47 Amendments of Jörg MEUTHEN related to 2019/2129(INI)
Amendment 1 #
Motion for a resolution
Citation 2
Citation 2
– having regard to the Statute of the European System of Central Banks (ESCB) and of the ECB, in particular Article 15 and Article 21 thereof,
Amendment 3 #
Motion for a resolution
Citation 3
Citation 3
– having regard to Article 123, Article 127(1) and (2) and Article 284 (3) of the Treaty on the Functioning of the European Union,
Amendment 8 #
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
– having regard to the Annual Economic Report 2018 of the Bank for International Settlements (BIS);
Amendment 21 #
Motion for a resolution
Recital C
Recital C
C. whereas according to the Eurosystem staff macroeconomic projections of September 2019, annual inflation for the euro area in the Harmonised Index of Consumer Prices (HICP) looks set to reach 1.2 %, 1.0 % and 1.5 % in 2019, 2020 and 2021, thus still falling short of the medium-term objective of 2 %; recalls however the large variance in inflation rates across the euro area;
Amendment 22 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the inflation target set by the ECB has no legal base in the Treaties and, moreover, should be revised by taking into account the development of asset prices;
Amendment 23 #
Motion for a resolution
Recital D
Recital D
D. whereas at the end of 2018 the size of the Eurosystem balance sheet had reached an all-time high of EUR 4.7 trillion, over 40% of euro area GDP, an increase of 0.2 trillion compared with the end of 2017; whereas concerns continue to exist that the balance sheet of the ECB contains rising levels of risk;
Amendment 26 #
Motion for a resolution
Recital F
Recital F
Amendment 39 #
Motion for a resolution
Recital H
Recital H
H. whereas despite this positive trend, green bonds still account for only 1 % of the overall supply of euro-denominated bonds;
Amendment 44 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas there is still uncertainty and scepticism whether the APP falls within the scope of the mandate of the ECB and constitutes de facto fiscal financing policy1a; _________________ 1aDG IPOL "Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis", PE 569.994.
Amendment 48 #
Motion for a resolution
Recital H b (new)
Recital H b (new)
Hb. whereas the establishment of the SSM within the ECB has created a conflict of interest that endangers the pursuit of an independent monetary policy;
Amendment 51 #
Motion for a resolution
Recital H c (new)
Recital H c (new)
Hc. whereas the ECB has taken significant risks into its balance sheet through the bond purchase program;
Amendment 52 #
Motion for a resolution
Recital H d (new)
Recital H d (new)
Amendment 53 #
Motion for a resolution
Recital H e (new)
Recital H e (new)
He. whereas, as part of its supervisory role, the European Central Bank has so far not always sufficiently taken into account the proportionality principle;
Amendment 55 #
Motion for a resolution
Paragraph 1
Paragraph 1
Amendment 61 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need for monetary policy to remain accommodative for the foreseeable future;regrets that the heavy reliance on monetary policy to support the post-crisis recovery has also had unintended negative consequences
Amendment 74 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that fiscalWarns that the ECB's monetary policy is a necessarcurrently cdomponent for enhancinginated by the implactk of monetary policy and reducing possible side effectsound fiscal policies in some Member States;
Amendment 82 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recalls that both monetary and fiscal expansions work to a considerable extent by bringing spending forward in time, thereby disrupting the intertemporal allocation of resources; believes that the structural contribution that monetary policy makes to sustainable growth is limited;
Amendment 95 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 107 #
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
- The completion of the banking union, including a fully mutualised European deposit insurance scheme that would reduce risks, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a wholeWarns that there is no legal base for a European deposit insurance scheme. Mutualisation does not create additional security, but rather stimulates risk-taking behaviour of banks;
Amendment 133 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. UnderliIs concernesd that the asset purchase programme (APP)certain European countries hasve provided a substantial contribution to economic recovery and the formation of households’ inflation expectations, has lfited in a disproportionate way from the PSPP, since national central banks and the ECB have purchased certain government bonds whose volume exceeds to a substantial improvement in financing conditions via several transmission channels, and has compressed yields across a wide hese Member States’ share in GDP, in two cases even by respectively 43 billion and 51 billion euros, well above the averange of asset classes; stresses, in particular, that the APP has directly improved credit conditions for the private non-financial sector with the asset-backed securities purchase programme (ABSPP) and the third covered bond purchase programm14.4% of GDP for the entire Eurozone; stresses that this strengthens the suspicion that the main goal of the PSPP is fiscal stabilisation of over-indebted Member States of the euro area, which falls outside the scope of the mandate of the (ECBPP3);.
Amendment 139 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Considers that the ECB bond- buying programmes violate Article 123 TFEU; urges the ECB to cease its usurped political role and the monetary financing of government deficits;
Amendment 143 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. NotDeplores that on 12 September 2019 the ECB announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of EUR 20 billion per month, a cut of 10 basis points in the deposit rate, a two-tier system for reserve remuneration, and easier terms for targeted longer-term refinancing operations (TLTRO-III); calls on the ECB to end its stimulus package as soon as possible, including phasing out TLTRO;
Amendment 159 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. NoteWarns that the negative effects on banks’ net interest income have been counterbalanced so far by the benefits from moreand the increase in banks' lending capacity and lower costs for provisions and losses, which rewards risky behaviour and spurs speculation, poses significant systemic threats in the banking sector and the real economy;
Amendment 165 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that very low or negative interest rates offer opportunities to consumers, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costsEmphasises that low interest rates have made issuing new debt cheaper; reiterates that debt levels in certain member state are still unsustainable; stresses that in 4 euro area Member States debt levels are still well above 100% of GDP; reiterates that low interest rates are instrumental in the emergence of market bubbles, primarily, but certainly not only, in the real estate market;
Amendment 174 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
Amendment 177 #
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Recognises the existence of distributional consequences of the ECB policies; believes that wealth inequality has been exacerbated by the inflation of financial asset prices as financial assets are primarily held by the very wealthy;
Amendment 180 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. SuppDeplortes the intention of the Governing Council of the ECB to continue reinvesting the principal payments from maturing securities for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation, since this policy falls outside the scope of the mandate of the ECB as enshrined in article 127 TFEU;
Amendment 188 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls for vigilance against the risk of a resurgence in real estate bubbles and excessive household and private sector indebtedness in some Member States due to the accommodative interest policies of the ECB;
Amendment 194 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Urges the ECB to normalise interest rates as soon as possible; considers that normalising monetary policy includes ending the practice of forward guidance;
Amendment 195 #
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Recalls that ECB measures, in line with its mandate, can have favourable effects on financing conditions and investment, but warns that credit driven expansions can lead to a costly misallocation of real resources (“malinvestments”),
Amendment 197 #
Motion for a resolution
Paragraph 10 d (new)
Paragraph 10 d (new)
10d. Warns that according to the BIS there have been signs of a build-up of financial imbalances, especially in countries largely spared by the global financial crisis because, in contrast to countries at the heart of the turmoil, no private sector deleveraging has taken place there; notes that the imbalances have taken the form of strong increases in private sector credit, often alongside similar increases in property prices;
Amendment 198 #
Motion for a resolution
Paragraph 10 e (new)
Paragraph 10 e (new)
Amendment 199 #
Motion for a resolution
Paragraph 10 f (new)
Paragraph 10 f (new)
10f. Reiterates its concern about the increase in TARGET2 balances indicating continued capital outflows from the euro area periphery; calls on the ECB to clarify the underlying factors and the potential risks relating to the imbalances that this could cause;
Amendment 201 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement on climate change and that this should be reflected in its policies, with full respect for its mandate and its independenc the ECB is an independent body with a strict and limited mandate enshrined in article 127 TFEU, namely to ensure price stability, which means the EU´s obligations under the Paris Agreement on climate change fall outside the scope of the ECB's mandate;
Amendment 211 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes good note ofRegrets Christine Lagarde’s declaration of 4 September, in which she welcomed the ECB’s collaboration in the Network for Greening the Financial System (NGFS) and commitment to contribute to facing the challenges which climate change poses by implementing the NGFS’s recommendations and acting on them substantively wherever possible, withouthich undermininges the ECB’s price stability mandate and otherits subservient objectives;
Amendment 232 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is extremely worried about the risks due toTakes note of the delay in setting up the banking union, and callsoncludes that there is no political will for the swift completion of the banking union with, including a fully mutualised European deposit guarantee scheme, which would only be in the interest of those Member States at the receiving end of the benevolent solidarity of other Member States; underlines that the lack of structural reforms, risk-reduction and debt-levels in aforementioned member states has created substantial distrust within the EU and between Member States;
Amendment 245 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 256 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECB to increase its monitoring ofWelcomes the development of crypto- currencies and the increased risks ins a market-driven emergent alternative to the euro; calls on national central banks and supervisory authorities to monitor its development and risks in the area of cyber-security;
Amendment 270 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. ADisagrees with Christine Lagarde that a review of the ECB’s monetary policy framework is timely and warranted in order to ensure that the ECB has the "right tools" to deliver on its price stability mandate in the future; calls on the ECB to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad rabelieves that the ECB has to radically moderate its ambitions and apply a strict readinge of diverse civil society stakeholdersits own mandate;
Amendment 288 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the increase in accountability under the Presidency of Mario Draghi, and looks forward to even greater accountability, dialogue and openness with the incoming PresidentLooks forward to greater accountability, dialogue and openness with the incoming President, and takes note of her promises made regarding accountability and transparency issues during her Hearing before the ECON Committee on the 4th of September 2019;
Amendment 295 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the nominations of Executive Board members should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a gender-balanced shortlist for all current and upcoming vacancies and to share it with Parliament, thus allowing it to play a more meaningful advisory role in the appointment process; regrets that to date no satisfactory progress has been made;
Amendment 307 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls for a full external audit of the ECB;
Amendment 308 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls on the European Central Bank to pay particular attention to the principle of proportionality in the context of the tasks assigned to it in the area of banking supervision; points out that communication with directly and indirectly supervised institutions should, in principle, be done in the national language(s) of those institutions;
Amendment 309 #
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Calls on the ECB to terminate the President's membership of the G30 at once, and to carefully review its internal policies in order to protect itself from interference by the global financial sector;
Amendment 310 #
Motion for a resolution
Paragraph 21 d (new)
Paragraph 21 d (new)
21d. Urges the ECB, in order to prevent conflicts of interest, to publish declarations of financial interests for its Governing Council members; urges the ECB to ensure that the Ethics Committee is not chaired by a former President or other past members of the Governing Council of the ECB, nor by anyone liable to conflict of interest; calls the ECB Governing Council to follow the EU Staff Regulations and Code of Conduct and require a two-year professional abstention period for its outgoing members after the conclusion of their mandate;
Amendment 311 #
Motion for a resolution
Paragraph 21 e (new)
Paragraph 21 e (new)
21e. Stresses the importance of physical money as the only legal tender, and reminds all euro area countries that euro coins and banknotes and other robust stores of value must not be rejected in transactions;
Amendment 312 #
Motion for a resolution
Paragraph 21 f (new)
Paragraph 21 f (new)
21f. Deplores the comments made by Christine Lagarde on the budget surpluses in Germany and the Netherlands, only days before taking up her role as president of the ECB; recalls that national investment decisions remains the prerogative of national parliaments and governments; warns that such statements reinforce the threat that the ECB is gradually changing into a political entity, further infringing on the prerogatives of the Member States, and serving the interests of indebted public and private entities; calls on Christine Lagarde to refrain from making such crude comments in the future.