43 Amendments of Csaba MOLNÁR related to 2022/2037(INI)
Amendment 7 #
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
— having regard to the IMF´s 2022 World Economic Outlook,
Amendment 17 #
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
— having regard the European Parliament resolution of 19 May 2022 on the social and economic consequences for the EU of the Russian war in Ukraine – reinforcing the EU’s capacity to act (2022/2653(RSP)),
Amendment 18 #
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
— having regard the European Pillar of Social Rights,
Amendment 29 #
Motion for a resolution
Recital C
Recital C
C. whereas according to the ECB projections of September 2022, headline inflation is expected to fall from 8.1 % in 2022, 5,5% in 2023 to 2.3 % in 2024;
Amendment 47 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Amendment 56 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Is deeply concerned by the unprovoked Russian invasion of Ukraine and by its repercussions for the European economyserious, long-lasting and unpredictable repercussions for the European economy and society, especially for the most exposed and vulnerable groups, such as lower-income households and SMEs;
Amendment 59 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Understands the current challenges, uncertainty and complex environment to drive the monetary policy. Notes that ECB has limited tools or influence to address an high inflation trend that is mainly supply driven. Welcomes the assurance by the ECB and its members to be ready to take the actions needed to safeguard financial stability;
Amendment 61 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Calls for ECB to make full use of the current policy tools at its disposal and consider all unconventional monetary policy instruments and flexibility within its mandate to ensure financial and macroeconomic stability and provide enough liquidity to serve the real economy and financial system;
Amendment 65 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate; Highlights that central bank independence should be accompanied by a corresponding level of accountability;
Amendment 69 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Republic of Croatia as the 20th member country of the euro area; Calls on ECB for an adequate reflection on how to apply the current euro accession criteria during extraordinary, disruptive and uncertain events, such as Ukraine conflict, in order to proceed with Economic and Monetary Union integration. Calls on the ECB to promote the benefits of adopting the euro as an incentive for other non-euro members to join or speed up their efforts for future accession;
Amendment 80 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that fiscal, budgetary and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, budgetary, monetary and structural policies, as addressing supply- side shocks requires greater supply-chain resilience and a shift away from fossil fuels;with the appropriate level of investment, and a shift away from fossil fuels; Notes that during COVID, all EU institutions and Member States worked together, swiftly, in a coordinated manner and within their mandates to tackle the social, economic and financial impacts of the crisis
Amendment 86 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary;
Amendment 95 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European level to respond to externalcapable of providing a counter-cyclical stabilisation function and timely and adequate support in the event of economic shocks;
Amendment 97 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Highlights that monetary and fiscal policies should work together to help households and businesses most affected by the pandemic and the Russian war of aggression against Ukraine;
Amendment 98 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Recalls on the lessons learned and success of new EU instruments such as SURE and the design and operating model of the Recovery and Resilience Facility (RRF), that are currently on EU´s toolbox. Underlines the role of SURE model for short term and targeted interventions and the RRF as a long-term investment capacity to support structural strategic investments in Europe;
Amendment 99 #
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Calls for support to develop and complete the unfinished infrastructure for the common currency, namely to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU). Given the uncertain impact of a deeper economic downturn with spillovers to the banking system, is concerned about the risks caused by the serious delay in completing the third pillar of the banking union and repeats its calls for its swift completion; welcomes the ECB’s long- standing support of the establishment of a fully-fledged European Deposit Insurance Scheme (EDIS);
Amendment 100 #
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5 d. Calls on the ECB to explore ways of strengthening the international role of the euro; notes that making the euro more attractive as a reserve currency will further enhance its international use; stresses that the creation of a well- designed European safe asset could facilitate financial integration and help mitigate the negative feedback loops between sovereigns and the domestic banking sectors; Underlines that strengthening the role of the euro requires the deepening and completion of the European economic and monetary union, including the creation of instruments of the nature of Next Generation EU, which enhance the EU budget;
Amendment 106 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Echoes President Lagarde’s call for a swift revision and simplification of the Stability and Growth Pact; Recalls that the upcoming revision of the economic governance framework has to provide the EU with stable, transparent, credible and flexible rules that could be implemented and respected by all Member States. Recalls that fiscal rules are essential for the proper functioning of the EU and should be respected. Recalls that rules should be applied in an intelligent way and within a flexible framework that adapts quickly to changes with the proper democratic accountability. The new framework should promote growth and ensure a better balance between sustainability and stabilisation. Notes that the new Transmission Protection Instrument (TPI) is now linked with the EU fiscal rules and its activation requires sustainable economic policies and compliance with the EU fiscal framework;
Amendment 113 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is alarmed that euro area inflation has continued to rise and has reached undesirably high levels; stresses that headline inflation rose to a record 9.1 % in August 2022; stresses that energy is by far the most significant driver of inflation (38.3 %), followed by food prices (10.6 %); Notes that ECB forecasts an headline inflation of 8% in 2022, 5,5% in 2023 and 2,8% in 2024, with risks on the upside due to disruptions in the supply of energy;
Amendment 128 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employment; Calls for a reflection of a more balanced and gradual adjustment of policy instead of a large and fast upfront tightening. Notes that latest economic and financial indicators point that EU economy is likely heading towards a worse than expected recession with the risk of a wide negative social impact with only moderate effect on the inflation rate. Calls for a more insight update and justification of the future policy rate decisions, given the current situation and high level of uncertainty;
Amendment 142 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; Notes that the IMF, in its 2022 World Economic Outlook, concluded that, on average, the risks of a wage spiral are limited, so far. Notes that IMF underlines that three main drivers are containing the risks: the shocks to inflation are coming from outside the labor market, falling real wages are helping to reduce price pressures, and central banks are aggressively tightening monetary policy;
Amendment 154 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon; Calls on the ECB to monitor attentively price developments and its consequences. Highlights the need to inform about where neutral interest rate is setting;
Amendment 165 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
Amendment 175 #
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notWelcomes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomes the launch of the Transmission Protection Instrument to ECB´s toolkit to support the effective transmission of monetary policy across the euro area and normalise the monetary policy; Notes that compliance with the EU fiscal framework is pre-requisite for TPI´s activation; Calls on ECB to take into account that the general escape clause is activated; Calls for a more clear TPI´s framework and rules of procedure when the general escape clause is activated;
Amendment 183 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow European banks to earn billions in extra profit; regrets the fact that the ECB has not yet addressed this issue and the risk of generating another “excess profit” case in EU with damaging social impact ; regrets the fact that the ECB has not yet addressed this issue and calls for concrete proposals to prevent excess profits in the banking system;
Amendment 188 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Calls on the lessons learned from the ongoing and previous crises to prepare for the upcoming assessment of monetary policy strategy in 2025. Calls for an earlier assessment, if possible, given the extraordinary impact of the current crisis on the future of monetary policy making and ECB mandate. Reflects on the commitment to symmetry, if price stability is best maintained by aiming for 2% inflation over the medium term and the challenges of monetary policy when disruptive supply side driven inflation is at stake;
Amendment 201 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the Treaty on the Functioning of the European Union requires the ECB to support the general economic policies of the Union; which include balanced and sustainable economic growth, highly competitive social market economy aiming at full employment and social progress and convergences and a high level of protection and improvement of the quality of the environment, underlines that sustainable development, convergence, full employment and social progress are general objectives of the Union as defined in Article 3 of the TFEU;
Amendment 211 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the ECB to coordinate with the European Parliament to specify theand how to implement the ECB´s secondary objectives; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expected to deliver on the basis of its secondary objectives; calls on the ECB to elaborate in its Annual Report the impact its monetary policy may have had on the general economic policies of the Union;
Amendment 221 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Highlights that investments needed to enhance EU´s autonomy in strategic sectors should be supported by the monetary policy and are key to protect EU from external shocks and reduce the risks for price stability from supply-side shocks;
Amendment 222 #
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16 b. Recalls for the important role of ECB in supporting the implementation of the European Pillar of Social Rights;
Amendment 227 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment and for the implementation of the twin transitions (digital and climate);
Amendment 239 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations are not disproportionately borne by lower income strata; invites the ECB to assess the effects of its monetary policy decisions on employmentCalls for an assessment on the impact of the monetary policy decisions on these most vulnerable groups; invites the ECB to assess the effects of its monetary policy decisions on employment; Notes that the ECB strategy review showed that adverse events lower the consumption of poorer households more than that of richer ones, that takes longer for the employment prospects of poorer households to recover following such events and that keeping monetary policy expansionary for longer can help poorer households’ income to rise to higher levels in a more sustained manner and thereby avoid hysteresis;
Amendment 251 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Highlights the ECB role to finance the climate transition and green agendas. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stability;
Amendment 259 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Welcomes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework; Welcomes the launch of the scoreboard for green bonds;
Amendment 274 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Calls on the ECB to make maximum use of the forthcoming European Green Bond Standard by prioritizing the purchasing of such green bonds;
Amendment 281 #
24. Regrets that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheapfavourable liquidity conditions to financial institutions investing in browncarbon intensive activities works against the fight against inflation and is not consistent with the objectives of the Paris Agreement;
Amendment 290 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Is concerned about the implications of higher interest rates for greenstrategic and sustainable investments; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investmentthat contribute most to reducing inflationary pressures, such as those in energy efficiency and renewables;
Amendment 301 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB’s economy wide climate risk stress test aimdeveloped ato assessing the climate risk preparedness of the European banking sectorresilience of banks and corporations for climate transition ; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress-testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriously;
Amendment 305 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Stresses the need to further enhance the ECB’s accountability and transparency arrangements; Recognises the steps taken by the ECB; Calls for the relaunch of negotiations on a formal Inter- Institutional agreement, whilst ensuring the ECB’s independence which goes hand in hand with its accountability;
Amendment 324 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; Calls on the ECB to effectively address the expectations and concerns on a digital euro which include concerns for privacy, security, usability, low cost and accessibility. Calls on the ECB to step up its monitoring of the development of crypto-currencies and the related risks in terms of cybersecurity, money laundering, terrorism financing and other criminal activities related with the anonymity provided by crypto-assets;
Amendment 333 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Calls for Enhancement of the ECB’s internal whistleblowing framework;
Amendment 337 #
Motion for a resolution
Paragraph 31 b (new)
Paragraph 31 b (new)
31 b. Calls for ECB to create an internal evaluation office for ex post assessment of its policy decisions;
Amendment 339 #
Motion for a resolution
Paragraph 31 c (new)
Paragraph 31 c (new)
31 c. Welcomes the new communications policy, with more accessible ways to explains and presents ECB policy decision to general public and stakeholders. Given the current negative impact of tightening of the monetary policy on household budgets and companies investment plans, suggests reinforcement of ECB´s communication on financial advices on how families and business could better manage and prepare for an higher interest rates environment;