Activities of Werner LANGEN related to 2008/2156(INI)

Motion for a resolution
Paragraph 2

2. Welcomes the fact that the euro has brought stability and fostered economic integration in the euro area~~, even if~~; welcomes the stabilising effects of the euro on the world currency markets especially in times of crisis; notes that internal economic divergences have not yet diminished ~~enough~~as expected and productivity has not developed satisfactorily in all parts of the euro area;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 2 a (new)

2a. Notes with satisfaction that the creation of further monetary unions are being considered in other parts of the world;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 17

17. Notes that the regular reports of the ECB to Parliament, in particular to its Committee on Economic and Monetary Affairs, contribute to the transparency of monetary policy and welcomes the possibility for Members of the European Parliament to put written questions to the ECB on monetary policy, thus improving the accountability of the ECB vis-à-vis the citizens of the Union; supports the demand for a stronger public debate on the future common monetary and currency policies in the euro area ~~as part of the convergence process~~;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 18

18. Considers that the monetary policy dialogue between Parliament and the ECB has been a success, and one which should be built on further; expects an improvement of the monetary dialogue on several points, such as coordinating the dates for the regular hearings of the ECB President with the ECB’s calendar for monetary policy decisions so as to improve the ~~debate~~analysis onf the~~m and~~ decisions, whilst still having the possibility to invite ECB President for discussing topical issues when necessary;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 19

19. Notes that the primary objective of the ECB’s monetary policy is to maintain price stability, and that the ECB aims at inflation rates of below, but close to, 2 % over the medium term; ~~considers that this definition of price stability should be examined in the context of a new age of globalisation characterised by rising energy and food prices;~~

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 20

20. Is of the opinion that the ECB should move towards a full inflation target regime where a shift to a range of targets might be more meaningful than a point target inflation rate, and should make public its inflation forecasts;deleted

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 22

22. Stresses the need for a strengthened international monetary dialogue between the ECB and other main central banks and institutions, and, in particular, with the US Federal Reserve ~~and~~, the ~~People's Bank of China; calls on the ECB to report back to Parliament on this international monetary dialogue~~Bank of Japan, and the People's Bank of China;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 32

32. Stresses the fact that accession to the euro area requires full adherence to the Maastricht criteria, as specified in the Treaty and the Protocol to Article 121 of the Treaty, namely: a high degree of ~~price st~~measured price stability as well as its sustainability, public finances without excessive deficit, membership in the ERM II for at least two years, observation of the normal fluctuation margins, adjustment of the long-term interest rates, compatibility of the legal rules with the Maastricht Treaty, an independent central bank and sustainable convergence;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 33

33. Welcomes the stronger supervision of Member States participating in ERM II and wishing to join the euro area , as well as their economic development; notes that the successful participation in the ERM II must remain a major precondition and not only a secondary requirement for membership of the euro area; is of the opinion that a high degree of real convergence is a precondition for adoption of the euro and therefore that no 'accession discounts' can be given; ~~deems it worth considering the measurement of the inflation criteria at the EMU average or the ECB inflation goal of 2 %;~~

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 35 a (new)

35a. Considers that the single currency remains a communication priority for the European Union; believes that the benefits of the euro and of the EMU - price stability, low mortgage rates, easier travel, protection against exchange rate fluctuations and external shocks - must continue to be sold and explained to the public at length; believes that particular emphasis should be placed on informing and keeping up to date European citizens, consumers and small and medium-sized enterprises (SMEs), which do not have sufficient capacity to adjust immediately to new developments and challenges for the euro;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 35 b (new)

35b. Calls on the ECB, be it in its annual report or in a special report, to undertake a yearly quantitative analysis of the benefits that the euro has brought to ordinary citizens, with concrete examples of how the use of the euro has had positive effects on people’s daily lives;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 36 a (new)

36a. Considers that the Commission must concentrate its efforts on helping the new Member States to prepare their citizens for the adoption of the euro by undertaking an intensive information campaign, to supervise its implementation where such a campaign is already underway and to report regularly on best practises on the implementation of the National Action Plans for the adoption of the euro; considers also that best practices and know-how acquired from the previous changeovers should be useful for the changeover of the new Member States and for the forthcoming enlargement and preparation of the new applicant countries;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 38

38. Points out that the important role of the euro in international financial markets brings with it an obligation, and thus the effects of monetary ands well as growth policy in the euro area have ~~extensive~~a global impact; emphasises the increased importance of the euro for international trade and services as a stabiliser in the global environment, as an engine for financial market integration and as a basis for increasing direct investments and cross- border company mergers, as transaction costs could be substantially reduced; calls for a study on global imbalances and the role of the euro and possible adjustment scenarios to better prepare Europe for tackling major external shocks ;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 39

39. ~~Demand~~Suggests stronger ~~forward-looking~~ cooperation and an ~~improv~~enhanced international ~~financial and monetary~~ dialogue between the three most important central banks and 'currency blocks', i.e. between the euro area, the US dollar and the yen, to ~~manage~~improve the management of international crises, and recalls the common successful crisis management during the recent US 'sub- prime credit crisis' as well as the crisis in the immediate aftermath of the events of 11 September 2001, which helped to prevent an instant melt-down of the US dollar;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 40

40. Supports the intention of the Commission to strengthen the influence of the EMU in international financial institutions with a common EU position represented by selected representatives, such as the president of the Eurogroup, the Commission and the president of the ECB; notes that previous practice already permits them to participate as observer in the most important international financial institutions; demands, however, a better coordination of European positions in order for the common European monetary policy to be represented by its legitimate representatives in future; expects that a euro area position on the exchange rate policies of its main partners can be expressed; calls on the president of the Eurogroup to represent the euro area at the Financial Stability Forum.; suggests that the IMF statutes be amended to allow the representation of economic blocks and organisations;

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 41 – point h

~~(h) The BEPGs and the Employment Guidelines should be given the same legal status, and the role of the Commission, the Council and the Parliament needs to be redefined in this respect;~~deleted

2008/09/03
Committee: ECON

Motion for a resolution
Paragraph 41 – point j

(j) This European Economic and Employment Strategy should recognise the potential of new and green technology as one cornerstone of economic growth coupled with a macro-economic policy mix~~, where both monetary and fiscal policies interact~~;

2008/09/03
Committee: ECON