Activities of Caroline NAGTEGAAL related to 2020/2075(INI)
Plenary speeches (1)
Review of the macroeconomic legislative framework (debate)
Amendments (13)
Amendment 53 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes note of the proposed conditions for deactivating the general escape clause (GEC); highlightsagrees with the Commission that deactivation of the GEC should be conditional upon the health, social and economic sbased on an overall assessment of the state of the economy based on quantituation across Member States in order to ensure that fiscal support is provided for as long as neededve criteria; agrees that economic activity compared to pre-crisis levels should be the key criterion;
Amendment 66 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reformedvision of the existing fiscal framework prior to the deactivation of the GEC;
Amendment 75 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. CallInvites on the Commission to put forward guidelines for a transition period until the new fiscal framework is in place, during which time no excessive deficit procedure should be activated and with thit will be possibilitly to use the ‘unusual event clause’ on a country- specific basis to prevent premature fiscal consolidation;
Amendment 82 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, but nonetheless complied with, and therefore calls for the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and sustainable, inclusive and digital growth in line with the European Green Deal and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending but stresses that the debt generated by NGEU should be proportionately included in any calculations reforming the SGP;
Amendment 89 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as neededuntil the economy has reached pre-crisis levels, and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; highlights that future generations will have to pay the debt that is created by the expansionary fiscal policies we implement over the next years; reiterates in this regard the importance of strictly monitoring the economic development in order deactivate the GEC;
Amendment 134 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscal policies to deliver the required support post-COVID-19; considers that the low interest rate environment has implications for fiscal policy; warns against a premature tightening of monetary and fiscal policy; recognises the potential negative impacts of a sharp increase in the interest rate environment but nonetheless stresses the importance of preserving the independence of the ECB in setting monetary policy;
Amendment 173 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that debt levels have increased and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lowerhighlights the importance of lowering debt by reforming economies as set out in the country-specific recommendations under the European Semester in order to foster sustainable growth;
Amendment 220 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to relaunch the debate on the reformview of the economic governance of the Union within the existing framework with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules within the existing framework, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
Amendment 295 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 341 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a step towards a permanent EU safe assetis an unprecedented and unique move by the EU in order counter an exceptionally health crisis; highlights that tax payers will have pay back the debt between 2028- 2058; _________________ 22 NGEU & SURE bonds.
Amendment 348 #
Motion for a resolution
Subheading 7
Subheading 7
Macroeconomic Imbalance Procedure (MIP) reformview
Amendment 355 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances and competitiveness losses at an early stage; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses;
Amendment 371 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for the MIP to be reformviewed to make its indicators and recommendations more forward-looking and symmetrical with regard to over- and undershooting target values, and to focus on indicators under the control of policymakers and geared towards reducing intra-euro area imbalances; considers that greater compliance with pared-back recommendations must be achieved and MIP-relevant country-specific recommendations should focus on policy actions that can have a direct impact on imbalances and loss of competitiveness;