33 Amendments of Costas MAVRIDES related to 2023/0137(CNS)
Amendment 15 #
Proposal for a regulation
Recital 6
Recital 6
(6) The economic governance framework of the Union should put debt sustainability and sustainable and inclusive growth at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories.
Amendment 22 #
Proposal for a regulation
Recital 8
Recital 8
(8) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure as well as cyclicalexpenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on co- financing of programmes funded by the Union cap with a limit of 0.25% of GDP, cyclical elements of unemployment benefit expenditure, and expenditure on Union programmes fully matched by revcosts related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilienuce from Union fundsFacility in accordance with Regulation (EU) 2021/241. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government.
Amendment 35 #
Proposal for a regulation
Recital 13
Recital 13
(13) In accordance with Articles 24 and 25 of Regulation (EU) [on the preventive arm], the Council, following a recommendation from the Commission, can allow Member States to deviate from the net expenditure path set by the Council under that Regulation in the event of a severe economic downturn in the euro area or the Union as a whole, or in the event of exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned, provided that it does not endanger fiscal sustainability in the medium term or where Member States implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12 of Regulation (EU) [on the preventive arm], and adhering to the reforms and investments outlined in national plans, including those of the Recovery and Resilience Facility, Cohesion Funds, and future EU investment instruments designed to serve similar purposes. As a consequence, such a deviation should not lead to the opening of a debt-based EDP.
Amendment 57 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) A strong track record of commitments and implementation rate of reforms and investments approved under the Recovery and Resilience Plan of the Member State, as well on its Partnership Agreement for the Cohesion Funds, should be taken into account for the Commission to halt its proposal to the Council to suspend all or part of the commitments or payments of these two instruments as stated in Article 10(1) and Article 19(7) of the Recovery and Resilience Facility Regulation , respectively.
Amendment 67 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government, as defined in Annex II, point (a) of Regulation (EU) of the European Parliament and of the Council [on the preventive arm]*; , expenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on co- financing of programmes funded by the Union cap with a limit of 0.25% of GDP, cyclical elements of unemployment benefit expenditure, and costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241;
Amendment 76 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 1 – paragraph 2 – point c
Article 1 – paragraph 2 – point c
(c) ‘technical'reference trajectory’ means the net expenditure trajectory put forward by the Commission in accordance with Regulation (EU) [on the preventive arm]each Member State and negotiated after with the Commission to provide guidance to Member States with public debt above the 60% of gross domestic product (GDP) reference value or government deficit above the 3% of GDP reference value when drawing up their national medium- term fiscal-structural plans;
Amendment 83 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1
Article 2 – paragraph 1
The excess of a government deficit over the reference value shall be considered exceptional, in accordance with Article 126(2), second indent, point (a), of the Treaty on the Functioning of the European Union (TFEU), where the Council has established the existence of a severe economic downturn in the euro area or the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm] or of exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned, or where Member States implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12 of Regulation (EU) [on the preventive arm], and adhering to the reforms and investments outlined in national plans, including those of the Recovery and Resilience Facility, Cohesion Funds, and future EU investment instruments designed to serve similar purposes in accordance with Article 25 of Regulation (EU) [on the preventive arm].
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
In addition, the excess over the reference value shall be considered temporary where budgetary forecasts as provided by the Commission and the Member State indicates that the deficit will fall belowis on a downward path towards the reference value following the end of the severe economic downturn or the exceptional circumstances referred to in the first subparagraph.
Amendment 90 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) shall be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126(2), point (b), TFEU if the Member State concerned respectsfollows within a sustainable range its net expenditure path.
Amendment 105 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission, when preparing a report under Article 126(3) TFEU, shall take into account as a key relevant factor the degree of debt challenges in the Member State concerned. In particular, where the Member State faces substantial public debt challenges according to the most recent Debt Sustainability Monitor, it shall be considered a key factor leading to the opening of an excessive deficit procedure as a rule, national public investment gaps and needs to achieve the common priorities of the Union as stated in the Article 12 of Regulation (EU) on the preventive arm], in the Member State concerned.
Amendment 121 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 2 a (new)
Article 2 – paragraph 3 – subparagraph 2 a (new)
The Commission shall take into account as a key relevant factor to prevent the opening of a EDP the delivery and commitment by the Member State on the implementation of the investments and reforms to address the common priorities of the Union as stated in the Article 12 of the Regulation (EU) [on the preventive arm], but also the reforms and investments committed in the national plans of the Recovery and Resilience Facility, Cohesion Funds and future EU investments instruments that serve the same purpose.
Amendment 129 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point b
Article 2 – paragraph 3 – subparagraph 3 – point b
(b) the developments in the medium- term budgetary positions, including, in particular, the size of the actual deviation from the net expenditure path, in annual and cumulative terms as measured by the control account, and the extent to which the deviation is due to a severe economic downturn in the euro area or in the Union as a whole or to exceptional circumstances outside the control of the government with a major impact on the public finances of the Member State concerned in accordance with Articles 24 and 25 of Regulation (EU) [on the preventive arm]. Where relevant, the deviation compared to the technical trajectory shall also be taken into account when considering the size of the deviation;
Amendment 134 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point c a (new)
Article 2 – paragraph 3 – subparagraph 3 – point c a (new)
(ca) the progress in addressing national public investment gaps in alignment with the priorities of the Union as stated in Article 12 of Regulation (EU) [on the preventive arm], recognising that these investments play a pivotal role in supporting the fulfilment of Union objectives and ensuring sustainable and inclusive growth and fiscal stability;
Amendment 139 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
(d) the implementation of reforms and investments including, in particular policies to prevent and correct excessive macroeconomic imbalances and policies to implement the common growth and employment strategy of the Union and the European Pillar of Social Rights, including those supported by NextGenerationEU, Cohesion Funds and EU investments instruments that serve the same purpose, and the overall quality of public finances, in particular the effectiveness of national budgetary frameworks.
Amendment 147 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 4
Article 2 – paragraph 3 – subparagraph 4
The Commission shall give due and express consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess compliance with deficit and debt criteria and which the Member State has put forward to the Council and the Commission. In that context, particular consideration shall be given to financial contributions to fostering international solidarity and, achieving the policy goals of the Union. The opinion submitted to the Commission by the Member State concEU common priorities of the Union, the size of the public investment committed to address the priorities refernred shall include the opinion of its national independent fiscal institution on relevant factorsin Article 12ba) of Regulation (EC) No 1466/97 and any other relevant factors outside of the control of the Member State.
Amendment 156 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 4 – subparagraph 1
Article 2 – paragraph 4 – subparagraph 1
The Council and the Commission shall make a balanced overall assessment of all the relevant factors, specifically, the extent to which they affect the assessment of compliance with the deficit and/or the debt criteria as aggravating or mitigating factors.
Amendment 161 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 4 – subparagraph 2
Article 2 – paragraph 4 – subparagraph 2
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3
Article 2 – paragraph 3 – subparagraph 3
Amendment 170 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 5
Article 2 – paragraph 5
5. Where Member States are allowed to deviate from their net expenditure path in the event of a severe economic downturn in the euro area or in the Union as a whole pursuant to Article 24 of Regulation (EU) [on the preventive arm], the Commission and the Council, in their assessment, mayshall decide not to conclude on the existence of an excessive deficit.
Amendment 173 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Council Regulation (EC) No 1467/97
Article 2 – paragraph 6
Article 2 – paragraph 6
If the Council, acting under Article 126(6) TFEU, decides that an excessive deficit exists in a Member State, the Council and the Commission shall, in the subsequent procedural steps of that Article of the TFEU, take into account the relevant factors referred to in paragraph 3 of this Article, as they affect the situation of the Member State concerned, including as specified in Article 5(2) of this Regulation, in particular in establishing a deadline for the correction of the excessive deficit and eventually extending that deadline. However, those relevant factors shall not be taken into account for the decision of the Council under Article 126(12) TFEU on the abrogation of some or all of its decisions under Article 126(6) to (9) and (11) TFEU.’;
Amendment 183 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Council Regulation (EC) No 1467/97
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The Council recommendation made in accordance with Article 126(7) TFEU shall establish a maximum deadline of sixtwelve months for effective action to be taken by the Member State concerned. WThen warranted by the seriousness of the situation, the deadline for effective action may be three months. The Council recommenda Council recommendation may also establish a deadline for the correction of the excessive deficit ensuring a sustainable and balanced correction sthall also establish a deadlint does not endanger sustainable and inclusive growth, social convergence for the correction of the excessive defimplementation of significant investments and social policites. In its recommendation, the Council shallmay also request that the Member State implements a correctivenew net expenditure path, which ensures that the general government deficit remains or is brought and maintained below the reference value within the deadline set in the recommendation. For the years when the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP as a benchmark.is declining towards a reference value
Amendment 193 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Council Regulation (EC) No 1467/97
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The corrective net expenditure path shall also put the debt ratio on a plausibly and sustainable downward path or keep it at a prudent level having regard to the criteria established in Annex I of Regulation (EU) [on the preventive arm]. The corrective net expenditure path shall ensure that the average annual fiscal adjustment eff and prevent the occurrence ort in the first three years is at least as high as the average annual fiscal effort of the total adjustment periodcentives to pro-cyclical policies.
Amendment 198 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Council Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Within the deadline provided for in paragraph 4 of this Article, the Member State concerned shall report to the Council and the Commission on action taken in response to the Council’s recommendation under Article 126(7) TFEU. The report shall include the targets for government expenditure and revenue and for the discretionary measures on both the expenditure and the revenue side consistent with the Council’s recommendation, as well as information on the measures taken and the nature of those envisaged to achieve the targets. The report shall also include the opinion of the independent fiscal institution of the Member State concerned on the adequacy of the measures taken and envisaged with respect to the targets. The Member State shall make the report public.
Amendment 205 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) No 1467/97
Article 3 – paragraph 6
Article 3 – paragraph 6
Amendment 214 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Council Regulation (EC) No 1467/97
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) TFEU shall be taken within two months of the Council decision under Article 126(8) TFEU establishing that no effective action has been taken. In the notice, the Council shall request that the Member State implements a corrective net expenditure path which ensures that the general government deficit remains or is brought and maintained belowclose to the reference value within the deadline set in the notice. For the years where the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP as a benchmark.
Amendment 224 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Council Regulation (EC) No 1467/97
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The corrective net expenditure path shall also put the debt ratio on a plausibly and sustainable downward path or keep it at a prudent level having regard to the criteria established in Annex I of Regulation (EU) [on the preventive arm]. The corrective net expenditure path shall ensure that the average annual fiscal adjustment effort in the first three years is at least as high as the average annual fiscal effort of the total adjustment period. The Council shall also indicate measures conducive to the achievement of the corrective net expenditure path.;
Amendment 230 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Article 1 – paragraph 1 – point 4 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Where effective action has been taken in compliance with a notice under Article 126(9) TFEU or where exceptional circumstances outside the control of the government with major impact on the public finances of the Member State concerned, including on the respect of the corrective net expenditure path referred to in paragraph 1 of this Article, or where Member States implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12 of Regulation (EC) No 1466/97, and adhering to the reforms and investments outlined in national plans, including those of the Recovery and Resilience Facility, Cohesion Funds, and future EU investment instruments designed to serve similar purposes, occur after the adoption of that notice, the Council may decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU. The revised notice, taking into account the relevant factors referred to in Article 2(3) of this Regulation may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule. In case the Council has established the existence of a severe economic downturn in the euro area or in the Union as a whole in accordance with Article 24 of Regulation (EU) [on the preventive arm], the Council may also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) TFEU, on condition that it does not endanger fiscal sustainability in the medium term. The revised notice may, in particular, extend the deadline for the correction of the excessive deficit by one year as a rule.’;
Amendment 241 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Council Regulation (EC) No 1467/97
Article 8 – paragraph 3
Article 8 – paragraph 3
3. A Council decision shall only be taken pursuant to Article 126(12) TFEU where budgetary forecasts as provided by the Commission and the Member State indicate that the deficit has been brought durably belowclose to the reference value and, where the excessive deficit procedure was opened on the basis of the debt criterion, the Member State concerned respectfollowed the corrective net expenditure path set by the Council in accordance with Article 3(4) or Article 5(1) of this Regulation over the previous 2 years and is projected to continue to do so in the current year on the basis of the Commission forecast.;
Amendment 245 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Council Regulation (EC) No 1467/97
Article 9 – paragraph 1 – point ba (new)
Article 9 – paragraph 1 – point ba (new)
(ba) where the participating Member State returns to its original net expenditure path as assessed in accordance with Article 8 of Regulation EU [on the preventive arm];
Amendment 255 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b
Article 1 – paragraph 1 – point 9 – point b
Council Regulation (EC) No 1467/97
Article 10a – paragraph 2
Article 10a – paragraph 2
2. Following the adoption by the Council of a notice under Article 126(9) TFEU, the Commission shall carry out a dedicated surveillance mission to the Member State concerned to discuss the measures that the Member State intends to take in response to the measures judged necessary following the notice under Article 126(9) TFEU. Upon invitation by the parliament of the Member State concerned, the Commission may present its assessment of the economic and fiscal situation in the Member State. Enhanced surveillance may be undertaken for Member States which are the subject of recommendations and notices issued following a decision pursuant to Article 126(8) TFEU and decisions under Article 126(11) TFEU for the purposes of on-site monitoring. The Member States concerned shall provide all necessary information for the preparation and the conduct of the surveillance mission.;
Amendment 260 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
(9a) Article 11 is replaced by the following: "Article 11 "Whenever the Council decides under Article 126(11) TFEU to impose sanctions on a participating Member State, a fine shall, as a rule, be required. The Council may decide to supplement such a fine by the other measures provided for in Article 126(11) TFEU. A strong track record of commitments and implementation rate of reforms and investments approved under the Recovery and Resilience Plan of the Member State, as well on its Partnership Agreement for the Cohesion Funds, should be taken into account for the Commission to halt its proposal to the Council to suspend all or part of the commitments or payments of these two instruments as stated in Article 10(1) of the RRF regulation and Article 19(7), respectively. "
Amendment 264 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Council Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall amount to up to 0,051% of GDP for a 6- month period and be paid every 6 months until the Council assesses that the Member State concerned has taken effective action in response to the notice issued under Article 126(9) TFEU.
Amendment 269 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Council Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The cumulated amount of the fines referred to in paragraphs 1 and 2 shall not exceed 0,52 % of GDP.;