15 Amendments of Billy KELLEHER related to 2024/2054(INI)
Amendment 7 #
Motion for a resolution
Recital A
Recital A
A. whereas, according to the September 2024 Eurosystem staff macroeconomic projections for the euro areaEurostat, harmonised index of consumer prices (HICP) inflation reached a level of 1.7 % in the euro area in September 2024;
Amendment 9 #
Motion for a resolution
Recital B
Recital B
B. whereas, according to the September 2024 Eurosystem staff macroeconomic projections for the euro area, HICP inflation is projected to increase somewhat in the last quarter of 2024, before declining to 2.2 % in 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 24 #
Motion for a resolution
Recital G
Recital G
G. whereas the principal payments from maturing securities purchased under the asset purchase programme (APP), and from January 2025re no longer reinvested and the principal payments from maturing securities purchased under the pandemic emergency purchase programme (PEPP), are will no longer allbe reinvested from January 2025;
Amendment 78 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 118 #
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 could entails;
Amendment 167 #
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 sheetwhich are relevant only for crisis periods; calls on the ECB to therefore gradually reduce the size of its balance sheet;
Amendment 176 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 188 #
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 would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levels;
Amendment 243 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. CWhen acting upon its secondary objectives, calls on the ECB to refrain from taking politically motivated decisions and to sticknot jeopardise to its mandate of maintaining price stability; stresses that overstepping this mandate touches onin line with the central bank’s political independence;
Amendment 249 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Recalls that, without prejudice to the objective of price stability, the TFEU requires the ECB to support the general economic policies of the Union as laid down in Article 3 TEU;
Amendment 251 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24 b. Welcomes the ECB’s acitivities to further enhance the Eurosystem’s risk assessment tools and capabilities in order to better include climate- and environment-related risks, particularly because climate change and extreme weather phenomena could lead to greater price volatility, especially in the agri-food sector; invites the ECB to continue its work on climate risk stress tests developed to assess the resilience of banks and corporations in the face of climate transition risk;
Amendment 255 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Stresses that the ECB’s secondary objectives are best achieved when the free market operates in a stable macroeconomic environment, based on predictable price levels, that encourages investment; therefore underlines the need to reduce our energy dependancy on imported fossil fuels; stress that domestically produced clean energies would reduce the EU economy exposure to energy-related external shocks and overall be conducive to the ECB’s price stability mandate; recognise in this respect that the energy price of domestically generated clean energy is likely to become cheaper and more stable over the medium term
Amendment 260 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses that the ECB should prevent distortions in the signalling function of prices given this function’s role in ensuring an efficient allocation of resources; invites the ECB to assess to what extentunless when overwhelming evidence emerges that doing so would promote an efficient allocation of resources; Notes that the ECB, as an EU institution, acting within its mandate, is bound by the EU’s commitments under the Paris Agreement; encourages the ECB to continue to assess the extent to which climate change potentially affects its ability to maintain price stability;
Amendment 275 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. 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; encourages the ECB’s to fully deliver on its Climate and nature plan 2024-2025, including on exploring “the case for further climate change considerations in monetary policy instruments and portfolios”
Amendment 299 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Welcomes the finalisation of the Basel III framework, as it willhas the potential to strengthen the resilience of the banking sector; strongly regrets however the delays in implementation and lack of clarity concerning a certain number of other jurisdictions’ implementation, resulting in an uneven level playing field at the global level;