Activities of Caroline NAGTEGAAL related to 2022/2037(INI)
Plenary speeches (1)
European Central Bank - annual report 2022 (debate)
Shadow reports (1)
REPORT on the European Central Bank – annual report 2022
Amendments (32)
Amendment 10 #
Motion for a resolution
Citation 10
Citation 10
— having regard to Articles 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 34 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the primary objective of the ECB is to maintain price stability, which it has defined as 2% inflation over the medium term;
Amendment 37 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
C b. whereas the ECB is politically independent, so that neither EU institutions and agencies, nor governments of the Members States, shall seek to influence the ECB;
Amendment 60 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Expresses its deep concern about the historically high and increasing levels of inflation throughout the eurozone; recalls that the ECB is the institution responsible for maintaining price stability;
Amendment 64 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate; stresses that this independence must remain untouched at all times; emphasises that this independence requires the ECB to refrain from taking political decisions;
Amendment 70 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Republic of Croatia as the 20th member country of the euro area; stresses that participation in the monetary union comes with the responsibilities enshrined in the Stability and Growth Pact;
Amendment 93 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomNotes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European levelrequires solid fiscal policies in Member States in order to be able to respond to external shocks;
Amendment 101 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 122 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note ofWelcomes recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employment; notes that inflation is currently much higher than the ECB’s target rate of 2%; encourages the ECB to take all measures necessary to bring inflation back to its target level; regrets in this regard that monetary policy is still accommodative;
Amendment 141 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; warns against the danger of a wage-price spiral if wages are to increase significantly;
Amendment 159 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomeRegrets the ECB’s decision not to engage in quantitative tightening; stresses that quantitative easing amounts economically to monetary financing, which is prohibited by article 123(1) TFEU, if the ECB does not shrink back its balance sheet;
Amendment 170 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomes the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area;
Amendment 177 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Regrets the launch of the Transmission Protection Instrument; calls on the ECB to respect the spirit of the prohibition of monetary financing; calls on the ECB to respect the capital key when executing its monetary operations in order to prevent uneven financial support to Member States;
Amendment 180 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Stresses that diverging interest rates in the eurozone are the result of increasing risk premia on government bonds in some Member States; stresses that the Transmission Protection Instrument would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct fiscally responsible fiscal policies and reduce their debt to sustainable levels;
Amendment 198 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the Treaty on the Functioning of the European Union requiresstates that the ECB toshall support the general economic policies of the Union, without prejudice to its primary objective of maintaining price stability;
Amendment 204 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 218 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact thostresses that these objectives are best achieved when the free market operates in a stable macroeconomic environment based objectin predictable price levels;
Amendment 233 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are one of the top priorities of the EU’s general economic policies, which the ECB is expected to support through maintaining price stability and a stable macroeconomic environment that stimulates investment in clean technologies, as well as preventing distortions in the signalling function of prices that ensures an efficient allocation of resources;
Amendment 237 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations are not disproportionately borne by lower income strata; invites the ECB to assess the effects of italls on the ECB to refrain from taking politically motivated decisions and stick to its mandate of maintaining price stability; stresses that overstepping this mandate touches monetary policy decisions on employment the political independence of the central bank;
Amendment 246 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose tothe best way the ECB can contribute to mitigating climate change is to ensure price stability and a stable macroeconomic environment that encourages green investment; invites the ECB to assess to what extent climate change affects its ability to maintain price stability;
Amendment 256 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 263 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomNotes the ECB’s announcement to decarbonise its corporate bond holdings; calls for the ‘tilting’ of the ECB’s portfolio to be swift rather than gradual; stresses that the ECB’s asset purchasing programs constitute unconventional monetary policy which should be employed during unprecedented economic circumstances only; stresses furthermore that these holdings are a by-product of the past fight against low inflation and that making investments does not constitute an objective of monetary policy;
Amendment 270 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 278 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. RegretNotes that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institutions investing in brown activities works against the fight against inflation and is not consistent with the objectives of the Paris Agreementits independence requires refraining from taking political decisions such as diverging from the market neutrality principle; notes, furthermore, that the concept of market neutrality is related to the principle of an open market economy with free competition;
Amendment 288 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Is concerned about the implications of higher interest rates for green investments; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investments;
Amendment 302 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change;
Amendment 327 #
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; highlights the expected benefits such as efficiency gains and increased financial inclusion;
Amendment 331 #
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Calls on the ECB to take duly into account privacy concerns around the digital euro and stresses that its development should be in line with EU privacy standards;
Amendment 334 #
Motion for a resolution
Paragraph 31 b (new)
Paragraph 31 b (new)
31 b. Warns against the increased ability for the ECB to impose negative interest rates on digital euro accounts held at the central bank; insists that the digital euro will serve as complementary to physical cash and that it should not replace cash entirely;
Amendment 340 #
Motion for a resolution
Paragraph 31 c (new)
Paragraph 31 c (new)
31 c. Strongly regrets the ECB’s decision to involve Amazon in testing prototype interfaces for a digital euro; stresses that Amazon is a potential competitor in this field and that it should therefore not be placed in such a position, especially since Amazon does not receive any monetary compensation for this assignment; stresses furthermore that outsourcing the digital euro infrastructure to a US tech company weakens the EU's strategic autonomy;
Amendment 341 #
Motion for a resolution
Paragraph 31 d (new)
Paragraph 31 d (new)
31 d. Welcomes the ECB’s achievement to lower its carbon emissions by 10.7% between 2020 and 2021; encourages the ECB to continue its steps to reduce its carbon emissions further by 46.2% (relative to 2019 levels) by 2030;
Amendment 342 #
Motion for a resolution
Paragraph 31 e (new)
Paragraph 31 e (new)
31 e. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship;