15 Amendments of Caroline NAGTEGAAL related to 2021/2063(INI)
Amendment 46 #
Motion for a resolution
Recital E
Recital E
E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to was publicly discussed on how the ECB may contributinge to the achievement of the objectives of the Union as laid down in Article 3 TEU; whereas these objectives include the promotion of peoples’ well-being, economic, social and territorial cohesion, balanced economic growth, a highly competitive social market economy aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment, price stability stays the main objective of the ECB; together with its political neutrality and statutory independence, a maintained price stability will also positively affect the objectives of the Union as laid down in Article 3 TEU;
Amendment 79 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomesTakes note of the ECB Monetary Policy Strategy Review adopted unanimously and announced on 8 July 2021, which sets out how to achieve the primary objective of maintaining price stability and contribute to the achievement of the Union’s objectives without prejudice to the objective of price stability;
Amendment 84 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contracthaving negative repercussions ofn the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriespecially in countries that have been vulnerable before; emphasises in this context the importance of fiscal discipline and economic conditionality to prevent or ating labour market conditions; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain least mitigate economic crises as a predictable consequence of natural crises; notes that euro area activity is expected to rebound, what can be accelerated by triggering smart investments and implementing outstanding reforms;
Amendment 94 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced andAcknowledges President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID- 19 crisis while emphasising the ECB's neutrality when it comes to political decisions activating productivity- enhancing reforms and investments are also necessary; acknowledges President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID-19 crisis;
Amendment 101 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees withTakes note of the ECB President’s statement of 10 June 2021 that ‘an ambitious and coordinated fiscal stance remains crucial, as a premature withdrawal of fiscal support would risk weakening the recovery and amplifying the longer-term scarring effects’; but also reminds that long-term fiscal support is not replacing long-term reforms aiming at investments reviving our European economy and making Europe a front runner in international competition;
Amendment 119 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. EchoAcknowledges President Lagarde’s call for the revision and simplification of the Stability and Growth Pact to be carried out before the deactivation of the general escape clause; in which ideally the disbursement of cohesion funds should be linked to compliance with the Fiscal Pact by the respective Member State and which, following an excessive deficit procedure, should provide for automatic sanctions against Member States, sanctions that cannot be politically undermined;
Amendment 129 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. WelcomesTakes note of the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases andreminds of the controversy of asset purchase programmes and the need for the ECB to provide detailed proof of the proportionality and the impact assessment of longer-term refinancing operations, as an integral part of its toolkitresponsibility towards national parlaments;
Amendment 134 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 153 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomesTakes note of the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates;
Amendment 205 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that, as an EU institution, the ECBTakes note of the ECB's statement that tackling the climate emergency touches not only upon its bound by the Paris Agreement and that this should be reflected in its policiessecondary but also upon its primary mandate, given that climate change and its consequences pose a threat to price stability;
Amendment 219 #
15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and its consequences pose a threat to price stabilityRecalls in this context that as being one of the EU Institutions, the ECB's main task is to maintain price stability that will create the right conditions and the foundation for politics and a policy also implementing the Paris Agreement;
Amendment 226 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomesTakes note of the ECB’s new action plan and its detailed roadmap of climate change-related actions to further incorporate climate change considerations into its policy framework;
Amendment 233 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the market neutrality principle falls short of the commitmentsmust be maintained also and especially under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the latest; notes that the ECB has already deviated from market neutrality in several instances;
Amendment 261 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the fact that the ECB is taking steps to incorporate climate-related risks into its collateral framework but warns against delays in its implementation; is concerned about the fact that the ECB continues to rely exclusively on private external credit rating agencies (CRAs) for risk assessment;
Amendment 286 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. IsAcknowledges existing concerneds about the risks caused by the serious delay in completing the third pillar of the banking union; welcomes the ECB’s long- standing support of the establishment of a fully fledged European Deposit Insurance Scheme (EDIS) but only after risk reduction has taken place; calls on the Commission to duly take into account the role of institutional protection schemes in protecting and stabilising member institutions first;