Activities of Francesca DONATO related to 2020/2078(INI)
Shadow reports (1)
REPORT on economic policies of the euro area 2020
Amendments (17)
Amendment 88 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linkoriented to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in public and private investment compared to the 2010s is indispensable and that the increased level of investment must be stabilised for many years to come;
Amendment 111 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomesTakes note of the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essentialacknowledges that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty-based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy-back schemes aimed at remunerating shareholders;
Amendment 115 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Is of the view that the European Stability Mechanism (ESM) is an inadequate tool for responding effectively to economic crises in the euro area and considers it advisable to revise the TFEU so that the ECB can directly purchase Member States' government bonds on the primary market;
Amendment 126 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 and not before a complete upturn of all Member states in order to support their efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience;
Amendment 136 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recalls the specific need to foster growth convergence within the euro area;
Amendment 155 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 175 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to gradually reduce high public debt ratios, by supporting growth, to an agreed reference value in the long term, while allowing a sufficientconsiderable level of public investment, progressivsustainable tax policies and the repayment of loans in a cycle- comfortable manner, and the long-term modernisation of public commodities;
Amendment 178 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Urges the Commission to review the methodology for calculating estimates of potential output and the output gap used for the assessment of the cyclical component of the structural balance; is of the view that this methodology has proven to be inadequate and, over the years, has been shown to produce excessive, distorting and damaging restrictions on the spending capacity of states;
Amendment 192 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to both; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more digital societycompetitive Eurozone;
Amendment 196 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Urges the Commission, in the possible revision of the Stability Pact, to ease the rules that have proven to be too restrictive and often punitive with regard to the public debt and deficit, by adapting the criteria and thresholds to the new economic and social context in Europe; stresses the negative impact excessive current-account surpluses in the balance of payments are having on the stability of the euro area economy;
Amendment 209 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs; is convinced that this has to include the coordination of measures concerning state aid and tax policies; underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performance;
Amendment 216 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Is concerned about the clear distortions of competition caused by the asymmetric volumes of state aid granted by Member States during economic crises, owing to different debt baselines; is of the view that the Commission's work on competition policy has been inadequate and damaging and has increased imbalances between EU economies; considers that it would be appropriate to conduct an in-depth assessment of the impact caused by the Commission's approach to competition and state aid;
Amendment 241 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Takes the view that Member States' policies and reforms should be discussed and decided on only by the national parliaments, applying the principle of subsidiarity; notes that the European Semester procedure has proven to be totally unsuccessful and damaging, imposing reforms that have made countries' economies weaker and more vulnerable, exacerbated wage deflation and increased precarious employment and poverty;
Amendment 245 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. considers appropriate to limit the interventions and recommendations to member countries to areas necessary to prevent or reduce the negative externalities produced by national policies, respecting the sovereignty of Member States in every other sector;
Amendment 274 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the urgent need to complete and reinforce the EMU architecture with a view toaiming at protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by creating a fiscal capacity for public investment, a macroeconomic stabilisation and cohesion function for the euro area, and a European unemployment benefit reinsurance scheme;
Amendment 277 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. considers extremely important to change the mandate of the ECB, placing as its first objective the full employment and subordinately the price stability, as well as widening its scope through the introduction of instruments necessary to correct the economic asymmetries among the Eurozone member countries;
Amendment 282 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. considers necessary to intervene in the banking regulation and supervision system, allowing greater flexibility in complying with the convergence criteria towards countries with low credit demand and applying the same criteria more rigorously in those with excess credit demand, also in order to avoid the excessive increase in inflation;