102 Amendments of Rasmus ANDRESEN related to 2023/0138(COD)
Amendment 159 #
Proposal for a regulation
Recital 5
Recital 5
(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges, social considerations, green investment needs and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, whilepublic debt sustainability while supporting sustained levels of public investments enabling economic resilience, addressing macroeconomic imbalances as well as promoting upward social convergence, by paying due attention to quality employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 and the European Pillar of Social Rights, ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social, environmental and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate changThe economic governance framework of the Union should take into account the severe fiscal risks associated with climate inaction and the high ecological, social and economic risks that are expected to materialise oin the EU and its Member States, including negative impacts on growevent of insufficient or delayed investment in the and fiscal sustainabilitchievement of a net-zero economy.
Amendment 177 #
Proposal for a regulation
Recital 6
Recital 6
(6) The economic governance framework of the Union should put debt sustainability and, sustainable and inclusive growth and resilience at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country- specific fiscal trajectories.
Amendment 191 #
Proposal for a regulation
Recital 8
Recital 8
(8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability and, sustainable and inclusive growth and resilience in the Member States ands well as prevent the occurrence of excessive government deficits through medium-term planning.
Amendment 207 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
Amendment 220 #
Proposal for a regulation
Recital 13
Recital 13
(13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainabion a sustainable level while also taking into account the investment needs of Member States to achieve the common priorities of the Union. It is crucial to determine existing investment gaps that keep Member States from achieving the EU common priorities to ensure that fiscal politcy of that debt reduction should result from appropriate fiscal policiis made in a way that is commensurate with existing challenges.
Amendment 228 #
Proposal for a regulation
Recital 14
Recital 14
(14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought and maintained below the 3% of gross domestic product (GDP) reference value or is put on a plausibly downward path towards the reference value at the end of the adjustment period.
Amendment 232 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to assess whether further adjustments are required towards the end of the four-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if the public debt of the Member State is still above 60% of GDP reference value or its government deficit is higher than 3% of GDP reference valuenecessary.
Amendment 247 #
Proposal for a regulation
Recital 18
Recital 18
(18) Since Member States could face additional costs at the end of their medium- term fiscal-structural plan such as ageing costs or an unfavourable interest-growth differential, they should ensure that the headline balance at the end of the adjustment period will be sufficient to ensure that the deficit durably stays below the 3% of GDP reference valuis sustainable in light of the quality of government expenditure.
Amendment 259 #
Proposal for a regulation
Recital 22
Recital 22
(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: are growth are resilience-enhancing, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.
Amendment 263 #
Proposal for a regulation
Recital 23
Recital 23
(23) With a view to ensuring an equitable and transparent process, the reform and investment commitments should be assessed using a common Union framework. During the lifetime of the Recovery and Resilience Facility, commitments in the national Recovery and Resilience Plans can be considered in the assessment of the request for an extension of the adjustment period, where applicable. The set of reforms and investments underpinning an extension of the fiscal adjustment path period should be commensurate with identified national investment gaps, the degree of public debt challenges as established in the most recent update of the Debt Sustainability Monitor and challenges to medium-term growth in the Member State. For Member States where public debt challenges are linked to significant challenges to medium- term growth, the set of reforms and investments is expected to also address bottlenecks to medium-term growth and resilience.
Amendment 287 #
Proposal for a regulation
Recital 31
Recital 31
(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter- cyclical fiscal measures, outside the control of the Member State which have a major or cyclical conditions that adversely impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation.
Amendment 293 #
Proposal for a regulation
Recital 32
Recital 32
(32) This Regulation is part of a package together with Council Directive [XXX amending 2011/85/EU] and Council Regulation [XXX amending Council Regulation (EC) No 1467/97]. Together, they establish a reformed Union economic governance framework that incorporates into Union law the substance of Title III ‘Fiscal Compact’ of the Treaty on Stability, Coordination and Governance (TSCG) in the Economic and Monetary Union27 , in accordance with Article 16 thereof. By building on the experience with the implementation of the TSCG by the Member States, the proposed legislative package retains the Fiscal Compact’s medium-term orientation as a tool to achieve budgetary discipline and growth promotion. The package includes a strengthened country-specific dimension aimed at enhancing national ownership, including by means of a stronger role for Independent Fiscal Institutions, which draws essentially on the Fiscal Compact’s common principles proposed by the Commission28 in accordance with Article 3(2) of the TSCG. The analysis of expenditure net of discretionary revenue measures for the overall assessment of compliance required by the Fiscal Compact is set out in this Regulation. As in the Fiscal Compact, temporary deviations from the medium-term plan are allowed only in exceptional circumstances in this Regulation. In a similar vein to the Fiscal Compact, in case of significant deviations from the medium-term plan, measures should be implemented to correct the deviations over a defined period of time. The package strengthens fiscal surveillance and enforcement procedures to deliver on the commitment of promoting sound and sustainable public finances and sustainable and inclusive growth. The economic governance framework reform, thus, retains the fundamental objectives of budgetary discipline and debt sustainability set out in the TSCG. _________________ 27 Treaty on Stability, Coordination and Governance in the Economic and Monetary Union of 2 March 2012. 28 Communication COM(2012) 342 final of 20 June 2012 from the Commission ‘Common principles on national fiscal correction mechanisms.
Amendment 301 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for sustainable and inclusive growth and quality employment.
Amendment 311 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans in line with the economic, social and sustainability objectives of the EU as part of multilateral budgetary surveillance by the Council and the Commission so as to promote debt sustainability and, sustainable and inclusive growth and resilience in the Member States and prevent the occurrence of excessive government deficits, by medium- term planning, while ensuring the necessary investments that bring progress towards EU common priorities, as defined in this article.
Amendment 320 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means government expenditure net of interest expenditure, national expenditure on co- financing of programmes funded by the Union, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a), and government investment expenditure allocated in line with Article 11(1a) and (1b);
Amendment 345 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path, and of the reforms and investment commitments and advancements in achieving social progress and sustainability objectives included in its national medium-term fiscal-structural plan;
Amendment 351 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) ‘adjustment period’ means the period of time over which the fiscal adjustment of a Member State takes place, covering a minimum adjustment period of 4 yearscommensurate to the length of the national legislative term and extended by a maximum of 3 years, that corresponds to the planning horizon of the national medium-term fiscal- structural plan and its possible extension;
Amendment 356 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
Amendment 359 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 a (new)
Article 2 – paragraph 1 – point 9 a (new)
(9 a) ‘residual value’ of a public asset is the estimated amount to be currently obtained from disposal of that asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life;
Amendment 360 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 b (new)
Article 2 – paragraph 1 – point 9 b (new)
(9 b) ‘useful life’ means the period over which a public asset is expected to be available for use;
Amendment 362 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Amendment 368 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
In order to ensure closer coordination of economic policies and sustained convergence of the economic, and environmental social performance of the Member States and progress towards the achievement of common EU policy priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 380 #
Proposal for a regulation
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) the formulation, and the surveillance of the implementation, of the broad guidelines for the economic policies of the Member States and of the Union in accordance with Article 121(2) TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area, including with regard to the achievement of the EU Green Deal;
Amendment 384 #
Proposal for a regulation
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the surveillance of the implementation of the European Pillar of Social Rights and its headline targets, and of the related country-specific recommendations, related analysis in country reports as well as social convergence reports under the Social Convergence Framework;
Amendment 399 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
Member States shall incorporate the following EU policy objectives into the design, implementation and evaluation of their national budgetary frameworks: (a) combating climate change; (b) halting and reversing the decline of biodiversity; (c) promoting equality between women and men as well as rights and equal opportunities for all; (d) promoting the digital transition; (e) implementing the United Nations Sustainable Development Goals.
Amendment 400 #
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
As part of the European Semester, Member states shall set targets in line with national and EU legal requirements related to the policy objectives under paragraph 1a and report on the performance of their national budgetary frameworks towards these targets. Such reporting shall entail the identification of relevant expenditure and revenue items and rely on output, results and impact indicators. Indicators shall be duly aligned with the ‘do no significant harm’ principle in the meaning of Article 13(2) (iiia) and (iiib) and ‘digital by default’ principle.
Amendment 402 #
Proposal for a regulation
Article 3 – paragraph 2 c (new)
Article 3 – paragraph 2 c (new)
The Commission shall be empowered to adopt delegated acts pursuant to Article 33 at least every 3 years to specify the indicators for tracking the performance of national budgets towards these EU policy objectives.
Amendment 408 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Where necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the socio- economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU and related secondary legislation. The Commission recommendations shall also identify relevant measures to be taken in case of insufficient progress towards achieving applicable targets under Article 3.
Amendment 414 #
Proposal for a regulation
Article 4 – paragraph 3 – point b a (new)
Article 4 – paragraph 3 – point b a (new)
(b a) a recommendation by the Council pursuant to Article 9 or Article 148 TFEU, the implementation of the principles of the European Pillar of Social Rights, or reflecting the outcomes of the Social Convergence Framework;
Amendment 443 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) at the end of the adjustment period, the public debt ratio is put or remains on a plausibly downward path, or stays at prudenton sustainable levels;
Amendment 450 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) at the end of the adjustment period, the government deficit is brought and maintained below the 3% of GDP reference value or is put on a plausibly downward path towards the reference value;
Amendment 463 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) the fiscal adjustment effort over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entiris not postponed towards the final years of the adjustment period;
Amendment 469 #
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
Amendment 494 #
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
Amendment 530 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) the technical trajectory, if required under Article 5, and the corresponding structural primary balance.
Amendment 537 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plancompromising the need to fill the investment gaps for the Member State concerned to achieve the common priorities as set out in Article 1.
Amendment 550 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Assessment of plausibility and debt sustainability analysis
Amendment 553 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, tat sustainable levels, the Commission shall use a debt sustainability analysis (DSA) applying deterministic scenarios and stochastic analyses on relevant risks. The Commission shall use thein its methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data: (a) consider relevant factors including the future evolution of sustainable growth, interest rates, the level of inflation, liquidity risks, the composition of the public debt stock; (b) assess the impact of reforms and investments underpinning the national medium-term fiscal-structural plans on debt sustainability duly accounting for the size of fiscal multipliers; (c) determine the existence of contingent liabilities and climate-related fiscal risks and the positive impact of climate mitigation and adaptation expenditure on the debt ratio under medium- and long- term projections; (d) use inputs to growth estimations aligned with full capacity utilisation in the labour market.
Amendment 563 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The Commission shall be supported by a new dedicated DSA working group composed of experts appointed by the Member States, the European Parliament, the Commission, and the European Fiscal Board.
Amendment 566 #
Proposal for a regulation
Article 8 – paragraph 1 b (new)
Article 8 – paragraph 1 b (new)
By 12 months after the entry into force of this Regulation, the Commission shall adopt delegated acts in accordance with Article 33 to supplement this Regulation by defining the methodology for debt sustainability analysis and the methodology for the assessment of plausibility as referred to in paragraph 1. Delegated acts shall be sufficiently detailed in the disclosure of models and ranges of variables and assumptions as to enable replicability of the debt sustainability analyses.
Amendment 576 #
Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary. It shall ensure debate of the draft national medium-term fiscal-structural plan in its national parliament before submission, and enable social partners, civil society organisations and other relevant stakeholders opportunities to participate in the preparation of the national medium-term fiscal structural plans. Each Member State shall attach to the submission of such documents to the Commission a summary of the format and outcome of these consultations.
Amendment 602 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
1. The national medium-term fiscal- structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectory covering a period of at least 4 yearsthe length of the national legislative a period or in case of extension up to 3 more years in accordance with Article 13, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12. 1a. For the purposes of this Regulation and Regulation (EC) No 1467/97, government expenditure incurred in the acquisition of a public asset less the residual value of that asset shall be allocated over its useful life in the Member State's net expenditure trajectory. 1b. The first paragraph shall apply only on government investment expenditure addressing common Union priorities referred to in Annex VI and national co- financing under EU programmes as well as comply with the criteria under Article 13(2), points (iiia) and (iiib), and Annex VIa. 1c. The Commission shall be empowered to adopt delegated acts pursuant to Article 33 to supplement this Regulation by specifying the methodology of allocating government expenditure under paragraph 1a including useful life estimates for different categories of assets. The Commission shall regularly and at least every five years review this methodology and, where appropriate, amend the delegated acts adopted in accordance with this Regulation in line with scientific and technological developments.
Amendment 612 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2
Article 11 – paragraph 1 – subparagraph 2
The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, challenges identified in country reports and social convergence reports under the Social Convergence Framework, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU, Article 148 TFEU, and the implementation of the European Pillar of Social Rights and addressing insufficient progress towards achieving targets in line with EU policy objectives under Article 3.
Amendment 655 #
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps, as well as detail the targets and the performance of national budgetary frameworks towards EU policy objectives in line with Article 3;
Amendment 662 #
Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)
Article 12 – paragraph 1 – point b a (new)
(b a) assess the national public and private investment gaps that need to be filled to achieve the common priorities listed in Annex VI;
Amendment 701 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – introductory part
Article 13 – paragraph 2 – subparagraph 2 – introductory part
Amendment 705 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i
Article 13 – paragraph 2 – subparagraph 2 – point i
(i) be growth enhancingenhance resilience;
Amendment 712 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii
Article 13 – paragraph 2 – subparagraph 2 – point ii
Amendment 722 #
(iii) address at least one of the common priorities of the Union referred to in Annex VI;
Amendment 724 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii a (new)
Article 13 – paragraph 2 – subparagraph 2 – point iii a (new)
(iii a) not cause significant harm to any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 in accordance with Article 17 and the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of that Regulation;
Amendment 725 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii b (new)
Article 13 – paragraph 2 – subparagraph 2 – point iii b (new)
(iii b) not relate to economic activities listed in Annex VIa;
Amendment 726 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii c (new)
Article 13 – paragraph 2 – subparagraph 2 – point iii c (new)
(iii c) be sufficiently detailed, front- loaded, time-bound and verifiable.
Amendment 727 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv
Article 13 – paragraph 2 – subparagraph 2 – point iv
Amendment 734 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v
Article 13 – paragraph 2 – subparagraph 2 – point v
Amendment 743 #
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2 a. The set of reforms and investment shall, taken together: (i) support fiscal sustainability; (ii) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the macroeconomic imbalances procedure and social convergence framework under Article 148 TFEU;
Amendment 744 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
Amendment 757 #
Proposal for a regulation
Article 13 – paragraph 5
Article 13 – paragraph 5
5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII.
Amendment 786 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow backloadingthe postponement of the fiscal adjustment effort and shall not lead to a lower fiscaltowards the last years of the adjustment effortperiod.
Amendment 809 #
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path or on sustainable levels by the end of the adjustment period at the latest, or stays at prudent levels;
Amendment 818 #
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) whether the government deficit is maintainedbrought below the 3% of GDP reference value throughout the duration of the plan or whether the government deficit returns swiftly below the 3% of GDPor is put on a plausibly downward path towards the reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;
Amendment 829 #
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
(d) whether the fiscal adjustment effort over the period of the national medium- term fiscal-structural plan is at least proportional to the total effort over the entiris not postponed towards the final years of the adjustment period;
Amendment 837 #
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
Amendment 843 #
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
Amendment 871 #
Proposal for a regulation
Article 15 – paragraph 3 – point a a (new)
Article 15 – paragraph 3 – point a a (new)
(a a) whether the expenditure benefitting from the treatment under Article 11(1a) meets the eligibility conditions under Article 11(1b);
Amendment 884 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period and the allocation of investment expenditure over the life-cycle of incurred assets included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule.
Amendment 927 #
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3 a. The annual progress report referred to in paragraph 1 shall also contain an assessment of the national public and private investment gaps for the achievement of the common priorities listed in Annex VI.
Amendment 956 #
Proposal for a regulation
Article 22 – paragraph 1 a (new)
Article 22 – paragraph 1 a (new)
National independent fiscal institutions shall also, as part of their contribution to the report referred to in Article 20, provide an assessment of the national public and private investment gaps that need to be filled to achieve the common priorities listed in Annex VI.
Amendment 957 #
Proposal for a regulation
Article 22 – paragraph 1 b (new)
Article 22 – paragraph 1 b (new)
The Commission shall establish the European Advisory Fiscal Board (EFB) as an independent expert group, with the aim to provide advisory role for the purpose of the Union’s economic policy coordination.
Amendment 976 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
Amendment 987 #
Proposal for a regulation
Article 24 – paragraph 3
Article 24 – paragraph 3
The Council, on a recommendation from the Commission, may extend the period during which Member States may deviate from the net expenditure paths, provided that the severe economic downturn in the euro area or the Union as a whole persists. An extension may be granted more than once. However, each extension shall be for an additional period of one year at mostThe Commission recommendation under this paragraph shall be deemed to be adopted unless the Council decides by qualified majority to reject the recommendation within 7 days from the adoption of such a recommendation by the Commission. An extension may be granted more than once.
Amendment 991 #
Proposal for a regulation
Article 25 – title
Article 25 – title
Exceptional circumstances outside the control of the Member State leading to a majorand cyclical conditions adversely impact oning the public finances of the Member State concerned
Amendment 993 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
Amendment 1004 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
The Council, on a recommendation from the Commission, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. An extension may be granted more than once. However, each extension shall be for anor cyclical conditions persist. The Commission recommendation under this paragraph shall be deemed to be adopted unless the Council decides by qualified majority to reject the recommendation within 7 days from the addioptional period of one year at most of such a recommendation by the Commission. An extension may be granted more than once.
Amendment 1017 #
Proposal for a regulation
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
The President of the Eurogroup shall attend a quarterly Economic Dialogue, four times per year, to be held in the competent committee of the European Parliament.
Amendment 1044 #
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 3, 8, 11(1a) and 32 shall be conferred for an indeterminate period of time from XXX.
Amendment 1046 #
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
3. The delegations of power referred to in Articles 3, 8, 11(1a) and 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 1048 #
Proposal for a regulation
Article 33 – paragraph 4
Article 33 – paragraph 4
4. Before adopting a delegated act, the Commission shall conduct a public consultation and consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.
Amendment 1049 #
Proposal for a regulation
Article 33 – paragraph 6
Article 33 – paragraph 6
6. A delegated act adopted pursuant to Articles 3, 13, 11(1a) and 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
Amendment 1056 #
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
Amendment 1065 #
(a) the effectiveness of this Regulation, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for public debt ratiosthe interest rate burden of public debt measured as percentage of GDP, or maintaining them at prudent levels in accordance with the relevant Council recommendations;
Amendment 1069 #
Proposal for a regulation
Article 36 – paragraph 2 – point b a (new)
Article 36 – paragraph 2 – point b a (new)
(b a) the progress in closing the investment gap in the pursuit of the EU policy priorities set out in Annex VI.
Amendment 1072 #
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
This Regulation shall be binding in its entirety and directly applicable in all Member States following the entry into force of a legal framework that establishes a European Investment Capacity that supports Member States in responding to the climate emergency and fulfilling the European Green Deal objectives by addressing related investment gaps. Such capacity shall be of a size of at least 1% of EU GDP and empowered to provide non repayable financial support to Member States through recourse to financial markets. During the period between the entry into force and the date of application of this Regulation, the general escape clause allowing for an orderly deviation from the requirements for all Member States as set out in Articles 5(1), 6(3), 9(1) and 10(3) of Regulation (EC) 1466/97 and Articles 3(5) and 5(2) of Regulation (EC) 1467/97 shall remain applicable.
Amendment 1082 #
Proposal for a regulation
Annex I – paragraph 1 – point a
Annex I – paragraph 1 – point a
(a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudenton sustainable levels;
Amendment 1086 #
Proposal for a regulation
Annex I – paragraph 1 – point b
Annex I – paragraph 1 – point b
(b) by the end of the adjustment period, the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year periodor on a plausibly downward path towards the reference value;
Amendment 1088 #
Proposal for a regulation
Annex I – paragraph 1 – point c
Annex I – paragraph 1 – point c
Amendment 1092 #
Proposal for a regulation
Annex I – paragraph 1 – point d
Annex I – paragraph 1 – point d
(d) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;
Amendment 1096 #
Proposal for a regulation
Annex I – paragraph 1 – point e
Annex I – paragraph 1 – point e
Amendment 1099 #
Proposal for a regulation
Annex I – paragraph 1 – point f
Annex I – paragraph 1 – point f
Amendment 1105 #
Proposal for a regulation
Annex II – paragraph 1 – point c
Annex II – paragraph 1 – point c
(c) The projected path of the public debt ratio as well as of the development of the interest rate burden from the public debt measured as a percentage of GDP and the structure of the bondholders with particular attention to the percentage of bondholders outside of the euro area.
Amendment 1113 #
Proposal for a regulation
Annex II – paragraph 1 – point f a (new)
Annex II – paragraph 1 – point f a (new)
(f a) An overview of all direct and indirect subsidies, benefiting economic activities under Annex VIa as well as a plan to phase out such subsidies at the latest by the end of the adjustment period.
Amendment 1120 #
Proposal for a regulation
Annex II – paragraph 1 – point j
Annex II – paragraph 1 – point j
(j) Total public investment expenditure, as well as reforms and public investment expenditure addressing the common priorities of the Union referred to in Annex VI, as well as the public and private investment gap for the implementation of these common priorities.
Amendment 1146 #
Proposal for a regulation
Annex III – paragraph 1 – point g a (new)
Annex III – paragraph 1 – point g a (new)
(g a) Progress on the phase out of all direct and indirect subsidies, benefiting economic activities under Annex VIa.
Amendment 1158 #
Proposal for a regulation
Annex IV – paragraph 1 a (new)
Annex IV – paragraph 1 a (new)
This debit shall be halved by 50 % for all the additional expenditure which arises due to public investment in line with the priorities set out in Annex VI.
Amendment 1160 #
Proposal for a regulation
Annex V
Annex V
Amendment 1169 #
Proposal for a regulation
Annex VI – paragraph 1 – point a
Annex VI – paragraph 1 – point a
(a) The European Green Deal34 , including the reduction of greenhouse gas emissions by 55% by 2030, the transition to climate neutrality by 205035 and the translation at national level through the National Energy and Climate Plans; _________________ 34 Communication COM(2019) 640 final of 11 December 2019 from the Commission ‘The European Green Deal’ and Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030 (OJ L 114, 12.4.2022, p.22). 35 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’).
Amendment 1175 #
Proposal for a regulation
Annex VI a (new)
Annex VI a (new)
Amendment 1178 #
Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.1 – introductory part
Annex VII – point 2 – paragraph 2 – point 2.1 – introductory part
2.1 The set of reform and investment commitments are growth-resilience enhancing;
Amendment 1179 #
Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.1 – indent 1
Annex VII – point 2 – paragraph 2 – point 2.1 – indent 1
– The set of reform and investment commitments are expected to entailable the Member State, based on credible, well documented and prudent assumptions, a significant boost to the growth potential of the economy of the Member State concerned in a sustainable mannerto withstand economic, social and environmental shocks or persistent structural changes;
Amendment 1180 #
Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.2 – introductory part
Annex VII – point 2 – paragraph 2 – point 2.2 – introductory part
2.2 The set of reform and investment commitments, taken alltogether, support fiscal sustainability;
Amendment 1181 #
Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.3 – introductory part
Annex VII – point 2 – paragraph 2 – point 2.3 – introductory part
2.3 The set of reform and investment commitments address prioritiesat least one of the Union priorities referred to in Annex VI;
Amendment 1182 #
Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.3 a (new)
Annex VII – point 2 – paragraph 2 – point 2.3 a (new)
2.3 a The set of reform and investment commitments do not cause significant harm to any of the environmental objectives under the Taxonomy Regulation; - The set of reform and investments do not cause significant harm to any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 in accordance with Article 17 and the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of that Regulation and do not relate to economic activities listed in Annex VIa;
Amendment 1184 #
Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.5
Annex VII – point 2 – paragraph 2 – point 2.5