12 Amendments of Luke Ming FLANAGAN related to 2015/2344(INI)
Amendment 3 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Observes that since the launch of the euro currency, five eurozone countries (Greece, Portugal, Ireland, Spain, Cyprus) have had to enter rescue programmes, with at least one other major economy, Italy, on the brink;
Amendment 4 #
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Observes additionally that since the launch of the euro currency, the debt/GDP ratio of all eurozone countries has escalated, in most cases well beyond what had been formerly been seen as the redline 80% level;
Amendment 5 #
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1 c. Observes also that even of those countries that followed all the rules, some – Finland especially – are now nevertheless also facing major economic challenges, challenges in which they too, because of the lack of the requisite country-specific tools in a common currency, find themselves stymied in the corrective measures they can take;
Amendment 6 #
Draft opinion
Paragraph 1 d (new)
Paragraph 1 d (new)
1 d. Observes that in the case of Ireland and Greece especially, the ECB stretched (at least) its official remit, in Ireland's case by forcing the government to fully bail out even non-systemic banks, including full payment (with full coupon) on even unsecured unguaranteed bonds, an act which now sees the Central Bank of Ireland now destroying borrowed billions every year;
Amendment 8 #
Draft opinion
Paragraph 2
Paragraph 2
2. Considers that, as illustrated by the crisis, the euro has failed as a common currency cannot rely soled thus the entire exercise needs to be fully, on a central bank to control the money supply, without further fiscal, economic and political integrationbjectively and independently examined with a view to either a) scrapping the whole idea or b) reducing the number of countries in the eurozone to those whose economies are suited to a common currency;
Amendment 9 #
Draft opinion
Paragraph 3
Paragraph 3
Amendment 13 #
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasises that the establishment of a budgetary and fiscalRejects macroeconomic conditionality for the budgetary capacity within the eurozone is necessary to complete the Economic and Monetary Union (EMU); believes that the stabilisation function of a fiscal capacity is the most feasible of the fiscal policy functions, while a redistribution function could be envisaged in a more integrated political and economic unionform of labour market reforms, social security cuts, liberalisation/deregulation and privatisations. Such "structural reforms" deepen the economic crisis and prevent recovery, recognised now even by the IMF;
Amendment 15 #
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses that such a capacity should be established as part of the Union budget, outside the multiannual financial framework (MFF), and implemented by the Commission; recalls its position that any fiscal or budgetary capacity developed specifically for the eurozone must be developed within the Union frameworkany proposed budgetary capacity for the eurozone should be delayed until such time as the above examination is complete;
Amendment 17 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Emphasises that whatever recommendations emerge from the above examination must be considered, even if this means a new Treaty and a new direction for the entire EU;
Amendment 18 #
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Points out that the Eurozone has an internal problem with competitiveness, i.e. the gap between Germany and the rest. This cannot be addressed by a fiscal capacity alone but must be addressed primarily by Germany (through strong nominal wage growth/public investment spending) or if not, then given that this is contributing to the eurozone macroeconomic imbalance, the Commission and the Council need to consider practical measures to assist Germany in correcting this imbalance; this would have the added bonus of reducing the need for permanent transfers and allow Member States to finance temporary deficits via domestic saving;
Amendment 19 #
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Points out that any budgetary capacity needs a strong focus on public investment, aiming at social and economic goals, e.g. full employment, social and regional convergence;
Amendment 20 #
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6 d. Points out that regarding financing, the budgetary capacity needs to be included in the EU budget. Possible sources of financing could be measures against tax avoidance and evasion or national wealth levies.