18 Amendments of Salvador GARRIGA POLLEDO related to 2012/2151(INI)
Amendment 70 #
Motion for a resolution
Recital F
Recital F
F. whereas there is great concern about the difficult economic and financial situation in which several Member States find themselves, aggravated by the doubts around the EMU and the continuous strains on the sovereign bond markets reflected in high interest borrowing rates for some countries and considerable financial and economic instability;
Amendment 82 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. Whereas the crisis has very clearly shown four main shortcomings in the current design of the euro area: (i) lack of stabilisation mechanisms to deal with asymmetric shocks within the Union; (ii) national responsibilities for banking supervision and crisis management in the absence of a European backstop; (iii) fragmentation and frictions in the working of European sovereign debt markets; and (iv) weaknesses in the governance of the European fiscal discipline framework;
Amendment 216 #
Motion for a resolution
Recital AH a (new)
Recital AH a (new)
AHa. whereas Member States suffer from an apparent mismatch between banks carrying out operations on a European market basis, and contingent liabilities shouldered by their sovereigns; whereas during the current crisis it has become self-evident that the bank-sovereign link is stronger and more damaging within a monetary union, where the internal exchange rate is fixed and there exists no mechanism at Union level to alleviate the costs of bank restructuring.
Amendment 219 #
Motion for a resolution
Recital AI
Recital AI
AI. whereas breaking up the negative feedback loops between sovereigns, banks and the real economy is crucial for a smooth functioning of EMU; whereas the euro area should establish common tools and pools to restructure and resolve troubled banks, without pushing sovereigns out of the markets and digging economies into depression;
Amendment 221 #
Motion for a resolution
Recital AI a (new)
Recital AI a (new)
AIa. whereas the crisis has created a dispersion of lending rates and has also de facto fragmented the single market for financial services;
Amendment 222 #
Motion for a resolution
Recital AI b (new)
Recital AI b (new)
AIb. whereas advancing towards a euro area banking union would contribute to allay these concerns and it would reduce the probability of troubled banks resulting in disorderly failure due to a weak sovereign, diminish the risk of sovereign collapse, facilitate a consistent approach to cross border coordination, and the financial stability would be significantly enhanced;
Amendment 249 #
Motion for a resolution
Recital AN a (new)
Recital AN a (new)
ANa. whereas the role of lender of last resort is still conferred to national central banks, despite monetary policy being decided by the Eurosystem; whereas the implementation of emergency liquidity assistance (ELA) requires complex ad hoc arrangements prone to execution risks and conflicts with monetary policy objectives;
Amendment 251 #
Motion for a resolution
Recital AN b (new)
Recital AN b (new)
ANb. whereas the development of a banking union should correct this anachronism by formally conferring the role of lender of last resort to the ECB, without endangering its price stability objective; whereas the ECB should set rules on the granting of ELA, which would allow it to improve transparency on its use and to prevent moral hazard more efficiently;
Amendment 352 #
Motion for a resolution
Recital BH
Recital BH
BH. whereas a single deposit guarantee scheme should cover all banks within the countries included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions, be partly financed by banks ex ante by levies or contributions till it has sufficient resources to provide a credible guarantee, and have access to ESM funding if necessary;
Amendment 409 #
Motion for a resolution
Recital -BS a (new)
Recital -BS a (new)
-BSa. whereas five years on from the burst of turmoil in financial markets, the euro area lingers in crisis, lagging far behind other economic areas on the track to recovery, and to a large extent this is due to flaws in the current EMU framework;
Amendment 410 #
Motion for a resolution
Recital -BS b (new)
Recital -BS b (new)
-BSb. whereas in this regard, the report Towards a Genuine Economic and Monetary Union presented by the Four Presidents to the European Council marks an important step forward, as it acknowledges that "the smooth functioning of the EMU requires not only the swift and vigorous implementation of the measures already agreed under the reinforced economic governance framework (notably the Stability and Growth Pact and the Treaty on Stability, Coordination and Governance), but also a qualitative move towards a fiscal union";
Amendment 411 #
Motion for a resolution
Recital -BS c (new)
Recital -BS c (new)
-BSc. whereas in line with the report "Towards a genuine Economic and Monetary Union" a fully-fledged fiscal union should include a risk-sharing arrangement through a common budget or backstop, enhanced fiscal oversight through a joint decision-making and oversight by a European Budget Authority, and debt pooling mechanisms that would result in the creation of a single sovereign debt market;
Amendment 436 #
Motion for a resolution
Recital BV a (new)
Recital BV a (new)
BVa. whereas in order to ensure adequate implementation of fiscal policies and regulations, a European Budget Authority could be mandated to oversee budget execution by national governments;
Amendment 462 #
Motion for a resolution
Recital BZ a (new)
Recital BZ a (new)
BZa. whereas pooling debt would address many of the factors that have exacerbated the current crisis. It would reduce the risks of sovereigns being cut off from the markets, limit the strain from rising funding costs, and create a liquid and efficient market of safe assets for the financial sector;
Amendment 471 #
Motion for a resolution
Recital CA a (new)
Recital CA a (new)
CAa. whereas if Member States are to move further towards pooling resources and sharing risks, fiscal policy-making should also be pooled to a certain extent, as Member States would be jointly assuming the consequences of an asymmetric shock that affects any of them, the design of the fiscal paths should also be decided jointly and debt issuance should be authorised in advance;
Amendment 473 #
Motion for a resolution
Recital CA b (new)
Recital CA b (new)
CAb. whereas delegating debt issuance to a European Budget Authority, mechanisms to deal with moral hazard would be strengthened, it would be easier to enforce penalties against non- compliant Member States as their access to funds obtained from debt markets could be restrained or halted;
Amendment 536 #
Motion for a resolution
Recital CH a (new)
Recital CH a (new)
CHa. whereas to benefit of the full growth potential of the Union economy is necessary to complete the internal market specially in areas such as services, energy, telecommunications, standardisation, simplification of public procurement rules, network industries, e-commerce, and copyright regime;
Amendment 541 #
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that reduces structural unemployment, especially for youth, old persons and women,; whereas in that sense the integration of labour markets of the Member States should be fostered to enhance cross-border labour mobility;