33 Amendments of Tom VANDENKENDELAERE related to 2015/2115(INI)
Amendment 6 #
Motion for a resolution
Recital B
Recital B
B. whereas, according to the same forecast, unemployment in the euro area is expected to record a slow decrease, from 11.6 % at the end of 2014 to 10.5 % at the end of 2016; whereas there are major disparities between the unemployment rates in different Member States, with figures ranging from 6.4 % in Germany to 26.6 % in Greeceto 26.6 %;
Amendment 14 #
Motion for a resolution
Recital C
Recital C
C. whereas, again according to the same forecast, the fiscal outlook in the euro area should exhibit a slightn improvement, with decreases expected in the public deficit (from 2.4 % in 2014 to 1.7 % in 2016) and the public debt (from 94 % at the end of 2014 to 92.5 % at the end of 2016);
Amendment 21 #
Motion for a resolution
Recital D
Recital D
D. whereas the current recovery is mainly supported by private consumption and exports, while private investment in the euro area continues to stagnateis only gradually picking up and remains at levels significantly below those registered before the start of the crisis;
Amendment 26 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas low energy prices, particularly for oil, have been among the main contributors to the decrease in the headline inflation rates in the euro area;
Amendment 27 #
Motion for a resolution
Recital E
Recital E
E. whereas, according to the EurosystemCB projection of last JuneSeptember, the average inflation rate in the euro area, after remaining close to zero in the firstsecond half of 2015, is expected to pick up, rising to 1.5 1 % in 2016 and 1.87 % in 2017;
Amendment 33 #
Motion for a resolution
Recital F
Recital F
F. whereas in 2014 the ECB lowered its key refinancing rates to the effective lower bound and reduced its deposit facility rate to -0.20 %; whereas lower real rates havedid not translated into either increased credit for households and businesses, especially SMEs, or GDP growth and job creation, a fact which contributed to setting the ECB on the path to unconventional monetary policy measures;
Amendment 42 #
Motion for a resolution
Recital I
Recital I
I. whereas the Single Supervisory Mechanism (SSM), the first pillar of the Banking Union, became fully operational on 4 November 2014 with the transfer to the ECB of direct supervision of the 13022 biggest banks of the euro area,; whereas in parallel a comprehensive assessment, consisting of a asset quality review and stress test, of these significant banks was carried out and finalised on 26 October 2014; and the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, entered into force at the beginning of 2015;
Amendment 46 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that the modest recovery expected for the coming years in the euro area will not be sufficientWelcomes the ECB's bold actions in the face of a very challenging environment, and the fact that monetary policy has been focused on anchoring inflation expectations and returning to growth enhancing price stability; recalls that the recovery expected for the coming years in the euro area will need to strengthen and potential economic growth will need to be increased in order to reduce the high unemployment rates recorded in many euro area Member States orand to reduce the burden of debt;
Amendment 55 #
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 addparticularly taking into account that SMEs employ 70% of the euro area's business labour force and have higher gross job creation rates than large companies; notes however a gradual decresased by in the recent measures implemented by the ECB to boost bank lendingspread between lending rates on small and large loans; recognizes the limits of what monetary policy can achieve in this respect and welcomes the mitigating exceptional measures undertaken by the ECB such as the targeted long-term refinancing operations (TLTROs);
Amendment 70 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that private investment in the euro area remains significantly below its levels prior to the current crisis; welcomes in this respect the setting up of the European Fund for Strategic Investments (EFSI) as well as the Commission's plan to establish a genuine Capital Markets Union (CMU) which should diversify sources of financing in the EU economy, increase crossborder investment and increase access to finance for businesses, particularly SME's;
Amendment 80 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Acknowledges that, in reaction to a complex environment of sovereign debt crisis, of falling inflation, contraction of credit and sluggish economic growth, and with its interest rates close to the zero lower bound, the ECB resorted to non- conventional monetary policy instruments;
Amendment 95 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is concerned at theRecognizes that long-term interest rates are a reflection of underlying macro- economic conditions rather than an explicit choice of the ECB; takes note of the modest rise in long-term domestic yields in most Member States observed since the second quarter of 2015, which could ultimately erode the expected positive impact of non-conventional monetary policy measures adopted by the ECB; acknowledges however the movement towards a more growth-friendly composition of these long-term interest rates such as increased inflation expectations and lower real interest rates; acknowledges that it could indicate a possible return to normalisation in the economy;
Amendment 109 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Asks the ECB to carefully monitor the risks associated with its purchase programmes, in order to avoid an unfair burden on EU taxpayers within the framework of macroprudential oversight;
Amendment 113 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that theWelcomes the still modest yet noticeable, positive impact of the Asset Purchase Programme (APP) on money and credit dynamics remains modest, with new loans to enterprises stilbenefiting from a gradual weak and with significant differences across euro area economiessing of credit standards, a continued easing of the terms and conditions for new loans, a decrease in the rejection of applications, an increase in the demand for loans and a gradual picking-up of private investment in the first three quarters of 2015; notes that since the launch of the APP, medium- term inflation expectations have risen, gradually converging towards the target of 2 %, while the risks of a deflation trap have decreased; asks the ECB to apply the APP to all Member States, without discrimination;
Amendment 128 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. WarnIs conscious that exiting from the current quantitative easing measures will be a very complex matter which will have to be carefully planned, especially the timing of the exit;
Amendment 135 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that, according to the ECJ judgment of 16 June 2015 in Case C-62/14, wthen fact that the ECB's purchases of government bonds on secondary markets it ismight potentially exposed it to a significant risk of losses as well as to the risk of a debt cut, does not alter the conclusion that the ECB is allowed to purchase government bonds on secondary markets;
Amendment 140 #
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 able to change this situationtakes this into account;
Amendment 161 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery in some Member States and to carry through the necessary structural reforms; reiterates however that the rules of the Stability and Growth Pact should be respected and that these rules stipulate that deficits must be offset with surpluses in order to achieve a budget which is in balance or in surplus over the medium term;
Amendment 168 #
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 dominancerecalls that all governments and national public authorities should thus refrain from asking the ECB to take specific actions;
Amendment 175 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Draws attention to Article 123 TFEU, Article 21 of the Statute of the European System of Central Banks, and Article 7 of Council Regulation (EC) No 3603/1993 of 13 December1993 which prohibit the direct purchase by the national central banks or the ECB of debt instruments issued by EU or national public authorities or bodies; recalls however that such purchases are allowed in secondary markets;
Amendment 178 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that austerity policies in a number ofthe public over indebtedness, lack of competitiveness and subsequent necessary fiscal adjustment in some Member States have contributled to stagnation and recession, with damaging effects on euro area members’' public accounts, levels of unemployment and social cohesion;
Amendment 190 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Welcomes the step forward taken by the ECB in publishing the summary minutes of its meetings, and looks forward to the announcement of further steps to improve the transparency of its communication channels; welcomes a generalised tendency by major central banks to publicly explain monetary decisions immediately after they were taken, a practice that was spearheaded by the ECB;
Amendment 195 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recalls that the quarterly monetary dialogue is a welcome gesture from the ECB towards the European Parliament and is important to ensure the transparency of monetary policy, vis-à-vis Parliament and the wider public;
Amendment 200 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that the ECB’'s supervisory role and its monetary policy function must not be confused and should not generate any conflict of interest in its execution of its principal functions; underlines furthermore the need for democratic accountability in view of the new responsibilities conferred on the ECB regarding supervisory tasks, as well as its advisory role in the Troika and Quadriga programmes;
Amendment 208 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Deplores the fact that the ECB has exceeded even a broad interpretation of its Treaty-based mandate, inter alia in its role in the Troika and Quadriga; urges the ECB to take a step backwards andReminds that the ECB's role in the Troika and now in the Quadriga was codified in the two-pack (Regulation 472/2013 Article 7); urges the ECB to reassess, and if necessary reinforce, its independence from political decisions, abiding by the ECJ judgment in Case C-62/14 of 16 June 2015, especially its paragraph 102, as well as the opinion expressed by Advocate-General Cruz Villalón in the same case, especially its paragraphs 227 and 263;
Amendment 213 #
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 214 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 224 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls for a thorough assessment of the Troika’'s modus operandi and of the ECB’'s involvement in the Troika and Quadriga frameworks, with a view to clarifying and redefining the scope of responsibilities and ensuring greater democratic accountability in the adoption and implementation of bailout programmes; invites the Council to reconsider the involvement of the ECB and IMF in the Troika;
Amendment 231 #
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 233 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 249 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Asks the ECBCouncil to examine the gender imbalance factor on itsthe ECB's Governing Council when its membership is renewed;
Amendment 265 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that the current structure of the Banking Union should be complemented in the future with a single mechanism to guarantee bank deposits, aimed at avoiding capital flight in the event of a future banking crisis; calls for an early agreement on a bridge financing mechanism and for concrete steps towards a common backstop for the Single Resolution Fund;
Amendment 279 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes the capital market union project and its potential contribution to reducing excessive dependence of euro area economies on the banking system as well as its crucial role as shock absorber for the Monetary Union;