53 Amendments of Marianne THYSSEN related to 2012/2028(INI)
Amendment 7 #
Motion for a resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to the presentation by Vice-President Rehn in the Committee on Economic and Monetary Affairs on 23 November 2011 and of the exchange of views with the German Council of Economic Experts on the European redemption fund on 29 November 2011,
Amendment 8 #
Motion for a resolution
Citation 2 b (new)
Citation 2 b (new)
- having regard to the report by President of the European Council, Herman Van Rompuy "Towards a Genuine Economic and Monetary Union",
Amendment 9 #
Motion for a resolution
Citation 2 c (new)
Citation 2 c (new)
- having regard to the decision of the European Council of 30 June 2012 to explore ways of improving the economic and financial architecture of the eurozone
Amendment 14 #
Motion for a resolution
Recital A
Recital A
A. whereas Parliament requested that the Commission submit a report on the possibility of introducing eurobonds, which was an integral part of the agreement between Parliament and the Council on the economic governance package (six pack); whereas the Green Paper, however, proposes neither crisis resolution measures nor ways in which the options presented could be implemented;
Amendment 15 #
Motion for a resolution
Recital A
Recital A
A. whereas Parliament requested that the Commission submit a report on the posfeasibility of introducing eurostability bonds, which was an integral part of the agreement between Parliament and the Council on the economic governance package (six pack); whereas the Green Paper, however, proposes neither crisis resolution measures nor ways in which the options presented could be implemented;
Amendment 16 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the Green Paper launched a broad public consultation exercise concerning the concept of stability bonds; whereas the Green Paper assesses the feasibility of common issuance of sovereign bonds by the Member States of the eurozone and the required conditions;
Amendment 19 #
Motion for a resolution
Recital B
Recital B
B. whereas the eurozone is in a unique situation, with eurozone Member States sharing a single currency but no common fiscal policy or common bond market; whereas, therefore, there are grounds for welcoming the draft proposals in the report ‘entitled ‘Towards a Genuine Economic and Monetary Union’ presented by the Presidents of the European Council, Commission, Euro Group and European Central Bank, which represents a good starting point for working towards a sound and genuine EMU;
Amendment 29 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the crisis has demonstrated not only the interdependence between eurozone Member States but also has made clear the need for a more robust fiscal union with effective mechanisms to correct unsustainable fiscal trajectories, macroeconomic imbalances, debt levels and the upper limits of budget balance of Member States;
Amendment 31 #
Motion for a resolution
Recital B c (new)
Recital B c (new)
Bc. whereas it is now recognized that the common issuance of debt is not an immediate response to the present crisis nor an immediate crisis resolution mechanism but just an instrument within a completely functional economic and monetary union to the reinforcement of financial stability and prevention of future sovereign debt crisis;
Amendment 33 #
Motion for a resolution
Recital B d (new)
Recital B d (new)
Bd. whereas the common issuance of debt with joint and several liabilities and an enhanced fiscal integration and budgetary discipline and control are two faces of the same coin;
Amendment 35 #
Motion for a resolution
Recital B e (new)
Recital B e (new)
Be. whereas a substantial part of the national budgetary sovereignty should be transferred to the EU, making the participation on the common debt issuance system conditional on the respect of SGP rules - and on the acceptance of EU powers to requires changes to national budgets when in violation of fiscal rules - so to ensure compliance and prevent moral hazard;
Amendment 38 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note of the various crisis mitigation and resolution efforts of the European institutions, particularly the establishment of the EFSM, the EFSF, the SMP and the LTRO, and the agreement on the ESM and the fiscal compactapproval of the Six Pack, the political commitment to complete the negotiations on the Two Pack as soon as possible, the establishment of the EFSM, the EFSF, the SMP and the LTRO, and the agreement on the ESM and its early entry into force, as well as the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union;
Amendment 39 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note ofWelcomes the various crisis mitigation and resolution efforts of the European institutions, particularly the establishment of the EFSM, the EFSF, the SMP and the LTRO, and the latest agreement ons reached regarding the ESM and the "fiscal compact"; lauds these steps as a clear sign for solidarity within the euro area; reminds that three Member states outside the euro area have also receive help to overcome their sovereign debt crisis;
Amendment 44 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Welcomes the presentation of the Green Book, which fulfils a long standing requests of the European Parliament; Considers that the possible introduction of stability bonds would be an operation at par in importance with the introduction of the single currency;
Amendment 47 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Welcomes the decision of the European Council of 30 June 2012 to explore ways of improving the economic and financial architecture of the euro area; notes that great emphasis is put by the Council on avoiding moral hazard and achieving sound and sustainable public finances;
Amendment 49 #
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Notes that the EFSM, the EFSF and the ESM are the most important firewalls designed so far by the EU; stresses that as a common bond system does not prevent individual country default, the role of the ESM regarding solvency issues shall not be disregarded and reiterates its vital importance to help ring-fencing such system;
Amendment 51 #
Motion for a resolution
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. Stresses that fiscal consolidation and structural reforms throughout all Member States are necessary to restore fiscal credibility and are essential to achieve a sustainable balance of payments and sound and sustainable public finances. Restoring sound state finances and carrying out structural reforms should be a prerequisite for introducing a common debt issuance system;
Amendment 53 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fiscal consolidation and structural reform efforts undertaken by Member States; observes that these efforts must continue unremittingly in order to restore confidence and achieve sustainable growth;
Amendment 55 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fiscal consolidation and structural reform efforts undertaken by a number of Member States; acknowledges the difficult and demanding efforts that are being requested to the European citizens but reinforces the need for fiscal consolidation; welcomes that two Member states saw their excessive deficit procedure ended this year;
Amendment 60 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that growth is only possible with sound fiscal policies and therefore, and due to the deepen inter-dependence between Member States and the spill-over effects of macroeconomic policies, even those Member States out of assistance programmes should improve their consolidation efforts and structural reform programmes in order to foster competitiveness, growth and employment;
Amendment 66 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned, however, that despite Member States‘ reform and consolidation efforts euro area sovereign bond markets are in distrthe markets have not acknowledged the considerable efforts towards reforms and consolidation in some Member statess, which is reflected in widening spreads and high interest rate volatility;
Amendment 74 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. BelievesIs pleased to note that the re is an urgent need to further discussport presented by the Presidents of the European Council, Commission, Euro Group and European Central Bank has launched a debate concerning a longer- term vision for the euro area which ensures sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence; observes that, for the first time, a comprehensive, ambitious and credible European plan has been proposed for the necessary structural reforms in the European Union in general and the eurozone in particular;
Amendment 76 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that there is an urgent need to further discuss a longer-term vision for the euro area which ensures sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence which is only possible with a qualitative move towards a fiscal union;
Amendment 82 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that an integrated budgetary framework is essential to ensure sound fiscal policy, encompassing coordination, joint decision-making, greater enforcement and commensurate steps towards common debt issuance (including short-term funding instruments on a limited and conditional basis, or gradual roll-over into a redemption fund);
Amendment 89 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Points out that it is in the long-term strategic interest of the eurozone to draw all possible benefits from issuing the euro, such as establishing a common liquid and diversified bond market and establishing the euro as a global reserve currency; considers moreover that this requires an integrated European financial, economic and budgetary framework;
Amendment 97 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that all existing and future instruments or institutions which are sensu stricto or sensu lato part of the economic governance framework of the Union need to be democratically legitimised as well as rooted on a firm legal base and made accountable by involving the parliaments of the Member States and the European Parliament in the setting-up and running of these instruments or institutions;
Amendment 108 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds canould foster stability in the euro area and be an additional element to incentivise compliance with the stability and growth pact, provided that progress is made with European financial and budgetary integration and supervision; reiterates its position that sequencing is a key issue, involving a binding roadmap, included in the annex, similar to the Maastricht criteria for introducing the single currency which connection responsibility and solidarity must go hand in hand;
Amendment 109 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds can foster stability in the euro area and be an additional element to incentivise compliance with the stability and growth pactReiterates its position that as a necessary precondition for common issuance bonds, a sustainable fiscal framework needs to be in place, aimed at both enhanced economic governance, fiscal discipline and SGP compliance; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex,roadmap similar to the Maastricht criteria for introducing the single currency; asks for further clarification on the Commission's suggestion to make the common debt issuance conditional, e.g. on the respect of the Stability and Growth Pact;
Amendment 119 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Observes that, in the public and political debate, various possible ways of partially issuing common debt securities have been proposed, such as the pooling of certain short-term financing instruments on a limited and conditional basis (eurobills) or gradual rollover to a European redemption fund;
Amendment 122 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Reminds that even under a common bond issuance scheme every Member state is obliged to pay back the entirety of its debt; reminds that common bond issuance are no guarantee against a Member state defaulting on its debt;
Amendment 127 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Urges to only consider commonly issued bonds that insure strict seniority status to the holders of these bonds in order to protect the EU taxpayers;
Amendment 129 #
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Notes that most proposals for eurobonds include ways to reduce the access to the bonds for Member states whose budgetary positions spin out of control; urges therefore to maintain mechanisms that are able to help those Member states which are experiencing difficulties in form of a liquidity crisis (as opposed to a solvability crisis) and that are excluded from the common issuance of bonds; believes that the ESM should be maintained for that purpose; urges to make the ESM subject to the Community method;
Amendment 132 #
Motion for a resolution
Paragraph 7 e (new)
Paragraph 7 e (new)
7e. Asks the Commission to further elaborate on the criteria of allocation of the loans to the Member states, as the Green Book's only states that this would be done 'according to their needs'; insists that the capacity to service the debt should be one of the central allocation criteria;
Amendment 134 #
Motion for a resolution
Paragraph 7 g (new)
Paragraph 7 g (new)
7g. Believes that it is essential to establish a roadmap in a two-phase approach: in a short-run exit the current crisis and in a long-run to move towards a fiscal union by completing, strengthening and deepening the economic and monetary union;
Amendment 141 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges Member States to seriously consider the option of immediately establishing a European Redemption Fund in order to allow participatCalls on the Commission as soon as possible and no later than 31 December 2012 to present a report to the European Parliament and to the Council examining the feasibility of options and making proposals for a possible roadmap towards common issuance of public debt instruments, taking accountries to reduce excessive debt over a maximum period of 25 years by using the interest rate savings for debt reduction of financial, budgetary and legal aspects; considers that, in this context, the Commission should pay particular attention to the feasibility of introducing a redemption fund which combines temporary common issuance of debt instruments and strict rules on fiscal adjustment;
Amendment 148 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 154 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges Member States to seriously consider the immediate issuance of common short-term debt in the form of eurobills to protect those Member States with fundamentally sustainable fiscal polices from illiquidity runs and the negative feedback loop between sovereign and banking crises;
Amendment 157 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Urges Member States to study the feasibility of moving towards a system of European Safe Bonds as proposed by Euro-nomics;
Amendment 162 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 168 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to prepare contingency plans allowing a rapid implementation of these schemesengage in clarifying the legal restraints to the common issuance of bonds, especially Article 125 TFEU and its implication for three possible issuing modes, which are joint liability, several liability, as well as joint and several liability; Urges the Commission to analyse the possible use of article 352/1 of the TFEU or any other legal basis for the implementation of a partial common debt issuance solution without a necessary Treaty change;
Amendment 178 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integration in the EU; calls on the Commission to put forward proposals for a single financial supervisory authority to oversee systemic financial institutions, a banking resolution regime including a recapitalisation fund and an EU-wide deposit guarantee scheme; notes that this would involve transferring responsibility for supervision to European level and creating a common deposit guarantee scheme and common systems for banking resolution and liquidation of banks;
Amendment 181 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integration in the EU; calls on the Commission to put forward proposals for a Banking Union with a single financial supervisory authority to oversee systemic financial institutions with pre-emptive intervention powers, a banking resolution regime including a recapitalisation fund and an EU-wide common deposit guarantee scheme;
Amendment 193 #
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 197 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that the issuance of common bondscommon debt issuance under separate liability, similar to the EFSF bond, risks not being sufficiently attractive for investors and that the roadmap should therefore include a system, which does not require any Treaty change, for the allocation of debt below 60 % of GDP to be issued under joint and several liabilities (blue-bond/red-bond proposal)if some Member states participating in the scheme still lack sustainable finances;
Amendment 198 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Notes that three scenarios might have to be chosen from: first, a single interest rate for all participating Member states, resulting in a transfer of wealth between countries, second, a differentiated interest rate, and third, a single rate associated to a compensation scheme such as floated by the Commission, where Member states with lower ratings financially compensate those with better ratings;
Amendment 199 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Asks the Commission to elaborate more its option to establish a system of differentiation of the interest rates between Member states with divergent ratings, especially to clarify how and by whom these ratings are established once market mechanisms were neutralized by the introduction of common bonds;
Amendment 200 #
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Shares the view expressed by the Commission in its Green Paper that the stability of a eurobond system cannot rely solely on the shoulders of a small number of Member states with sustainable finances, and that such system demands a strengthened fiscal union and stronger budgetary discipline and control to prevent moral hazard;
Amendment 203 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 209 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Believes that if the blue-bond/red- bond system proves to be beneficial to the euro area as a whole, a further step, requiringa system of mutualisation of debt is deemed possible and well interwoven in a stability oriented framework, a Treaty change, should be envisaged, which iscould result in the issuance of bonds under joint and several liability;
Amendment 218 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Advocates, following the implementation of short-term measures to exit the crisis, the setting-up of a committee inspired by the Delors Committee of 1988, including representatives from the European Parliament, Member States, the Commission and the ECB; believes that this committee should evaluate progress and make recommendations for further steps with regard to post-crisis phases, to be discussed in Parliament; takes the view that this committee should also look at the possibility of issuing genuine federal bonds;
Amendment 221 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Advocates, following the implementation of short-term measures to exit the crisis, the setting-up of a committee inspired by the Delors Committee of 1988, including representatives from Member States, the Commission and the ECBPresident of the Commission, the President of the European Council, the President of the ECB and the President of the Eurogroup; believes that this committee should evaluate progress and make recommendations for further steps with regard to post-crisis phases, to be discussed in Parliament; takes the view that this committee should also look at the longer term possibility of issuing genuine federal bonds destined to feed the European budget;
Amendment 225 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Strengthens that the Commission should study the feasibility of each and all of the options presented in the Annex (both phase 1 and phase 2), which are not necessarily alternative but can be, under certain circumstances, cumulative and concurrent;
Amendment 228 #
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Is aware that an ever increasing number of proposals for the mutualisation of debt are being made, especially in the academic field; notes that these proposals vary considerably; outlines a chosen number of possible options in the annex;