41 Amendments of Irene TINAGLI related to 2024/2054(INI)
Amendment 1 #
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
– having regard to the European Pillar of Social Rights,
Amendment 4 #
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
– having regard to the European Parliament resolution of 19 May 2022 on the social and economic consequences for the EU of the Russian war in Ukraine - reinforcing the EU´s capacity to act (2022/2653(RSP)),
Amendment 10 #
Motion for a resolution
Recital B
Recital B
B. whereas HICP inflation is projected to increase somewhat in the last quarter of 2024, before declining to 2.2 % inreaching the 2% inflation target in the fourth quarter of 2025 and 1.9 % in 20264 ; _________________ 4 https://www.ecb.europa.eu/press/projection s/html/ecb.projections202409_ecbstaff~9c 88364c57.en.html#toc6.
Amendment 13 #
Motion for a resolution
Recital C
Recital C
C. whereas the ECB’s primary objective is to maintain price stability, which it has defined as a level of inflation of 2 % over the medium term; whereas the ECB´s secondary mandate requires it, without prejudice to its primary mandate, to support the general economic objectives in the EU;
Amendment 15 #
Motion for a resolution
Recital E
Recital E
Amendment 18 #
Motion for a resolution
Recital F
Recital F
F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the direct monetary financing of governments; whereas the ECB may purchase debt securities on the secondary market if this is necessary to pursue its objectives;
Amendment 21 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas the ECB shall promote the general economic policies in the EU, thereby contributing to the achievement of the objectives of the EU as laid down in Article 3 TFEU;
Amendment 28 #
Motion for a resolution
Recital H
Recital H
H. whereas the euro is the second most important currency globally, lagging behind the US dollar by a significant margin, despite the euro area’s economic size in global trade;
Amendment 34 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. whereas the Governing Council of the ECB reflects a gender imbalance; calls on Member States to promote gender balance through equal representation of the respective governors;
Amendment 35 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro areaEuro area; emphasizes the importance of the ECB´s secondary mandate to promote the EU´s general economic objectives as set out in Article 3 TFEU, which include full employment, social progress, and environmental protection; whereas the ECB´s mandate, as defined by its objectives, is laid down in Article 127 TFEU and thus legally binding;
Amendment 51 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisions; welcomes the institutional cooperation, thereby stressing the importance of the corresponding level of accountability towards the European Parliament;
Amendment 66 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. RegretNotes that inflation levels remain above the ECB’s target of 2 % in some Member States%; emphasises that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices that ensures an efficient allocation of resources;
Amendment 67 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Stresses that both monetary and fiscal policies should work in tandem to help European citizens and households, as well as small businesses most adversely affected by the ongoing geopolitical crisis;
Amendment 69 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Stresses that inflation triggered a "cost of living crisis" for EU citizens, emphasizes therefore the imperativeness of curbing inflation to its desired core inflation rate of 2%;
Amendment 70 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 80 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Warns the ECB against the temptation to lower interest rates too quickly, given the risk that inflation levels could start increasing again; stressNotes that the ECB itself expects a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in energy prices drop out of the annual rates, before dropping again in 2025;
Amendment 88 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Emphasizes the importance of lower interest rates that encourages higher investments, which is needed to finance the green and digital transitions, recalling the Draghi report´s demand for investment quantified at 800 billion Euro;
Amendment 107 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low; hHighlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy; highlights the importance of investments in and sustainable growthfuture;
Amendment 117 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Expresses concern about the high levels of government debt and deficits within the Member States and the risks of fiscal dominance that this entailof new austerity measures being imposed, further exacerbating the "cost of living" crisis;
Amendment 127 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024, but expresses its unease at its historically and persistently high level;
Amendment 128 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Highlights that the supply- side shock - triggered by the rapid decline in fossil fuel energy imports - is the key driver for the record high inflation; emphasizes that geopolitical tensions have not been resolved which subsequently could cause another supply-side shock; notes, that the new trans-atlantic dynamic might also be a factor for a possible supply-side shock;
Amendment 154 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Welcomes the operational structure of the ECB, including the decision to incorporate secondary objectives and climate change concerns into the planning of its structural refinancing operations and structural portfolios;
Amendment 172 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore to continue gradually reduceing the size of its balance sheet;
Amendment 178 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. RegretWelcomes the establishment of the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not just the legal prohibition of monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member State;
Amendment 190 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stresses that purchases under the TPI wshould merely cobe used to address financeial the symptoms of loose fiscal policy; calls on Member Stmarket stress and panics unrelatesd to econduct responsible fiscal policies and ensure sustainable debt leveomic fundamentals;
Amendment 195 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Stresses that the inclusion of owner-occupied housing (OOH) in the Harmonised Index of Consumer Prices (HICP) is desirable for reasons of both representativeness and comparability across countries in the euro area; underlines that according to the ECB, since 2011 the estimated impact of including OOH in HICP annual inflation would have been between -1.2 and +0.4 percentage points; notes, however, that the period of observation is short relative to the length of housing market cycles, and the deviations observed are larger if one looks at the country inflation indices; express concerns that in future housing market cycles the differences between the HICP including and excluding the OOH might be larger;
Amendment 198 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19 b. Welcome that the Governing Council of the ECB, in its review of the monetary strategy, recognised the appropriateness of including the costs related to owner-occupied housing (OOH) in the HICP as part of a multi-year project and that, in the meantime, it committed to consider both in its monetary policy assessments and decisions also the available inflation measures regarding the quarterly standalone OOH index among the wider set of supplementary inflation indicators that the ECB ordinarily looks at; calls for an acceleration of the roadmap in order to get a rapid inclusion of OOH in the HICP.
Amendment 219 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates that the digital euro should serves as a complement to physical cash, that it should not replace cash entirely and that cash should remains available at all times;
Amendment 223 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 237 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Invites the ECB, together with the Parliament, to launch a broad information campaign on the digital euro in order to allay citizens´concerns;
Amendment 242 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls on the ECB to refrain from taking politically motivated decisions and to stick to its mandate of maintaining price stability; stresses that overstepping this mandate touches on the central bank’s political independencestick to its mandate of maintaining price stability, while having recourse to its secondary mandate in accorance wth Article 3 TFEU;
Amendment 248 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Emphasizes that, while price stability is the ECB´s primary target, the ECB must take account of environmental, social and economic sustainability goals in line with its secondary mandate;
Amendment 254 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 258 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Calls on the ECB to include a specific chapter in its annual report explaining how it has interpreted and implemented its secondary objectives;
Amendment 264 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Stresses the significance of the European Pillar of Social Rights for socio-economic alignment;
Amendment 266 #
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 278 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. CWelcomes the Climate and nature plan 2024-2025; calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change;
Amendment 288 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls on the ECB to look into strengthening the international role of the euro with a view to enhancing its attractiveness as a reserve currency and support market-driven shifts in this direction; stresses the need to deepen and complete the Economic and Monetary Union as a prerequisite for a strong international euro; underlines the importance that co- legislators remain in charge throughout the design of the digital euro;
Amendment 289 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Recalls President Lagarde´s past statement that the current and persisting geopolitical crisis requires us to progress on EU fiscal integration; welcomes the ECB´s long- standing support for a well- thought out completion of the Economic and Monetary Union, the Banking Union, namely with the establishment of a fully- fledged European Deposit Insurance Scheme, and the Capital Markets Union; recalls that this would contribute to a larger spread of risks within and the enhanched financial stability of the Momentary Union, as well as it would further strengthen the international role of the euro and amplify its attractiveness as a reserve currency;
Amendment 293 #
Motion for a resolution
Paragraph 30 b (new)
Paragraph 30 b (new)
30 b. Emphasizes the creation of a well- designed European safe asset could facilitate integration and help mitigate negative feedback loops between the sovereign and domestic banking sectors;
Amendment 311 #
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33 a. Regrets that the Governing Council of the ECB Governing Council consist currently of only 2 female member; urges the euro area Member States to fulfil their obligations and apply the principals of gender equality in their appointment procedures, so that both genders have equal opportunities to serve as governors of their respective national central bank;