22 Amendments of Csaba MOLNÁR related to 2020/2037(INI)
Amendment 13 #
Motion for a resolution
Recital A
Recital A
A. whereas in its 20 years of existence, the euro has become a symbol of Europe’s economic strength and of its position in the world, becoming a channel of proliferating European values of democracy, free markets and international cooperation;
Amendment 20 #
Motion for a resolution
Recital B
Recital B
B. whereas despite the euro area’s economic size and influence in global trade, the use of the euro lags behind the US dollar by a wide margin, yet it is still ahead of all other competing currencies, remaining, at the same time, unchallenged as the second most important currency in the international monetary system;
Amendment 22 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the euro's global potential has not been fully reached, and its benefits are shared unevenly among the Eurozone members;
Amendment 30 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas a stronger role of the euro, and its increased use as a reserve currency, would increase the ability of the EU to frame its policy stance vis-a-vis other countries and regions;
Amendment 31 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas a greater role for the euro would provide a higher degree of financial autonomy to the euro area, protecting it from the use of other currencies as foreign policy tools by other national administrations;
Amendment 38 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the stability of a currency is also determined by the stability of the institutions behind it, more European integration is necessary to give additional institutional and political stability behind the euro;
Amendment 40 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas in the long run the attractiveness of a given currency is also determined by the vitality of its economy;
Amendment 48 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the Covid-19 crisis has provided renewed focus on the argument of the greater international role of the euro;
Amendment 52 #
Motion for a resolution
Recital H
Recital H
H. whereas post-pandemic economic recovery requires the fast implementation of the EU recovery plan, which will address structural weaknesses and put in place policies to enhance growth and competitiveness; whereas such policies are paramount both to enhancing the attractiveness of the euro globally and to strengthening Europe’s economic and financial autonomy; whereas the recently- proposed recovery fund is an excellent example of what is needed as a European fiscal response to build confidence among investors; whereas a meaningful fiscal stimulus, in conjunction with a monetary one – including a joint European effort –, will have a positive effect on the international position of the euro; whereas the premature withdrawal of fiscal stimulus and the lack of coordination of fiscal action can undermine the attractiveness of the euro as an international currency;
Amendment 57 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the bond issuance that goes together with the recovery fund will allow global investors to get exposure to the euro area as a whole also establishing a genuine euro-area yield curve;
Amendment 59 #
Motion for a resolution
Recital H b (new)
Recital H b (new)
Hb. whereas the ECB’s pandemic emergency purchase programme is a decisive element to maintain price stability and ensure stable sources of funding for the euro area economy;
Amendment 71 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the USA enjoys the benefits of issuing large amounts of debt securities that are considered on markets around the world as risk free;
Amendment 73 #
Motion for a resolution
Recital J b (new)
Recital J b (new)
Jb. whereas the USA can benefit from the so-called dollar’s “exorbitant privilege” and benefit from seigniorage and the ability to sell government securities at low interest rates to fund a large increase in spending;
Amendment 74 #
Motion for a resolution
Recital J c (new)
Recital J c (new)
Jc. whereas American companies have enjoyed the stability that comes from being able to conduct international transactions in their own currency;
Amendment 80 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas the right mix of fiscal and monetary policy is needed to build a deeper and better more stable EMU, necessary to increase the euro’s influence and the benefits that accrue to euro area members;
Amendment 102 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reiterates, in this context, the need to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU), with a view to enhancing - by strengthening the governance and the fiscal capacity for eurozone to be able to provide a counter-cyclical stabilization function -, the Banking Union - by focusing on an introduction of a common deposits insurance scheme - and the Capital Markets Union (CMU) - in order to ensure deeper cross-border capital flows including strengthening of cooperation on taxation on financial products and convergence of company law and insolvency regimes - with a view to enhancing the EU's political and institutional framework and therefore the international competitiveness of European markets and the attractiveness of the euro;
Amendment 110 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Underlines that the international role of the euro would also benefit from the untapping of the potential of one of the greatest added values of the EU - its single market; calls in this respect for the completion of the single market, which encompasses all EU countries, also the ones not belonging to the euro area;
Amendment 133 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the need for sustainable and sound fiscal and structural growth- enhancing policies that are based on a commitment to credible fiscal rules; calls for further reflection on the adequacy of the stability and growth pact framework despite the challenging circumstances; supports the plan outlined in Next Generation EU to use, in addition to monetary policy, a fiscal impulse, notably borrowing EUR 750 billion from capital markets bonds to finance the recovery and green transition, in addition to the issuance of EUR 100 billion in ‘social’ bonds under the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), which is intended to preserve employment; Emphasizes in this respect that a crucial factor in the use of Next Generation EU is, alongside the investment in a greener economy, is to intensify policy to restructure the EU economies toward medium and high-level technologies; applauds the high level of interest that investors have demonstrated in European bonds;
Amendment 142 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Highlights, in this respect, that a higher amount of EU's own resources through various taxes is a step in the right direction in becoming a true fiscal entity, and therefore, strengthening the role of the euro;
Amendment 156 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Underlines that as large and permanent current account surpluses create instability for a prominent international role of a currency, the Euro area growth model should be rebalanced and the export-led tendency shall be offset by measures that stimulate the internal demand, to a level compatible with potential supply;
Amendment 183 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Emphasises that the euro is not only an economic project but also a political one; stresses the irreversible nature of the single currency; draws attention to the requirement for every Member State, with the exception of Denmark, to adopt the single currency once they have met the Maastricht convergence criteria;
Amendment 225 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note ofWelcomes the ECB report on the digital euro, and of the value a digital currency can add in strengthening the international role of the euro; supports the ECB’s efforts in ensuring a high level of cyber resilience;