Activities of Luis GARICANO related to 2019/2129(INI)
Plenary speeches (1)
European Central Bank - annual report 2018 (debate)
Shadow reports (1)
REPORT on the European Central Bank Annual Report for 2018
Amendments (26)
Amendment 27 #
Motion for a resolution
Recital F
Recital F
F. whereas a stronger role of the euro, and its increased use as a reserve currency, would increase the EU’s ability to frame its policy stance independently vis-à-vis the US and the Federal Reserve and would ultimately provide protection from the risk of an uncooperative US approach;
Amendment 59 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Emphasises that the euro is a political project in addition to a purely economic one; stresses the irreversible nature of the single currency; draws attention to the requirement, laid down in the Treaties, for every Member State with the exception of the United Kingdom and Denmark to adopt the single currency once they have met the Maastricht convergence criteria; takes the view that participation in the Banking Union must be regarded as a benefit for those countries wishing to join the euro area;
Amendment 67 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need for monetary policy to remain accommodative for the foreseeable future; considers that Member States with excess budgetary capacity should use that capacity to finance investments for the future in a way which complements ECB monetary policy;
Amendment 104 #
Motion for a resolution
Paragraph 5 – indent 1
Paragraph 5 – indent 1
- The deepening of the European Monetary Union, including a fiscal capacity for the euro area able to providinge a counter-cyclical stabilisation function whilst ensuring that Member States follow a sound budgetary policy;
Amendment 113 #
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
- The completion of the banking union, including a fully mutualised European deposit Reinsurance scheme setup with the appropriate safeguards, that would help reduce risks, ensure a level playing field, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a whole;
Amendment 118 #
Motion for a resolution
Paragraph 5 – indent 3 a (new)
Paragraph 5 – indent 3 a (new)
- The respect of a market-driven economy that refrains from protectionism;
Amendment 119 #
Motion for a resolution
Paragraph 5 – indent 3 b (new)
Paragraph 5 – indent 3 b (new)
- The respect of the rule of law;
Amendment 126 #
Motion for a resolution
Paragraph 5 – indent 4
Paragraph 5 – indent 4
- The market-led creation of a European safe asset guaranteed by euro-area Member States to foster the integration of bond marketthrough the reform of the regulatory treatment of sovereign exposures;
Amendment 144 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that on 12 September 2019 the ECB announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of EUR 20 billion per month, a cut of 10 basis points in the deposit rate, a two-tier system for reserve remuneration, and easier terms for targeted longer-term refinancing operations (TLTRO-III); is concerned about the fact that the ECB Governing Council's decision was not taken unanimously and calls on President Lagarde to work towards bridging this divide;
Amendment 155 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Underlines the need to monitor the impact that the current monetary policy stance might have on asset prices;
Amendment 161 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that the negative effects on banks’ net interest income have been largely counterbalanced so far by the benefits from more bank lending and lower costs for provisions and losses;
Amendment 171 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that while very low or negative interest rates offer opportunities to consumers, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs, it is being perceived in certain Member States as creating problems for small savers and pension systems;
Amendment 189 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Is concerned about the prolonged subdued inflationary pressure, the overreliance on the ECB’s monetary policy to sustain growth and its increasingly limited options under its current toolbox;
Amendment 193 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
Amendment 196 #
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Underlines the importance of cooperation between central banks, both in the European Union and at a global level, for the achievement of the inflation targets in the medium term;
Amendment 205 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement on climate change and that this should be reflected in its policies, with full respect for its mandate and its independence; Considers action against climate change lies within the current ECB mandate notably regarding financial stability;
Amendment 209 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Echoes the positions expressed by Members of the ECB Executive Board on the importance of developing truly European payment systems that are immune from external disruptions(including political); calls on the ECB to continue its work on the"PEPSI" project with the aim of preserving the EU’s sovereignty, economic efficiency for all users and providers, as well as ensuring fair competition;
Amendment 216 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes good note of Christine Lagarde’s declaration of 4 September, in which she welcomed the ECB’s collaboration in the Network for Greening the Financial System (NGFS) and commitment to contribute to facinge the challenges which climate change poses by implementing the NGFS’s recommendations and acting oin them substantively wherever possible without underminingfull respect of the ECB’s price stability mandate and other objectives;
Amendment 236 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is extremely worried about the risks due to the delay in setting up the banking union, and calls for the swiftCalls for the end of the Sovereign- bank doom loop and the completion of the banking union with a fully mutualisedthrough the establishment of a European deposit guaReinsurantece scheme;
Amendment 252 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Recognises the importance of small and medium-sized businesses in the EU; invites the ECB to remain attentive to access to credit for these businesses, taking into account the slow economic recovery and in the name of the principle of economic inclusion; reaffirms in this context the European Parliament’s support for investment policies under the “SME supporting factor”;
Amendment 260 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECB to increase its monitoring of the development of crypto- currencies and the increased risks in cyber-securirisks in cyber-security and the development of crypto-assets, especially those that are privately managed, given the challenges they pose to the European Union's monetary sovereignty;
Amendment 262 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Takes note of the remarks made by Christine Lagarde in the ECON Committee meeting of September 4th 2019 on the subject of the new regulation of cryptocurrencies that “the ECB and central banks in general should clearly monitor these developments and contribute to ongoing international work on policy responses”; asks the ECB, in collaboration with the European Commission, to assess the EU legal and regulatory framework on e-money, financial instruments and virtual currencies/assets in order to have a comprehensive framework for supervision of financial instruments, entities or infrastructures, for AML and stability purposes as well as for cross-border cooperation and coordination; ask the ECB to work with the European Commission on creating a framework for these new currencies that reconcile innovation, citizens’ needs, preservation of financial stability and the rule of law;
Amendment 266 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the ECB to ensure an appropriate balance between allowingppropriate regulatory constraints, allowing financial innovation in Fintech and ensuring financial stability;
Amendment 268 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Encourages the ECB to work with the European Commission and all relevant stakeholders, to foster the role of the euro as a reserve currency; considers that this can be achieved through a variety of channels such as institutional representation or well performing European financial products;
Amendment 283 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Is concerned about the reduced pressure on Member States to make structural reforms and the lack of CSR implementation, calling on the ECB to apply pressure to revert this situation;
Amendment 306 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Stresses that the ECB has improved its communication; believes however that it should continue its efforts to make its decisions available and understandable to all citizens, as well as its actions undertaken to maintain price stability in the euro area and therefore preserve the purchasing power of the common currency;