36 Amendments of Siegfried MUREŞAN related to 2017/2124(INI)
Amendment 2 #
Motion for a resolution
Citation 5
Citation 5
Amendment 21 #
Motion for a resolution
Recital B
Recital B
B. whereas at its meeting of 7 and 8 December 2016, the ECB Governing Council decided to extend the horizon of the APP at a lowered monthly pace of now EUR 60 billion from April 2017 to December 2017, or beyond if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its medium-term objectiveinflation aim; whereas this constitutes a reduction in size from previously EUR 80 billion of monthly purchases to now EUR 60 billion;
Amendment 30 #
Motion for a resolution
Recital D
Recital D
D. whereas the ECB has missed its 2 % inflation target in each of the four years since 2013 and forecasts that it will not reach this target before 2020primary objective of the ESCB is to maintain price stability. This it defines as an annual HICP inflation rate of below, but close to, 2% over the medium term; whereas the inflation rate in the euro area has been significantly below, but converging slowly towards the inflation rate of below, but close to, 2% since 2015;
Amendment 34 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas the members of the Executive Board of the ECB have continuously stressed the urgency to step up the implementation of structural reforms in the euro area;
Amendment 40 #
Motion for a resolution
Recital E
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015, mainly owing to higher net interest income earned on the APP portfolio and the US dollar portfolio;
Amendment 48 #
Motion for a resolution
Recital F
Recital F
F. whereas interest income under the APPon securities held for monetary policy purposes is the main contributor to this net profit;
Amendment 66 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal nature of the ECBindependence of the ECB, laid down in the Treaty, which rules out national vetoes, enabling it to act decisively, for instance in addressing the crisis;
Amendment 69 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the federal naturindependence of the ECB, which in its ruoles out national vetoes, enabling it to act decisively in addressing the crisis as the euro area´s monetary authority;
Amendment 71 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Emphasizes that the primary objective of the ECB’s monetary policy is to maintain price stability, defined as an annual HICP inflation rate of below, but close to, 2% over the medium term;
Amendment 84 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Gives a positive assessmentWelcomes the contribution of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution toto the economic recovery by preventing deflation, preserving favourable financing conditions and maintaining financial stability and the proper functioning of the payment systems;
Amendment 112 #
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 123 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. AcknowledgesTakes note of the ECB’s own assessment that without ithe ECB’s policy package, inflation would be almost 0.5 % lower on average than the rate currently projected for the years 2016- 2019;
Amendment 131 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that in order to reach, without prejudice to the primary objective of price stability, the sinflation target, supportivgle monetary policy alone cannot stimulate the euro area economy unless complemented by responsible fiscal policies and socially balanced productivity- enhancing reforms are requiredt Member State level;
Amendment 147 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 167 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 183 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that, without prejudice to the primary objective of price stability, in accordance with Article 32 of its Statute, the ECB mustshall support ‘the general economic policies of thein the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union’, including, as stated in Article 3 of the TEU, ‘the sustainable development of Europe based on balanced economic growth and price stability’;
Amendment 190 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that GDP growth in the Eurozone has been stable but modest, standing at 2 % in 2015 and 1.8 % in 2016, and that the Commission’s Spring 2017 Economic Forecast predicts that GDP growth will remain below 2 % until at leastexpects euro area GDP growth of 1.7% in 2017 and 1.8% in 20198;
Amendment 210 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. UnderlinRecognizes the positive effect of the ECB monetary’s low interest rate policy on growth, employment and the financing costs of Member States, non-financial companies and households; notes, however, the negative effect on savings and pension funds;
Amendment 220 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that according to the ECB, economic recovery in the Eurozone has relied on the fall in oil prices and the ECB’s monetary policyits monetary policy has been key to the economic recovery in the Eurozone, which has mainly been and continues to be driven by domestic demand, supported by favourable financing conditions and improving labour markets, while also benefitting from the fall in oil prices, which will add a cumulative 1.7 % to growth in the period 2016-2019, with no sizable positive contribution from fiscal policy so far;
Amendment 233 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Considers that monetary policy alone is not sufficient to achieve a sustainable and more even and inclusive economic recovery, and that public and private investments should therefore be encouraged in the context of a moderately positive fiscal stance in;notes that ECB’s President Mario Draghi has continued to stress that single monetary policy alone cannot stimulate the Eeurozone as proposed by the Commission area economy unless it is complemented by sound fiscal policies and productivity-enhancing reforms at Member State level;
Amendment 247 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Recognises that the implementation of structural reforms must be stepped up substantially to increase the resilience of the Member States' economy, reduce structural unemployment and boost euro area growth potential and productivity;
Amendment 251 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that while unemployment has decreased, aggregate demand in the euro area remains subdued, largely as a result of the rise in poor quality, temporary, low-paid jobs; calls on the ECB to evaluate how this phenomenon is slowin the euro area has decreased from 10.5% in December 2015 to 9.6% in December 2016 and continues to decrease; emphasises that sound fiscal policies and structural reforms oriented towards increasing productivity are the only way of bringing about sustainable economic improvements ing the recovery and explore ways to stimulate demand in spite of wage stagnationMember States, necessary to directly facilitate investment, create high quality jobs and reduce unemployment;
Amendment 275 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 293 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 331 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. AcknowledgesIs concerned that the current policy ofly low interest rates has a positive effect on theonly momentarily disguise the risks related to high levels of nonperforming loans (NPLs); calls for a European strategy involving a secondary market for NPLswelcomes the approved action plan of the ECOFIN Council of 11 July 2017, which plans to address the problem of NPLs in the banking sector in order to alleviate the burden of NPLs in some Member States;
Amendment 377 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Calls on the ECB to go one step further by ensuringensure full transparency on volumes and eligibility criteria in respect of the potential participation of SMEeligibility of corporate bonds of SMEs for purchase under the CSPP; underlines that the eligibility of bonds is subject to risk management criteria and not the size of the issuing companies;
Amendment 393 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Encourages the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change, while ensuring the monetary policy effectiveness of the CSPP and while avoiding undue distortions or level- playing field concerns, as defined in the eligibility criteria of the CSPP;
Amendment 404 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Agrees that a well-functioning, diversified and integrated capital market would support the transmission of the single monetary policy; calls for the fullstep- by-step completion and implementation of the capital markets union and the banking union;
Amendment 427 #
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 438 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Welcomes theTakes note of the decision of 23 June 2017 of the Governing Council of the ECB to recommend amendment tof Article 22 of the ECB Statute to provide a legal basis for the Eurosystem to carry out its role as central bank of issue in the proposed reform of the supervisory architecture for central counterparties (CCPs) and is currently assessing the recommendation;
Amendment 446 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Agrees with the ECB on the importance of physical money athat the euro is the onlysole legal tender throughout the euro area, and reminds all Eurozone countries that euro coins and banknotes must not be rejected in transactions;
Amendment 465 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Urges the ECB to support Greece, for example through ensuring the eligibilityTakes note of the fact that bonds of Greek companies are eligible for the CSPP and highlights that the decision on the inclusion of Greek sovereign bonds in the APPPSPP must follow the same objective eligibility criteria on risk management that are applied equally to bonds of other Member States and issuers; emphasises that this is not subject to political considerations;
Amendment 480 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Calls on the ECB, in cooperation with the ESAs, to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to support banks in relocatingprepare for the relocation of banks and their activities into the euro area; considers a comprehensive assessment on the strengthening of oversight for euro- clearing outside the euro area to be of the utmost importance;
Amendment 489 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 511 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that the ECB’s growing number of responsibilities and tasks necessitate greater ECB transparency and accountability towards Parliamentrequires ECB transparency towards the public and accountability towards Parliament; welcomes the regular presence and dialogue with the President of the ECB and other Members of the Executive Board in the framework of the Monetary Dialogue and other formats;
Amendment 542 #
Motion for a resolution
Paragraph 38
Paragraph 38
38. AskWelcomes the ECB to make it a rul’s practice to publish its decisions of general application, regulations, recommendations and opinions, thereby drastically reducing the number of exemptions from disclosure; asks the ECB to increase transparency towards the public where the publication does not significantly disturb the functioning of the markets;