15 Amendments of Luis GARICANO related to 2020/2075(INI)
Amendment 54 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes note of the proposed conditions for deactivating the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon the health, social and economic situation across Member States and medium-term fiscal sustainability in order to ensure that fiscal support is provided for as long as needed;
Amendment 80 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpremplemented cautiously, and therefore calls for the code of conduct of the Stability and Growth Pact to be revised vis- à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro- cyclical biases, promote upward convergence and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending;
Amendment 164 #
Motion for a resolution
Subheading 5
Subheading 5
A broader debt sustainability analysis (DSA)
Amendment 212 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuincluding a broad and transparent DSAer range of variables in the fiscal rules framework in order to set an appropriate country- specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamics;
Amendment 244 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence within the limits of the Treaties;
Amendment 259 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Suggests focusing the fiscal targets on the achievement of a single credible debt anchor aimed at reducing high debt ratios to 60% of GDP in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States;
Amendment 267 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Proposes an expenditure rule with a ceiling20 on nominal public expenditure when a country’s public debt exceeds a certain threshold60% of GDP; _________________ 20 A ceiling fixed for 3-5 years that would depend on the expected potential output growth, expected inflation, interest-growth differentials and the distance from the debt anchor, compatible with a public deficit below 3% of GDP.
Amendment 269 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the country- specific path outcomedebt reduction speed should result from a discussion between each Member State and the Commission, after a consultation with the EFB in the context of the European Semester; considers that the expenditure rule should also include a correction mechanism to remove cyclical itemcase- by-case basis, taking into account a comprehensive independent economic judgement in the context of the European Semester exclusively based on economic considerations;
Amendment 275 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls in that regard to upgrade the functions of the European Fiscal Board to provide an independent assessment of the determination of the maximum expenditure growth rate based on the independent judgement of governments’ budgetary plans and macroeconomic projections to the Commission;
Amendment 276 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Asks the Commission to adopt the European Fiscal Board’s recommendation. The Commission shall object to this proposal and may come up with a different recommendation after publicly providing the rationale of disagreement with the European Fiscal Board’s assessment;
Amendment 282 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Recommends, along the lines of the European Fiscal Board proposal, to establish a compensation account to record deviations from the expenditure ceiling to safeguard expenditures from past excesses and shortfalls and to increase the transparency of the framework;
Amendment 387 #
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Considers that the assessment of compliance with the debt rule should be independent and transparent and should avoid the current re-interpretation of fiscal rules and the excessive use of discretion;
Amendment 388 #
Motion for a resolution
Paragraph 29 b (new)
Paragraph 29 b (new)
29b. Takes note that the mandate of the European Fiscal Board should be updated to assess the implementation of the fiscal rule with the ultimate objectives of long- term public debt sustainability and countercyclical fiscal policy, by entrusting it with proposing the discretionary decisions concerning the implementation of the European expenditure rule to the Commission;
Amendment 389 #
Motion for a resolution
Paragraph 29 c (new)
Paragraph 29 c (new)
29c. Asks the Commission to adopt the European Fiscal Board’s recommendation. The Commission shall object to this proposal and may come up with a different recommendation after publicly providing the rationale of disagreement with the European Fiscal Board’s assessment;
Amendment 390 #
Motion for a resolution
Paragraph 29 d (new)
Paragraph 29 d (new)
29d. Regrets the lack of effectivity of the current system of financial sanctions for no-compliance with the rules and calls for a credible system of disincentives if insufficient corrective measures are taken after significant deviations;