28 Amendments of Lídia PEREIRA related to 2020/2075(INI)
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 57 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Notes that the review of the economic governance framework was put on hold due to the pandemic; observes that the fiscal stance at Member-State level had frequently been pro-cyclical, both in good and in bad times, respectively by not building sufficient buffers in some periods or not making sufficient use of fiscal space in others;
Amendment 62 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. AIs of the opinion that the review of fiscal rules is necessary; agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC; is aware that kick-starting the review after the deactivation of the general escape clause will make it more difficult, contentious and divisive; considers, therefore, that an overhaul of the fiscal rules should be reflected on before the possible shift toward the current rules could take place;
Amendment 69 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that going back to the current rules, in particular the adjustment paths, would lead to an excessive speed of debt reduction undermining unnecessarily the recovery path of the economies, and potentially weakening the commitment to respect the rules;
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 115 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Member States to seek ways of mitigating the impact of ending bank loan repayment moratoriums for individual citizens and businesses in a bid to avoid a significant increase in levels of default and non-performing loans; notes that loan repayment moratoriums are a vital means of safeguarding household and businesses liquidity levels; calls, therefore, on national governments to take measures to balance a return to timely loan repayment with the need to safeguard personal incomes, company solvency and the stability of the banking sector; calls on the Commission to consider an EU approach to credit moratoriums in the context of a deepening banking union; calls on the European Central Bank and the European supervisory authorities (EBA, ESMA and EIOPA) to make further recommendations in this area;
Amendment 116 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Maintains that, during the escape clause activation period and a possible transitional period pending restoration of a normal or restructured fiscal framework, national governments should seek to promote quality public investment with targeted, efficient and expansionary budget implementation; believes that the existing flexible framework provisions should not result in structural fiscal imbalances but should sustainably underpin economic recovery in Europe through structural reforms tailored to EU policy objectives; takes the view that, while unjustifiable budget overruns are undeniably detrimental to public finances, the inadequate take-up of funding on a regular basis is also harmful, starving national economies of potentially strategic future investment;
Amendment 117 #
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Takes the view that any transitional period marking a derogation from fiscal rules or paving the way for their reinstatement should not provide an opportunity for an exponential increase in public expenditure, thereby pushing up public debt to unsustainable levels in order to expand the economic role of the State; believes that flexible framework provisions during such a period should, as a matter of priority seek to promote business competitiveness through investment, fiscal and economic stimulus policies;
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 136 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscal policies to deliver the required support post-COVID-19; considers that the low interest rate environment has implications for fiscal policy; warns against aand their instruments, in the current low interest rate environment, in lifting the euro area economy out of the current low-growth, low-inflation trap; considers that the common European fiscal response (Next Generation EU) is crucial to recovery and that premature tighteningwithdrawal of monetary and fiscal policymeasures should be avoided;
Amendment 141 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses that the European Central Bank Pandemic Emergency Purchase Programme (PEPP) is a corollary of an unconventional and expansionary monetary policy that allows Member States regular access to debt markets and facilitates stable public debt management; recalls that this programme is scheduled to end in March 2022; believes that any review of European budget rules should take into account the impact of ending this programme, particularly in countries with high public debt-to-GDP ratios; takes the view that, while budgetary rules should factor in monetary policies such as the quantitative easing programme, their review should not depend on whether or not these programmes exist;
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 153 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for an appropriatclose fiscal and monetary policy mix that work together towards achieving the EU’s objectivescoordination towards achieving the EU’s objectives in line with the Treaties, the framework powers assigned to the Union and the remit of the European Central Bank; underlines the inseparability of economic and monetary responses and accordingly advocates an ongoing structured dialogue between the European Central Bank and the other European institutions; recalls that monetary policy, although necessarily independent, must be subject to scrutiny by citizens through their parliaments, in particular the European Parliament;
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 199 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of sustainable growth- enhancing policies and publiceconomic policies promoting public investment with high added value and measures to support quality private investment aimed at increasing growth potential and achieving the EU’s objectives;
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 232 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Points out that a more transparent, simple, and better enforceable economic governance framework is needed with well-defined and transparently triggered flexibility mechanisms;
Amendment 235 #
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; considers, therefore, that country-specific recommendations tailored to the national economic reality of each Member State are an important tool for achieving these objectives; calls on national governments to take note of country-specific recommendations and seek to achieve reforms in line with them; notes that, without prejudice to such localised solutions, EU budgetary objectives are shared and should be pursued with clear targets and well-defined strategies; urges the Commission to further enhance country-specific recommendations in order to make them more effective and transparent;
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 263 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Proposes an expenditure rule with a 20 ceiling on nominal public expenditure when a country’s public debt exceeds a certain threshold; believes that such a ceiling and public debt threshold should be determined at European level while factoring in the specific situation of each country, especially in the light of the country-specific recommendations; takes the view that such an instrument should incorporate a high level of flexibility, while respecting the specific fiscal responsibilities of each Member State; _________________ 20 A ceiling fixed for 3-5 years that would depend on the expected potential output growth, expected inflation and the distance from the debt anchor.
Amendment 311 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that governments’ revenues, especially from taxes, are essential to guarantee the sustainability of public finances; recalls that taxation falls within the national competence and fiscal sovereignty of each Member State; calls on the Member States to take action to tackle tax fraud, tax avoidance, and tax evasion, as well as money laundering; and related white-collar crime; stresses, in this regard, the need to formulate European anti-corruption strategies with more responsive administrative and judicial cooperation mechanisms and more efficient exchanges of information; points out that taxation is not only a cornerstone for sustainable public finance and budgetary equilibrium but also a possible form of market intervention by Member States, providing solid support for the deployment of individual and corporate funding to generate wealth and boost our economic competitiveness;
Amendment 337 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Welcomes the creation of the NGEU, which is financed through debt issuance guaranteed by the EU budget; underlines that EU-issuance debt22 will provide a new supply of European high- quality assets, which is a major step toforwards a permanent EU safe asset in deliberations regarding a permanent EU safe asset; points out that deeper European integration in this field requires profound institutional changes that can only be achieved as part of a deep, broad and transparent debate on the future of the Union; _________________ 22 NGEU & SURE bonds.
Amendment 356 #
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 weaknesses;
Amendment 368 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for the MIP to be reformed to make its indicators and recommendations more forward-looking and symmetrical with regard to over- and undershooting target values, and to focus on indicators under the control of policymakers and geared towards reducing intra-euro area imbalances; considers that greater compliance with pared-back recommendations must be achieved and MIP-relevant country- specific recommendations should focus on policy actions that can have a direct impact on imbalances;
Amendment 398 #
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 sustainabilityle growth and upward convergence with stronger national ownership and modernising Member States economies; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidance;
Amendment 444 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Takes the view that, while reform of the European Union’s own resources is a separate issue from the debate on budgetary policy, there is still a link with new or traditional own resources, which must be addressed through budgetary policies, including fiscal measures; Reiterates the urgency of increasing and diversifying the EU budget’s revenue sources and of linking own resources with policy objectives;
Amendment 448 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls forPoints out that the Eurogroup, as an informal meeting of euro area finance ministers, remains outside the scope of original Union law; calls for the nature of the Eurogroup’ and its decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be and more consistent decision making; believes that a substantial change to Eurogroup electoral rules should be considered, with possible alternatives including the election of an Chair who is independent (not a Member State finance minister) or is one of the Commission Vice-Presidents;