11 Amendments of Paul TANG related to 2015/0009(COD)
Amendment 116 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Inflation and inflation expectations are significantly below the ECB’s target of just below two percent while the ECB already hit the zero lower bound in September 2014. Tolerating excessively low inflation is unacceptable in the current environment in the euro area since adjustment processes for improved competitiveness and much lower unemployment rates in such an environment would take longer than would be economically, socially and politically bearable. While unconventional monetary policy in the form of quantitative easing – in which the ECB has started to engage – is justified and welcome in the current situation, it would be undesirable to rely on it exclusively due to the side effects that come with it, including the risk of future bubbles building up. Hence, the quantitative easing of the ECB urgently needs to be complemented by member states with reforms which enhance growth prospects and a macro-relevant investment drive, not least via a macro- relevant European investment fund. To achieve this, the EU’s own funds and the EIB’s funds already committed urgently need to be complemented by significant contributions from member states directly to the planned fund as well as national efforts alongside the fund.
Amendment 122 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action iss, including significant contributions of Member States, are required to ensure that the investment and macro-economic needs of the Union are addressed adequately and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 190 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should supportinclude Member State contributions providing for sufficient size effectively to support necessary strategic investments with high economic value added contributing to achieving Union policy objectives.
Amendment 350 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000 additional investment by the EIB and EIF. This EUR 60 800 000 000 supported by the EFSI is expected to generate a total of EUR 315 000 000 000 in investment in the Union within the period 2015 to 2017. Additional significant Member State contributions to the EFSI's capital are necessary to bring the Fund's capacity closer to actual needs and essential to ensure an impact of macro-economic relevance. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 368 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for the much needed further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 548 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 a (new)
Article 1 – paragraph 1 – subparagraph 1 a (new)
For the purposes of this Regulation only, the following definition applies: a) National promotional banks or institutions´ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a mandate by a Member State, whether at central, regional or local level;
Amendment 603 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The ESFSI may borrow from financial entities and markets, including through bond issuances.
Amendment 1047 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. To attain additionality , EFSI shall target projects that have a higher risk profile than existing operations. Potential projects shall be subject to a traditional social-costs benefit analysis
Amendment 1063 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 3
Article 5 – paragraph 3 – subparagraph 3
Fees of the EIB should the EIB provide funding to the EIF on behalf of the EFSI which is backed by the EU guarantee in accordance with Article 7(2) may be covered from the Union budget. Fees of the EIB shall be fair and must reflect that EIB works in the general public interest. Fees shall be reported to the European Parliament.
Amendment 1149 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2 a (new)
Article 8 – paragraph 5 – subparagraph 2 a (new)
An assessment of the effects of the different funds within the EU budget in its relation to the EU 2020 priorities shall be presented ahead of the review/revision of the EU multi-annual financial framework, as to foster a balanced debate on the funding of the EFSI Guarantee Fund, taking in account all means available under the EU budget.
Amendment 1345 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditoruropean Court of Auditors shall audit the activities under the EFSI regulation in line with Article 287 TFEU, taking in account the compliance and performance of the operations.