19 Amendments of Niels FUGLSANG related to 2020/2075(INI)
Amendment 22 #
Motion for a resolution
Recital A (new)
Recital A (new)
A. whereas national expansionary fiscal policies have both negative externalities due to an increased bail-out risk for other EU countries and positive externalities due to an increase in total demand In neighbouring countries; whereas this implies that fiscal policy could be too timid compared to the optimum outcome;
Amendment 23 #
Motion for a resolution
Recital A (new)
Recital A (new)
A. whereas the EU has committed to climate neutrality by 2050 and it is the ECB’s mission to help achieve it ; Whereas the missions of the ECB are not limited to price stability but also include the safety and soundness of the banking system and the stability of the financial system;
Amendment 102 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Member States to embed the high-integrate quality fiscal support into credible medium- and long-term frameworks, beartaking in mindto account that emergency measures are temporary, limited and targeted; cthat achieving the 2050 carbon neutrality target, preserving biodiversity and respecting fundamental social rights will require a targeted and sustainable budgetary effort over several decades; Calls on the Member States to monitor the fiscal risks, namelyincluding contingent liabilities, as appropriatewell as the short- and long-term risks to public finances in the event of insufficient action to combat climate change and protect biodiversity;
Amendment 109 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Notes that several banking institutions have already recognized the existence of a climate-related financial systemic risk(Federal Reserve, Bank of England, BIS); Calls on the ECB to recognize the systemic risk posed by climate change to financial stability and to present a clear roadmap with a detailed presentation of its actions to tackle these risks;
Amendment 113 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the policy response of governments aimed at avoiding a sharp increase in corporate insolvencies and unemployment; warns that an abrupt and uncoordinated withdrawal of support measures could lead to financial distress; calls however for strict selectivity and to focus the public support only towards corporates viable in the long run, in light of the EU green and digital agenda;
Amendment 142 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses that national fiscal policies, together with Community policies, will be decisive in achieving the social, carbon neutrality and environmental protection objectives, in particular those relating to biodiversity; to this end, national budgetary policies, public spending and taxation, must support public policies in the key sectors of the transition, namely renewable energies, mobility and freight, thermal insulation of buildings, agriculture, the circular economy, and the industrial sectors that emit the most greenhouse gases;
Amendment 174 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes that some Member States will have, also as result of the pandemic, significantly higher debt levels than 60% of their GDP, and that meeting the commitment enshrined in the Stability and Growth Pact to reduce their debt to the level of 60% of GDP within 20 years would result in an irresponsible worsening of the economic crisis in these countries; considers that for the highly indebted countries it is insufficient to extend the adjustment period, because in this case, the economic crisis is likely to worsen and be prolonged;
Amendment 175 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Calls for a permanent suspension of the debt target of 60% of GDP and for a distinction to be made in the fiscal policy framework between rules on old debt and rules on new debt; in this context, calls on the Commission to submit a separate proposal on how to proceed with old debt;
Amendment 181 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary deficits are likely to be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; despite this is very concerned about the overall high level of debt in the EU as a whole and in some MS in particular and the lack of effective economic growth over the last decade in the EU in general and in some MS in particular;
Amendment 190 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses that, following the impact of the Covid-19 crisis on the public debt levels, the new fiscal framework must establish a slower pace for debt reduction, thus allowing Member States to build sustainable public finances without implementing austerity measures;
Amendment 194 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and publicpolicies to support decent and sustainable activities and jobs as well as the investments aimed at increasing growth potential and achieving the EU’s objectivesnd transfers necessary for households to achieve the carbon neutrality of the European economy in 2050 with social justice;
Amendment 239 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisation and to improve the quality of public expenditure throughby applying, if appropriate, the "do no significant harm" (DNSH) principle and by favouring sustainable investments and reforms; calls for well-defined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence;
Amendment 248 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls for the creation of a Climate Pact to be integrated in the European semester, with the effect that the EU Commission assesses the Member States’ climate policies on an annual basis and gives country specific recommendations for how to reach the reduction target laid down by the Climate Law in case a Member State is off track to reach the target;
Amendment 251 #
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Notes that while the EU’s macroeconomic framework is build up around the concept of GDP, a reform should move away from only using GDP as a key indicator and instead put factors such as economic equality and sustainability of the economy at the centre;
Amendment 305 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Underlines that not just the quantity but also the quality of public expenditure is essential in determining the sustainability of public finances; highlights that investments in creating an environmentally and socially sustainable economy improve the country’s long-term debt sustainability; wishes to see such expenditures stimulated at all levels of the EU economic framework; calls also for independent assessment of investment programmes through social a cost-benefit analysis by IFIs based on a broad concept of wellbeing;
Amendment 312 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that governments’ revenues are essential to guarantee the sustainability of public finances; as well as to finance the post-pandemic recovery, restoring the EU's sustainable competitiveness and to support the just transition to a sustainable economy; considers it therefore necessary to subject the level of taxes and duties in the Member States to greater European coordination inter alia to avoid competition to lower taxes; believes that Member States must ensure through their tax policies that there is no reduction in government revenues if debt rules are not respected; recalls that tax evasion and tax avoidance at EU level amount to up to EUR 160-190 billion each year, constituting missing revenues for the treasuries; therefore, calls on the Member States to take action to tackle tax fraud, tax avoidance, and tax evasion, as well as money laundering;
Amendment 313 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that governments’ revenues are essential to guarantee the sustainability of public finances; calls on the Member States to take action to tackle tax fraud, tax avoidance, and tax evasion, as well as money laundering; looks forward to a very ambitious EC proposal to tackle AML, in line with the priorities set by the EP resolution of July 2020; stresses that any further macro-economic reform can only be successful in the long run, provided existing tax loopholes are properly tackled in the Member States; it is therefore essential that progress around that is assessed in the country specific path as outlined in par 19, and should be a key element in assessing the exemptions from the expenditure rule per Member State;
Amendment 322 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls for the creation of an Anti- Tax Haven Pact to be integrated in the European semester, with the effect that the EU Commission assesses the tax rules of the Member States on an annual basis and gives country specific recommendations for how to reform the tax rules in the case a Member State facilitates harmful tax practices;
Amendment 344 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Calls for the establishment of an EU Investment Fund of 1% of EU GDP per year, financed by EU borrowing in analogy to the Recovery Fund and an increase of the EU's own resources, with the objective of providing funding for investments in the digital and climate- neutral transformation in the Member States;