7 Amendments of Elmar BROK related to 2015/2344(INI)
Amendment 69 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debt crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks; countries which did not comply with the fiscal rules of the Stability and Growth Pact (SGP), which did not budget responsibly but triggered large budget deficits through high spending and had postponed relevant reforms of their labour markets and public administration, were more vulnerable and could not effectively handle economic shocks; whereas it became apparent that the lack of responsibility of one Member of the euro area is a risk for the euro area as a whole, meaning that one country not adhering to the rules can affect the economy of all Member States of the Union; whereas the currency union is only as strong as its Members, which requires all participating countries to respect economic and financial rules at national level and at the same time to strengthen their economies in their own interest and in that of the whole euro area, thus guaranteeing the well-being of all citizens in the long-term, as the consequences of irresponsible policies at national level have to be borne by the Union as a whole;
Amendment 103 #
Motion for a resolution
Recital H
Recital H
H. whereas the Community method was abandonsuspended in favour of intergovernmental agreements in order to allow for rapidurgent and timely responses during the crisis; whereas this has made the European Council the leading actor in the crisis, while the European Parliament and its national counterparts have been sidelinedinstruments such as the ESM were not possible to be established inside the Treaties due to its limits given Article 125 TFEU; whereas decisions had to be taken outside the existing institutions as later confirmed by the Pringle case; whereas in the long-term all of the instruments established during the crisis and the actions being taken now to prevent future crises should be inserted within the Community framework;
Amendment 122 #
Motion for a resolution
Recital J
Recital J
J. whereas the ECJ ruled in the Pringle case that the ESM is consistent with the TFEU and opened the dodue to the limits of the Treaties no new decision powers can be conferred to the institutions of the European Union; whereas under the current framework to a possible integration of that mechanism into the acquis communautairehe EU institutions and the ESM are limited to decisions taken by the finance ministers of the euro area; whereas the European Commission is able to participate in the administrative work in relation with in the current limits of the Treatiesstruments such as the ESM; whereas the incorporation of the ESM into Community law would require Treaty change;
Amendment 167 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that the introduction of the euro as a common currency has eliminated tried and tested policy options for counterbalancing asymmetric shocks such as exchange rate fluctuafluctuation risks, exchange costs as well as risks and lack of transparency in cross- border transactions; reiteratstresses that the relinquishing of autonomy over monetary policy therefore requires alternative adjustment mechbenefits of the euro are interconnected, as economic stability creates trust and credibility, reduces uncertainty for businesses and encourages companismes to cope with asymmetric macroeconomic shocks in order to make the euro zone an optimal currency area able, inter alia, to implement a proper policy mixinvest, creates more employment and better-quality jobs for citizens and allows for long-term planning of governments; stresses that the need for convergence and competitiveness are conditions for the functionality of a common currency area, since a country cannot restore its competitiveness in a sustainable manner by simply devaluating its currency;
Amendment 230 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges the results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policies, in particular via the adoption of the Six-Pack and the Two-Pack Regulations; welcomes further the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however, that these mechanisms dramatically lack democratic oversight and parliamentarynotes that due to the constraints of the Treaties the ESM had to be established at intergovernmental level with parliamentary control primarily taking place at national level, national governments being responsible vis-à-vis their national parliaments, within the limits set by the Constitutional Court of each countrol, and hence ownership; y; stresses that in the long- term all of the established instruments shall be inserted within the Community framework in order to also ensure parliamentary control through the European Parliament;
Amendment 267 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. BelievStresses that in order to regain trust, the euro must deliver on its promise of stability, convergence, growth and jobs; regards a fiscal capacity as a vital element in this entthe introduction of the euro led to closer economic and monetary cooperation that allowed the internal market to develop further, for the whole European economy to perform better, bringing more jobs and greater prosperity for European citizens benefiting individuals, businesses and whole economies in the euro area, including greater choice and stable prices for consumers and citizens, greater security and more opportunities for businesses and markets, promoting trade and investment, improving economic stability and growth, more integrated financial markets and stronger priese, which can be successful only if solidarity is closely linked tnce for the EU in the global economy; underlines that the single currency brings new strengths and opportunities arising from integration and scale of the euro aresponsibilita economy, meanaking that financial support is provided on the basis of clear criteria; e single market more efficient and doing business in the euro area more cost-effective and less risky; stresses that the euro remains an attractive reserve currency for third countries and a trustworthy currency for new Member States, which was proven by the fact that, despite the economic crisis, several countries recently decided to join the euro area: Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015;
Amendment 367 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Argues in consequence that three pillars of a fiscal capacity should be distinguished, wherein action should be undertaken in the framework of a common toolbox to address the different functions, i.e. incentivising convergence and sustainable structural reforms, absorbing asymmetric shocks, and absorbing symmetric shocks; takes note of the various proposals regarding designs put forward on this matter by politicians and academiathe current Treaties, especially considering the subsidiarity principle laid down in Article 5 TEU;