28 Amendments of Joachim SCHUSTER 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 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 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 85 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Highlights that unprecedented crises demand unprecedented, innovative and bold decisions on monetary policy coupled with swift and broader coordination with the fiscal policy at EU and national level;
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 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 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 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 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 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 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 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;