8 Amendments of Caroline NAGTEGAAL related to 2023/0137(CNS)
Amendment 87 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
In addition, the excess over the reference value shall be considered temporary where budgetary forecasts as provided by the Commission, after gathering the opinion of the relevant national independent fiscal institution, indicate that the deficit will fall below the reference value following the end of the severe economic downturn or the exceptional circumstances referred to in the first subparagraph.
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) shall be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126(2), point (b), TFEU if the Member State concerned respects its net expenditure path. A Member State is considered not to respect its net expenditure path if a significant deviation in accordance with Article XX of Regulation (EU) [on the preventive arm] exists.
Amendment 96 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1a a (new)
Article 2 – paragraph 1a a (new)
1aa. The European Fiscal Board shall elaborate an annual report assessing Member States having a government deficit above the 3% of GDP reference value or public debt above the 60% of GDP reference value. In this report, the European Fiscal Board shall evaluate, in particular, whether the excessive deficit can be considered exceptional and temporary according to paragraph 1, whether a severe economic downturn referred to in paragraph 2 might exist, as well as, all the factors included in paragraph 3. The European Fiscal Board shall also include, in its annual report, an opinion on whether an excessive deficit procedure should be opened for a particular Member State. The report shall be submitted to the Commission and shall be made public.
Amendment 107 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission, when preparing a report under Article 126(3) TFEU, shall take into account as a key relevant factor the degree of medium term debt challenges in the Member State concerned. In particular, wWhere the Member State faces substantial medium term public debt challenges according to the most recent Debt Sustainability Monitor, it shall be considered a key factor leading to the opening of an excessive deficit procedure as a rulAnalysis conducted under Article XX of Regulation (EU) [on the preventive arm], the opening of an excessive deficit procedure shall follow as a rule. Before preparing a report under Article 126(3) TFEU, the Commission takes into account the European Fiscal Board’s report on the assessment of an excessive deficit in the particular Member State.
Amendment 119 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 2
Article 2 – paragraph 3 – subparagraph 2
The Commission shall also take into account all other relevant factors as indicated in Article 126(3) TFEU, in so far as they significantly affect the assessment of compliance with the deficit and debt criteria by the Member State concerned. The key relevant factor of substantial medium term public debt challenges shall take precedence over other relevant factors. Developments in the medium- term economic position should only be considered as relevant factor if the output gap is lower than -1,5% of potential output. Developments in the medium-term budgetary positions and the evolution of the government debt position and its financing should only be considered as relevant factor if the member state concerned does not face substantial medium term public debt challenges.
Amendment 136 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point d
Article 2 – paragraph 3 – subparagraph 3 – point d
Amendment 172 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No. 1467/97
Article 2 – paragraph 5
Article 2 – paragraph 5
5. Where Member States are allowed to deviate from their net expenditure path in the event of a severe economic downturn in the euro area or in the Union as a whole pursuant to Article 24 of Regulation (EU) [on the preventive arm], the Commission and the Council, in their assessment, may decide not to conclude on the existence of an excessive deficit for the period specified by the Council in accordance with Article 24 of Regulation (EU) [on the preventive arm].
Amendment 247 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EC) No 1467/97
Article 10 – paragraph 1a (new)
Article 10 – paragraph 1a (new)
1a. In case an excessive deficit procedure has been opened, the European Fiscal Board shall elaborate an annual report assessing the implementation of action taken, as well as, the potential existence of a severe economic downturn in accordance with Article 24 of Regulation (EU) [on the preventive arm] or exceptional circumstances in accordance with Article 25 of Regulation (EU) [on the preventive arm]. In this report, the European Fiscal Board shall give an opinion on whether sanctions under Article 12 should be imposed or if any other decision should be taken. The report shall be submitted to the Commission and shall be made public.