (new) – having regard to its resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations,
Amendment 30 #
Motion for a resolution Recital D D. whereas the ECB is politically independent, which means that neither EU institutions and agencies nor Member State governments should seek to influence it; stresses that this independence must remain untouched at all times; emphasises that this independence requires the ECB to refrain from taking political decisions;
Amendment 31 #
Motion for a resolution Recital D a (new) Da. whereas central bank independence is not without democratic accountability, namely to the European Parliament as the sole democratically- legitimised institution representing European citizens, particularly but not exclusively when it comes to the appointment of officials to the ECB’s highest bodies; whereas legal and political accountability is the necessary counterpart for the legitimacy, independence and transparency of the ECB’s supervisory decisions;
Amendment 32 #
Motion for a resolution Recital D a (new) Da. whereas the Global Financial Crisis and the following Sovereign Debts Crisis revealed the economic and political risks of EU lacking a lender-of-last- resort; whereas the current monetary policy is once again reinforcing the risk of fragmentation with a rising divergence between spreads of sovereign debts;
Amendment 33 #
Motion for a resolution Recital E E. whereas the ECB’s
Amendment 34 #
Motion for a resolution Recital E E. whereas the ECB’s primary
Amendment 35 #
Motion for a resolution Recital E E. whereas the ECB’s primary objective is to maintain price stability, which it has defined as 2 % inflation over the medium term; whereas the ECB´s secondary mandate requires it, without prejudice to its primary mandate, to support the general economic policies of the Union as laid down in Article 3 TEU;
Amendment 36 #
Motion for a resolution Recital E E. whereas the ECB’s primary objective is to maintain price stability, which it has defined as symmetric 2 % inflation over the medium term;
Amendment 37 #
Motion for a resolution Recital E a (new) Ea. whereas the European Commission stated that “additional private and public investment needs in relation to the twin transitions and their policy objectives are estimated at nearly EUR 650 billion per year until 2030”1a; whereas the restrictive effect on investment of the tightening of monetary policy is still to be fully assessed; _________________ 1a European Commission. (2021). The EU economy after COVID-19: implications for economic governance.
Amendment 38 #
Motion for a resolution Recital F Amendment 39 #
Motion for a resolution Recital F F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the monetary financing of governments; whereas the Court of Justice of the European Union has ruled (C-493/17) that ECB´s secondary market operations fall within its mandate, if the principle of proportionality is observed;
Amendment 4 #
Motion for a resolution Citation 3 b (new) – having regard to the Paris Agreement adopted under the UN Framework Convention on Climate Change,
Amendment 40 #
Motion for a resolution Recital F a (new) Fa. whereas acting within its mandate, the ECB has committed to contributing to the objectives of the Paris Agreement; whereas climate change, and the loss of biodiversity can hamper the effectiveness of monetary policy, affect growth and increase price and macroeconomic instability, whereas a climate risk should be seen as an economical risk;
Amendment 41 #
Motion for a resolution Recital F a (new) Fa. whereas the Economic and Monetary Union been built on the principle of monetary dominance;
Amendment 42 #
Motion for a resolution Recital F b (new) Fb. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 43 #
Motion for a resolution Recital F c (new) Fc. whereas the Euro's external value in comparison to the Dollar has materially deteriorated since the end of 2020; whereas energy derivatives are traded in Dollar and a slide of the Euro's exchange rate against the Dollar further contributes to inflation;
Amendment 44 #
Motion for a resolution Paragraph 1 Amendment 45 #
Motion for a resolution Paragraph 1 1.
Amendment 46 #
Motion for a resolution Paragraph 1 1.
Amendment 47 #
Motion for a resolution Paragraph 1 1.
Amendment 48 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding euro stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a fundamental prerequisite for it to fulfil its mandate of maintaining price stability in the euro area and thus contribute to economic growth and job creation;
Amendment 49 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding euro stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability, and that its concomitant accountability is important in the fulfilment of its primary and secondary mandates;
Amendment 5 #
Motion for a resolution Citation 3 c (new) – having regard to the latest IPCC report from 2023,
Amendment 50 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding the euro's stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;
Amendment 51 #
Motion for a resolution Paragraph 2 2.
Amendment 52 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies
Amendment 53 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as
Amendment 54 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; stresses that equal to ECB’s role as guardian of the price stability, acting against climate change and biodiversity loss is also within its mandatory mandate; notes that price stability and a stable macroeconomic environment are needed to encourage green investment and would help, among other things, to create the right conditions for the implementation of the Paris Agreement; invites the ECB to assess to what extent climate change affects EU’s ability to maintain price stability;
Amendment 55 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; insists that where multiple courses of action are available in the pursuit of its primary mandate, the ECB shall opt for policies that minimise adverse effects on its secondary mandate;
Amendment 56 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; emphasizes that, by the same token, the ECB must take account of environmental, social and economic sustainability goals in line with its secondary mandate;
Amendment 57 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; furthermore, considers that maintaining price stability is a prerequisite for the implementation of the EU's other policy objectives;
Amendment 58 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments, thereby guaranteeing economic growth and public well-being;
Amendment 59 #
Motion for a resolution Paragraph 2 2. Underlines that price stability is a prerequisite for the ECB to deliver on its secondary mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long
Amendment 6 #
Motion for a resolution Citation 4 – having regard to Article
Amendment 60 #
Motion for a resolution Paragraph 3 Amendment 61 #
Motion for a resolution Paragraph 3 3. Fears that
Amendment 62 #
Motion for a resolution Paragraph 3 3. Fears that,
Amendment 63 #
Motion for a resolution Paragraph 3 3.
Amendment 64 #
Motion for a resolution Paragraph 3 3. Fears that, without properly
Amendment 65 #
Motion for a resolution Paragraph 3 3. Fears that, without properly delivering on its mandate of maintaining price stability, the ECB risks losing its legitimacy, along with the aim of supporting the general economic policies of the EU;
Amendment 66 #
Motion for a resolution Paragraph 3 3. Fears that, without properly delivering on its mandate of maintaining price stability, the ECB risks losing its
Amendment 67 #
Motion for a resolution Paragraph 3 a (new) 3a. Calls on the ECB to continue its essential work on climate risk stress tests developed to assess the resilience of banks and corporations in the face of climate transition risk;
Amendment 68 #
Motion for a resolution Paragraph 4 4. Is deeply worried about the
Amendment 69 #
Motion for a resolution Paragraph 4 4. Is deeply worried about
Amendment 7 #
Motion for a resolution Citation 4 a (new) – having regard to Articles 3(1), 5(1), 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 70 #
Motion for a resolution Paragraph 4 4. Is deeply worried about the persistently high inflation rates, especially core inflation rates, and their detrimental impact on competitiveness, investments, job creation and the purchasing power of consumers; believes that inflation rates are particularly affecting the effective implementation of recovery and resilience plans by driving up costs and reducing return on investment; recalls that such a situation causes economic uncertainty, is a disincentive for saving and increases the cost of living for citizens, affecting those who have fixed or limited incomes in particular; stresses that this can lead to inflation expectations, which sustain a cycle of price hikes and undermine economic stability;
Amendment 71 #
4. Is deeply worried about the persistently high inflation rates, especially core inflation rates, and their detrimental impact on competitiveness, investments, job creation and the purchasing power of consumers; recalls that quantitative inflation targets are to be met over a medium-term horizon; calls, therefore, on the ECB to reflect on and guide its decision-making process in relation to the size and speed of increases in interest rates in line with a medium-term orientation; underlines the need for the ECB to provide information in regards to the monitoring and setting of the neutral interest rate;
Amendment 72 #
Motion for a resolution Paragraph 4 4. Is deeply worried about the persistently high inflation rates, especially core inflation rates, and their detrimental impact on competitiveness, investments, job creation and the purchasing power of consumers; calls on the ECB to take all necessary measures to reduce the inflation rate in accordance with its mandate;
Amendment 73 #
Motion for a resolution Paragraph 4 a (new) 4a. Notes with concern the mounting sovereign debt distress driven by the unrelenting rise of interest rates in the euro area, which may significantly constrict future public investments and economic growth; reflects upon the IMF’s 2023 World Economic Outlook findings suggesting that high inflation, while playing a role in reducing debt ratios, is not a desirable policy tool to the extent that it can lead to losses on the balance sheets of sovereign debt holders and damage the credibility of central banks; calls on the ECB to closely monitor the EU central banks’ secondary market purchases of debt instruments;
Amendment 74 #
Motion for a resolution Paragraph 5 5.
Amendment 75 #
Motion for a resolution Paragraph 5 5.
Amendment 76 #
Motion for a resolution Paragraph 5 5.
Amendment 77 #
Motion for a resolution Paragraph 5 5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails;
Amendment 78 #
Motion for a resolution Paragraph 5 5. Expresses concern about the high levels of debt and government deficits
Amendment 79 #
Motion for a resolution Paragraph 5 5.
Amendment 8 #
Motion for a resolution Citation 6 – having regard to the monetary dialogues between its Committee on Economic and Monetary Affairs and President of the ECB Christine Lagarde
Amendment 80 #
Motion for a resolution Paragraph 5 5. Expresses concern about the high
Amendment 81 #
Motion for a resolution Paragraph 5 5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails, given that the banking union and capital markets union are not yet complete, and with the absence of any central fiscal capacity or an agreement on the new budget rules; notes that the situation is worse in the euro area than in non-euro area Member States; looks forward to the outcome of the Commission’s legislative proposals on revising the EU’s economic governance rules and welcomes the ECB’s opinion in this regard;
Amendment 82 #
Motion for a resolution Paragraph 5 5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails; notes that the situation is worse in the euro area than in non-euro area Member States; looks forward to the outcome of the Commission’s legislative proposals on revising the EU’s economic governance rules and welcomes the ECB’s opinion in this regard; points out that expansive fiscal policies could counteract the ECB's policy of monetary tightening;
Amendment 83 #
Motion for a resolution Paragraph 5 a (new) 5a. Stresses that the sustainability of sovereign debts cannot only be assessed thought its stock, but also through other factors, such as affordability, composition, dynamic, origin, government financial assets or fiscal risks; Stresses that the support of the European Central Bank is a crucial factor;
Amendment 84 #
Motion for a resolution Paragraph 6 6.
Amendment 85 #
Motion for a resolution Paragraph 6 6. Regrets Russia’s ongoing aggression against Ukraine
Amendment 86 #
Motion for a resolution Paragraph 6 6. Re
Amendment 87 #
Motion for a resolution Paragraph 6 6. Regrets Russia’s ongoing aggression against Ukraine; agrees with member of the Executive Board Isabel Schnabel on the risk the war entails in terms of negative supply side shocks; welcomes the inclusion of REPowerEU in recovery and resilience plans in order to reduce energy dependence on Russia, support strategic autonomy and address supply side shocks;
Amendment 88 #
Motion for a resolution Paragraph 6 6.
Amendment 89 #
Motion for a resolution Paragraph 7 Amendment 9 #
Motion for a resolution Citation 8 a (new) Amendment 90 #
Motion for a resolution Paragraph 7 7. Highlights that
Amendment 91 #
Motion for a resolution Paragraph 7 7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and
Amendment 92 #
Motion for a resolution Paragraph 7 7. Highlights that
Amendment 93 #
Motion for a resolution Paragraph 7 7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also
Amendment 94 #
Motion for a resolution Paragraph 7 7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy,
Amendment 95 #
Motion for a resolution Paragraph 7 7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also the upward price pressure following
Amendment 96 #
Motion for a resolution Paragraph 7 7. Highlights that not only do persistent high levels of inflation, the
Amendment 97 #
Motion for a resolution Paragraph 7 a (new) 7a. Calls on the ECB to look into the strengthening of the international role of the euro with a view of raising its attractiveness as a reserve currency; recalls that the creation of a well-designed European safe asset could facilitate financial integration and help mitigate negative feedback loops between sovereigns and domestic banking sectors; stresses the need for deepening and completing the Economic and Monetary Union as a pre-requisite for a strong international euro; underlines the importance that co-legislators remain in charge throughout the design of the digital euro;
Amendment 98 #
7a. Stresses the need for comprehensive reforms on European and national level aimed at reducing the costs of bureaucracy as well as strengthening the EU’s competitive outlook to safeguard future growth and fiscal stability.
Amendment 99 #
Motion for a resolution Paragraph 8 8.
source: 753.792
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History
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2023-11-29Show (1) Changes | Timetravel
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