27 Amendments of Jonás FERNÁNDEZ related to 2016/2063(INI)
Amendment 8 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas Article 127(5) of the TFEU requires the European System of Central Banks to help maintain financial stability;
Amendment 9 #
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas Article 127(2) of the TFEU requires the European System of Central Banks to 'to promote the smooth operation of payment systems';
Amendment 25 #
Motion for a resolution
Recital E
Recital E
E. whereas, according to the ECB projection of March 2016, the average inflation rate in the euro area, after being nil in 2015, will remain close to this level in 2016 (0.2 %) and reach 1.2 % in 2017;(Does not affect English version)
Amendment 30 #
Motion for a resolution
Recital F
Recital F
F. whereas the inflation target is getting harder to reach owing tomonetary policy faces new challenges in the form of consolidation of demographic trends and the full impact of trade globalisation on a high- unemployment European society, and whereas in the short term the inflation target is getting harder to reach owing to the lack of incentives for private consumption and for investment in countries with a sound fiscal and current account position;
Amendment 39 #
Motion for a resolution
Recital G
Recital G
G. whereas in March 2015 the ECB launched an expanded Asset Purchase Programme (APP) amounting to EUR 1.1 trillion and initially scheduled to run until September 2016;
Amendment 42 #
Motion for a resolution
Recital H
Recital H
H. whereas this programme has since been upgraded, with the asset purchase scheduled to run until March 2017 for a total amount which should be close to EUR 1.7 trillion, and the list of eligible assets has been enlarged to include corporatenon-financial corporate bonds and regional and local government bonds;
Amendment 50 #
Motion for a resolution
Recital J
Recital J
J. whereas the ECB further eased its monetary stance by lowering its key intervention rates to unprecedented levels, with the main refinancing operations (MRO) and the facility deposit down to 0% and – 0.40 % respectively byin March 2016;
Amendment 75 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines the federal nature of the European Central Bank, which rules out national vetoes, that enabled it to act decisively in addressing the crisis;
Amendment 89 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. 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 91 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Welcomes the European Central Bank's categorical pledge to 'do whatever it takes' to defend the euro made in August 2012, which has been instrumental in ensuring the financial stability of the Eurozone;
Amendment 97 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that the APP would have an even higher impact on the European economy if it had a higher share of EIB bond buying, particularly related to the TEN-T and TEN-E (projects with proven added European valuwas coordinated with an ambitious EU investment programme ion social and economic terms), and SME securitised loans, or ifgreen infrastructure, involving the ECIB were able to buy Member States’ public debt directly linked to investment and research expenditure on the secondary marketsand national public banks with the explicit financial support of the ECB through the APP programme; believes that in order to choose the eligibility of public debt assets for the APP, the Eurosystem should assign a complementary credit rating in addition to those assigned by private agencies;
Amendment 99 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that the APP would have an even higher impact on the European economy if the amount involved were higher, close to two trillion euro, it had a higher share of EIB bond buying, particularly related to the TEN-T and TEN- E (projects with proven added European value in social and economic terms), and SME securitised loans, or if the ECB were able to buy Member States’ public debt directly linked to investment and research expenditure on the secondary markets; believes that in order to choose the eligibility of public debt assets for the APP, the Eurosystem should assign a complementary credit rating in addition to those assigned by private agencies;
Amendment 103 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. 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 106 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Calls on the European Central Bank to consider including other types of assets than government and corporate bonds in its programme of purchases on secondary markets;
Amendment 107 #
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. 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 108 #
Motion for a resolution
Paragraph 3 d (new)
Paragraph 3 d (new)
3d. Takes the view that the European Central Bank has distinguished itself as the most effective European institution in combating the crisis, at least until March of 2016;
Amendment 109 #
Motion for a resolution
Paragraph 3 e (new)
Paragraph 3 e (new)
3e. 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 117 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Agrees with ECB President Mario Draghi that the single monetary policy cannot stimulate aggregate demand unless it is complemented by soundtable, growth- enhancing fiscal policies and ambitious structural reform programmes at Member State level; recalls that the main benefit of monetary policy is to safeguard price stability in order to guarantee a stable environment for investment; considers that monetary policy is not the appropriate tool to solve the structural problems of the European economy;
Amendment 133 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines that structural and socially balanced reforms in the economy and the labour market should also fully take into account the demographic trends in Europe, in order to create incentives for a more balanced demographic structure that would make it easier to maintain an inflation target of around 2 %;
Amendment 153 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Underlines that a necessarily prolonged period of ultra-low (negative) interest rate policy could creates potential risks for financial stability and ultimately the whole economy; warns that a decline in the profitability of banks will dampen their willingness to develop lending activity; points particularly to the effect of such an interest rate policy on local and regional banks and savings banks with little funding from financial markets, and to risks in the insurance sector;
Amendment 157 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 198 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 208 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Calls on the European Central Bank to consider taking 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 could allow to make the profits it generates annually into an own resource of the Union;
Amendment 212 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Urges the central banks of the Euro Area Member States to pool their equities at the Bank for International Settlements within the European Central Bank;
Amendment 214 #
Motion for a resolution
Paragraph 14 c (new)
Paragraph 14 c (new)
14c. Calls on the ECB to explore all policy options compatible with its Statute in order to ensure the effectiveness of the transmission of the monetary policy, including the extension of the TLTRO program to households through zero- coupon perpetual loans;
Amendment 219 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Reminds the ECB that labour recruitment policy has to comply with best practice, avoiding situations where some workers have no rights after long periods in employment;
Amendment 227 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls that the independence of the ECB for the conduct of monetary policy, as enshrined in the Treaties, is crucial to the objective of safeguarding price stability; asks all governments to avoid statements questioning the role played by the institution within its mandate; reiterates that the above does not prevent the European Parliament from expressing its views on the monetary policy options it deems to be most appropriate;