11 Amendments of Luke Ming FLANAGAN related to 2017/0333R(APP)
Amendment 1 #
Draft opinion
Recital A a (new)
Recital A a (new)
A a. whereas, as outlined in the 'Proposal for a Council Regulation on the establishment of the European Monetary Fund'(1), Explanatory Memorandum, Point 1 - CONTEXT OF THE PROPOSAL, 'The financial and economic crisis that hit Europe in 2008, the consequences of which are still felt to this day, did not start in the euro area but it laid bare some of its institutional weaknesses.' (1) https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=CELEX%3A52017 PC0827.
Amendment 2 #
Draft opinion
Recital A b (new)
Recital A b (new)
A b. whereas the cost of those 'institutional weaknesses' was borne directly by those Member States worst affected by that financial and economic crisis, the critical support structures for a new currency marked only by their absence during those catastrophic early years;
Amendment 3 #
Draft opinion
Recital A c (new)
Recital A c (new)
A c. whereas had a European Monetary Fund or some such mechanism existed at that time, the cost of that crisis would have been shared proportionately across the entire eurozone;
Amendment 4 #
Draft opinion
Recital A d (new)
Recital A d (new)
A d. whereas those countries who had thus been adversely affected by that crisis, should now retroactively be compensated from this new European Monetary Fund;
Amendment 5 #
Draft opinion
Recital A e (new)
Recital A e (new)
A e. whereas within ten years of its launch, five Member States of the eurozone - Cyprus, Greece, Ireland, Portugal, Spain - were in major financial difficulties, where ten years earlier they had been financially healthy;
Amendment 6 #
Draft opinion
Recital B a (new)
Recital B a (new)
B a. whereas in terms of what the European Central Bank did in countries such as Ireland, Portugal, Spain, Italy and Greece after the onset of the financial and economic crisis was not transparent;
Amendment 7 #
Draft opinion
Recital C
Recital C
C. whereas the parliamentary dimension of the future EMF should be clearly ensured by mirroring current practices at the International Monetary Fund, the World Trade Organisation and the World Bank, including in the area of debt forgiveness and/or writedown, with parliamentary networks or dialogues;
Amendment 8 #
Draft opinion
Recital E
Recital E
E. whereas Member States and national authorities cannot address on their own the systemic risks generated by a Member State to the financial stability of the Union, nor should they be expected to bear the entire cost of such risks;
Amendment 9 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. The Committee on Budgetary Control intends to reject the proposal of the European Commission to create a European Monetary Fund and, to this end, calls on both the Committee on Budgets and the Committee on Economic and Monetary Affairs, as the committees responsible, to propose rejection of the proposal.
Amendment 10 #
Draft opinion
Paragraph 1
Paragraph 1
1. WelcomNotes the new set of measures proposed by the Commission to complete the Economic and Monetary Union (EMU) in line with Parliament’s longstanding position on the integration of the ESM into the EU legal framework; consider but notes also the ongoing major difficulties in completing that EMU; notes that each of the three pillars of the Banking Union should deepen the global financial architecture but notes further that the third of those pillars, the European Deposit Insurance Scheme (EDIS), has still not been completed, with no prospect in sight that it will be;
Amendment 11 #
Draft opinion
Paragraph 2
Paragraph 2
2. WelcomNotes the transformation of the eurozone’s ESM rescue fund into a European Monetary Fund (EMF) within the Union legal framework, this institutional anchoring constituting a key step in the evolution of the overall reform and deepening of the EMU;