18 Amendments of Alfred SANT related to 2015/2344(INI)
Amendment 76 #
Motion for a resolution
Recital F
Recital F
F. whereas, following real convergence in the run-up to the introduction of the common currency, the euro area witnessedas established and enlarged was still far from being an optimal monetary zone, with growing structural disparities between the original members themselves, and later with the inclusion of new members; and whereas subsequently the euro area witnessed continuing and growing structural divergence between 1999 and 2009, which made the euro area as a whole less resilient to shocks; whereas regulatory adjustments and structural reforms aimed at reducing risks and improving convergence have been introduced since 2009 at both European and national level, but some euro area Member States still require solidarity and sustainable reforms in their catching- up process;
Amendment 89 #
Motion for a resolution
Recital G
Recital G
G. whereas not enough progress has been achieved in addressing the flaws of EMU through legislation such as the Six- Pack and the Two-Pack regulations, to tackle the structural imbalances that were allowed to accumulate in the Monetary Union from inception until such imbalances were brutally exposed by the sovereign debt crisis in 2010; .as well as through the introduction of the European Semester and the creation of new instruments such as the ESM;
Amendment 170 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuation replacing them with measures of internal devaluation that cause social disruptions and injustices, leading to a loss of social cohesion and encouraging political extremism; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix;
Amendment 187 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery that were actually facilitated and encouraged by the very existence of the euro, and a rising public spending ratio in some Member States, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the mere existence of the euro area;
Amendment 199 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that beyond the inherent instabilities generated by the gaping structural divergences embedded in the euro area (such as the ‘north’-‘south’ divide), the crisis has also proved that a common monetary policy without a common fiscal policy cannot address asymmetric shocks to the euro area; reiterates that mere coordination of national fiscal policies without credible enforcement mechanisms has not prevented an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced the national capacity to absorb economic shocks;
Amendment 258 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Makes it clear that rapid action is needed to ensure the sustainability of the euro; stresses that this requires strong joint efforts on the part of the EU and its Member States to complete the EMU, act meaningfully to reduce structural divergences between and within economies of the euro area, and to restore the trust of citizens and markets;
Amendment 274 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that in order to regain trust, the euro must deliver on its promise of stability, convergence, growth and jobs; regards a fiscal capacity as aone vital element in this enterprise, which can be successful only if solidarity is closely linked to responsibility, meaning that financial support is provided on the basis of clear criteria and if linked directly to meaningful action to reduce structural divergences;
Amendment 293 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes the view that incentives for sound fiscal policymaking and for addressing structural weaknesses at national level, taking into account the aggregate euro area fiscal stance and ensuring, that all Eurozone countries contribute to macroeconomic adjustment towards real convergence, including those who have greater fiscal space to be used to the benefit of the monetary union as a whole, are core elements for the functioning of the euro area; considers that beyond a proper use of the MIP between deficit and surplus countries, a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shocks;
Amendment 366 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Argues in consequence that three pillars of a fiscal capacity should be distinguished, wherein action should be undertaken in the framework of a common toolbox to address the different functions, i.e. incentivising convergence and sustainable structural reforms, absorbing asymmetric shocks, and absorbing symmetric shocks; understands that all this needs to depart from a prior recognition of the political, economic, and social realities concretely characterizing each member state and then to be designed in terms of these realities, in the respect of the values of subsidiarity, transparency and accountability; takes note of the various proposals regarding designs put forward on this matter by politicians and academia;
Amendment 413 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls for the ESM, whilst fulfilling its ongoing tasks, to be further developed and turned into a European Monetary Fund (EMF) with adequate lending and borrowing capacities and a clearly defined mandate, including its contribution to a euro area fiscal capacity; stresses that an EMF should be managed by the Commission and held democratically accountable by the European Parliament as well as national Parliaments; emphasises that national parliaments would be fully involved in the process, given that their constitutional prerogatives regarding financial resources could be affected;
Amendment 435 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Points out, further, that there is the need to identify how the Community law could increase the fiscal capacity by creating funds that the newly proposed EMF/ESM could use for the purpose of the Structural Reform Support Programme (SRSP); Underlines that past imbalances have not been addressed except through counter-productive austerity measures and those that are contributing to the imbalances through the surplus side should also make a contribution to regain equilibrium;
Amendment 443 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Stresses that adequate mechanisms must be built for the equilibrium to be achieved through symmetrical measures for both ends of the disequilibrium, so that structural BoP countries should make automatically triggered fiscal contributions to the ESM/EMF;
Amendment 488 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Considers that structural reforms should be ecologically and socially balanced and aim at strengthening growth potential towards a fully sustainable new growth model, promoting fair and sustainable welfare systems and reducing social inequalities;
Amendment 519 #
Motion for a resolution
Paragraph 26 – indent 1
Paragraph 26 – indent 1
Amendment 704 #
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Stresses that SGP rules should be made more flexible to exclude infrastructural investments co-financed by Member States with the EIB who would have thus satisfied themselves about the economic feasibility of the projects financed to grow the economy much more than the debt being incurred;
Amendment 728 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that instability in the financial sector could also pose severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop, which should be fiscally neutral over the medium term for the Banking Union, as agreed in the SRM;
Amendment 777 #
Motion for a resolution
Paragraph 40
Paragraph 40
40. Argues that national ownership could be improved by including national parliaments in the procedures and allowing a genuine and timely dialogue between them and the EP; insists, however, that the competences of the EP and the national parliaments conferred upon these institutions by the Treaties should be respected and that mixing of these competences be avoided;
Amendment 792 #
Motion for a resolution
Paragraph 41
Paragraph 41
41. Considers that in order to provide for a genuine EMU, a euro area treasury should be created, with the ability to issue common Euro bonds on a shared basis and with a socially acceptable risk weighting to spread the cost of borrowing in a market oriented but socially just manner, for collective decision- making, supervision and management of the budgetary capacity for the euro area; calls for the inclusion of this treasury within the European Commission with full macroeconomic, fiscal and financial competences; calls for a vice-president of the European Commission to head the treasury and simultaneously to act as president of the Eurogroup; urges full accountability of this treasury to the European Parliament;