16 Amendments of José Manuel GARCÍA-MARGALLO Y MARFIL related to 2011/2156(INI)
Amendment 7 #
Motion for a resolution
Recital A
Recital A
A. whereas in 2010 the euro area recovered, with GDP growth of 1.7% and is expected to stagnate at a similar level throughout 2011, after the slump in 2009 of -4.27% growth, although some international bodies have warned of a possible world economic slowdown,
Amendment 11 #
Motion for a resolution
Recital D
Recital D
D. whereas on 10 May 2010, the ECB announced ithat the Eurosystem would intervene directly but temporarily in the euro area public and private debt securities markets through the Securities Markets Programme, the book value of settled purchases of which amounted to EUR 77110.5 billion ion June19 August 2011,
Amendment 20 #
Motion for a resolution
Recital E
Recital E
E. whereas most of the long-term government debt of Greece and Portugal is on the ECB balance sheet and the persistent rumours of Greek debt restructuringpersistent rumours of Greek debt restructuring and the impact thereof on the financial markets and the broader economy may again delay the ECB'’s exit from non-standard measures,
Amendment 48 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the single objective of the ECB is price stability; notes that de facto financial instability is becoming a second objectivegives rise to serious risks of medium-term price stability in that it hampers the smooth functioning of monetary policy; also notes the work of the ESRB under the auspices, with the support of the ECB, on financial stabilitymacro-prudential supervision;
Amendment 71 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Welcomes the entrance of Estonia into the eurozone as a proof of the strength of the euro project as a common currency.
Amendment 104 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes the rapid evolution of the leverage ratio of the ECB, measured by its capital and reserves in relation to assets; notes that thise leverage ratio by far exceedscannot be applied to central banks in the same way as it is to commercial banks; notes that the leverage ratio is lower than that of other comparable central banks, with the exceptionand especially of those having implemented quantitative easing programmes, such as the (Federal Reserve or the Bank of England), or is similar to it (Bank of Japan);
Amendment 110 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points out that the ECB balance sheet expansion has not led to inflation, due to its increasing role as a central counterparty between euro area banks, which effectively amounts to a monetisation of bank bailouts; points out that providing liquidity to solvent banks does not necessarily entail an increase in monetary supply and notes that the non-standard measures are of a temporary nature;
Amendment 117 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Restates with concern the overreliance of many euro area banks on the liquidity provided by the ECB, in the absence of a fully functional interbank market; notes with concern the collateral policies of the ECB as regards the amount and the quality of asset-backed securities provided to the Eurosystem as collateral, estimated at EUR 488 billion;that while in 2010 the Eurosystem accepted on average EUR 488 billion of asset-backed securities as collateral, the eligibility criteria for ABS in Eurosystem credit operations have been tightened significantly which leads to a reduction over time of this amount
Amendment 124 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges the necessity of non- standard monetary policy measures, but calls for a phasing-out of those programmes as soon as possiblethe financial markets have stabilised and the sovereign debt crisis has been solved;
Amendment 182 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstancesEuropean Monetary Fund (EMF) responsible, inter alia, for issuing Eurobonds and European bonds for specific projects, and for ensuring that access to resources deriving from their issue is strictly tied to fulfilment of the commitments made in connection with economic governance; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules; welcomes the agreement reached by the Heads of State of the Euro Group on 21 July to increase the flexibility of the EFSF, which will include the possibility of intervening in secondary markets; deplores, however, its underfunding, its exclusively intergovernmental nature and the fact that it’s role has still not been fully developed;
Amendment 186 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Deplores in this regard that the ESM has been established outside the EU Treaties and therefore calls on the Commission to propose a permanent crisis management mechanism based on Community rules (e.g. a European Monetary Fund)
Amendment 198 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of eEurosecuritiebonds may constitute the necessary fiscal quantum-leap forward that the Union needs , in that this juncture; welcomescould help towards macroeconomic stability and the sustainability of public finances, provided that the share of national debt covered by Eurobonds is kept to a judicious level and access to the Fund set up as a result of the issuing of Eurobonds (the EMF) is tied to fulfilment of the commitments made in connection with economic governance; Welcomes, therefore, the rapid implementation of the feasibility report promised by the Commission in its declaration XXX;
Amendment 205 #
Motion for a resolution
Subheading 3 a (new)
Subheading 3 a (new)
External Dimension
Amendment 207 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Considers that a market for Eurobonds should be introduced in three consecutive phases, as was the case with the introduction of the single currency; the first phase would consist of ensuring convergence between the economic policies of the countries wishing to participate in the EMF; in the second phase, the functions performed by the EFSF and, where applicable, the ESM, would gradually be transferred to the EMF; in the third phase, the Treaties would be amended to establish the EMF as an official body and permit the joint issuing of Eurobonds in line with the principle of joint and several liability;
Amendment 209 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. The European Monetary Fund would also be responsible for issuing bonds for projects of specific European interest, and would hence complement the activities of the European Investment Bank to spur European economic growth and job creation.
Amendment 210 #
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. As the ECB, IMF and Commission work together on missions in some Member States, calls on the Commission to put forward proposals for a single external representation of the euro area according to Article 138 TFEU; particularly for the IMF;