55 Amendments of Ralph PACKET
Amendment 3 #
2018/2204(DEC)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Acknowledges that the European Securities and Markets Authority’s task is to improve the functioning of the EU internal financial markets by ensuring a high, effective and consistent level of regulation and supervision, to promote the integrity and stability of the financial systems and to strengthen international supervisory coordination in order to ensure the stability and effectiveness of the financial system;
Amendment 4 #
2018/2204(DEC)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Emphasises the necessity to cooperate efficiently with national competent authorities and, where appropriate, with institutions responsible for international supervision;
Amendment 5 #
2018/2204(DEC)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that, while making sure that all assignments resulting from the regulatory framework laid down by the European Parliament and Council are carried out in full and within deadline, the Authority should carefully adherestick to the tasks and the mandate assigned to it by the European Parliament and the Council, so as to achieve optimal use of resources and achievement of objectives;
Amendment 7 #
2018/2204(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Stresses that the Authority should pay particular attention to the principle of proportionality; underlines that, in particular when formulating Level 2 and Level 3 measures, attention should be devoted to specific features of national financial markets;
Amendment 9 #
2018/2204(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes that, as the Authority’s workload is increasingly shifting from regulatory tasks to enforcing and applying the Union law, the Authority’s budgetary and personnel resources should be reallocated; stresses, in this respect, the need to ensure an appropriate level of prioritisation as regards resource allocation;
Amendment 12 #
2018/2204(DEC)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Believes that any potential increase in the Authority’s means must be accompanied by adequate rationalisation measures;
Amendment 14 #
2018/2204(DEC)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Notes that the total number of staff stood at 226 at the end of 2017, compared to 204 at the end of 2016;
Amendment 15 #
2018/2204(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses the need to allocate moresufficient resources, to address existing anti-money laundering competences and to ensure a swift exchange with the European Banking Authority regarding money laundering and countering the financing of terrorism; asks the Authority to develop common guidance in exchange with EBA and EIOPA on how to integrate AML/CFT risks in prudential supervision;
Amendment 20 #
2018/2204(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Draws attention to the fact that the Authority’s budget is financed partlyby 27% from European Union funds and partly, by 42% through direct contributions from the Member States’ supervisory authorities and supervised entit and by 29% from fees received from supervised entities (Credit Rating Agencies and Trade Repositories); highlights that the Authority’s revenue will decrease as a result of the United Kingdom’s decision to withdraw from the Union, and stresses the need to find adequate arrangements for its funding.;
Amendment 21 #
2018/2204(DEC)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Stresses that the United Kingdom’s withdrawal from the Union might also imply a shift away from tasks and activities related to credit and financial institutions based in the United Kingdom, which should be reflected in the Authority’s budgetary and personnel resources; notes, in this respect, that the United Kingdom’s withdrawal from the Union provides a rationalisation opportunity for the Authority;
Amendment 3 #
2018/2203(DEC)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Acknowledges that the European Insurance and Occupational Pensions Authority’s task is to contribute to the establishment of high-quality common regulatory and supervisory standards and practices, to contribute to the consistent application of legally binding Union acts, to stimulate and facilitate the delegation of tasks and responsibilities among competent authorities, to monitor and assess market developments in the area of its competence and to foster the protection of policyholders, pension scheme members and beneficiaries;
Amendment 6 #
2018/2203(DEC)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Emphasises the necessity to cooperate efficiently with national competent authorities and, where appropriate, with institutions responsible for international supervision;
Amendment 7 #
2018/2203(DEC)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that, while making sure that all assignments resulting from the regulatory framework laid down by the European Parliament and Council are carried out in full and within deadline, the Authority should carefully adherestick to the tasks and the mandate assigned to it by the European Parliament and the Council, so as to achieve optimal use of resources and achievement of objectives;
Amendment 12 #
2018/2203(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses that the Authority should pay particular attention to the principle of proportionality; underlines that, in particular when formulating Level 2 and Level 3 measures, attention should be devoted to specific features of national financial markets;
Amendment 14 #
2018/2203(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Takes note of the Authority’s efforts to reallocate internally the Authority’s budgetary and personnel resources, as the Authority’s workload is increasingly shifting from regulatory tasks to supervisory convergence and enforcement; stresses, in this respect, the need to ensure an appropriate level of prioritisation as regards resource allocation;
Amendment 17 #
2018/2203(DEC)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Believes that any potential increase in the Authority’s means must be accompanied by adequate rationalisation measures;
Amendment 18 #
2018/2203(DEC)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Notes that the total number of staff stood at 151 at the end of 2017, compared to 139 at the end of 2016;
Amendment 19 #
2018/2203(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses the need to allocate moresufficient resources, to address existing anti money laundering competences and to ensure a swift exchange with the European Banking Authority regarding money laundering and countering the financing of terrorism; asks the Authority to develop common guidance in exchange with EBA and ESMA on how to integrate AML/CFT risks in prudential supervision;
Amendment 24 #
2018/2203(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Draws attention to the fact that the Authority’s budget is financed partlyby 40% from European Union funds and partlyby 60% through direct contributions from the Member States’ supervisory authorities; highlights that the Authority’s revenue will decrease as a result of the United Kingdom’s decision to withdraw from the Union, and stresses the need to find adequate arrangements for its funding.;
Amendment 25 #
2018/2203(DEC)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Stresses, however, that the United Kingdom’s withdrawal from the Union might also imply a shift away from tasks and activities related to credit and financial institutions based in the United Kingdom, which should be reflected in the Authority’s budgetary and personnel resources; notes, in this respect, that the United Kingdom’s withdrawal from the Union provides a rationalisation opportunity for the Authority;
Amendment 1 #
2018/2202(DEC)
Draft opinion
Paragraph 1
Paragraph 1
1. Acknowledges that, in the opinion of the Court of Auditors, the European Banking Authority’s transactions underlying the annual accounts for the year 2017 are legal and regular in all material aspects; notes, however, that the Court of Auditors observed weaknesses in the Authority’s public procurement procedures; calls on the Authority to improve these procedures;
Amendment 4 #
2018/2202(DEC)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Acknowledges that the European Banking Authority’s task is to contribute to the establishment of high-quality common regulatory and supervisory standards and practices, to contribute to the consistent application of legally binding Union acts, to stimulate and facilitate the delegation of tasks and responsibilities among competent authorities, to monitor and assess market developments in the area of its competence and to foster depositor and investor protection;
Amendment 6 #
2018/2202(DEC)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Emphasises the necessity to cooperate efficiently with national competent authorities and, where appropriate, with institutions responsible for international supervision;
Amendment 7 #
2018/2202(DEC)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that, while making sure that all assignments resulting from the regulatory framework laid down by the European Parliament and Council are carried out in full and within deadline, the Authority should carefully adherestick to the tasks and the mandate assigned to it by the European Parliament and the Council, so as to achieve optimal use of resources and achievement of objectives;
Amendment 9 #
2018/2202(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Stresses that the Authority should pay particular attention to the principle of proportionality; underlines that, in particular when formulating Level 2 and Level 3 measures, attention should be devoted to specific features of national financial markets;
Amendment 11 #
2018/2202(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes that, as the Authority’s workload is increasingly shifting from regulatory tasks to enforcing and applying the Union law, the Authority’s budgetary and personnel resources should be reallocated internally; stresses, in this respect, the need to ensure an appropriate level of prioritisation as regards resource allocation;
Amendment 14 #
2018/2202(DEC)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Believes that any potential increase in the Authority’s means must be accompanied by adequate rationalisation measures;
Amendment 16 #
2018/2202(DEC)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Notes that the total number of staff stood at 190 at the end of 2017, compared to 161 at the end of 2016;
Amendment 17 #
2018/2202(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses the need to allocate moresufficient resources to anti-money laundering tasks to fulfil the Authority’s oversight functions and inquiries into national institutions; urges the Authority to ensure that competent authorities and credit and financial institutions apply the European Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation effectively and consistently; notes the Commission proposal to extend the supervisory powers of the Authority related to AML/CFT from the banking sector to the financial sector as a whole, thereby taking over the relevant tasks and supervisory powers currently held by ESMA and EIOPA;
Amendment 21 #
2018/2202(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasizes that the Authority’s budget is financed partlyby 40% from European Union funds and partlyby 60% through direct contributions from the Member States’ supervisory authorities; highlights that the Authority’s revenue will decrease as a result of the United Kingdom’s decision to withdraw from the Union, and stresses the need to find adequate arrangements for its funding.; stresses, however, that the United Kingdom’s withdrawal from the Union might also imply a shift away from tasks and activities related to credit and financial institutions based in the United Kingdom, which should be reflected in the Authority’s budgetary and personnel resources; notes, in this respect, that the United Kingdom’s withdrawal from the Union provides a rationalisation opportunity for the Authority;
Amendment 27 #
2018/2202(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. Highlights that the Authority will leave the United Kingdom in 2019, and draws attention to its budgetary implications; recalls the importance of a smooth and cost-effective relocation of the Authority.
Amendment 19 #
2018/2119(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Europe’s economy is now entering its sixth year of uninterrupted growth, after five years of uninterrupted growth in Europe, there are growing concerns about the global growth outlook and the possible deceleration of the economic activity in the Euro Area;
Amendment 3 #
Amendment 18 #
2017/0333R(APP)
Motion for a resolution
Citation 8
Citation 8
Amendment 22 #
2017/0333R(APP)
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
- having regard to the 'Non-paper for paving the way towards a Stability Union' from former German finance minister Wolfgang Schäuble,
Amendment 40 #
2017/0333R(APP)
Motion for a resolution
Recital B
Recital B
B. whereas the financial and economic crisis has revealed the weaknesses of the euro architecture, highlighting the need for the swift completion ofrethinking the EMU;
Amendment 46 #
2017/0333R(APP)
Motion for a resolution
Recital C
Recital C
C. whereas membership of a common currency area requires common rules and obligations, as well as common tools to respond to symmetric and asymmetric shocks and for the promotion of solidarity and socioeconomic upward convergence; whesuch as the euro area, where member states are responsible for their fiscal and economic policy, requireas risk reduction and risk sharing should go hand in hand in deepening the EMUbinding common fiscal rules and stringent implementation;
Amendment 59 #
2017/0333R(APP)
Motion for a resolution
Recital D
Recital D
D. whereas the creation of the European Financial Stability Facility (EFSF) and its later transformation into the European Stability Mechanism (ESM) have represented, despite its intergovernmental nature, an important step towards the creation of a European crisis management mechanism, helping to respond to the weaknesses of the EMU and providing financial assistance to several European countries affected by the crisis a significant departure from the Maastricht framework and the principle of individual national responsibility;
Amendment 72 #
2017/0333R(APP)
Motion for a resolution
Recital F
Recital F
Amendment 80 #
2017/0333R(APP)
Motion for a resolution
Recital G
Recital G
G. whereas the ongoing debate on the future of Europe and the EMU has highlighted differing political views among Member States on the long-term future of the ESM, but also provides a good basis for an important first step towards strengthening its role, developing its financial tools and improving its efficiency and democratic accountability as part; whereas for that reason the discussion on the deepening of the EMU should find a consensus on ‘need to haves’, such as the strenghtening of the ESM reform;
Amendment 86 #
2017/0333R(APP)
Motion for a resolution
Recital H
Recital H
H. whereas in the short term, the ESM reform should contribute in particular toa reformed ESM could contribute to the stability of the Eurozone and also strenghten the credibility of the banking union, providing a proper common financial backstop for the Single Resolution Fund (SRF), without prejudice to the need to establish a European Deposit Insurance Scheme (EDIS)hich should be fiscally neutral in the medium-term and ensure an appropriate level of conditionality;
Amendment 105 #
2017/0333R(APP)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 108 #
2017/0333R(APP)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights that the proper functioning of an EMU depends on the existence of an institution serving as a ‘lender of last resort’; acknowledges, in this context, the positive contribution of the ESM, despite its intergovernmental nature, towards addressing the weaknesses of the institutional setting of the EMU, namely by providing financial assistance to several Member States affected by the financial crisis and the Great RecessionESM may only function as a ‘lender of last resort’ to thwart an immediate threat to the stability of the euro area as a whole; highlights that assistance should only be provided to help with liquidity problems, but not solvency problems; highlights that the granting of financial assistance is subject to strict conditions; recalls that ultimately, ESM funds can only finance the necessary adjustment process, and thus "buy time", as only economic policy in the affected country itself can solve economic problems in a structural manner;
Amendment 121 #
2017/0333R(APP)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls its previous positions in favour of the incorporation of the ESM into the EU legal framework, which would make it a fully-fledged EU body; insists that this incorporation should continue to be understood as part of the EMU completion project; believes that such an integration would allow for management in accordance with the Community method, ensure the full consistency of fiscal rules and obligations, facilitate economic and fiscal policy coordination, and enhanceStresses the need to maintain the intergovernmental governance of the ESM, especially the ESM majority requirements; believes that such an intergovernmental approach provides the best guarantees to protect the interests of the member states, especially those member states who are net contributors to the ESM, to safeguard democratic legitimacy and accountability through the European Parliamentnational parliaments, and guarantees its independence;
Amendment 139 #
2017/0333R(APP)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the Commission’s proposal has generated a lively discussion on its political, financial and legal implications, and that discussions continue on a number of important issues; stresses, however, that thisall concerns raised in the debate on the long-term vision of the ESM’s institutional setting should not delay the steps urgently required to strengthen the EMU and its capacity to promote financial stability and respond to economic shocks; calls, therefore, for a meaningful ESM reform in the short term by means of a revision of the ESM Treaty, without prejudice to more ambitious developments in the futurebe duly addressed;
Amendment 147 #
2017/0333R(APP)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESF should continue to be to provide transitional financial assistance to Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, or to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro areabe to ensure the stability in the Euro Area and prevent new crises; stresses therefore that the reformed ESM should be responsible for a more rigorous implementation of the common binding fiscal rules, should have a greater responsibility for the development and monitoring of financial assistance programmes and should promote debt sustainability;
Amendment 151 #
2017/0333R(APP)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines that the primary mission of the new ESF should continue to be to provide transitionalincrease financial assistaresilience tof Member States in need, on the basis of the agreed adjustment programmes; stresses that the ESF must have adequate firepower for that purpose; opposes, therefore, any attempt to turn the reformed ESM into an instrument for banks only, orwelcomes any steps considered to reduce its financial capacity to support Member States; recalls that financial assistance provided to Member States under the new ESF has to be complemented by other fiscal capacity tools, including precautionary instruments, to promote economic and financial stabilisation, investment and upward socioeconomic convergence in the euro area;
Amendment 162 #
2017/0333R(APP)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Stresses the need to introduce a sovereign debt restructuring mechanism to reinforce the no-bailout rule, which will make financial market actors apply more scrutiny;
Amendment 165 #
2017/0333R(APP)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the reformed ESM should play a more prominent role in the implementation of the SGP and the management of financial assistance programmes, alongside the Commission and in close cooperation with the ECB, ensuring that the EU institutional framework has more autonomy whenever needed, without prejudice to appropriate partnerships with other institutions, namelysuch as the ECB and the International Monetary Fund;
Amendment 170 #
2017/0333R(APP)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Believes that if the EMF would be sufficiently autonomous, the conditionality principle would be strengthened and the politically influenced EU Commission would no longer be involved;
Amendment 179 #
2017/0333R(APP)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that evaluation of the financial assistance requests made by the ESF, as well as its decision-making on the design of the adjustment programmes, in cooperation with other institutions, should in no way replace, duplicate or overlapeventually replace the normal macroeconomic and fiscal surveillance provided for in the EU’s financial rules and regulations, which must remain the Commission’s exclusive competence;
Amendment 195 #
2017/0333R(APP)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 214 #
2017/0333R(APP)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 219 #
2017/0333R(APP)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Underlines the risks arising from the delay in completing the banking union; welcom, but stresses that risk reduction is a condition for risk sharing; notes, in this context, the European Council’s commitment to a common backstop for the SRF and recalls the ‘need also to establish the EDISw approach’ to an EDIS as put forward by the Commission in its communication of 11 October 2017;
Amendment 230 #
2017/0333R(APP)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Invites the ESM to establish a protocol for a Memorandum of Cooperation (MoC) with the European Parliament, with immediate effect, to further promote institutional dialogue and enhance the ESM’s transparency, accountability and democratic legitimacy in line with the further deepening ofenhanced interinstitutional cooperation on the economic governance of the euro area;