19 Amendments of Costas MAVRIDES related to 2015/2115(INI)
Amendment 17 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas core inflation rates, that is exclusive of energy, have at best only marginally improved as a result of the quantitative easing programme that the ECB has rightly launched this year, an outcome which gives rise to concern, especially since there has been a deterioration in the performance of the Chinese economy and of emerging markets, which threatens to further compound deflationary forces;
Amendment 25 #
Motion for a resolution
Recital D
Recital D
D. whereas the current recovery is mainly supported by exports and private consumption, while private and public investment in the euro area continues to stagnate at levels significantly below those registered before the start of the crisis;
Amendment 31 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas, despite the overall improvement in aggregate towards a broadly neutral fiscal stance, the crisis regarding the third bailout for Greece agreed on the 12th of July 2015, again underlined that the problems arising from divergences in economic and social performance achieved in different parts of the Union, are not being well managed, and this with particular reference to the Eurozone, but also to the Union as a whole;
Amendment 37 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas financial fragmentation is still a major problem, with Micro, Small and Medium-sized Enterprises (MSMEs) suffering higher borrowing costs than the bigger companies, particularly in the countries hit more by the crisis; whereas facilitating credit flow to MSMEs is fundamental as they represent 99% of all businesses in the Union and account for 80% of jobs in the Union and thus they have a key role in generating economic growth, in job creating and in narrowing social disparities;
Amendment 43 #
Motion for a resolution
Recital I
Recital I
I. whereas the Single Supervisory Mechanism (SSM), the first pillar of the Banking Union, became fully operational on 4 November 2014 with the transfer to the ECB of supervision of the 130 biggest banks of the euro area, and the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, entered into force at the beginning of 2015, and the Single Deposit Guarantee Scheme, the third pillar of the Banking Union, has regrettably not been established yet;
Amendment 52 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that the modest recovery expected for the coming years in the euro area will not be sufficient to reduce the high unemployment rates recorded in many euro area Member States or to reduce the burden of debt; stresses the need to improve the conditions for both public and private investment aimed at boosting growth and job creation, and calls for further efforts to ensure the financing of the real economy;
Amendment 54 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Although it regrets the slow reaction of the ECB on taking measures, welcomes the measures taken in 2014 and encourages further effort by the ECB aimed at reviving aggregate demand , increasing low cost lending to the real economy and facilitate growth;
Amendment 63 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies; considers that this long-standing problem is not appropriately addressed by the recent measures implemented by the ECB to boost bank lending; stresses the need to promote social economy by differentiating the regulatory environment between for- profit and non-for-profit financing institutions that would reduce this existing gap;
Amendment 64 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies; considers that this long-standing problem is not appropriately addressed by the recent measures implemented by the ECB to boost bank lending; recommends to carry out studies establishing whether the enhanced regulatory practices rightly introduced as part of the banking union process, have negatively affected the access of SMEs to banking finance so that if necessary, corrective action may be taken;
Amendment 73 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that private and public investment in the euro area remains significantly below its levels prior to the current crisis;
Amendment 108 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 131 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses that the ECB needs to create further incentives for the banks to transfer liquidity to the real economy;
Amendment 141 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that the high and divergent levels of public and private indebtedness in some Member States are obstacles to the correct transmission of monetary policy, and that the non-conventional monetary policy implemented by the ECB is not able to change this situation;
Amendment 145 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that the high and divergent levels of public and private indebtedness in some Member States are obstacles to the correct transmission of monetary policy, and that the non-conventional monetary policy implemented by the ECB is not able to change this situation; believes that a sustainable, political solution is still needed to ensure both the stability of state financing and addressing the millstone of high debt levels. Eurobonds could provide a remedy for this in certain circumstances.
Amendment 147 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Underlines that the non-performing loans still remain a huge problem throughout the Union; according to the World Bank, 10 EU Member States and 6 Eurozone countries have rates of non- performing loans compared to total loans of over 10% with the highest to 45.4%; a mechanism responsible for solving the non-performing loans should be established in those problematic Member States as it was the case in Spain and in Ireland, in order to deal effectively with the problem;
Amendment 209 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Deplores the fact that the ECB has exceeded even a broad interpretation of its Treaty-based mandate, inter alia in its role in the Troika and Quadriga; urges the ECB to take a step backwards and reinforce its independence from political decisions, abiding byTakes note of the ECJ judgment in Case C-62/14 of 16 June 2015, especially its paragraph 102, as well as the opinion expressed by Advocate-General Cruz Villalón in the same case, especially its paragraphs 227 and 263 and calls ECB to take that into consideration when taking its actions;
Amendment 242 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. underlines that for Member States in financial distress, transforming Emergency Liquidity Assistance debt into long-term bonds could be an option, especially in such cases where the banks have shown good implementation record;
Amendment 260 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that the current structure of the Banking Union shouldmust be complemented in the future withand urges for immediate establishment of a sSingle mechanism to guarantee bank deposits, aimed at avoiding capital flight in the event of a future banking crisisDeposit Guarantee Scheme; highlights, in this respect, even though late, the call by the ECB President towards this direction on the monetary dialogue on 23 September 2015;
Amendment 283 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes the capital market union project and its potential contribution to reducing excessive dependence of euro area economies on the banking system and stresses the necessity to create a single supervisor for capital markets as the ECB is for the banking system;