24 Amendments of Joachim SCHUSTER related to 2023/2064(INI)
Amendment 9 #
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
Amendment 10 #
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
– having regard to 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 11 #
Motion for a resolution
Citation 10 b (new)
Citation 10 b (new)
– having regard to the Paris Agreement adopted under the UN Framework Convention on Climate Change,
Amendment 12 #
– having regard to the European Pillar of Social Rights,
Amendment 14 #
Motion for a resolution
Recital A
Recital A
A. whereas, according to the June 2023 Eurosystem staff macroeconomic projections, the growth of the euro area economy is expected to slow down from 3.5 % in 2022 to 0.9 % in 2023, before rebounding to 1.5 % in 2024 ; whereas, according to a Eurostat flash estimate, the euro area grew by just 0.6 % in 2023; whereas this represents the worst performance since the recession of 2020;
Amendment 20 #
Motion for a resolution
Recital B
Recital B
B. whereas, according to the June 2023 Eurosystem staff macroeconomic projections for the euro area, headline inflation is expected to average 5.4 % in 2023, 3.0 % in 2024 and 2.2 % in 2025, despite falling energy prices and easing supply bottlenecks; whereas core inflation has been more persistent, with an inhile decreaseing to 5.54.3 % in JuneSeptember 2023, and is projected to overtake headline inflation in the near term and to remain above it until early 2024, mainly owing to strong wage growth;
Amendment 34 #
Motion for a resolution
Recital E
Recital E
E. whereas the ECB’s primary objective isand secondary objectives are, respectively, to maintain price stability, which it has defined as 2 % inflation over the medium term, and to support the general economic policies in the Union, which include full employment, social progress and environmental protection; whereas the ECB’s mandate, as defined by its objectives, is laid down in Article 127 TFEU and thus legally binding;
Amendment 49 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability, and that its concomitant accountability is important in the fulfilment of its primary and secondary mandates;
Amendment 56 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines that price stability is a prerequisite for the ECB to deliver on its mandate to support the EU’s general economic policies, such as the green and digital transitions; stresses that price stability is essential for attracting long term investments; emphasizes that, by the same token, the ECB must take account of environmental, social and economic sustainability goals in line with its secondary mandate;
Amendment 66 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Fears that, without properly delivering on its mandate of maintaining price stability, the ECB risks losing its legitimaccredibility;
Amendment 71 #
4. Is deeply worried about the persistently high inflation rates, especially core inflation rates, and their detrimental impact on competitiveness, investments, job creation and the purchasing power of consumers; recalls that quantitative inflation targets are to be met over a medium-term horizon; calls, therefore, on the ECB to reflect on and guide its decision-making process in relation to the size and speed of increases in interest rates in line with a medium-term orientation; underlines the need for the ECB to provide information in regards to the monitoring and setting of the neutral interest rate;
Amendment 77 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Expresses concern about the high levels of debt and government deficits within the Member States and the risks that this entails; notes that the situation is worse urges a swift outcome of the Commission’s legislative proposals on revising the euro area EU’s economic governance rules, which seek to strengthaen in non-euro area Member States; looks forward to the outcome of the Commission’s legislative proposals on revising the EU’s economic governance rules and welcomes the ECB’s opinion in this regardpublic debt sustainability and foresee the permanent mobilisation of resources for investments and financing of European structural and social policies, and welcomes the ECB’s opinion in this regard; recalls that said revision of the current economic governance framework must provide the EU with stable, transparent, reasonable and flexible rules that could be implemented and respected by all Member States with the due democratic accountability;
Amendment 84 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. RegretDenounces Russia’s unprovoked invasion and ongoing aggression against Ukraine; agrees with member of the Executive Board Isabel Schnabel on the risk the war entails in terms of negative supply side shocks; is deeply concerned about its enduring, unpredictable and severe repercussions for the European economy and society, particularly for the most exposed and vulnerable groups, such as lower-income households and SMEs;
Amendment 93 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also the upward price pressure following the implementation of the European Green Deal, the rise of fragmentation and protectionism in global trade, and an impending subsidy race between states;
Amendment 101 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; points out thatnotes, nevertheless, the limited influence of traditional monetary policy tools in tackling inflation that is mainly supply- driven; highlights the consequent need for a closer coordination between fiscal, budgetary, monetary and structural policies as a means to maintain price stability and support the most exposed and vulnerable groups; commends the efforts that Member States' governments, as well as the Commission, canundertake to support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms; prompts the ECB to respond to the ongoing crisis and tackle its social, economic and financial impacts with bold and forward-looking solutions on monetary policy that are conducive to sustainable and inclusive growth, along with broader coordination with fiscal policy at EU and national levels;
Amendment 107 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Notes that according to the most recent economic forecast, the Euro Area economy is expected to growth much less than what was predicted last spring, while there is a certain inertia in the price level; emphasizes that, as a consequence, the so- called “sacrifice ratio” to bring inflation back to 2% is becoming higher than the it was expected some time ago; recognizes that inflation is a painful and harmful phenomenon, and that ECB is using every tools at its disposal to cope with that; underlines, however, that social tensions, economic crisis and political instability are also equally dangerous for the future of the Union; warns that inflation, social, economic and political tensions might feed each other and could create a dangerous spiral; calls for a proper assessment on how to make the fight against inflation economically, socially and politically sustainable, and therefore possible.
Amendment 109 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Emphasises the ineptness of conventional monetary policy alone in achieving price stability, sustainable growth and financial resilience, especially in consideration of the limited influence of monetary policy tools in tackling inflation that is mainly supply-driven; highlights the key role of supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments in this regard; calls for closer and more strategic coordination between fiscal, monetary and structural policies;
Amendment 120 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that headline inflation has come down from 8.4 % in 2022 to 5.4 % in 2023, mainly driven by lower energy prices and the easing of supply bottlenecks; observes, however, that inflation remains well above the target level of 2 %; is concerned about second-round effects and implications for growth and employment, as well as the extraordinary burden placed on lower-income strata;
Amendment 127 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Expresses its uneasiness with the persistently high rate of core inflation; understands that wage growth is expected to remain more than double its historical average, driven by inflation compensation and the tight labour market; encourages the ECB, furthermore, to look into and report on the inflationary effect of the green transition;
Amendment 141 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessary; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review its models and their role in its policymaking, while emphasising that monetary policy normalisation cannot be achieved at any cost and by itself, but rather by converging towards a closer coordination between fiscal, monetary and structural policies; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review its models and their role in its policymaking, taking into account the lessons learned from the ongoing and previous crises and the challenges posed to monetary policy-making, especially when disruptive supply-side driven inflation is concerned;
Amendment 150 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Trusts that the ECB will deliver on its mandate to safeguard price stability; notes that real interest rates are still negative; is deeply concerned about the implications of increasingly higher interest rates for strategic and sustainable investments; calls on the ECB to ponder the feasibility of applying differentiated rates to tilt investment patterns away from brown technology and support investments that contribute most to reducing inflationary pressures such as those in energy efficiency and renewables;
Amendment 155 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invitesalso takes note that inflation is on a downward trend, nearing the ECB's medium-term objective; reflects on the commitment to symmetry, if price stability is best maintained by aiming at this 2 % target level; calls on the ECB to look into a more qualitative approach to price stability;
Amendment 165 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market; notwelcomes the ECB’s announcement to decarbonise its corporate bond holdings by ‘tilting’ its portfolio; stresses the importance of the quality of the collateral;
Amendment 192 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Underlines that climate change and extreme weather phenomena could lead to greater variability in prices, especially in the agri-food sector; notes that sudden tightening conditions on the supply side might become very frequent, leading to new inflationary episodes in the coming years; emphasizes that this is an issue that evidently poses serious difficulties for the ECB, which have adequate tools to stabilize demand-driven inflation, but can do little when price instability is mainly due to variations in supply conditions; expresses concern that the Union do not have a proper toolkit to deal with such episodes.