Activities of Luigi MORGANO related to 2017/2114(INI)
Plenary speeches (1)
Economic policies of the euro area (debate) IT
Amendments (16)
Amendment 35 #
Motion for a resolution
Recital C
Recital C
C. whereas the EU’s excessively low productivity and global competitiveness calls for structural reforms, continued fiscal efforts and investment ingreater investment, structural reforms to promote growth and fiscal efforts in some Member States in order to bring about sustainabled growth and employment and achieve upward convergence with other global economies and within the EUof social and economic standards both within the EU and in relation to other global economies;
Amendment 78 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that Europe harbours untapped economic potential as growth and employment are advancing unevenlygrowth and employment are still advancing unevenly in Europe and that untapped economic potential remains; underlines that this is the result of the disparate impact and heterogeneous performance ofthat have characterised the Member States’ economies, due to the economic crisis; emphasises that the implementation of structural reforms favourable to growth in the Member States could facilitate at least 1 % higher growth, but that such reforms must be accompanied by policies to support demand;
Amendment 91 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Takes the view that a greater degree of upward convergence would be needed to sustain the economic recovery in the EU and the euro area in the longer term; considers that upward convergence should be guided by a set of economic, social and environmental indicators to ensure sustainable and inclusive growth;
Amendment 102 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that, for this to materialise, the EU must adopt a convergence code which includes such economic, social and environmental indicators, thus improving the structural conditions for growth need to be improved; takes the view that the potential growth of all Member States shcould increase in the long term to at least 3 %; for this to happen, establishing clear benchmarks on how to improve the potential growth of Member States could provide the necessary guidance for policy actions; points out that such a regular benchmarking exercise would have to take due account of individual structural strengths and weaknesses of Member States; and at the same time pursue an inclusive and sustainable growth objective;
Amendment 110 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises that this would complement ongoing efforts on improving the quality and management of national budgets by addressing the triggers for growth in line with Union fiscal rules, particularly the flexibility conditions guaranteed in order to gear fiscal policy more effectively to the economic cycle, greater investment and structural reforms favourable to growth;
Amendment 116 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Considers that, in order to ensure upward convergence and macroeconomic stabilisation in the short term, it is necessary to create a fiscal capacity for the euro area;considers that that fiscal capacity should comprise a European unemployment insurance system designed to mitigate the impact of the economic cycle;
Amendment 143 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is of the opinion that legacies from the crisis such as a, including the high level of indebtedness in allsome sectors of the economy still act as a drag on growth and pose potential risks; is concerned in this regard that the persistently high level of non- performing loans- given the closely interconnected nature of the European banking system - the persistently high level of non- performing loans and level 3 assets, which are not immediately quantifiable, in some Member States could have significant spill- over effects from one Member State to another, presenting a risk to financial stability in Europe;
Amendment 163 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes the view that reforms to improve the business climate are needed to boost productivity and employment in the euro area; underlines in this context the importance of supply-side reforms; recalls, on the other hand, that growth is impossible without an adequate level of demand for goods and services; stresses, in this context, the need to support demand for consumption and investment, particularly by means of a positive fiscal policy in the euro area;
Amendment 185 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Shares the Commission’s view on the need for changes in labour market legislation that provide flexibility and security for both employees and employers, thereby increasing employment and ensuring sustainable growth; stresses, in this context, the need for labour market reforms at national level to be accompanied by the rules proposed in the Commission communication on a European pillar of social rights;
Amendment 193 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stressesthe importance of wage developments in line withConsiders that the growth of productivity ought to be a priority objective of structural reforms; stresses the importance of wage developments in line with productivity, particularly to ensure fair distribution of the returns from increased productivity;
Amendment 229 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Agrees that the economic upswing needs to be supported by investment and demand for goods and services, and notes that there is still an investment gap in the euro area; recognises, however,welcomes the fact that in some Member States investments already exceed the pre-crisis level; stresses that, subject to certain conditions, public investment should be excluded from the calculation of deficits under the Stability and Growth Pact; calls on Member States to pursue a coordinated fiscal policy so as to take advantage of the room for manoeuvre in fiscal policy available in some Member States to pursue a policy of support for investment which can underpin growth throughout the Union;
Amendment 276 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Considers that prudent fiscal policies play a fundamental role for the stability of the euro area and the Union as a wholestability in the euro area and the Union as a whole can be ensured only by bringing together the various national forces to ensure both long-term sustainability of budgets and macroeconomic stabilisation; underlines that strong coordination of fiscal policies and compliance with the Union rules in this area are a legal requirement and key to the proper functioning of Economic and Monetary Union (EMU); stresses the need to pursue a positive general fiscal policy, including by improving the composition of public finances, particularly to support internal demand in the euro area;
Amendment 305 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Warns that low interest rate payments, accommodative monetary policies, one-off measures and other factors alleviating the current debt burden are only temporary and that sound fiscal policies must be self-sustaining and take into accexploit that favourable climate to implement fiscal policies designed to increase potential GDP and bring abount future liabilitiessustainable and inclusive long-term growth;
Amendment 324 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines that the fiscal stances at national and euro-area level must balance the long-term sustainability of public finances in full compliance with the Stability and Growth Pact, including the provision made for flexibility, with short- term macroeconomic stabilisation, and should make provision for a positive general stance in euro-area fiscal policy;
Amendment 332 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Points out that the current aggregate fiscal stance for the euro is broadly neutral and presents; observes, however, that, in order to attain an appropriate balance of debt sustainability requirements with support for investment in a favourable monetary context, fiscal policy should create the conditions for an increase in potential GDP in the long term;
Amendment 393 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Considers it of great importance therefore that all Member States take the necessary policy action to address imbalances, in particular high levels of indebtedness and excessive current- account surpluses, and commit to structural reforms ensuring the economic sustainability of each individual Member State, thereby ensuring the overall competitiveness and resilience of the European economy; stresses that Member States which have current-account deficits or large external debts should seek to increase productivity, while countries with current-account surpluses should increase domestic demand and investment;