Activities of Luigi MORGANO related to 2018/2101(INI)
Plenary speeches (1)
European Central Bank Annual report 2017 (debate) IT
Shadow reports (1)
REPORT on the ECB Annual Report 2017 PDF (305 KB) DOC (68 KB)
Amendments (43)
Amendment 2 #
Motion for a resolution
Citation 2
Citation 2
– having regard to the Statute of the European System of Central Banks (ESCB) and of the ECB, in particular Article 15s 2, 3, 7, 10(2), 15, 32(5) and 33(1) thereof,
Amendment 5 #
Motion for a resolution
Citation 3
Citation 3
– having regard to Articles 129(3), 130, 138(2), 282(2), 282(3), 283(2) and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 6 #
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
– having regard to Commission Communication COM(2018)321 entitled ‘A Modern Budget for a Union that Protects, Empowers and Defends’,
Amendment 31 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the economic performance of those Member States which are outside the single currency and which enjoy exchange-rate flexibility for their own currencies has been uneven; whereas the economies of those Member States which have adopted the single currency in the last 10 years have performed better than those of the countries with flexible exchange rates;
Amendment 38 #
Motion for a resolution
Recital H
Recital H
H. whereas the euro area banks have accelerated their reduction in the number of non-performing loans (NPLs), from 8 % of total loans in 2014 to 4,9 % in the fourth quarter of 2017; whereas disposals of NPLs in a non-liquid and opaque market can lead to unjustified falls in the value of a loan and negative consequences for current account holders, savers and investors; whereas there are significant differences between Member States in the numbers of NPLs;
Amendment 41 #
Motion for a resolution
Recital I
Recital I
I. whereas at its October 2017 meeting, the ECB Governing Council decided to continue its net purchases under the Asset Purchase Programme (APP) at the monthly pace of EUR 30 billion until September 2018; whereas at its June 2018 meeting, the ECB Governing Council decided to prolong the monthly purchase for a reduced amount of EUR 15 billion until the end of 2018 and then to end purchases altogether, subject to incoming data confirming its medium-term inflation outlook, and confirmed that decision at its September 2018 meeting;
Amendment 56 #
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
-1. Emphasises that the euro is primarily a political project, rather than an economic one; stresses the irreversible nature of the single currency;
Amendment 57 #
Motion for a resolution
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Draws attention to the requirement for every Member State with the exception of the United Kingdom and Denmark to adopt the single currency once they have met the Maastricht convergence criteria; takes the view that participation in the Banking Union must be regarded as a key criterion for those countries wishing to join the euro area;
Amendment 62 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Emphasises, further, that the ECB’s status as a federal institution - which rules out national vetoes, bans government interference and provides for decision-making by a majority of the members of the Governing Council - enables it to act decisively and independently, in keeping with its remit, to safeguard the single currency;
Amendment 67 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the EU economy grew at its fastest rate in 10 years in 2017 and that all Member States saw their economies expand; welcomes the role of the ECB and the structural reforms designed to bring about sustainable, inclusive growth undertaken in some Member States as part of the ongoing recovery; draws attention to the importance of assessing the social, and not just the economic, impact of the reforms undertaken;
Amendment 82 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that monetary policy is a powerful instrument for stabilising the economic cycle, but that it is no substitute for sound and intelligent countercyclical measures to manage State budgets; regards as essential, in that connection, joint institutional consideration of the validity and appropriateness of the requirements laid down in the Stability and Growth Pact and the Fiscal Compact, which, during the financial crisis, exacerbated the negative repercussions of the economic cycle in the Member States;
Amendment 84 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises the great importance, at this juncture, of maintaining a favourable environment for public and private investment, which is still lagging behind pre-crisis levels and the ECB’s fundamental role in this context; urges the Member States not to waste this opportunity and instead to complete the reform process they have embarked on and increase public spending and investment once again, in particular in education and policies aimed at children, which have shown significant potential as regards the enhancement of skills, productivity and the quality of life of (future) workers and citizens; encourages the ECB to take the necessary measures, in line with its mandate, to help realise thisese objectives;
Amendment 92 #
Motion for a resolution
Subheading 1 a (new)
Subheading 1 a (new)
EMU and Banking Union
Amendment 94 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Regards it as essential that the ECB should have an institutional discussion partner on its level in the euro area, in the form of a Finance Minister;
Amendment 96 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Takes the view, further, that that minister should be able to take decisions concerning the aggregate fiscal position of the euro area and manage its centralised budget, with the European Parliament playing an appropriate governance and supervisory role;
Amendment 97 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Calls for the establishment of a rainy day fund, financed from the distributable profits of the Eurosystem, which would play a stabilising role in the event of macroeconomic shocks; calls for that fund to be managed by the Finance Minister, who would be accountable to the European Parliament; points out that in that context the distributable profits of the Eurosystem would be regarded as own resources under the euro area budget;
Amendment 103 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. NotesShares fully the ECB’s positive view on the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union; recogniseemphasises in strong terms that risk sharing is, as ECB President Draghi has stated, an effective risk reduction method and that the two should go hand in hand;
Amendment 108 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Points out that - in the long term - the Single Supervisory Mechanism and the European Central Bank should be institutionally, as well as operationally, independent;
Amendment 113 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Deplores the constant pressure exerted by the European Supervisory Authority in favour of the prompt divestment of non-performing loans (NPLs); calls for measures to promote alternative solutions to the disposal of NPLs, for example through the development of secondary markets;
Amendment 115 #
Motion for a resolution
Subheading 1 b (new)
Subheading 1 b (new)
Monetary policy decisions
Amendment 116 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Shares the concerns voiced by the ECB regarding the uncertainty and risks stemming from the upsurge in protectionism, the vulnerability of emerging markets and the volatility on financial markets, linked in particular to the political risks in some Member States, which are impairing the euro area’s growth prospects;
Amendment 117 #
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Welcomes the decision taken by the ECB Governing Council on 13 September 2018 to leave the benchmark interest rates unchanged;
Amendment 118 #
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
Amendment 119 #
Motion for a resolution
Paragraph 5 e (new)
Paragraph 5 e (new)
5e. Takes the view that Articles 3 and 11 TFEU constitute a sufficiently sound legal basis for the incorporation in monetary policy decision-making of environmental, social and governance objectives; would be in favour, however, of a change to the Statute of the ECB, if the latter regards it as necessary, with the aim of laying down the conditions in accordance with which the ECB could take measures to support the EU’s efforts to protect the environment and combat climate change;
Amendment 132 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Agrees with the ECB’s decision to end the APP, subject to incoming data confirming its medium-term inflation outlook, and considers that this instrument should as a rule only be used on a temporary basis, as it may creates new risks for financial stability and reduces incentives to consolidate public finances; emphasises, however, that an overly hasty APP exit strategy may create different risks to the financial stability of the euro area;
Amendment 138 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Notes the decision taken by the ECB Governing Council on 13 September 2018 to continue the process of exiting the APP and to reduce net acquisitions to EUR 15 billion per month;
Amendment 139 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Welcomes the undertaking given by the ECB to reinvest maturing securities beyond the end of the net acquisition period, thus guaranteeing that the strategy for ending non-conventional monetary policies will be suitably gradual;
Amendment 140 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8c. Welcomes the public acknowledgement by the ECB President of the implications of the Paris Agreement for his institution; calls on the ECB, however, to consider the possibility of bringing the APP into line with the EIB’s investment strategy, in particular in the context of the EFIS, with a view to fostering the incorporation of environmental, social and governance (ESG) objectives, such as support for the energy transition, into monetary policy;
Amendment 144 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; takes the view that this transparency drive must be extended to cover other acquisition operations, such as the asset-backed securities purchase programme (ABSPP) and the third covered bond purchase programme (CBPP3); calls, however, for further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);
Amendment 163 #
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 171 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reiterates itNotes the many occasions concern about the increase in TARGET2 balances and calls on the ECB to clarify the underlying factors and th which the ECB has explained - both in writing and orally - that the increase in TARGET2 balances is linked to APP liquidity flows and does not constitute a debt owed by NCBs to the ECB, given that the euro is irreversible; calls on the ECB to clarify whether there are potential risks relating to the imbalances that this could causein the TARGET2 balances;
Amendment 175 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Expresses concern at the pro- cyclical nature of the ECB’s arrangements regarding collateral and in particular at the excessive degree of trust placed in rating agency assessments; takes the view that the ECB should carry out its own internal assessment of the quality of the assets which can be accepted as collateral; takes the view, further, that this task could be carried out by a European public rating agency, which would also be responsible for assessing risks to long-term sustainability;
Amendment 176 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Takes the view that, in keeping with the ban on monetary financing and the ‘no bail out’ clause, the ECB has an important role to play in supporting Member States which are the targets of aggressive financial speculation, in particular by purchasing their government bonds as part of non- conventional policies and by accepting them as collateral; takes the view that the ECB’s decision not to grant a derogation for the purchase of non-investment grade Greek bonds prior to 2016 may have had a pro-cyclical impact;
Amendment 177 #
Motion for a resolution
Paragraph 14 c (new)
Paragraph 14 c (new)
14c. Draws attention to inconsistencies in the treatment by Member State governments of the profits generated by the Securities Markets Programme (SMP); takes the view that all the profits generated in this context and not retained by the ECB in accordance with Article 33(1)(a) of its Statute should be returned to the Greek Government;
Amendment 178 #
Motion for a resolution
Paragraph 14 d (new)
Paragraph 14 d (new)
14d. Calls for the ECB’s profits to be designated as ‘own resources’ or ‘other revenue’ in the EU budget; regards as essential, in that connection, a revision of Article 33(1)(a) of the ECB ‘s Statute which does not involve a change to the rule governing the redistribution of profits to the NCBs, to be carried out in accordance with Article 129(3) TFEU;
Amendment 179 #
Motion for a resolution
Paragraph 14 e (new)
Paragraph 14 e (new)
14e. Welcomes the end of the third adjustment programme for Greece and the ECB’s departure from the ‘Troika’;
Amendment 180 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcome the adoption of the agreement on emergency liquidity assistance (ELA), which clarifies the allocation of responsibilities, costs and risks; notes that this agreement is to be reviewed in 2019 at the latest; takes the view that certain recent banking scandals, in particular in north-eastern Europe, have highlighted the need for greater centralisation within the ECB of the procedures for providing ELA and the inadequacy of the sole criterion of ‘interference in monetary policy’ as the justification for intervention in an ELA operation by the ECB’s Executive Committee and Governing Council;
Amendment 195 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges an acceleration of the Capital Markets Union (CMU) project in order to deepen financial integration, with a view to helping build resilience to shocks and render the transmission of monetary policy across the monetary union more effective; points out that the CSPP could have contributed, albeit only to a limited degree, to the diversification of the sources of business financing, in particular in the non-financial sector (NFCs);
Amendment 199 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the ECB to continue to pay attention to the issue of access to credit for SMEs, in particular in the light of the slow improvement in their financial situation highlighted by the Survey on the access to finance of enterprises (SAFE) conducted in June 2018;
Amendment 206 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Emphasises the importance of IT security for the financial sector and the payments system; calls on the ECB to continue to pay close attention to this matter, and to highlight its importance in international forums, and to continue cooperating with the European Data Protection Supervisor;
Amendment 217 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
Amendment 219 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Emphasises that monetary policy is a strictly EU matter and that scrutiny must therefore be exercised and democratic accountability guaranteed at EU level; regards it as equally important, however, that the NCBs should be transparent and accountable to the citizens and parliaments of the Member States;
Amendment 221 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; reiterates its call for a sufficiently broad range of candidates to be submitted, so that Parliament can carry out to the full its institutional role in connection with the appointment of the President, the Vice-President and the other members of the ECB’s Executive Board; reiterates also, looking ahead to the other posts which will fall vacant at EU level in 2019, the importance of a gender balance among candidates;