28 Amendments of Matt CARTHY related to 2018/2101(INI)
Amendment 15 #
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
– having regard to the final report of the High-Level Expert Group on Sustainable Finance, 'Financing a sustainable European Economy', published in January 2018,
Amendment 17 #
Motion for a resolution
Citation 6 b (new)
Citation 6 b (new)
– having regard to the Resolution on Sustainable Finance (2018/2007(INI)) adopted by the European Parliament in May 2018,
Amendment 18 #
Motion for a resolution
Citation 6 c (new)
Citation 6 c (new)
– having regard to the UN 2030 Agenda for Sustainable Development and the Sustainable Development Goals,
Amendment 19 #
Motion for a resolution
Citation 6 d (new)
Citation 6 d (new)
– having regard to the Paris Agreement of the United Nations Framework Convention on Climate Change,
Amendment 20 #
Motion for a resolution
Citation 6 e (new)
Citation 6 e (new)
– having regard to the EU Shadow Banking Monitor No 3 published in September 2018,
Amendment 21 #
Motion for a resolution
Citation 6 f (new)
Citation 6 f (new)
– having regard to the ESRB's report, 'Vulnerabilities in the EU residential real estate sector' of November 2016, and its accompanying country- specific warnings issued to eight Member States,
Amendment 22 #
Motion for a resolution
Citation 6 g (new)
Citation 6 g (new)
– having regard to the European Convention on Human Rights and the European Social Charter, and the implicit right to housing enshrined in several of their Articles;
Amendment 23 #
Motion for a resolution
Citation 6 h (new)
Citation 6 h (new)
– having regard to the report, 'The climate impact of quantitative easing' (2017) by Sini Matikainen, Emanuele Campiglio and Dimitri Zenghelis,
Amendment 29 #
Motion for a resolution
Recital C
Recital C
C. whereas according to Eurostat figures from May 2018, unemployment in the EU and the euro area has now all but returned to pre-crisis levels, standing at 7.0 % and 8.4 % respectively; whereas the number of employed people and labour force participation in the euro area were at their highest levels since the start of the Economic and Monetary Union in 1999; whereas the youth unemployment rate remains more than double the average rate, at 16.8% and 18.8% for the EU and the euro area at the end of 2017;
Amendment 39 #
Motion for a resolution
Recital H
Recital H
H. whereas the euro area banks have accelerated their reduction in the number of non-performing loans (NPLs), from 8 % of total loans in 2014 to 4.9 % in the fourth quarter of 2017; whereas the total volume of NPLs across the EU is still at the level of EUR 950 billion; whereas there are significant differences between Member States in the numbers of NPLs;
Amendment 77 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Warns, however, of the rise of uncertainties, which stem from the threat of increased protectionism, the Brexit negotiations, new asset bubbles, the emerging market crisis, historic levels of private debt and rising divergences between Member States on the future of European integration, among other causes;
Amendment 105 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes the risks to financial stability identified by the ESRB's Shadow Banking Monitor, including the interconnectedness of the banking and shadow banking systems in the EU; liquidity risk and risks associated with leverage among some types of investment funds; risks created through the use of derivatives and securities financing transactions; and vulnerabilities in some parts of the other financial institutions sector, where significant data gaps prevent a definitive risk assessment;
Amendment 111 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Notes the ECB's Guidelines for the reduction of non-performing loans in the Member States and the Commission's legislative proposal on this matter; notes the practice in several Member States of banks selling private non-performing mortgages to private equity funds on a mass scale, which has proven to result in a higher rate of home repossessions, and notes the failure of several Member States to deal with this problem through adequate consumer protection laws; calls for the introduction of legal protection from repossession for mortgage-holders at the EU level;
Amendment 121 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that the ECB’s non- standard monetary policy measures have proven successful in forestalling the risks of deflation that were still present at the beginning of 2016 and in initiating a recovery in credit to the private sector, whose annual growth was around 3 % in mid-2018 compared to 0 % in 2015; notes with concern that the ECB's own assessment of its non-standard monetary policies have significantly increased wealth inequality, with resulting capital gains in bonds and equity markets increasing the net wealth of the richest 20 percent by roughly 30 percent than the rest of the population,
Amendment 126 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States; Notes with concern that the ESRB issued warnings regarding overheating property markets to eight Member States in 2016 and that these bubbles appear to be affecting several additional Member States at present; calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States; notes the comments of ESRB President Mario Draghi* stating that the main source of vulnerability overheating property markets in the EU is the search for yield by international investors - largely cross-border financing and non-banks - and that policymakers should investigate whether new macro- prudential instruments should be introduced for non-banks, especially in relation to their commercial real estate exposures; *Footnote: In the ECON hearing with the ESRB (July 9, 2018)
Amendment 145 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Takes note that of all private sector purchase programmes, the corporate sector programme (CSPP) contributed the most to the APP in 2017, with EUR 82 billion in net purchases; welcomes the fact that since 2017 the ECB has been publishing the full list of all CSPP holdings, including the names of issuers, together with aggregated data on those holdings by country, risk, rating and sector; calls, however, for on the ECB to apply a similar transparency policy for all asset purchase programmes including ABSPP and CBPP3; in addition to further measures in order to disclose the operational procedures used in the choice of securities purchased by national central banks (NCBs);
Amendment 149 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Notes the commitment by the ECB to continue its reinvestment policies beyond the end of the net asset purchases; in this context, calls on the ECB to prioritise the purchasing of bonds connected with long-term strategic investments which contribute to the transition towards a low-carbon economy, and calls on the ECB to immediately develop a transparent and standardised criteria for the selection of beneficiaries for the programme which fully incorporate of environmental, social and governance factors, therefore divesting from carbon-intensive sectors and firms;
Amendment 150 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Recalls its concerns regarding the fact that the CSPP Programme benefits mainly to large and carbon-intensive multinational corporations; recalls the EP’s recommendation T8-0215/2018 that the ECB should explicitly take into account the Paris Agreement and ESG goals in its guidelines orienting its purchase programmes;
Amendment 151 #
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Calls on the ECB to disclose the full amounts of profits made by the Eurosystem through ANFAs and SMP from 2010until the full expiration of the programme, with a specific breakdown per countries which have been subject to SMP purchases (Greece, Ireland, Portugal, Spain, Italy);
Amendment 186 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Urges the ECB to withdraw its participation in the Troika;
Amendment 188 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Deplores the ECB decision to remove the waiver on the Greek government debt; urges the ECB to review its eligibility rules in order to ensure fair inclusion of all Eurozone Member States' economies into the ECB’s refinancing operations and asset purchases programme;
Amendment 190 #
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Expresses concern at the ECB's active intervention into shaping financial markets through the promotion of securitisation through its reduction of rating thresholds for ABS collateral, the ABS Purchase Programme and its promotion of regulatory easing;* *Footnote: Benjamin Braun (2018), 'Central banking and the infrastructural power of finance: the case of ECB support for repo and securitization markets'
Amendment 212 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses the importance of the ECB being accountable towards Parliament; welcomes, in this respect, the permanent dialogue between the ECB and Parliament, and the regular appearances of the President of the ECB and, where applicable, other Members of the Executive Board, before the ECON committee and Plenary; encourages the ECB to continue this dialogue and, when necessary, to better explain its decisions and policies; decides to review and improve the setup of the monetary dialogue following the examples of the UK Parliament and the US Congress and the feedback provided by the monetary experts commissioned by ECON in March 2014(see PE 518.753);
Amendment 215 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Regrets the negative attitude of the ECB regarding the European Ombudsman’s case 1697/2016/ANA on the ECB President’s membership in the “Group of Thirty”; calls on the ECB to put an end to the President's membership of the G30, to re-examine the Ombudsman’s recommendations and to carefully review its internal policies in order to protect itself from potential cognitive capture by the financial sector;
Amendment 223 #
20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; concluding their terms; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties; regrets the limited involvement of the European Parliament in the process of appointing the ECB vice president this year; expresses concern at the practice of appointing a former Finance Minister of a Member State to such a senior role in the ECB due to the potential for conflicts of interest to arise;
Amendment 225 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the coming months will see important changes in the Governing Council of the ECB, with several Board members, including the President; concluding their terms; urges the ECB and the Member States to use this opportunity to address the extreme gender imbalance on the ECB Governing Council; considers that these changes should be prepared carefully and in full transparency with Parliament, in line with the treaties;
Amendment 226 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Recalls the Parliaments demands that the ECB should ensure the independence of the members of its internal Audit Committee; urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for its Governing Council members; urges the ECB to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB, nor by anyone liable to conflict of interest; calls the ECB Governing Council to follow the EU Staff Regulations and Code of Conduct and require a two-year professional abstention period for its outgoing members after the conclusion of their mandate;
Amendment 227 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Deplores the fact that of the 517 members of the ECB's advisory groups, 98%, or 508 are from the private financial sector; believes this situations causes bias, conflicts of interest and regulatory capture in the policy-making process; calls for the greater representation of independent academic experts and consumer protection advocates to be included on all advisory bodies;