39 Amendments of Jonás FERNÁNDEZ related to 2018/2101(INI)
Amendment 1 #
Motion for a resolution
Citation -1 (new)
Citation -1 (new)
– having regard to its Resolution of 6 February 2018 on the European Central Bank Annual Report for 2016;
Amendment 7 #
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
– having regard to the ECB Economic Bulletin, Issue 5/2018;
Amendment 8 #
Motion for a resolution
Citation 4 b (new)
Citation 4 b (new)
– having regard to Article 11 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro;
Amendment 9 #
Motion for a resolution
Citation 4 c (new)
Citation 4 c (new)
– having regard to Article 128(1) of the TFEU, on the legal tender character of the euro;
Amendment 10 #
Motion for a resolution
Citation 4 d (new)
Citation 4 d (new)
– having regard to the report of the High -Level Group on Own resources (Monti Report) of December 2016;
Amendment 11 #
Motion for a resolution
Citation 4 e (new)
Citation 4 e (new)
– having regard to the Feedback on the input provided by the European Parliament as part of its Resolution on the ECB Annual Report for 2016;
Amendment 12 #
Motion for a resolution
Citation 4 f (new)
Citation 4 f (new)
– having regard to the proposal for a Regulation of the European Parliament and the Council on sovereign bond- backed securities of 24 May 2018;
Amendment 13 #
Motion for a resolution
Citation 4 g (new)
Citation 4 g (new)
– having regard to the Proposal for a Regulation of the European Parliament and of the Council on the establishment of a European Investment Stabilisation Function of 31 May 2018;
Amendment 14 #
Motion for a resolution
Citation 4 h (new)
Citation 4 h (new)
– having regard to its Resolution of 3 May on virtual currencies;
Amendment 24 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the Euro is the currency of the EU; whereas the euro remains unchallenged as the second most important currency in the international monetary system; whereas the euro is the only physical money for euro area citizens which allows instant settlements and is guaranteed by the central banks, as legal issuers;
Amendment 25 #
Motion for a resolution
Recital -A a (new)
Recital -A a (new)
-Aa. whereas the ECB is responsible for managing the policies of the single currency, one of the most tangible and historic achievements of European integration; whereas the euro is irreversible;
Amendment 26 #
Motion for a resolution
Recital -A b (new)
Recital -A b (new)
-Ab. whereas popular support for the euro was high in 2017 with close to three- quarters of respondents supporting the euro in the euro area (73%), which is the highest score reached since autumn 2004, with 64% thinking the euro is a good thing for their country, and with 74% thinking the euro is a good thing for the EU;
Amendment 32 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas despite some convergence, growth and unemployment rates remain geographically uneven to a significant degree, causing dangerous fragility for the economy and endangering sound and balanced development;
Amendment 33 #
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas according to Eurostat data in the Harmonised Index of Consumer Prices, annual headline inflation grew from just 0.2% in 2016 to 1.5% in 2017, recovering from past lows and moving closer to the ECB's medium term inflation aim of close to but below 2%, but still falling short of the said objective; whereas the increase of headline inflation is mainly driven by higher energy prices, while underlying inflation recorded only a marginal increase to 1.0% from 0.9% in 2016, lacking signs of a sustained upward trend in 2017;
Amendment 34 #
Motion for a resolution
Recital D c (new)
Recital D c (new)
Dc. whereas wage growth remains an important precondition for a sustained increase in underlying inflation1a; _________________ 1a See "The role of wages in the pick-up of inflation", ECB Economic Bulletin, Issue 5/2018: https://www.ecb.europa.eu/pub/economic- bulletin/focus/2018/html/ecb.ebbox201804 _04.en.html
Amendment 49 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas in 2017 the number and value of euro banknotes in circulation grew by around 5.9% and 4.0% respectively while the number and value of euro coins grew by 4.2% and 4.0% respectively;
Amendment 50 #
Motion for a resolution
Recital K b (new)
Recital K b (new)
Kb. whereas the ECB deems it appropriate to invite the European Commission, in view of its coordination role for euro coins matters, to consider the joint issuance by all 19 euro area countries of a commemorative coin bearing the image of Charlemagne;
Amendment 55 #
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
-1. Welcome the fact that popular support for the euro has increased 8 percentage points in 2017 vis-a-vis 2016, with almost two-third of respondents (64%) thinking that the single currency is a good thing for their countries;
Amendment 58 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights that the statute of independence of the ECB, as laid down in the treaties, is crucial for fulfilling its mandate of price stability and protecting the institution as a whole from political interference; stresses, however, the need for more accountability and transparency, proportionate to its level of independence;
Amendment 61 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes that the monetary policies undertaken in the 2012-2017 period have effectively preserved the single currency and the stability of the Economic and Monetary Union, including by maintaining financial stability, the proper functioning of the payment systems, easing financing conditions and boosting economic growth;
Amendment 65 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Recalls that, in accordance with the provisions of Article 2 of its Statute and Article 127 of the TFEU and the further details set out in Article 282 of the TFEU, the ECB must, without prejudice to the primary objective of price stability, support "the general economic policies of the Union", with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the TEU;
Amendment 72 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes however that inflation dynamics in 2017, with headline inflation increasing to 1.5% reflecting higher contributions from energy prices, and underlying inflation, excluding energy and food, recording only 1% increase, had yet to show convincing signs of a sustained upward adjustment to a medium-term level below, but close to 2%, consistent with the ECB's definition of price stability1a; _________________ 1a See ECB 2017 Annual Report, pages 4,8 and 16
Amendment 89 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Agrees with the ECB that a balanced mix of sound and growth- friendly national fiscal policies, implemented within the framework of the SGP, including its build-in flexibility, as well as socially balanced and ambitious productivity-enhanced reforms, are required at Member State level in order to ensure durable and sustainable economic growth;
Amendment 93 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Stresses that in order to ensure the full effectiveness of monetary policy, current account imbalances must be corrected with appropriate fiscal and economic policies, and productivity- enhancing reforms;
Amendment 95 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Notes that, so far the impact of the ECB's monetary policy measures on bank's profitability, appears contained. Overall, lower net interest margins, related to the flat yield curve and the downward stickiness of deposit rates, are being counteracted by improvements in the economic outlook that are having positive impact on credit quality (and therefore on bank's provisioning costs) and on lending volumes. At the same time, while cyclical challenges are gradually abating, bank profitability still remains fairly subdue. This reflects structural factors, including low cost-efficiency, weak revenue generation and diversification, and high stocks of NPLs in some jurisdictions;
Amendment 107 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Considers that the Banking Union needs to be completed with the establishment of a credible European Deposit Insurance Scheme (EDIS) and the common backstop to the Single Resolution Fund (SRF);
Amendment 114 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Considers that the EMU must be complemented by a fiscal and a political union, in particular with the establishment of a Euro area budget;
Amendment 131 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Agrees withTakes note of the ECB’s decisintention to end the APP in December 2018, subject to incoming data confirming its medium- term inflation outlook, and considers that this instrument should only be used on a temporary basis, as it creates new risks for financial stability and reduces incentives to consolidate public finances;
Amendment 142 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that with holdings of EUR 1.9 trillion at the end of 2017, the public sector purchase programme (PSPP) accounted for the largest part of the APP; emphasises the importance of following the issuer limit of 33 % in public sector purchases;
Amendment 172 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reiterates its concern aboutTakes note of the increase in TARGET2 balances and call; stresses, however, that according to ECB analysis, changes oin the ECB to clarify the underlying factors and the potential risks relatTARGET balances largely reflect the liquidity flows arising in the context of the APP and are not a symptom of renewed stress in financial markets; asks the ECB to continue careful monitoring tof the imTARGET balances that this could cause;
Amendment 185 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Recalls that the ECB as an EU Institution is bound by the Paris Agreement;
Amendment 187 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Welcomes the amendment of Article 22 of the ESCB and the ECB Statute, in order to provide a clear legal basis for enabling the Eurosystem to carry out its role as central bank of issue for central clearing counterparties (CCPs), thus giving the ECB the competence to regulate the activity of the clearing systems, including CCPs, with the objective of effectively countering the risks posed by those systems to the smooth operation of payment systems and the implementation of the single monetary policy;
Amendment 198 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
Amendment 201 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Takes note of the Commission proposal on establishing a European safe asset for the euro area´s Banking Union, starting with the issuance of European Sovereign Bonds-backed Securities (ESBBS);
Amendment 204 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Takes note that the ECB agrees that it is important to study the relevance and implications of issuing central bank digital currency (or digital base money, DBM) to the general public; encourages the ECB to conduct and publish such study and put forward, if appropriate, a carefully designed proposal with a view to improving public access to payment systems; stresses that progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash;
Amendment 208 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Agrees with the ECB on the importance of physical money as legal tender, given that the euro is the sole legal tender within the euro area, and reminds all euro area Member States that the acceptance of euro coins and banknotes should be the rule in retail transactions, without prejudice to the right of the said Member States to introduce upper limits to cash payments with a view to fighting money laundering, tax fraud, and the financing of terrorism and organised crime;
Amendment 210 #
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Asks the Commission, in view of its coordination role for euro coin matters, to consider the joint issuance by all 19 euro area countries of a commemorative coin bearing the image of Charlemagne;
Amendment 216 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Notes that the High-Level Group on Own Resources identified the ECB profits as one of the possible new own resources for the EU budget; welcomes the Commission proposal regarding using the ECB profits to provide anti-cyclical interest-free loans to Euro area Member States as part of the European Investment Stabilisation Function;
Amendment 220 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Welcomes the improved, detailed, section-by-section, and substantial Feedback provided by the ECB to Parliament's input on the 2016 ECB Annual Report; encourages the ECB to continue this commitment to accountability;