12 Amendments of Brian HAYES related to 2015/2344(INI)
Amendment 151 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers, against this background, that shortcomings have existed in the Economic and Monetary Union (EMU) since its inception undtronger enforcement of existing fiscal rules such as the SGP, the Six-Pack and the Two-Pack is necessary, and not the transfer of more financial means; whereas the SGP is a set of rules designed to ensure that EU Member States pursue sound public finances and coordinate their fiscal policies, however, the Maastricht Treaty with the attribution of monetary policy to the European level, while budgetary policy remains within the competencies of the Member States and is only framed by provisions on light coordination of national policiesmain shortcoming is the non-implementation of existing rules as well as the underestimation of macroeconomic imbalances, which were not addressed in a sufficient and timely manner; whereas governments of euro countries are required by European economic governance rules to submit their draft budgetary plans for the following year to the European Commission by October 15 each year to ensure the coordination of fiscal and economic policies among euro countries and that EU economic governance rules are respected, but the implementation rate of the guidelines put forward by the European Commission subsequently has to be improved;
Amendment 167 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuafluctuation risks, exchange costs as well as risks and lack of transparency in cross- border transactions; reiteratstresses that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechbenefits of the euro are interconnected, as economic stability creates trust and credibility, reduces uncertainty for businesses and encourages companismes to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mixinvest, creates more employment and better-quality jobs for citizens and allows for long-term planning of governments; stresses that the need for convergence and competitiveness are conditions for the functionality of a common currency area, since a country cannot restore its competitiveness in a sustainable manner by simply devaluating its currency;
Amendment 179 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalancthe causes of the sovereign debt crisis were mainly unsustainable levels of public and private debt, lack of competitiveness and proper regulation in the banking and financial sectors; underlines, triggered by capital flows fhat high levels of debt limited the space of manoeuvre for eurom core euro area nations to the periphery and a rising public spending ratio in some Member States, aggravated and led to a sovereuntries and led to an increase in financing costs, which impeded the repayment of debt at maturity; stresses that high costs of servicing debt due to high interest rates were too big of a burden given the overall debt level of some euro countries; whereas too hignh debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the merelevels entail high interest rates which have to be served instead of being able to invest in growth enhancing measures, social spending, healthcare and education; whereas the causes of the crises differed in existence of thet among euro area Member States;
Amendment 195 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the crisis has proved that a common monetary policy without a common fiscal policy cannot address asymmetric shocks to the euro areaalone cannot lead to balanced growth or counter the lack of competitiveness of some euro countries, but supports cyclical recovery which facilitates the introduction of structural policies, as has repeatedly been called for by the President of the ECB; reiterates that mere coordination of national fiscal policies wi, notably throut credible enforcement mechanisms has not prevented an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced the national capacity to absorb economgh adhering to the fiscal rules such as the SGP and transposing relevant reforms as outlined in the country specific recommendations (CSRs), is necessary to boost competitiveness and structural convergence, making Member States more resilient against asymmetric shocks;
Amendment 283 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Argues that convergence, good governance and conditionality enforced through institutions being held democratically accountable at the euro- area and national level are key, notably to preventingthe enforcement of fiscal rules, the implementation of CSRs and good governance at euro area and national level are key to pursue sound fiscal responsibility, address macroeconomic imbalances, implement structural reforms and boost investment, in addition there is a need for monitoring and evaluating transposed reforms, notably to prevent and avoid any form of permanent transfers and moral hazard;
Amendment 346 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that three different functions have to be fulfilled; argues, first, that in order to foster economic and social convergence within the euro area and to improve the economic competitiveness and resilience of the euro area, Member States’' structural reforms should be incentivised in good economic times; argues, secondly, that differences in thmore efforts have to be made to stabilise business cycle movements of euro area Member States stemming from structural differences create the need for an instrument to address asymmetric shocks; considers, thirdly, that symmetric shocks should be addressed so as to increase the resilience of the euro area as a wholeover time, since business cycle fluctuations across euro countries are highly correlated, but differ in variance, which explains why shocks in the euro area are of a more symmetric nature with differences in the boom-bust dynamics of growth rates in individual Member States, especially experienced by euro countries of the periphery; considers, thirdly, that symmetric shocks should be addressed at national level, while respecting the SGP and maintaining budgetary discipline, by making economies more competitive so as to increase the resilience of the euro area as a whole; adds that in the reform of the SGP in 2005, the European Council asked EU Member States to strengthen their domestic fiscal governance through fiscal rules and institutions at national level and further reinforced national fiscal frameworks following the adoption of the Budgetary Frameworks Directive, the Fiscal Compact and the Two-Pack;
Amendment 485 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Suggests that reforms advocated in the CSRs can be incentivised through financial and technical assistance facilitated by a fiscal capacity without Treaty change and therefore be realisable in the short-term; considers that fundamental attention should be given to the CSRs, which already emphasize thoroughly the areas in need of reform, however, since the implementation rate of these measures is not satisfactory and recent reflections have not yielded to any significant tools able to improve it, the fiscal capacity could leverage the transposition of CSRs by providing positive incentives in form of financial assistance for Member States to implement reforms, especially in years of economic growth; stresses that no compensation should be granted to countries that did not pursue budgetary discipline and postponed necessary reforms; emphasizes that convergence towards the level of the most competitive countries in the euro area should be fostered through reforms that are conducive to more investment, profitable projects, productivity enhancing and have the objective of reaching full employment;
Amendment 517 #
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
Amendment 540 #
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
– labour market, including minimum wages,
Amendment 619 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Notes that the two models for the shock absorption function are featured most prominently in the academic literature: a Rainy Day Fund and a European Unemployment Benefit Schemet Member State level;
Amendment 637 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Points out that thea Rainy Day Fund shcould be funded by all theput in place by Member States themselves on the basis of a cyclically sensitive economic indicator and used for payments to all Member States suffering from economic downturns in order to protect their economies from potential shocks;
Amendment 641 #
Motion for a resolution
Paragraph 31
Paragraph 31