47 Amendments of Isabel BENJUMEA BENJUMEA related to 2020/2075(INI)
Amendment 1 #
Motion for a resolution
Citation 2
Citation 2
— having regard to Article 2 of the Treaty on European Union, signed in Maastricht on 7 February 1992, establishing in Article 2 that ‘The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in Articles 3 and 3a, to promote throughout the Community a harmonious and balanced development of economic activities, sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States’,
Amendment 5 #
Motion for a resolution
Citation 14
Citation 14
Amendment 6 #
Motion for a resolution
Citation 15
Citation 15
Amendment 9 #
Motion for a resolution
Citation 16
Citation 16
Amendment 10 #
Motion for a resolution
Citation 17
Citation 17
Amendment 15 #
Motion for a resolution
Citation 34
Citation 34
Amendment 17 #
Motion for a resolution
Citation 37
Citation 37
Amendment 19 #
Motion for a resolution
Citation 37 a (new)
Citation 37 a (new)
— having regard to the European Auditor's Special Report 03/2018 Audit of the Macroeconomic Imbalance Procedure (MIP),
Amendment 20 #
Motion for a resolution
Citation 37 b (new)
Citation 37 b (new)
— having regard to the European Court of Auditor's Special Report 16/2020: The European Semester – Country Specific Recommendations address important issues but need better implementation,
Amendment 48 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of 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 in order to ensure that fiscal support is provided for as long as neededthe Union;
Amendment 56 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that the need to review the economic governance framework will take place in challenging circumstances, underlined by traditional divide between states with weak financial stability and those fiscally conservative, in the circumstances of ultra-low interest rates and unprecedented debt legacies and in the context of a big fiscal recovery package and loans funded by common debt, yet to be deployed adequately;
Amendment 58 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes that the coordinated policy response to the Covid-19 crisis proves that the current framework for economic governance provides a high degree of flexibility and counter-cyclicality;
Amendment 64 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance ofthat it would be desirable to havinge a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC, but insists that it is not a necessary precondition for the deactivation of the GEC;
Amendment 71 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 81 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, and therefore calls for the Vade Mecum and 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 90 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; considers that the fiscal support measures should become more targeted as the recovery progresses; calls on the Commission not to have the general escape clause activated longer than strictly necessary; calls on the Commission to develop a credible exit strategy from the crisis measures;
Amendment 91 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; considers that a supportive fiscal stance at the euro zone level and ensuring a policy stance which supports the recovery during the pandemic would be necessary to manage the cycle, combining creditworthiness of all member states;
Amendment 112 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the coordinated policy response of governments and EU institutions aimed at avoiding a sharp increase in corporate insolvencies and unemployment; warns that an abrupt and uncoordinated withdrawal of support measures could lead to financial distressslow down the speed of the economic recovery; points out, however, that the robust fiscal response to the Covid-19 crisis raises new concerns in relation to debt sustainability;
Amendment 118 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that the Covid-19 crisis has shown that those Member States that have built fiscal buffers ahead of time, were in a better position to quickly mobilise fiscal stimulus packages without the associated rise in borrowing costs; notes that his example proves the value of a prudent approach to fiscal policy;
Amendment 119 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes that the increased private and public debt levels due to the pandemic are a burden for future generations and might be a drag on the recovery;
Amendment 135 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance ofNotes that complementarity between monetary and fiscal policies have helped to deliver the required support post- COVID-19; considers that the low interest rate environment has implications for fiscal poECB's primary objective is price stability and that monetary policy support can be withdrawn at any point in time in light of unfavourable developments in relation to price stabilicty; warns against a premature tightening of monetary and fiscal policyMember States against relying too heavily on an accommodating monetary policy stance;
Amendment 144 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses the need for a coordinated approach in correcting excessive saving and insufficient public and private investments;
Amendment 145 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 152 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 166 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that public debt levels have increased and that some Member States already have a sizeable debt legacy; notes with concern that the average debt- to-GDP ratio of EU Member States will surpass 100% in 2021; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lower today; points out that this environment will not necessarily last going forward and that the interest rate environment can change fast, while reducing debt levels may take a considerable period of time;
Amendment 182 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expectedlikely to remain low for the foreseeablenear future and primary deficits are likely tomay be offset by favourable interest-growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; points out though that some Member States have had structural problems to achieve sufficiently high growth rates in the past;
Amendment 195 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and public investment aimed at increasing growth potential and achieving the EU’s objectives; contemplates that growth-friendly investment concept requires further reflection and precision; considers that a better mechanism, combined with simpler and more operational rules, and vested with more flexibility in the context of national situations, is needed to allow for investment that produces growth; points out that a stronger multilateral mechanism in the surveillance process will also be required; considers that as the recovery starts to have effect, fiscal policy should prioritise higher public and private investment, supporting the transition towards a green, digital and inclusive economy;
Amendment 210 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuing a broad and transparent DSA, transparent and thorough debt sustainability assessment 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 213 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Points out that the metrics at the heart of the economic governance framework must be easily observable and controllable by political decision makers in order to increase transparency and comprehensibility for both policy makers and the public; notes that concepts such as an output gap analysis do not satisfy those criteria;
Amendment 223 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls onInvites the Commission to relaunch the debate on the reformview of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
Amendment 231 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Considers that a mid-term national debt policy could be subject to joint political debate of the member states allowing for some fiscal policy coordination;
Amendment 245 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote debt 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;
Amendment 250 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that as a general rule public borrowing should only be used to finance productive investments and must not be used to finance recurring general expenditures;
Amendment 255 #
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 in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States; points to the EFB proposal for country specific recommendations for the path of reducing the debt ratios;
Amendment 256 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Suggests focusing the fiscal targets on the achievement of a single credible debt anchor and a declining path towards it aimed at reducing high debt ratios in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States;
Amendment 281 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that expenditure rules allow forhave built-in automatic stabilisers to operate and are under the direct control of the governmentation properties1a; argues that while potential output growth is unobservable and has to be estimated, it is less likely to be subject to revisions than the output gap; _________________ 1a See. p. 89 of EBF Assessment of EU fiscal rules with a focus on the six and two-pack legislation.
Amendment 288 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Proposes, in line with the EFB, ‘ onthat the general escape clause, should only be triggered based on an independent and thorough economic judgeassessment’; notes however, that such assessment should be based on pre-defined metrics, thresholds and procedures;
Amendment 294 #
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 310 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 357 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknessespoor enforcement;
Amendment 363 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
Amendment 365 #
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 383 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines the importance of the EU institutional framework and of the community method to set and enforce the rules and to safeguard and enhance strong political ownership and legitimacy;
Amendment 386 #
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Notes that the enforcement of EU fiscal rules in the past has been poor, which is partly due to the political nature of the process; suggests therefore that the supervision and enforcement of the economic governance framework should be attributed to a completely independent authority such as the European Stability Mechanism (ESM);
Amendment 400 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of fiscal sustainability and upward convergence with stronger national ownership; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidancethe European Semester to focus on fiscal discipline, competitiveness and structural reforms;
Amendment 407 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
Amendment 441 #
Motion for a resolution
Paragraph 35
Paragraph 35