26 Amendments of Gunnar BECK related to 2020/2037(INI)
Amendment 11 #
Motion for a resolution
Recital A
Recital A
A. whereas in its 20 years of existence, the euro has become a symbol of Europe’s economic strength and of its position in theproven to be a political, rather than an economic project, which requires further expropriation of euro area member states' economic governance and sovereignty in order to worldk;
Amendment 12 #
Motion for a resolution
Recital A
Recital A
A. whereas in its 20 years of existence, the euro has become a symbol of Europe’s economic strength and of its position in the worldcaused economic imbalances in Europe;
Amendment 17 #
Motion for a resolution
Recital B
Recital B
Amendment 23 #
Motion for a resolution
Recital C
Recital C
C. whereas current geopolitical tensions and international trade challenges – including the disruption of value chains, technological developments, digital transformation, the rise of China’s economic power and the challenges posed by the US to multilateralism – lead to a multipolar world economy, thus paving the way for a potential shift towards a multicurrency reserve system where the euro willcould offer additional currency choices for market participants globally and allow for reduced global financial risks, provided compliance with the Stability and Growth Pact, and government debts of euro area member states are substantially reduced;
Amendment 27 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the potential shift towards a multicurrency reserve system is threatened by ultra-accommodative monetary policies of the major central banks, which leads to an unprecedented inflation of the money supply and could undermine consumers' and investors' trust in traditional fiat currencies;
Amendment 33 #
Motion for a resolution
Recital D
Recital D
D. whereas the EU should protect the integrity of its financial infrastructures and the independence of its market operators against foreign policy unilateralism and potential extraterritorial sanctions by third country jurisdictions, and ensure at the same time the effective enforcement of EU sanctions policy; whereas national central banks hedge this geopolitical risk by increasing their gold reserves;
Amendment 35 #
Motion for a resolution
Recital E
Recital E
E. whereas while the decision to use a currency is ultimately determined by market participant preference, confidence in the stability of a currency is a crucial component that influences their choices and an important criterion for central banks and governments in determining the composition of their international reserves; whereas confidence in the stability of a currency is heavily undermined by ultra- accommodative monetary policies, which leads to a massive increase in the money supply, which is demonstrated by an depreciating euro, despite increases in M1 and M3;
Amendment 42 #
Motion for a resolution
Recital F
Recital F
F. whereas Brexit brings structural changes to the EU financial system and its stability, intensifying the need to continue developfor curbing the EU’´s capital markets, to avoid market fragmentationenthusiasm to further enhance economic governance convergence, and to maintain a global and cooperative mindset, while consolidating its emergrespecting the existing polycentric financial and capital market system;
Amendment 47 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas European financial culture is deeply rooted in traditional banking, which protects European consumers and investors against domestic and foreign speculators on financial markets; whereas this European financial culture deserves to be maintained;
Amendment 50 #
Motion for a resolution
Recital H
Recital H
H. whereas post-pandemic economic recovery requires the fast implementation of the EU recovery plansound monetary and budgetary policies, both at EU level and in the euro area member states, which will address structural weaknesses and put in place policies to enhance growth and competitiveness; whereas such policies are paramount both to enhancing the attractivenessstability of the euro globally and to strengthening Europe’s economic and financial autonomy; whereas a meaningful fiscal stimulus, in conjunction with areturn to restrained monetary one –policies, including a joint European effort –,the normalisation of interest rates will have a positive effect on the international position of the euro; whereas the premature withdrawalcontinued extension and increased flexibility of fiscal stimulus and the lack of coordination of fiscal action cansound budgetary policies undermine the attractiveness of the euro as an international currency;
Amendment 60 #
Motion for a resolution
Recital I
Recital I
I. whereas newthe powers to issue recovery debt, including green bonds – which make the EU the world’s biggest issuer of such debt –, require adequate implementation and enforcement capacities so as to avoiviolate Article 310 TFEU, increase the vulnerability of the EU economy as a whole to foreign speculation, and undermininge the long-term credibility of the euro as a safe asset currency;
Amendment 77 #
Motion for a resolution
Recital K
Recital K
K. whereas market-driven shifts towards strengthening the international role of the euro require targeted facilitating policies, both at EU and member state level, that are aligned with this objective and that are part of a comprehensive road map;
Amendment 78 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Amendment 85 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that strengthening the international role of the euro can generate benefits both in the short and long term; notes, however, that it also brings risks and responsibilities that must be taken into consideration in the process of complementing market forces with policy measures; underlines, in particular, that the international currency status of the euro can enhance monetary policy autonomy and reinforce its global transmission, make the euro more of an attractive investment, and provide exorbitant privilege and lower exchange rate pass- through.d a culture of sound budgetary policies both at EU and member state level, and a restrained monetary policy, including through the normalisation of interest rates;
Amendment 92 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Points out that, in order for the potential benefits from the strengthened role of the euro to materialise, the Union has to complete the as yet unfinished infrastructure for the common currency and make more progress on deliver on its mandate to reduce financial and operational risk in the European banking sector, and member states have to reduce their budgetary reliance on debt issuance, which should both lead to an equitsy critical functionsulture in European finance, rather than a debt dependence;
Amendment 100 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reiterates, in this context, the need to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU), with a view to enhancing the international competitiveness of European markets and the attractiveness of the euro; improve the solvency and profitability of European banks and the European financial sector; warns that the establishment of a common European deposit insurance and a fiscal backstop for the Single Resolution Fund will spur banks to engage in more risky behaviour at the expense of more prudent banks, taxpayers and savers; believes that these kinds of moral hazards will negatively impact the viability of the euro as a strong international reserve currency;
Amendment 114 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines that making more progress in developing the CMU would increase both resilience to and independence from global developments and the attractiveness of euro- denominated assets; deplores the segmentation of the euro area’s capital markets along national lines, which has resulted in small-sized markets; considers Brexit, in that regard, as both challenge and opportunitymakes the EU more vulnerable to foreign speculation;
Amendment 125 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the need for sustainable and sound fiscal and structural growth- enhancing policies that are based on a commitment to credible fiscal rules; calls for further reflection on the adequacy of the stability and growth pact framework despite the challenging circumstances; suppdeplortes the plan outlined in Next Generation EU to use, in addition to monetary policy, a fiscal impulse, notably the violation of the Treaties by borrowing EUR 750 billion from capital markets bonds to finance the recovery and green transition, in addition to the issuance of EUR 100 billion in ‘social’ bonds under the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), which is intended to preserve employment; applaudnotes the high level of interest that investors have demonstrated in European bonds, since buyers were attracted by the overly high bond yields, offering investors better returns than the most secure eurozone government bonds, despite having a triple-A rating, which is rare these days; is worried about the calibration of the emission price being seemingly set in such a way as to offer more attractive conditions than necessary and so clear the way for future emissions; is concerned by lack of research done by the Commission about setting the interest rate, which seems arbitrary;
Amendment 151 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that an adequate supply of safe assets is a precondition for international currency status, and expresses its regret at the limited availability of euro- denominated safe assets; underlines, therefore, the need to create European safe assets; considers that the proposed issuance of a common debt to finance recovery will providnotes in this regards that institutions such as the EIB hold almost a third of its funding in dollars, exposing the ban EU-level reserve asset benchmark and increase the supply of euro-denominated safe assets; expectsk to potential US sanctions; asks financial institutions, including the ECBIB, to conduct an assessment of the possibility of issuing certificates of deposit under its existing legal basistart progressively reducing its funding in dollars;
Amendment 166 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 178 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Underlines that a strengthened international role of the euro would enhance the EU’s capability to enforce open strategic autonomymonetary and financial stability; stresses vice versa that strengthened monetary and financial stability would enhance the international role of the euro; recommends, therefore, actions intended to both design and implement policy measures that foster the international role of the euro, monetary and financial stability, and support market-driven shifts in this direction;
Amendment 184 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Advocates, in this context, that policies critical for and conducive to strengthening the international role of the euro should target, inter alia, international trade, sound fiscal and monetary policy mixeasures, financial services and capital market, payments systems, the climate, the digital transformation, energy, and foreign and security policiescluding debt reduction at member state level and restrained monetary policy at ECB level, including the normalisation of interest rates and ending the expansion of the money supply;
Amendment 209 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses the role the ECB plays in maintaining trust in the euro and safeguarding monetary sovereignty; welcomes the promptdeplores the measures put in place by the ECB in order to cater for euro liquidity; underlines the prominence of swap arrangements and repo lines in enhancing the international role of the euro by massively inflating the money supply and keeping interest rates artificially low; calls on the ECB to swiftly normalise its interest rates and to end its numerous asset purchasing programs;
Amendment 217 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses that, besides its primary mandate of maintaining price stability, the ECB is tasked with promoting the smooth operation of payment systems; underlines the importance of having autonomous European payment solutions; calls on the ECB to ensure an adequate balance between financial innovation and stabilityaddressing the recurrent problems regarding the breakdowns of the TARGET 2 system;
Amendment 220 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note of the ECB report on the digital euro, and of the value astatement by the member of the ECB’s Executive Board in charge of the task force on the project, Fabio Panetta, that the digital ceurrency can add in strengthening the international role of the euroo would complement cash, not replace it; deplores political actions geared towards eliminating cash, which are liable to impinge upon the fundamental rights of citizens, especially those in the most vulnerable groups, such as the elderly and those with disabilities, who could encounter problems in the use of new technologies; supports the ECB’s efforts in ensuring a high level of cyber resilience;
Amendment 224 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Takes note of the ECB report on the digital euro, and of the value a digital currency can add in strengthening the international role of the euro; supports the ECB’s efforts in ensuring a high level of cyber resilience;