6 Amendments of Werner LANGEN related to 2015/2344(INI)
Amendment 69 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debt crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks; countries which did not comply with the fiscal rules of the Stability and Growth Pact (SGP), which did not budget responsibly but triggered large budget deficits through high spending and had postponed relevant reforms of their labour markets and public administration, were more vulnerable and could not effectively handle economic shocks; whereas it became apparent that the lack of responsibility of one Member of the euro area is a risk for the euro area as a whole, meaning that one country not adhering to the rules can affect the economy of all Member States of the Union; whereas the currency union is only as strong as its Members, which requires all participating countries to respect economic and financial rules at national level and at the same time to strengthen their economies in their own interest and in that of the whole euro area, thus guaranteeing the well-being of all citizens in the long-term, as the consequences of irresponsible policies at national level have to be borne by the Union as a whole;
Amendment 195 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points out that the crisis has proved that a common monetary policy without a common fiscal policy cannot address asymmetric shocks to the euro areaalone cannot lead to balanced growth or counter the lack of competitiveness of some euro countries, but supports cyclical recovery which facilitates the introduction of structural policies, as has repeatedly been called for by the President of the ECB; reiterates that mere coordination of national fiscal policies wi, notably throut credible enforcement mechanisms has not prevented an investment gap, has proved insufficient to trigger growth-enhancing, sustainable and socially balanced structural reforms and has not enhanced the national capacity to absorb economgh adhering to the fiscal rules such as the SGP and transposing relevant reforms as outlined in the country specific recommendations (CSRs), is necessary to boost competitiveness and structural convergence, making Member States more resilient against asymmetric shocks;
Amendment 267 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. BelievStresses that in order to regain trust, the euro must deliver on its promise of stability, convergence, growth and jobs; regards a fiscal capacity as a vital element in this entthe introduction of the euro led to closer economic and monetary cooperation that allowed the internal market to develop further, for the whole European economy to perform better, bringing more jobs and greater prosperity for European citizens benefiting individuals, businesses and whole economies in the euro area, including greater choice and stable prices for consumers and citizens, greater security and more opportunities for businesses and markets, promoting trade and investment, improving economic stability and growth, more integrated financial markets and stronger priese, which can be successful only if solidarity is closely linked tnce for the EU in the global economy; underlines that the single currency brings new strengths and opportunities arising from integration and scale of the euro aresponsibilita economy, meanaking that financial support is provided on the basis of clear criteria; e single market more efficient and doing business in the euro area more cost-effective and less risky; stresses that the euro remains an attractive reserve currency for third countries and a trustworthy currency for new Member States, which was proven by the fact that, despite the economic crisis, several countries recently decided to join the euro area: Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015;
Amendment 417 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls for the ESM, whilst fulfilling its ongoing tasks, to be further developed and turned into a European Monetary Fund (EMF) with adequate lending and borrowing capacities and a clearly defined mandate, including its contribution to aAdds that the mandate and limitations of the ESM are clearly defined in the ruling of the ECJ Pringle case (C- 370/12) and the European Council Decision of 25 March 2011; stresses that the creation of any European Monetary Fund is not possible under the current Treaty framework; any euro area fiscal capacity; stresses that an EMF should be managed by the Commission and held democratically accountable by the European Parliament; emphasises that national parliaments would be involved in the process, given that their constitutional prerogatives regarding financial resources could be affecthould have a clear mandate, not fulfilling the same function as the ESM as a crisis instrument, and be subject to strict conditionality, with a concrete but limited funding source and amount yet to be defined;
Amendment 418 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls for all Member States of the European Union to be required to contribute to the new European Monetary Fund and to be eligible for assistance from it; rejects any restriction of the European Monetary Fund to Eurozone countries only;
Amendment 593 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Is convinced that increased convergence within the euro area will significantly increase the capacity of its Member States to absorb asymmetric shocks; believes, however, that no matter how great the efforts regarding convergence and sustainable structural reforms, asymmetricshocks with an impact on the stability of the euro area as a whole cannot be ruled out completely, given the strong integration of the euro area Member States; notes, in addition, that given the economic and financial interrelation of the European economy with global markets and other economic areas, there will always be a risk that the European Union and the euro area in particular are hit by economic, often exogenous, shocks, withich can impact on the stability of the euro area as a whole cannot be ruled out completely, given the strong integration of the euro area Member States; stressesnever be fully anticipated, prevented or avoided, nor can their size be; notes that shocks affect countries differently, due to the diverse economic structures and strengths of individual countries, which cannot be made equal; stresses that no instrument or mechanism, like the ESM or any fiscal capacity, has sufficient means to stabilise the euro area as a whole in face of shocks that endanger the solvency of countries or the euro area as a whole, therefore, the need to have an instrument available best way to prepare, prevent and minimize shocks is to strengthen the economy at national level; stresses, therefore, this emergencyat introducing a fiscal capacity as a support mechanism for structural reforms which improvides an immediate stabilisation effecte the competitiveness of economies in the long-term can increase the resilience against symmetric and asymmetric shocks;