40 Amendments of Matt CARTHY related to 2015/2344(INI)
Amendment 15 #
Motion for a resolution
Citation 8
Citation 8
Amendment 33 #
Motion for a resolution
Recital A
Recital A
A. whereas the Treaty on European Union establishes the creation of the single market, whose currency is the euro; whereas the European Monetary Union currently consists of 19 members, two of whom have opt-out clauses, the remaining seven EU Member States having yet to join; whereas no financial liability will be incurred by the two countries with opt-outs from EMU in the framework of any fiscal capacity for the euro area;
Amendment 72 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debtfinancial crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks; whereas the economic governance framework has, in fact proven to be counter-productive as it forces Member States to adopt pro-cyclical measures;
Amendment 78 #
Motion for a resolution
Recital F
Recital F
F. whereas, following real convergence in the run-up to the introduction of the common currency, the euro area witnessed structural divergence between 1999 and 2009, which made the euro area as a whole less resilient to shocks; whereas regulatory adjustments and structural reforms aimed at reducing risks and improving convergence have been introduced since 2009 at both European and national level, but some euro area Member States still require solidarity and sustainable reforms in their catching-up processthis situation can only be overcome with an increase in investment and a change of productive model;
Amendment 95 #
Motion for a resolution
Recital G
Recital G
G. whereas progress has been achieved in addressing the flaws of EMU throughausterity measures prescribed in legislation such as the Six- Pack and the Two-Pack regulations, as well as through the introduction of the European Semester and the creation of new instruments such as the ESMe European Semester and enforced as conditions for financial assistance from the ESM have deepened the economic crisis and led to a depression in some Member States;
Amendment 110 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas Member States under duress have been forced to adopt harsh adjustment programs at enormous social and economic costs; whereas several national governments resigned after financial assistance was withheld; whereas this has severely damaged the reputation of the EU, its institutions and some Member States;
Amendment 116 #
Motion for a resolution
Recital I
Recital I
I. whereas a great deal of trust has been lost in the process, both between Member States and on the part of citizens and the markets in the EU institutions and the Union as a whole;
Amendment 121 #
Motion for a resolution
Recital J
Recital J
Amendment 172 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuation; reiterates that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechanisms to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mix to achieve real and social convergence priorities under full democratic control;
Amendment 184 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows fromcaused by beggar-thy-neighbour policies in core euro area nations to the periphery and a rising public spending ratio in some Member States, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member Stateand by capital flows to the periphery leading to elevated debt levels (private or public), which caused a dramatic increase in government borrowing costs in some Member States, following the rise in public spending due to bank bailouts and initial counter- cyclical policy responses to the crisis, jeopardising, in the absence of a proper fiscal backstop, the mere existence of the euro area;
Amendment 191 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Points out that the narrow focus on public deficit and debt level does not address the main causes of the euro crisis; stresses that unsustainable current account imbalances had developed before the crisis, due to beggar-thy-neighbour policies in some Member States, which led to increasing debt levels (public and private) in deficit countries;
Amendment 221 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Observes that the stabilisation of the economic cycle since the beginning of the crisis has relied almost exclusively on the ECB, and that the reduced options available for monetary policy in a context of zero lower bound rates have led the ECB to implement unconventional monetary policy measures; recalls that the President of the ECB has called for integrated institutions, for a stronger and proactive fiscal policy on the euro area scale and for euro area Member States to deliver on structural reform;
Amendment 229 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges the results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policies, in particular via the adoption of the Six-Pack and the Two- Pack Regulations; welcomes furtherNotes the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however,stresses that these mechanisms dramatically lack transparency, democratic oversight and parliamentary control, and hence ownership;
Amendment 241 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 250 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls the four pillars set out in the Five Presidents’ Report: completing the economic, financial and fiscal Union and strengthening democratic accountability, legitimacy and the institutional setting; emphasises that this report reiterates the view set out in the Blueprint of the Commission and the Four Presidents’ Report, coordinated by then President of the European Council Mr Herman van Rompuy,Stresses that a shock absorption capacity at euro area level is needed to complement automatic stabilisers at national level, whose functioning is limited, as was shownhas been limited by the imposition of deficit constraints on Member States budgets and austerity policies during the crisis;
Amendment 263 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Makes it clear that rapid action is needed to ensure the sustainability of the euro providing proper living conditions for all citizens; stresses that this requires strong joint efforts on the part of the EU and its Member States to complete the EMU and to restore the trust of citizens and markets;
Amendment 303 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes the view that incentives for soundsound and progressive fiscal policymaking and for addressing structural weaknesses at national and cross-border level, taking into account the aggregate euro area fiscal stance, are core elements for the functioning of the euro area; considers that a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shocks;
Amendment 340 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Takes the view that the European Investment bank (EIB) supported by guarantees from the European Central Bank (ECB) can complement a fiscal capacity and play a key role in promoting public investment programs in the EU;
Amendment 387 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 446 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 454 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 493 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 535 #
Motion for a resolution
Paragraph 26 – indent 2
Paragraph 26 – indent 2
– labour market, including minimum wagpublic employment programs to actively fight unemployment, promote collective bargaining, labour and union rights, decent minimum wages, and improvement of social protection schemes,
Amendment 554 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 1
Paragraph 26 – indent 3 – paragraph 1
– investment, notably inpublic investment especially in infrastructure, research and development;
Amendment 562 #
Motion for a resolution
Paragraph 26 – indent 3 – paragraph 2
Paragraph 26 – indent 3 – paragraph 2
Amendment 574 #
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 609 #
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 625 #
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 651 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Acknowledges that the model of a European Unemployment Benefit Scheme wcould foster convergence of labour markets in the medium term; insists that the a European Unemployment Benefit Scheme must be complemented by policies that enhance the creation of decent employment;
Amendment 667 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Considers that the EMF should provide thefiscal capacity should be endowed with sufficient financial resources for either of these models, which could require increasing the amount of capital; points out that the fund should avoid long-term redistribution effects by ensuring Member States’ contributions are balanced over the cycle effective stabilisation of Member States whose currency is the euro;
Amendment 684 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Warns that future symmetric shocks could destabilise the euro area as a whole since the currency area is not endowed with the instruments to cope with another crisis of the extent of the previous one; is convinced that the right instrument to deal with symmetric shocks depends on the nature of the shock; recalls that the EMF should be used as an appropriate financial resource;
Amendment 698 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Considers that in the case of symmetric shocks brought about by a lack of internal demand, monetary policy alone cannot reignite the economy, particularly in a context of zero lower bounds; is therefore convinced that public and private investment must be increased, withe administrative burden reduced and a proper regulatory framework developed, with a view to stimulating view to stimulating potential growth and crowding-in private investment; is also convinced that public policies oriented to directly increase internal demand should be pursued by Member States and supportential growthd at EU level;
Amendment 707 #
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 722 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that instability in the financial sector could also poses severe challenges for the euro area as a whole; urges completion of the Banking Union in order to lessen these challenges; calls for the fiscal capacity to operate as a fiscal backstop for the Banking Union, as agreed in the SRM;
Amendment 741 #
Motion for a resolution
Paragraph 37
Paragraph 37
37. Points out that the fiscal capacity has to be of significant size in order to be able to address, these euro-area-wide shocks and to finance its functions; insists that in order to provide sufficient financial resourcogether with the Member States, these euro -area fiscal capacity, including the EMF, should be able-wide shocks and to fincrease the issuance of equities via a rise in guarantees; considers that these common issued equities should have the highest credit rateance its functions;
Amendment 769 #
Motion for a resolution
Paragraph 39
Paragraph 39
39. Calls urgently for the European Parliament and national parliaments to be given a strengthened role in the renewed economic governance framework in order to reinforce democratic accountability; calls for increased national ownership in the European Semester in order to improve compliance with the CSRs, participation and transparency;
Amendment 772 #
Motion for a resolution
Paragraph 40
Paragraph 40
Amendment 784 #
Motion for a resolution
Paragraph 41
Paragraph 41
Amendment 804 #
Motion for a resolution
Paragraph 42
Paragraph 42
Amendment 817 #
Motion for a resolution
Paragraph 43
Paragraph 43
43. Acknowledges that the current political climate characterised by deep inequality, mistrust and uncertainty is not conducive to proper reformspolicy to achieve and complete EMU; believes, therefore, that a comprehensive roadmap, including clear milestones within an agreed timetable and taking into account the political situation, should be urgently adopted with a clear commitment by euro area Heads of State and Government to achieving a genuine and completeprogressive and democratic EMU;