27 Amendments of Jonás FERNÁNDEZ related to 2015/2115(INI)
Amendment 29 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas Article 127(5) of the TFEU requires the European System of Central Banks to help maintain financial stability;
Amendment 30 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas Article 127(2) of the TFEU requires the European System of Central Banks to 'to promote the smooth operation of payment systems';
Amendment 32 #
Motion for a resolution
Recital F
Recital F
F. whereas in 2014 the ECB lowered its key refinancing rates to the effective lower bound0.05% and reduced its deposit facility rate to -0.20 %; whereas lower real rates have not translated into eitherproved sufficient to increased credit for households and businesses, especially SMEs, or GDP growth and job creation;
Amendment 41 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas in September 2015 inflation in the eurozone stood at -0.1%, a worrying development showing that monetary policy is failing to meet its objectives, which calls for the consideration of additional measures, including tax measures;
Amendment 56 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies; considers that this long-standing problem is not appropriately addressed by the recent measures implemented by the ECB to boost bank lending are insufficient to resolve this long-standing problem;
Amendment 68 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Underlines the federal nature of the European Central Bank, which rules out national vetoes, that enabled it to act decisively to address the crisis;
Amendment 69 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Calls on the European Central Bank to step up direct involvement in operations to purchase government bonds in the secondary markets, so as not to be constrained by the breakdown derived from its capital subscription key;
Amendment 75 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the European Central Bank to consider including other types of assets than government bonds in its programme of purchases on secondary markets;
Amendment 79 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Acknowledges that, in reaction to a complex environment of falling inflation, contraction of credit and sluggish economic growth, and with its interest rates close to the zero lower bound0%, the ECB resorted to non- conventional monetary policy instruments;
Amendment 90 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Recommends, therefore, that the European Central Bank consider further cutting the interest rate, which currently stands at 0.05%;
Amendment 91 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Urges the European Central Bank to take further measures, such as increasing the amount of debt securities to be acquired in its purchase programme in secondary markets;
Amendment 99 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Draws the conclusion that the European Central Bank has complied with the provisions of Articles 127(5) and 127(2) of the TFEU in implementing its March 2015 programme to purchase public and private debt securities in secondary markets;
Amendment 101 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Takes the view that the European Central Bank has distinguished itself as the most effective European institution in combating the crisis, at least until July 2014;
Amendment 102 #
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5c. Welcomes the European Central Bank's categorical pledge to 'do everything possible' to defend the euro in August 2012;
Amendment 103 #
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5d. Draws the conclusion that the programme to purchase public and private debt securities in secondary markets would be more effective if there were a risk-free asset in the European Union, which could be established by the Commission issuing EU bonds;
Amendment 104 #
Motion for a resolution
Paragraph 5 e (new)
Paragraph 5 e (new)
5e. Calls on the European Central Bank to take the legislative initiative, in accordance with Article 129(3) of the TFEU, in the reform, by ordinary legislative procedure, of Article 33(1)(a) of the ECB Statute, which would make the profits it produces into an own resource of the Union;
Amendment 107 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 114 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that the positive impact of the Asset Purchase Programme (APP) on money and credit dynamics remains modest, with new loans to enterprises still weak and with significant differences across euro area economies; notes that since the launch of the APP, medium-term inflation expectations have risen, gradually converging towards the target of 2 %, whilebegun to rise, although the risks of a deflation trap have decrnot disappeasred; asks the ECB to apply the APP to all Member States, without discrimination;
Amendment 133 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 142 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that the high and divergent levels of public and private indebtedness in some Member States are obstacles to the correct transmission of monetary policy, and that; the non-conventional monetary policy implemented by the ECB is not ablecan help to change this situation;
Amendment 150 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 169 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Affirms its commitment to respecting the ECB’s independence in the conduct of monetary policy, as enshrined in the Treaties; considers that central bank independence is crucial for achieving the objective of safeguarding price stability, and that this implies that the ECB must not be threatened with the risk of fiscal or financial dominanc; reiterates that the above does not prevent the European Parliament from expressing its view on the monetary policy options it deems to be most appropriate;
Amendment 180 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that austerityextreme fiscal adjustment policies in a number of Member States have contributed to stagnation and recession, with damaging effects on euro area members’ public accounts, levels of unemployment and social cohesion;
Amendment 203 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 212 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Deplores the fact that the European Central Bank limited the access of banks based in Greece to Emergency Liquidity Assistance during the negotiations on the multilateral loan for financial assistance to this country;
Amendment 240 #
Motion for a resolution
Paragraph 25 – point c
Paragraph 25 – point c
Amendment 243 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Urges the central banks of the Member States to pool their equities at the Bank for International Settlements within the European Central Bank;