90 Amendments of Luděk NIEDERMAYER related to 2020/2075(INI)
Amendment 1 #
Motion for a resolution
Citation 2
Citation 2
— having regard to Article 2 of the Treaty on European Union, signed in Maastricht on 7 February 1992, establishing in Article 2 that ‘The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in Articles 3 and 3a, to promote throughout the Community a harmonious and balanced development of economic activities, sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States’,
Amendment 2 #
Motion for a resolution
Citation 2
Citation 2
— having regard to the Treaty on European Union, signed in Maastricht on 7 February 1992, establishing in Article 2 that ‘The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in Articles 3 and 3a, to promote throughout the Community a harmonious and balanced development of economic activities, sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States’,
Amendment 3 #
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
— having regard to Regulation (EU) No 1177/2011 amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure1a, _________________ 1a OJ L 306, 23.11.2011, p. 33–40
Amendment 4 #
Motion for a resolution
Citation 10 b (new)
Citation 10 b (new)
— having regard to Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area1a, _________________ 1a OJ L 140, 27.5.2013, p. 11–23
Amendment 5 #
Motion for a resolution
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Amendment 6 #
Motion for a resolution
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Amendment 7 #
Motion for a resolution
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Amendment 8 #
Motion for a resolution
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Amendment 9 #
Motion for a resolution
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Amendment 10 #
Motion for a resolution
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Amendment 11 #
Motion for a resolution
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Amendment 12 #
Motion for a resolution
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Amendment 14 #
Motion for a resolution
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Amendment 15 #
Motion for a resolution
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Amendment 17 #
Motion for a resolution
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Amendment 18 #
Motion for a resolution
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Amendment 19 #
Motion for a resolution
Citation 37 a (new)
Citation 37 a (new)
— having regard to the European Auditor's Special Report 03/2018 Audit of the Macroeconomic Imbalance Procedure (MIP),
Amendment 20 #
Motion for a resolution
Citation 37 b (new)
Citation 37 b (new)
— having regard to the European Court of Auditor's Special Report 16/2020: The European Semester – Country Specific Recommendations address important issues but need better implementation,
Amendment 38 #
Motion for a resolution
Subheading 1
Subheading 1
Towards a sustainable andpublic finances following inclusive recovery
Amendment 39 #
Motion for a resolution
Subheading 2
Subheading 2
Amendment 48 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes note of the proposed conditions for deactivating the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon the health, social and economic situation across Member States in order to ensure that fiscal support is provided for as long as neededthe Union;
Amendment 49 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and t; Takes note of the proposed condisiderations for deactivating the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon the health, social and economic snotes that an overall assessment of the state of the economy based on quantituation across Member States in order to ensure that fiscal support is provided for as long as neededve criteria should be taken into account;
Amendment 59 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls for a quick and effective use of resources from NGEU fully respecting agreed criteria, which will play an important role in support of economic recovery across the EU;
Amendment 67 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reformviewed fiscal framework, preferably prior to the deactivation of the GEC;
Amendment 73 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission to put forwardrovide guidelines for a transition period until the new fiscal framework is in place, during which time no excessive deficit procMember States during the period of activation of GEC in order to redurce should be activated and with the possibility to use the ‘unusual event clause’ on a country-specific basis torisk of endangering the fiscal sustainability in the medium term prevsent premature fiscal consolidationed;
Amendment 78 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, and therefore calls for the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; sStresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending;
Amendment 81 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, and therefore calls for the Vade Mecum and the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending;
Amendment 87 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted ton active, growth supportive fiscal policy and its orientation towards supporting the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability. Agrees with the Commission’s recommendation that fiscal policy should remain agile and adjust to the evolving situation as warranted;
Amendment 104 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Member States to embed the high-quality fiscal support in credibleprepare robust plans for medium- term frameworks, bearing in mind that emergency measures are temporary, limited and targeted; calls on the Member States to monitor fiscal risks, namelyiscal policy, which will assure both anti- cyclical role of fiscal policy not endanger fiscal sustainability in the medium term, but also in “good times” creating sufficient buffers for “bad times”. Attention has to be paid also to contingent liabilities, as appropriate, and local and national;
Amendment 114 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the policy response of governmentimmediate and coordinated economic policy response of the Union institutions and Member States aimed at avoidreducing a sharp increase in corporate insolvencies and unemployment; warns that an abrupt and uncoordinatedpremature withdrawal of support measures could lead to financial distresshold back the recovery and exacerbate uncertainty in the EU;
Amendment 123 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Acknowledges that the general escape clause does not suspend the procedures of the Stability and Growth Pact, neither EU fiscal rules; underlines that all Member States are obliged to comply with the SGP (including of the unusual event provision of the Pact)1a ; Reminds that the general escape clause allows Member States temporarily to depart from the adjustment path towards the medium-term budgetary objective, provided that this does not endanger fiscal sustainability in the medium term, is of the opinion that replenishing fiscal buffers over time will be important to be prepared for future crises; _________________ 1aArticles 5(1) and 9(1) of Regulation (EC) 1466/97 state that “in periods of severe economic downturn for the euro area or the Union as a whole, Member States may be allowed temporarily to depart from the adjustment path towards the medium-term budgetary objective, provided that this does not endanger fiscal sustainability in the medium term”.
Amendment 124 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes the temporary activation of the general escape clause under the Stability and Growth Pact, and expects it is activated only as long, as conditions for activation are fulfilled, especially not to remain activated any longer than is necessary in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their competitiveness and economic and social resilience;
Amendment 125 #
Motion for a resolution
Subheading 2 a (new)
Subheading 2 a (new)
Role of the General Escape Clause
Amendment 126 #
Motion for a resolution
Subheading 2 b (new)
Subheading 2 b (new)
Achievement of the fiscal rules and improvements in fiscal sustainability
Amendment 127 #
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Notes that the EFB evaluation suggests that on average the sustainability of public finances has improved since the six and two-pack reforms and against the backdrop of a protracted period of economic growth; it is a notable achievement that without exception EU national governments have by the time of the issuance of the report complied with the excessive deficit procedure (EDP), that (headline) deficits have been reduced sharply from over 6% to below 1% of GDP on average since their peak of 2010, and that public debt ratios have on average edged downwards since 2014;
Amendment 128 #
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Notes that debt sustainability monitor published by the Commission shortly before the pandemic erupted states “The aggregate government debt to GDP ratio of the EU (EA) has been on a declining path since 2014, when it reached a peak of 88.7% of GDP (95.1%). In 2019, this ratio fell to 80.6% of GDP (86.4%)”;
Amendment 129 #
Motion for a resolution
Paragraph 7 e (new)
Paragraph 7 e (new)
7e. Notes that since the unprecedented economic recession in 2020 and the measures taken in response to the pandemic are set to push the EU debt-to- GDP ratio up to a new peak of around 93.9 % (101.7 % in the euro area) in 2020, with a further increase to around 94.6 % (102.3 % in the euro area) in 2021;
Amendment 130 #
Motion for a resolution
Subheading 3
Subheading 3
A revamped EU fiscaliew of the macroeconomic legislative framework
Amendment 131 #
Motion for a resolution
Subheading 4
Subheading 4
Amendment 132 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscala proper and responsible use of fiscal and monetary policies to deliver the required support post-COVID-19 economy and a its readiness to respond to the symmetric crises; stresses that monetary policy should not be overboarded as its primary goal is price stability; considers that the low interest rate environment has implications forreduces pressure on fiscal policy; warns against a premature tightenireliance on extremely low levels of interest rates, as in the future the conditions could change; demands that implications of the low interest rates as well as possible change of monetary and fiscal policinterest rates environment must be properly factored in the analysis of the medium term sustainability of the sovereign debt; stresses, that high and growing stock of debt can lead to increase of risk premium for Member state and such a development can put additional pressure on fiscal policy as well as economy;
Amendment 149 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that there are structural factors are likely to keepthat could keep interest rates low in the longmedium term; considers that macroeconomic policies should address the factors underlying the risk of secular stagnation; by means of implementation of deep, growth and productivity enhancing, balanced and socially just structural reforms; but stresses the need to be ready for less positive scenarios; reminds that secular stagnation is typically characterised by shrinking work force, low demand, excess savings and low investments;
Amendment 151 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 152 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 163 #
Motion for a resolution
Subheading 5
Subheading 5
A broadercomprehensive sovereign debt sustainability analysis (SDSA)
Amendment 166 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that public debt levels have increased and that some Member States already have a sizeable debt legacy; notes with concern that the average debt- to-GDP ratio of EU Member States will surpass 100% in 2021; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower today; points out that this environment will not necessarily last going forward and that the interest rate environment can change fast, while reducing debt levels may take a considerable period of time;
Amendment 167 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that sovereign debt levels have increasedconsiderably increased reaching nearly 102% of the euro area aggregated debt-to-GDP ratio, with further foreseen increase over 2021 and2022, and that some Member States already have accumulated over long period a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower; stresses that downside risks associated to the economic growth and sensitivity of the modern economies to the multilateralism has to be taken into account;
Amendment 177 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Is aware that very high budget deficits in 2020, 2021 and nominal GDP loss will be mirrored in the debt-to-GDP ratios;
Amendment 178 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary deficits are likely to be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; the current status of the low interest rates reducing sovereign debt servicing costs can change relatively fast, while sustainable reduction of the sovereign debt stockpile takes considerably longer time; notes that the benefit of the very low if not negative interest rate environment is an opportunity for substantial reduction of debt to GDP ratio and such opportunity should not be missed;
Amendment 182 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expectedlikely to remain low for the foreseeablenear future and primary deficits are likely tomay be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; points out though that some Member States have had structural problems to achieve sufficiently high growth rates in the past;
Amendment 192 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls, besides structural reforms the importance of growth- enhancing policies and including private and public investment aimed at increasing growth potential and achieving the EU’s objectives, competitiveness, productivity, boosting Single Market and achieving the EU’s strategic goals; Repeats that all public expenditures must take place within fiscal framework, assuring debt and fiscal sustainability;
Amendment 210 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuing a broad and transparent DSA, transparent and thorough debt sustainability assessment in order to set an appropriate country-specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamics;
Amendment 211 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuing aCalls on the Commission to pursue a comprehensive broad and transparent SDSA in order to setcontinue setting an appropriate country-specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamicsand clear and transparent adjustment path;
Amendment 213 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Points out that the metrics at the heart of the economic governance framework must be easily observable and controllable by political decision makers in order to increase transparency and comprehensibility for both policy makers and the public; notes that concepts such as an output gap analysis do not satisfy those criteria;
Amendment 214 #
Motion for a resolution
Subheading 6
Subheading 6
Amendment 217 #
15. Calls on the Commission to relaunch the public debate on the reformview of the EU economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adaptedif appropriate; invites during the review process of the EU economic governance to consider simplification and improvement of Commission’s autonomy in enforcement of the rules;
Amendment 223 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls onInvites the Commission to relaunch the debate on the reformview of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
Amendment 234 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reformon the Commission during the review of the EU economic governance to look how to promote further fiscal sustainability and counter- cyclical of the rules; cCalls for well- defined, transparent, simple, flexibleclear, and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upwardframework that reflects the changes in economices and social convergencefinancial markets;
Amendment 245 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote debt sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence;
Amendment 253 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Suggests focuNotes the EFB proposal to “envisage a sing thle fiscal targets on the achievement of a single credible debt anchor aimed at reducing high debt ratios in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States; anchor – a debt ratio objective and a declining path towards it – a single indicator of fiscal performance – a ceiling on the growth rate of net primary expenditures for countries with debt in excess of 60% of GDP – and a general escape clause, parsimoniously applied and triggered on the basis of an advice based on an independent economic analysis, provided both by the IFI of the country concerned and a more autonomous Commission staff.”; welcomes that the Maastricht Treaty with this regard establishes a reference value for the public debt of EU Member States at 60% of GDP, and high- debt Member States must ensure that their debt-to-GDP ratio is ‘sufficiently diminishing’ and approaching the reference value ‘at a satisfactory pace’; stresses, that EDP procedure should be always initiated in line with Treaty and Regulations, if there is a clear risk of endangering of fiscal sustainability;
Amendment 260 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Reminds that reference values of up to 3 % of planned or actual government deficit and 60 % of debt to GDP are defined by the Treaty on the Functioning of the European Union;
Amendment 264 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Proposes anConsiders, that the EFB expenditure rule with a ceiling20 on nominal public expenditure when a country’s public debt exceeds a certain threshold; _________________ 20 can provide more transparent and more stable fiscal rule within EU. A ceiling fixed for 3-5 years that would depend on the expected potential output growth, expected inflation and the distance from the debt anchor.;
Amendment 268 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the country-specific path outcomewith clear Member States ownership will strengthen credibility and fiscal sustainability of Member States should be the result from a transparent analysis and a discussion between each Member States and the European Commission, after a consultation with the EFB in the context of the European Semester; considerrecalls that the expenditure rule should also include a correction mechanism to remove cyclical items;declining path towards the reference value is sustainable if the debt ratio objective decreases over the previous three years at an average rate of one twentieth per year as a benchmark, as stated in the Council Regulation on speeding up and clarifying the implementation of the excessive deficit procedure1a; _________________ 1a Regulation (EU) 1177/2011.
Amendment 274 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the country-specific path outcome should result from a discussion between each Member State and the Commission, after a consultation with the EFB in the context of the European Semester; considers that the expenditure rule should also include a correction mechanism to remove cyclical items;
Amendment 278 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that expenditure rules allow for automatic stabilisers to operate and are under the direct control of the government; argues that while potential output growth is unobservable and has to be estimated, it is less likely to be subject to revisions than the output gap; stresses that in post crisis period uncertainty around output gap will be even higher than in the past; notes that according to the EFB “the net primary expenditure ceiling has a built-in automatic stabilising property: when actual output grows more slowly than at the trend rate of potential output, net primary expenditure growth will exceed the latter, while a rising expenditure to GDP ratio will help to stabilise the economy; vice versa, when actual GDP grows faster than trend, net expenditures will shrink as a share of GDP.”;
Amendment 287 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Proposes, to consider in line with the EFB, ‘ onea general escape clause, triggered based on independent economic judgement’o be parsimoniously applied following a demarcation of the underlying independent economic analysis, the policy recommendation by the Commission and the ultimate decision by the Council;
Amendment 299 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Shares theNotes EFB’s opinion that sustainableome specific growth-enhancing public investments shexpenditure would be exemptcluded from the expenditure rule, in particular those investments that arnet primary expenditure growth ceiling; and that the EFB proposes that Member States could voluntarily top-up expenditures on projects, already identified by the EU budget, beyond their co-financing commitments - these could then be deducted from the caligned with the EU’s long-term objectives of the NGEUculation of the net primary expenditures; insists that clear and enforced fiscal rules must represent the framework for fiscal policy and an exclusion or deviation, unless taking place in a clearly defined situation within framework;
Amendment 317 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that governments’ revenues are essential to guaranteean important part of the sustainability of public finances and their stability can help to credible strategy of reduction of the sovereign debt; calls on the Member States to take action towhich would further tackle tax fraud, tax avoidance, and tax evasion, as well as money laundering; stresses the need to assure responsible expenditures policy to avoid pressure to increase taxes, as this could, especially in case of labour tax, represent a negative factor for economic growth;
Amendment 327 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Agrees with the opinion of the EFB and others21 that a deepening of the Economic and Monetary Union (EMU) would be helped by a central fiscal capacity, which could help cushion idiosyncratic shocks, whether commNotes EFB “has been a strong advocate of introducing a common fiscal capacity at the European level, while one or country-specific, in a timely manner; _________________ 21 International Monetary Fund and the European Central Bank.f the eligibility criteria to access funds could be compliance with the EU fiscal rules”;
Amendment 339 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a step towards a permanent EU safe asset; stresses the importance of a transparent plan of repayment of the debt NGEU & SURE bonds; _________________ 22 NGEU & SURE bonds.
Amendment 342 #
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a step towards a permanent EU safe asset; _________________ 22 NGEU & SURE bonds.
Amendment 347 #
Motion for a resolution
Subheading 7
Subheading 7
Amendment 349 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses; acroeconomic Imbalance Procedure (MIP) detecting macroeconomic imbalances and taking preventive and corrective actions, with the Commission proposing transparently to the Council to activate an “excessive imbalance procedure” (EIP); agrees with the findings of the European Court of Auditors , that although the MIP is generally well designed, the Commission is not implementing it in such a way as to ensure the effective prevention and correction of imbalances1a; further notes the classification of Member States with imbalances lacks transparency, and there is lack of public awareness of the procedure and its implications2b; _________________ 1aSpecial report no 03/2018: Audit of the Macroeconomic Imbalance Procedure (MIP), European Court of Auditors. 2bSpecial report no 03/2018: Audit of the Macroeconomic Imbalance Procedure (MIP), European Court of Auditors.
Amendment 357 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknessespoor enforcement;
Amendment 363 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
Amendment 364 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for the MIP to be reformed to make its indicatorsa more effective use of the Alert Mechanism Report (AMR), while welcomes the detailed and recommendations more forward-looking and symmetrical wiprehensive analysis underpinning the regard to over- and undershooting target values, and to focus on indicators underport; insists that existing macroeconomic imbalance procedure scoreboard, must be focused; data based and transparent; recalls that the countrol of policymakers and geared towards reducing intra-euro area imbalances;y- specific recommendations are forward looking guidance addressed to Member States; but considers that greater compliance with pared-back recommendations must be achieved and MIP-relevant country-specific recommendations should focus on policy actions that can have a direct impact on imbalances;
Amendment 376 #
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 382 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and effectively enforce the rules and to safeguard and enhance strong political ownership and legitimacy;
Amendment 383 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacy;
Amendment 393 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. CRecalls for a renewedthat the European Semester as the main economic and social policy coordination framework supporting the EU’s long-stcycle is a well-established framework for EU Member States to coordinate their budgetary and economic policies across the European Union; calls for a proper involvement of the Europeand ing goals of sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidance the process of the European Semester; Highlights the importance of the full debate defining the overarching goals and guidance; stresses the importance for respect of fiscal rules and the framework by Member States in order to enhance credibility and support sustainability; invites the Commission to keep both the European Parliament and the Council, as co-legislators, equally well informed on all aspects relating to the application of the EU economic governance framework, including on the preparatory stages;
Amendment 400 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of fiscal sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidancethe European Semester to focus on fiscal discipline, competitiveness and structural reforms;
Amendment 407 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
Amendment 410 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. CRecalls for the EU’s macroeconomic dialogue to bethat in line with the legislation, the competent committee of the European Parliament may invigorated through dialogue at euro-area and national level with repe President of the Council, the Commission and, where appropriate, the Presidentatives of government, employer federations and trade unions and to envisage at both levels exchanges with the central banks of the European Council or the President of the Eurogroup to appear before the committee concerned;
Amendment 414 #
Motion for a resolution
Paragraph 32
Paragraph 32
Amendment 416 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Calls for more involvement of national productivity councilsSuggests to consider better involvement of Independent Fiscal Institutions (IFIs), where appropriate in the MIP process;
Amendment 421 #
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 432 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Recalls its position23 that an ‘additional budgetary capacity for the euro area’ should be included in the fiscal capacity; preventing permanent transfers, moral hazard and unsustainable public risk sharing; _________________ 23European Parliament resolution of 16 February 2017 on budgetary capacity for the euro area, OJ C 252, 18.7.2018, p. 235.
Amendment 442 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 449 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls forNotes that the Eurogroup’s decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presid is informal intergovernmental forums of discussion; calls for the Eurogroup’s decision-making process to be more transparents;
Amendment 451 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presidents;
Amendment 459 #
Motion for a resolution
Paragraph 37
Paragraph 37
37. RecCalls its call for the ESM to be integrated into EU law under the Community method;for the integration of intergovernmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (the "Fiscal Compact") in the Union law.