38 Amendments of Frances FITZGERALD related to 2023/0138(COD)
Amendment 152 #
Proposal for a regulation
Recital 4
Recital 4
Amendment 213 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) Any potential exclusion from the net expenditure definition of certain expenditure on co-financing of programmes funded by the Union and of costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility should not apply to calculations regarding the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]
Amendment 256 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure the implementation of the medium-term fiscal- structural plans, the Commission and the Council should monitor the reform and investment commitments made in these plans under the European Semester, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue with the European Parliament. The role of the European Parliament in the European Semester process itself should be preserved
Amendment 305 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.
Amendment 329 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means, without exception, all government expenditure net of interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a), cyclical unemployment expenditure and expenditure on EU programmes fully matched by EU funds revenue;
Amendment 374 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic and social performance of the Member States, 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 425 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission, acting on its own authority and judgment, shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the rep. The technical trajectory shall be set in levels of net expenditure. The Commission shall make the report public. At the same time as the publication of the report, the Commission shall also make all data, assumptions and calculations underlying the technical trajectorty public in a way that allows for replication.
Amendment 436 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) by the publicend of the adjustment period, at the latest, the 10-year debt tratio is put or remainjectory in the absence of further budgetary measures is on a plausibly downward path, or, in the Member States with debt levels below 60% of GDP, it stays at prudent levels, i.e. below 60% of GDP;
Amendment 455 #
Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)
Article 6 – paragraph 1 – point b a (new)
(b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];
Amendment 466 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) 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 479 #
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory; and
Amendment 485 #
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(d a) the public debt ratio is reduced by at least 1.5% of GDP per year on average over the adjustment period;
Amendment 488 #
Proposal for a regulation
Article 6 – paragraph 1 – point d b (new)
Article 6 – paragraph 1 – point d b (new)
(d b) the projected debt reduction ten years after the adjustment period is at least [X]% of the excess of the public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 498 #
Proposal for a regulation
Article 6 – paragraph 1 – point e a (new)
Article 6 – paragraph 1 – point e a (new)
(e a) the government has a fiscal buffer equivalent to X% of the adjustment effort over the adjustment period for the purpose of unforeseeable budgetary measures.
Amendment 581 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Each Member State shall, without undue delay, 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.
Amendment 620 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the differenceprojections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to return to the technical trajectory issued by the Commission. The explanation and justification need to be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 649 #
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 Roadmapsincluding those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU;
Amendment 692 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Where a Member State commits to a relevant set of reforms and investments in accordance with the criteria set out in paragraph 2, the adjustment period may be extended by up to 3 years at most.
Amendment 715 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii
Article 13 – paragraph 2 – subparagraph 2 – point ii
(ii) supportimprove and ensure fiscal sustainability;
Amendment 718 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii
Article 13 – paragraph 2 – subparagraph 2 – point iii
Amendment 759 #
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. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 766 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a newrevised national medium- term fiscal-structural plan is requested by a new government. The ambition of the reform and investments in the revised plan shall not be lower than the original plan. Inflation, revisions to potential growth estimates, or other circumstances that make it easier for a government to implement the original national medium-term fiscal- structural plan is requested by a new government. cannot be the basis for a request to revise the plan and thus do not constitute objective circumstances. Where the Commission considers that the reasons put forward by the Member State concerned do not justify revision of the national medium-term fiscal-structural plan, it shall reject the request within the period referred to in Article 15 (1), after having given the Member State concerned the possibility to present its observations within one month of the communication of the Commission’s conclusions. Reforms and investments that were implemented satisfactorily according to the plan as originally endorsed by the Council should not be reversed by the Member State concerned.
Amendment 799 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding two months.
Amendment 806 #
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 by the end of the adjustment period at the latest, or, in the Member States with debt levels below 60%, it stays at prudent levels;
Amendment 838 #
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; and
Amendment 855 #
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
(f) whether the public debt ratio at the end of the planning horizon is substantially below the public debt ratio in the year before the start of the technical trajectory.;
Amendment 863 #
Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)
Article 15 – paragraph 2 – point f a (new)
(f a) the public debt ratio is reduced by at least 1.5% of GDP per year on average over the adjustment period;
Amendment 866 #
(f b) whether the projected debt reduction ten years after the adjustment period is at least X% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory; and
Amendment 868 #
Proposal for a regulation
Article 15 – paragraph 2 – point f c (new)
Article 15 – paragraph 2 – point f c (new)
Amendment 881 #
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 included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.
Amendment 914 #
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Amendment 934 #
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
The Commission shall set up a control account, functioning in accordance with Annex IVmonitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reforms and investments underpinning the adjustment period. The Commission shall set up a control account, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path, since the establishment of the control account, until the Member State has completed its adjustment. The cumulated balance of the control account in a given/selected period is the sum of the yearly debits and credits registered during that period. The Comission shall prepare a report under Artilce 126(3) TFEU, in case the balance of the control account exceeds 0.3% of GDP. The Commission shall inform the European Parliament about its conclusions in the report.
Amendment 953 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path, using only quantifiable targets. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)
Amendment 963 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. In the event of a significant and/or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU. In case the value of the control account is higher than 0.3% of GDP, the Member State shall be deemed not to be in compliance with its net expenditure path. In case the Member State has to follow a corrective net expenditure path, this path should ensure that the value of the control account is brought to zero within the deadline set in the Council recommendation.
Amendment 978 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States, for a limited and pre-defined period of time, to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviationas well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability.
Amendment 996 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State, for a limited and pre-defined period of time, to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviationas well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability.
Amendment 1034 #
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7(2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria.
Amendment 1168 #
Proposal for a regulation
Annex VI
Annex VI