64 Amendments of Jonás FERNÁNDEZ related to 2017/2124(INI)
Amendment 5 #
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
- Having regard to Parliament Resolution of 22 November 2016 on the Green Paper on Retail Financial Services (2016/2056(INI)), in particular its paragraph 47.
Amendment 11 #
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
- Having regard to the Commission Recommendation 2010/191/EU of 22 March 2010 on the legal tender of the euro;
Amendment 12 #
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
- Having regard to Article 11 of Council Regulation (EC) No 974/98;
Amendment 13 #
Motion for a resolution
Citation 13 c (new)
Citation 13 c (new)
- Having regard to Article 128(1) of the Treaty on the Functioning of the European Union, on the legal tender character of the euro;
Amendment 17 #
Motion for a resolution
Citation 17 a (new)
Citation 17 a (new)
- Having the Opinion of the Legal Service of Paliament on "Possible revision of the ECB statutes with regard to the allocation of net profits of the ECB", of 14th July 2017, D(2017) 26881.
Amendment 25 #
Motion for a resolution
Recital C
Recital C
C. whereas, according to the Eurosystem macroeconomic projection of JuneSeptember 2017, annual HICP inflation in the euro area is expected to stand at 1.5 % in 2017, 1.32 % in 2018 and 1.65 % in 2019;
Amendment 36 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. Whereas the ECB considers that the weak inflation dynamics is largely due to subdued wage growth;
Amendment 38 #
Motion for a resolution
Recital D b (new)
Recital D b (new)
D b. Whereas Article 127(5) of the TFEU requires the European System of Central Banks to help maintain financial stability;
Amendment 39 #
Motion for a resolution
Recital D c (new)
Recital D c (new)
D c. Whereas Article 127(2) of the TFEU requires the European System of Central Banks to 'to promote the smooth operation of payment systems';
Amendment 43 #
Motion for a resolution
Recital E
Recital E
E. whereas in 2016, the ECB’s net profit stood at EUR 1.19 mbillion compared with EUR 1.08 mbillion in 2015;
Amendment 53 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. General overview
Amendment 72 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Takes the view that the ECB has distinguished itself as the most effective EU institution in combating the financial and economic crisis;
Amendment 75 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Welcomes the ECB president´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 83 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Gives a largely positive assessment of the monetary policy pursued by the ECB in the period 2012-2016 in terms of its contribution to economic recovery by preventing deflation, preserving favourable financing conditions through accessible credit growth and maintaining financial stability and the proper functioning of the payment systems;
Amendment 90 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. 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 the APP;
Amendment 94 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Price stability
Amendment 105 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that, according to Eurostat, average inflation was just 0.2 % in 2016, while inflation excluding energy prices stood at 0.9 %, and 0.8% excluding non- processed and seasonal foodstuffs;
Amendment 109 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Furthermore, in the first half of 2017 it is not observed a convergent path towards the medium term inflation goal;
Amendment 113 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is concerned that the ECB will likely not reach its inflation target for at least six consecutive years and will remain below the medium-term target level of 2 % until at least 2020 despite pursuing a very accommodative monetary policy, which indicates that the economy is not operating at full capacity, while the appreciation of the Euro since the beginning of 2017 makes it difficult the achievement of the inflation aim;
Amendment 130 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Agrees with the ECB that in order to reach the inflation target, supportive fiscal policies and socially balanced productivity-enhancing reforms are required; Within this policy mix, the fulfilment of the inflation target requires the activation of internal demand, including investment and consumption, and thus wage increases are required;
Amendment 155 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that additional policy measures should be considered in order to move closer and more rapidly towards the inflation objective, including an increase in monthly purchases to no less than 80 billion EUR per month, the inclusion of equity purchases in the APP and the extension of the TLTRO programme to households through zero-coupon perpetual loans;
Amendment 160 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Economic growth and employment
Amendment 197 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that according to the IMF’s April 2017 World Economic Outlook, the Eurozone output gap was -1.2 % of the potential GDP in 2016, a gap which will remain negative until 2019, thus indicating that the Eurozone GDP will be below potential during the forecasted period;
Amendment 213 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. UNonetheless, underlines the positive effect of the ECB monetary policy on growth, employment and the financing costs of Member States, non-financial companies and households;
Amendment 267 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Encourages the ECB to continue studying the distributional impact of its monetary policy, including on income inequality, and to take into account this research in the context of crafting monetary policy;
Amendment 268 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15 b. Underscores the positive effect of the ECB monetary policies for the Euro exchange rate and the role of exports in the economic recovery in 2016, the appreciation of the Euro since the beginning of 2017 notwithstanding;
Amendment 288 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Credit supply and bank supervision
Amendment 297 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Asks the ECB to further study and isolate the monetary impact of M1 expansion;
Amendment 315 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Acknowledges though these reductions for families and SMEs are progressively softer, thus having a lower impact in the real economy;
Amendment 353 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Takes the view that, as stated in its resolution of 14 February 2017 on the annual report on EU competition policy1 , paragraph 135, current and savings accounts should not incur commission for users unless they are linked to specific services; _________________ 1 Texts adopted, P8_TA(2017)0027.
Amendment 354 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Acknowledges the positive effects of bank consolidation as far as this is not detrimental to competition and cross- border integration is observed;
Amendment 357 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. CallsAsk the ECB’s attention to the need for the sufficiently wide coverage as part of its macro prudential function to take extra care when participating and assessing EU- wide supervisory stress tests and developing specific ECB stress tests; calls the ECB attention for the misleading result of recent stress tests vis-à-vis the resolution or liquidation of certain banks;
Amendment 361 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Recommends careful monitoring of developments in the real estate markets even though construction is recovering from very low levels and households leverage is not going up;
Amendment 366 #
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23 b. Warns about the continued expansion of the shadow banking sector in 2016 and calls for more stringent regulation;
Amendment 369 #
Motion for a resolution
Paragraph 23 c (new)
Paragraph 23 c (new)
23 c. CSPP
Amendment 381 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Calls for more transparency in the corporate bonds eligibility in order to avoid possible competitive market distortions;
Amendment 383 #
Motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
25 b. Calls therefore the ECB to draft a proposal towards easily-accessible financing for SMEs currently not benefitting from CSPP;
Amendment 395 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. ETakes note of the recurring criticism against the environmental impact of the CSPP programme and encourages the ECB to take steps to align its CSPP purchases with the EU’s commitment to tackling climate change;
Amendment 399 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Capital markets and banking unions
Amendment 408 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Suggests the ECB to undertake a study on the potential benefits of an EU savings account;
Amendment 419 #
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Highlights the key role of the proposed EDIS for confidence building and for ensuring the equality of depositors within Eurozone;
Amendment 431 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the urgent need to proceed towards establishing a truly European sSafe aAsset for the Eurozone’s banking union, in order to issue new jointly guaranteed debt while avoiding artificial and excessively complex solutions that might negatively affect the financial stability and financial capacity of Member States;
Amendment 442 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Bank notes and coins and digital currencies
Amendment 456 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note of the ongoing discussion about a ‘central bank digital currency’ or ‘digital base money’; encourages the Commission and the ECB to look into the potential of such schemes in order to improve public access to payment systems, alongside physical cash;
Amendment 459 #
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32 a. Suggests the issuance by the Eurosystem of Charlemagne´s commemorative, but legal tender, banknotes and coins;
Amendment 460 #
Motion for a resolution
Paragraph 32 b (new)
Paragraph 32 b (new)
32 b. Greece
Amendment 466 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Urges the ECB to support Greece, for example through ensuringa successful completion of the financial assistance programme and help the country to return on the track of a durable recovery. Such a support could go through the eligibility of Greek companies forto the CSPP and the incluan extension of QE to Greek sSovereign bonds in the APP;
Amendment 476 #
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33 a. Brexit
Amendment 487 #
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34 a. ECB profits
Amendment 498 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Believes that ECB profits from seigniorage revenue should be considered an EU budgetary resource, since they are directly linked to a fully developed, sui generis European policy, as suggested by the High Level Group report on new own resources and the Commission Reflection Paper on the Future of EU finances;
Amendment 504 #
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35 a. Takes note that according to the Parliament´s Legal Service, the reform of article 33.1.a of the ESBC and ECB Statutes does not require aggravated Treaty change;
Amendment 505 #
Motion for a resolution
Paragraph 35 b (new)
Paragraph 35 b (new)
35 b. Suggests that Commission and ECB consider the opportunity of presenting a legislative proposal regarding the conversion of ECB profits in a new, sui generis EU resource;
Amendment 506 #
Motion for a resolution
Paragraph 35 c (new)
Paragraph 35 c (new)
35 c. Bank of International Settlements
Amendment 507 #
Motion for a resolution
Paragraph 35 d (new)
Paragraph 35 d (new)
35 d. Asks the National Central Banks of the Euro Area Member States to consider selling their shares at the Bank for International Settlements to the European Central Bank;
Amendment 508 #
Motion for a resolution
Paragraph 35 e (new)
Paragraph 35 e (new)
35 e. Accountability and transparency
Amendment 514 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Considers that the ECB’s growing number of responsibilities and tasks necessitate greater ECB transparency and accountability towards Parliament; suggests that Parliament shall be endowed with the power to confirm the appointments to the ECB Governing Council in a future Treaty reform;
Amendment 521 #
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Considers that the monetary dialogue could be further improved, including by revamping the in order to increase focus, interactivity and relevance of the exchange of views with the ECB President;
Amendment 534 #
Motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37 a. Considers that this exceptional refinancing (ELA) should be granted directly by the ECB rather than the NCB’s of the recipients;
Amendment 536 #
Motion for a resolution
Paragraph 37 b (new)
Paragraph 37 b (new)
37 b. Welcomes the decision by the ECB in 2016 to publish its feedback on the input provided by the European Parliament.Encourages the ECB to continue transparency efforts in order to better explain its monetary policy measures;
Amendment 538 #
Motion for a resolution
Paragraph 37 c (new)
Paragraph 37 c (new)
37 c. Asks the ECB to publish declarations of interests for Governing Council members;
Amendment 539 #
Motion for a resolution
Paragraph 37 d (new)
Paragraph 37 d (new)
37 d. Asks the ECB to make sure that the chair of the Ethics Committee does not incur in apparent conflict of interest;
Amendment 540 #
Motion for a resolution
Paragraph 37 e (new)
Paragraph 37 e (new)
37 e. Asks the ECB to ensure that there are independent members in the Audit Committee;
Amendment 545 #
Motion for a resolution
Paragraph 38
Paragraph 38
38. Asks the ECB, in order to increase transparency, to make it a rule to publish its decisions, recommendations and opinions, thereby drastically reducing the number of exemptions from disclosure;
Amendment 552 #
Motion for a resolution
Paragraph 38 a (new)
Paragraph 38 a (new)
38 a. Asks the ECB to re-evaluate its whistleblowing framework, adopting a clear and public whistleblowing policy that encourages prospective whistle- blowers to come forward;