18 Amendments of Auke ZIJLSTRA related to 2024/2054(INI)
Amendment 29 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the value of the euro against the dollar has deteriorated considerably since the end of 2020; whereas energy derivatives are traded in dollars and a fall in the euro's exchange rate against the dollar further contributes to inflation;
Amendment 38 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro areaUnderlines that the ECB is the institution responsible for maintaining price stability in the euro area; is furthermore of the opinion that maintaining price stability is a necessary condition for realisation of the EU’s other policy objectives;
Amendment 50 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisions; stresses that the independence of the ECB is at odds with its secondary mandate, which is to support the general economic policies in the Union with a view to contributing to the achievement of the political objectives set out in Article 3 TEU;
Amendment 68 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Stresses that high levels of inflation have a disproportionate effect on lower-income households, which spend a higher proportion of their budget on necessities;
Amendment 93 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks, meaning a maximum government deficit of 3% of GDP and government debt of 60% of GDP, plus a credible path to reducing excessive debt and deficits, and building sufficient reserves in times of economic growth, in order to be able to respond to external shocks; stresses therefore the need to factor in all government expenditure in its entirety, including green spending and investment;
Amendment 108 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that prudent fiscal policies by the Member States canmust complement the ECB’s efforts to keep inflation low and prices stable; highlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy and sustainable growth;
Amendment 113 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. EStresses that, in 13 of the 27 Member States, the level of government debt is above the 60% of GDP threshold, as is the euro area average, and that, in 10 Member States, the government deficit is above the 3% threshold, as is the euro area average; expresses concern about the high levels of government debt and deficits within the Member States and the risks of fiscal dominance that this entails;
Amendment 121 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Strongly welcomes the fact that headline inflation has come down from its peak of 10.6 % in October 2022 to 1.7 % in September 2024; notes that inflation levels vary widely across the euro area, ranging from 4.3% in Belgium to 0% in Ireland;
Amendment 135 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Regrets that the ECB has been guided in its interest rate decisions primarily by the interest burden on Member States and their highly indebted banks rather than by its primary mandate, i.e. price stability; reminds the ECB that maintaining favourable financing conditions is not part of its mandate;
Amendment 174 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Points out that the ECB is now by far the largest creditor of the euro area countries; calls on the ECB to put an end to this form of monetary cannibalism;
Amendment 191 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stresses that purchases under the TPI would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levelsand therefore lower levels of government debt;
Amendment 205 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. WelcomNotes the ECB’s progressfurther research being conducted by the ECB on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, improved financial inclusion and the availability of an offline back-up payment systemstresses that Piero Cipollone’s claim of abuse of a dominant position in the digital payments market, which would be an argument for introducing the digital euro, has not been supported by any study, let alone a ruling by the European Competition Authority;
Amendment 215 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. ReiterStresses that physical cash must remain a cornerstone of our payments system and provides the best guarantee of financial inclusion; states that the digital euro shouldcan serve as a complement to physical cash,; emphasises that it should not replace cash entirely and that cash should remain available at all times;
Amendment 227 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Doubts the claim by the ECB that it can offer its payment services to merchants more cheaply than private players, especially since the ECB has so far failed to provide any clarity on cost structure; stresses that, although the ECB’s mandate does not provide for a profit motive, the ECB is not a non-profit organisation and any profits are distributed annually to the ECB’s shareholders, namely the national central banks, and therefore charging cheaper fees for digital euro payments will come at the expense of any profits to be distributed to the national central banks; stresses that the ECB only distributes any profits it makes to its shareholders and not in order to subsidise the market prices of its services;
Amendment 229 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls on the ECB to take due account of essential privacy concerns around the digital euro and stresses that its development should become a gold standard in terms of privacy for other financial institution, in full compliance with the General Data Protection Regulation (GDPR), Article 12 of the Universal Declaration of Human Rights (UDHR), Article 8 of the European Convention on Human Rights (ECHR) and Article 7.1 of the Charter of Fundamental Rights of the European Union; insists that the exceptions to the right to personal data protection set out in Article 7.2 of the Charter should not apply to the ECB and the banking sector as regards data collected in connection with digital euro transactions; stresses that its development should become a gold standard in terms of privacy for other financial institutions; insists that national data protection authorities be empowered to scrutinise the ECB's data protection regime, including assessment for compliance with national data protection regimes as regards the digital euro wallets of their own residents;
Amendment 276 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change and from the negative effects of the Green Deal on prices, in particular of commodities, and on employment that may arise if an unpragmatic approach is taken to the digital and green transition;
Amendment 280 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously, in so far as it is properly quantified, in order to mitigate the financial risks resulting from climate change;
Amendment 298 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Welcomes the finalisation of the Basel III framework, as it will strengthen the resilience of the banking sectorCalls on the Commission to further refine the Basel III framework for banks, not only to ensure a level playing field internationally, but also to make it more balanced, more effective and more proportionate, in the spirit of the Draghi report; regrets that European implementation very much departs from the international framework; maintains that banking supervision should be based on real risks and not on secondary considerations;