28 Amendments of Luděk NIEDERMAYER related to 2017/2124(INI)
Amendment 19 #
Motion for a resolution
Recital A
Recital A
A. whereas at its meeting of 9 and 10 March 2016, the ECB Governing Council adopted further measures to boost monetary stimulus, including throughsupport the economy through monetary policy by 1) a reduction in its key interest rates and a lower deposit facility rate of -0.4 %; 2) an increase in monthly purchases under the asset purchase programme (APP) to EUR 80 billion; 3) the inclusion of a new corporate sector purchase programme (CSPP) in the APP for purchasing investment-grade euro-denominated bonds issued by non-bank corporations established in the euro area; and 4) a new series of targeted longer-term refinancing operations (TLTRO) with a maturity of four years;
Amendment 31 #
Motion for a resolution
Recital D
Recital D
D. whereas the ECB has missed its 2 %price stability defined by the annual inflation rate target in each of the four years since 2013 and forecasts that it will notof below, but close to 2 % over the medium term is the ECB’s primary objective; whereas inflation rate in the euro area has been significantly below but converging towards that target and is foreseen to reach thise target before 2020;
Amendment 42 #
Motion for a resolution
Recital E
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015;
Amendment 47 #
Motion for a resolution
Recital F
Recital F
F. whereas interest income under the APP isportfolio and the US dollar portfolio are the main contributors to this net profit;
Amendment 67 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federalindependent nature of the ECB as laid down in the Treaty, which rules out national vetoes, enabling it to act decisively in addressing the crisis;
Amendment 103 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %in August 2016, rising to 1.2 % in August 2017, despite ECB's monetary policy measures;
Amendment 110 #
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 134 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB’s President that in order to reach the inflation target, supportiveound fiscal policies and socially balanced productivity-enhancing reforms are requiredstructural reforms can lead to stimulation of the euro area economy;
Amendment 152 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that additional policy measures should be considered in orderCalls on the ECB to examine and analyse possible additional policy measures with the objective to move closer and more rapidly towards the inflation objective, including, anmong other measures, increase in monthly purchases, and the inclusion of equity purchases in the APP and the extension of the TLTRO programme to households through zero-coupon perpetual loan; emphasizes that price stability in the Eurozone is the primary objective of the ECB and the ECB must stay vigilant to that objective shall it decide to implement additional measures;
Amendment 166 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 182 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that, without prejudice to the primary objective of price stability, in accordance with Article 32 of its Statute, the ECB mustshall support ‘the general economic policies of thein the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growth and price stability’;
Amendment 184 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that, in accordance with Article 32 of its Statute, the ECB mustshall support ‘the general economic policies of the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growth’';
Amendment 189 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that GDP growth in the Eurozone has been modest, yet favorable compared to previous years, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at least 2019;
Amendment 223 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that according to the ECB, economic recovery in the Eurozone has relied onbenefitted among others from the fall in oil prices and the ECB’s monetary policy, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far;
Amendment 232 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that monetary policy alone is not sufficient to achieve a fast and sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in the Eurozone as proposed by the Commissionnd within the framework of the Stability and Growth Pact; stresses that sound fiscal policies and structural reforms on the national level are most important factors for speeding up sustainable growth;
Amendment 257 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that while unemployment hais decreaseding, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate how this phenomenon is slowing the recovery and explore ways to stimulate demand in spite of wage stagnation; emphasizes the importance of productivity-enhancing reforms with focus on skills that facilitate further job creation met with appropriate supply of adequately skilled workers;
Amendment 279 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses that excessive current account surpluses in some Member States must be corrected first through appropriate fiscstructural policies followed by changes in fiscal policy;
Amendment 294 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 313 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. StressWelcomes that since 2015, rates for very small loans have continued to decline at a faster pace than those for large loans, contributing to a further narrowing of the spread between very small and large loans; notes, moreover, that the spread between rates for small loans and large loans is now similar across countries in the euro area;
Amendment 319 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Agrees with the ECB that a bank’s profitability depends on its business modelstructure and balance sheet, low interest rates notwithstanding;
Amendment 332 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Acknowledges that the current policy of low interest rates has a positive effect on the level of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLs in order to alleviate the burden of NPLs in some Member Stateswelcomes the approved action plan of the ECOFIN Council of 11 July 2017, which plans to address the problem of NPLs in the banking sector;
Amendment 352 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 386 #
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 439 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Welcomes theTakes note of the decision of 23 June 2017 of the Governing Council of the ECB to recommend an amendment tof Article 22 of the ECB Statute to provide a legal basis for the Eurosystem to carry out its role as central bank of issue in the proposed reform of the supervisory architecture for central counterparties (CCPs);
Amendment 445 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Agrees with the ECB on the importance of physical moneyeuro as the only legal tender, and reminds all Eurozone countries that euro coins and banknotes must not be rejected in transactions, unless this is part of systematic and planed move towards cash-less economy;
Amendment 468 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Urges the ECB to support Greece, for example through ensuring theStress that eligibility of Greek companies for the CSPP and the inclusion of Greek sovereign bonds in the APP must be based on general rules concerning credit risk management of ECB;
Amendment 497 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Believes that part of ECB profits from seigniorage revenue shouldcan be considered an EU budgetary resource in future, since they areit is directly linked to a fully developed, sui generis European policy; stresses, however, that predictability of such source is low and that profit making is not ECB’s primary objective;
Amendment 543 #
Motion for a resolution
Paragraph 38
Paragraph 38
38. Asks the ECB to make it a rule to publish its decisions, recommendations and opinions, thereby drastically reducing the number of exemptions from disclosure;