21 Amendments of Marc ANGEL related to 2020/2123(INI)
Amendment 41 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas, according to Eurostat, the unemployment rate in August 2020 was 7,4% in the EU and 8,1% in the euro area; whereas the unemployment rate is expected to increase; whereas the unemployment rate is uneven across the European Union; whereas extraordinary regional inequalities persist in unemployment both within and among the Member States; whereas a high youth unemployment rate remains a serious issue to be tackled in the EU;
Amendment 60 #
Motion for a resolution
Recital B c (new)
Recital B c (new)
B c. whereas the TFUE defines the ECB mandate as to maintain price stability and support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union;
Amendment 77 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability; highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability; stresses that TFUE defines that, besides the primary mandate of ECB of maintaining price stability, ECB shall also support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union; underlines that sustainable development, convergence, full employment, and social progress are general objectives of the Union as defined in TFEU; understands that the severity of the pandemic crisis has forced the ECB to shift attention away from its monetary policy framework strategy review, which has been postponed to mid-2021;
Amendment 90 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned about the unprecedented healthcare and, economic and social crisis caused by the COVID-19 pandemic, with a sharp contraction of the euro area economy and rapidly deteriorating labour market conditions, including the rise of unemployment; notes that euro area activity is expected to rebound, although the speed and scale of the rebound remains highly uncertain;
Amendment 96 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned, moreover, that the balance of risks to the growth outlook remains to the downside in a context of exceptional uncertainty where the extent of the contraction and the recovery will depend on the duration and effectiveness of the containment measures, the success of fiscal and monetary policies to mitigate the adverse impact on incomes and employment, and the extent to which supply capacity and domestic demand are permanently affected;
Amendment 107 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that inflation is underestimated in the euro area due to an inadequate share of housing costs in the HICP basket2 ; calls for a re-adjustment of the basket to reflect the fact that European households spend 24 % of their income on housing-related expenditure; _________________ 2 cf. ‘Persistent low inflation in the euro area: Mismeasurement rather than a cause for concern?’ (https://www.europarl.europa.eu/RegData /etudes/IDAN/2018/614214/IPOL_IDA(20 18)614214_EN.pdf).n the euro area reflects the evolution of actual expenditure made by households on goods or services; highlights the importance of this indicator to assess price stability in the euro area;
Amendment 108 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. welcomes the ECB's efforts in maintaining price stability; notes that the target for inflation has not been systematically attained and further efforts are needed; highlights that the euro area registered deflation in the past months; highlights that deflation poses important risks to the euro area, which calls for strong ECB intervention; acknowledges the monetary policy transmission difficulties; calls on the ECB to study other unconventional monetary policies that have the potential to impact demand and, consequently, reach the inflation target;
Amendment 112 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. AcknowledgWelcomes President Lagarde’s strong call for ‘full alignment of fiscal and monetary policies’; underlines that there are strong complementarities between fiscal and monetary policies and that a monetary union without a common fiscal policy is exposed to too much pressure; welcomes in this regard the Commission’s plan to issue up to €750bn bonds to finance the recovery and the green transition and calls on the ECB to include these bonds in its asset purchases programmes;
Amendment 116 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Welcomes President Lagarde’s commitment ‘to use all the tools that will produce the most effective, efficient, and proportionate outcome’ to support the eurozone’s economic recovery;
Amendment 128 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. NotWelcomes the quick and substantial ECB monetary policy response to the COVID-19 crisis in a context of emergency; acknowledges the positive impact of such response on the economic situation of the euro area; warns against a premature withdrawal of the measures;
Amendment 156 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Stresses the importance of Government bonds for the stability of financial markets; highlights the positive impact of ECB’s monetary policy on maintaining the stability of public debt markets, avoid speculative attacks against Government bonds and keep their yields low; highlights that lower interest rates did not lead governments to take on more debt; stresses the importance of maintaining the policies that contributed for such results and adopt new others to assure that those results are kept for a long time;
Amendment 211 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes the impact of climate change on inflation dynamics and transmission risks in monetary policy; recalls the impactstresses that the mandate of the ECB in maintaining price stability; emphasises that this mandate must not be confounded with climate policy is compatible with its secondary mandate of supporting the general economic policies of the Union; emphasises that achieving a climate- neutral economy by 2050, at the latest, is one essential objective of the Union; recalls that the ECB, as an European institution, is bound by the Paris Agreement;
Amendment 215 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Welcomes President Lagarde’s commitment to examine climate-friendly changes to ECB’s operations and ‘to explore every avenue available in order to combat climate change’
Amendment 222 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. NotWelcomes that the purchases of green bonds and their share of the ECB’s portfolio continue to increase and highlights the key achievement obtained with the Regulation on the establishment of a framework to facilitate sustainable investment (known as ‘Taxonomy regulation’) that establishes the criteria for determining whether an economic activity qualifies as environmentally sustainable;
Amendment 254 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. CTakes note of the outcomes of the analysis of the ECB Crypto-Assets Task Force; is concerned with the risks of money laundering, terrorism financing and other criminal activities related with the anonymity provided by crypto-assets; takes note of the ECB’s Report on a digital euro; calls on the ECB to increase its monitoring of the development of crypto- currencies and the increased cyber- security risks, and to assess the possible need for Central Bank Digital Currencies; takes note of the ongoing work and experiences of other central banks in regard to crypto-assets; calls on the ECB to ensure an adequate balance between allowing regulatory financial innovation in the FinTech area and ensuring financial stability;
Amendment 274 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls on the ECB to explore ways of strengthening the international role of the euro, as this would increase the EU’s ability to frame its policy stance independently vis-à-vis other global powers and is a key element in safeguarding European economic sovereignty; underlines that strengthening the role of the euro requires the deepening of the European Monetary Union, including a fiscal capacity for the euro area with a stabilisation function, the creation of a European safe asset and the completion of the banking union and capital markets’ union;
Amendment 277 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes Bulgaria and Croatia’s entry into ERM II in July 2020; supports a swift target date for the adoption of the euro in both countries; welcomes the comprehensive screening of Croatian and Bulgarian banks by the ECB in July and August 2019; draws attention to the requirement, laid down in the Treaties, for every Member State, except for Denmark, to adopt the single currency once they have met the Maastricht convergence criteria;
Amendment 287 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Echoes President Lagarde’s openness to greater dialogue and stresses the need to further enhance the ECB’s accountability and transparency arrangements; emphasises the need to reflect on how scrutiny of the ECB’s monetary policy by the European Parliament may be enhanced at EU level;
Amendment 292 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Emphasises that Executive Board Member nominations should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a shortlist for any upcoming vacancies and to share this with Parliament, thus allowing Parliament to play a more meaningful advisory role in the appointment process; regrets that no satisfactory progress has been made to date; recalls that the equal treatment of men and women is a constitutional principle that must be strictly adhered toe importance of paragraph 4 of Parliament’s resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations, in which Parliament commits itself not to take into account shortlists that do not respect the gender balance principle; regrets that Parliament’s position was not taken into due account in recent shortlists of candidates proposed by the Eurogroup;
Amendment 295 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Emphasises that Executive Board Member nominations should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a gender- balanced shortlist for any upcoming vacancies and to share this with Parliament, thus allowing Parliament to play a more meaningful advisory role in the appointment process; regrets that no satisfactory progress has been made to date; recalls that the equal treatment of men and women is a constitutional principle that must be strictly adhered to;
Amendment 303 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. RecallsTakes note of the German Federal Constitutional Court decision of 5 May 2020 on the ECB, as well as the ECB Governing Council statement of the same day; notacknowledges the ECB’s continuous proportionality assessment of all programmes; lauds the notes ECB’s subsequent decision to disclose non-public documents related to the public sector purchase programme (PSPP) to the European Parliament, the German Federal Government, the Bundestag and the Bundesbank;