Activities of Thomas BAJADA
Plenary speeches (11)
The future of European competitiveness (debate)
EU response to the Mpox outbreak and the need for continuous action (debate)
Droughts and extreme weather events as a threat to local communities and EU agriculture in times of climate change (debate)
Escalation of violence in the Middle East and the situation in Lebanon (debate)
World Mental Health Day - need for a comprehensive EU strategy on mental health (debate)
Seven years from the assassination of Daphne Caruana Galizia: lack of progress in restoring the rule of law in Malta (debate)
Protecting our oceans: persistent threats to marine protected areas in the EU and benefits for coastal communities (debate)
Need to adopt an ambitious international legally binding agreement on plastic pollution, including in the marine environment
Right to clean drinking water in the EU (debate)
Misinformation and disinformation on social media platforms, such as TikTok, and related risks to the integrity of elections in Europe (debate)
Restoring the EU’s competitive edge – the need for an impact assessment on the Green Deal policies (topical debate)
Written explanations (4)
Objection pursuant to Rule 115(2) and (3), and (4)(c): Maximum residue levels for carbendazim and thiophanate‐methyl
I voted in favour of the objection regarding the modification of the maximum residue levels for carbendazim, thiophanate-methyl and cyproconazole, because products imported from non-EU countries must meet the same standards as those produced within the EU. This is crucial for safeguarding public health and safety, both in Europe and in the countries of origin, and for protecting our farmers from unfair competition.These substances undermine our efforts to ensure fair competition globally and within the internal market. As S&D, we also objected to this measure in the ENVI Committee to uphold the EU's health and environmental standards. Our farmers are justifiably concerned about unfair competition from imports where these substances are still allowed. Therefore, we must ensure that substances banned in the EU for their harmful effects on health, biodiversity or the climate are not indirectly supported through imports from countries that continue to permit their use.
Reinforcing EU’s unwavering support to Ukraine against Russia’s war of aggression and the increasing military cooperation between North Korea and Russia
The world has been witnessing appalling atrocities committed against Ukrainian civilians by the Russian army and allied militias throughout the past thousand days.From this perspective, I condemn any form of military aggression, especially when it indiscriminately targets civilian populations.On the other hand, one gets the impression that the players in the conflict are ignoring all possible means of a peaceful resolution. I strongly believe that the EU, as well as all Western States, should strive towards peace and diplomacy, thereby refraining from any acts that could potentially lead to escalation.Moreover, as a representative of a population that enshrines neutrality in its Constitution, I find the resolution’s call for an obligation on all EU Member States to commit to militarily supporting Ukraine with no less than 0.25 % of their GDP to be highly problematic. Such an obligation would create constitutional problems for Malta and any Member State with a similar approach to foreign affairs. The Maltese people have always upheld global diplomacy as the best means of conflict resolution, above all other acts of armed war.Therefore, while solidly agreeing with some important points within the resolution, I was obliged to vote against certain amendments and on the resolution as a whole.
Amendment of Annex VI – Powers and responsibilities of the standing committees
In my view, the decision to upgrade the Security and Defence Subcommittee (SEDE) to a fully-fledged committee is deeply concerning. This move risks overlapping with the existing mandate of the Committee on Civil Liberties, Justice, and Home Affairs, which already addresses internal security issues. More importantly, it signals a shift towards a European Union increasingly defined as a defence union. Such a transformation overlooks the constitutional implications for neutral Member States, like Malta, which joined an EU based on its founding principles as a union of peace, economic cooperation, and its four freedoms: not as a defence union.Additionally, the decision to split health policy from the Committee on Environment, Public Health, and Food Safety (ENVI) undermines the inherent connection between these areas. This fragmentation weakens the ability of MEPs working on environment and food safety to fully consider the health impacts of their policies, diminishing the coherence of efforts to protect EU citizens.
Recommendation to the Council on the EU priorities for the 69th session of the UN Commission on the Status of Women
Ivvutajt favur din ir-Riżoluzzjoni għax nemmen illi d-drittijiet tan-nisa, speċjalment fejn jidħol il-ħarsien tas-saħħa u l-edukazzjoni, huma pilastru essenzjali biex tiġi mogħtija opportunità ugwali lil kull mara, irrispettivament mill-oriġini tagħha. L-edukazzjoni u s-saħħa huma s-sinsla ta' kull soċjetà moderna. Globalment, dawn id-drittijiet bażiċi għadhom mhux garantiti. Għandha tingħata prijorità sabiex il-mara tkun tista' tgħix ħajja ugwalment denja.B’referenza għas-suġġett tal-abort bħala dritt legali mad-dinja kollha: irridu nagħrfu li, f’diversi pajjiżi, inkluż f’Malta, dan jibqa' suġġett ferm kontroversjali u, sfortunatament, ippolarizzat. Minħabba nuqqas ta’ forma strutturata għal diskussjoni nazzjonali f’Malta, l-opinjonijiet fuq iż-żewġt naħħat m’għandhomx lok adegwat għal diskussjoni serja u bbażata fuq data xjentifika.Konsultazzjoni pubblika, serja u trasparenti, hija essenzjali biex il-poplu jkollu l-opportunità li jesprimi fehmtu b'mod oġġettiv. Kwalunkwe diskussjoni trid tkun immexxija minn evidenza xjentifika, mhux minn retorika politika. Irridu niddistingwu bejn deċiżjonijiet imsejsa fuq pożizzjonijiet personali, u dawk li verament jirriflettu l-interessi ta' soċjetà b'saħħitha u inklussiva.Dan huwa suġġett li jitlob riflessjoni profonda, bilanċjata u apolitiċizzata, sabiex verament tiġi mmaturata x-xewqa tal-poplu Malti.Finalment, id-drittijiet fundamentali tal-bniedem, inklużi dawk tan-nisa, għandhom jibqgħu prijorità, anke meta nindirizzaw suġġetti kontroversjali. Bħala komunità, għandna nersqu lejn dawn it-temi b’approċċ serju, fattwali u kostruttiv, u bi spazju adegwat għall-vuċi tal-poplu Malti kollu.
Written questions (7)
Closure period – common dolphinfish (coryphaena hippurus)
The EU’s preparedness with regard to the mpox epidemic caused by monkeypox virus clade I
Ensuring significant advances during the upcoming 47th Annual Session of the GFCM (4-8 November 2024, Rome)
Invasion and destructive impact of various pufferfish species ( Tetraodontidae ) in the Mediterranean Sea
Implementation of the ICJ advisory opinion as regards EU trade with illegal Israeli settlements
EU points-based driving licence system
Continued availability of operating grants under the 2025 EU4Health work programme
Amendments (165)
Amendment 14 #
2024/2718(RSP)
Draft motion for a resolution
Citation 45 a (new)
Citation 45 a (new)
– having regard to the European Parliament resolution of 5 October 2022 on access to water as a human right – the external dimension (2021/2187(INI),
Amendment 16 #
2024/2718(RSP)
Draft motion for a resolution
Citation 45 b (new)
Citation 45 b (new)
– having regard to the UN Sustainable Development Goals (SDGs), in particular SDG 6 on safe drinking water and sanitation, and the 2030 Agenda for Sustainable Development,
Amendment 17 #
2024/2718(RSP)
Draft motion for a resolution
Citation 45 c (new)
Citation 45 c (new)
– having regard to the UN report of 19 March 2019 on the development of the world’s water resources entitled ‘Leaving no one behind’,
Amendment 55 #
2024/2718(RSP)
Draft motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas water is a fundamental resource for human life, agriculture, and ecosystems, and its availability is being severely impacted by climate change, leading to increased droughts, floods, and water scarcity across the globe; whereas the degradation of water-related ecosystems, including rivers, wetlands, and lakes, exacerbates the impacts of climate change on biodiversity and human livelihoods;
Amendment 60 #
2024/2718(RSP)
Draft motion for a resolution
Recital G
Recital G
G. whereas the ocean plays a vital role in regulating the climate by absorbing around 25% of human-caused CO2 emissions and over 90% of the excess heat generated by these emissions; whereas marine ecosystems such as coral reefs, mangroves, and seagrass beds act as crucial carbon sinks that support global climate regulation; whereas the degradation of these ecosystems weakens the ocean’s ability to sequester carbon and adapt to climate change, exacerbating climate impacts; whereas marine biodiversity is seriously endangered, despite the ocean playing athis unique and vital role as a climate regulator;
Amendment 64 #
2024/2718(RSP)
Draft motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas degradation of marine ecosystems disproportionately harms vulnerable coastal communities, threatens livelihoods, food security and climate resilience, and thus jeopardizes future generations' right for a sustainable environment;
Amendment 84 #
2024/2718(RSP)
Draft motion for a resolution
Recital J
Recital J
J. whereas the UNEP’s 2023 adaptation gap report highlights that the current adaptation finance gap is estimated at USD 194 billion to USD 366 billion per year, a gap that will be increasing as climate impacts intensify;
Amendment 97 #
2024/2718(RSP)
Draft motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas cities, which cover only 2% of the world's surface, are responsible for around 70% of global CO2 emissions, primarily due to industrial activities and transportation systems reliant on fossil fuels1a; _________________ 1a Intergovernmental Panel on Climate Change (IPCC). (2022). Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate. https://www.ipcc.ch/report/ar6/wg3/
Amendment 102 #
2024/2718(RSP)
Draft motion for a resolution
Recital K b (new)
Recital K b (new)
Kb. whereas people in the richest 1% of the global population are set to generate per capita consumption emissions in 2030 that are still 30 times higher than the global per capita level, while the footprints of the poorest half of the world population are set to remain several times below that level1a; _________________ 1a Institute for European Environmental Policy (IEEP) and Oxfam. (2021). Carbon Inequality in 2030. https://www.oxfam.org/en/research/carbo n-inequality-2030
Amendment 104 #
2024/2718(RSP)
Draft motion for a resolution
Recital K c (new)
Recital K c (new)
Kc. whereas the most vulnerable populations, including infants, children, pregnant women, the elderly, indigenous communities, and people with disabilities, are disproportionately impacted by the effects of climate change, facing greater risks of food and water insecurity, health threats, displacement, and loss of livelihoods;
Amendment 107 #
2024/2718(RSP)
Draft motion for a resolution
Recital K d (new)
Recital K d (new)
Kd. whereas climate change is increasingly becoming a major driver of migration and displacement, with millions of people forced to flee their homes due to rising sea levels, extreme weather events, droughts, and resource scarcity; whereas by 2050, as many as 216 million people could be internal climate migrants across the regions of Africa, Latin America, Asia and the Pacific and Eastern Europe1a; _________________ 1a World Bank. (2021). Groundswell Part 2: Acting on Internal Climate Migration. Washington, DC: World Bank. https://openknowledge.worldbank.org/enti ties/publication/2c9150df-52c3-58ed- 9075-d78ea56c3267
Amendment 114 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note ofWelcomes the outcome of the first GST at COP28, which recognises that limiting global warming to 1.5 °C with no or limited overshoot requires deep, rapid and sustained reductions in global GHG emissions of 43 % by 2030 and 60 % by 2035 relative to the 2019 level, reaching net zero GHG emissions by 2050;
Amendment 131 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 3
Paragraph 3
3. Supports the COP28 call on the Parties to accelerate efforts towards the phase-down of unabated coal power, and to transition away from fossil fuels in energy systems in a just, orderly and equitable manner, with a view toensuring that the transition prioritises social justice and leave no one behind; highlights the urgency of accelerating action within this critical decade, so as to achieve net zero by 2050, in keeping with the science; reiterates its call on all Parties to work on developing a fossil fuel non-proliferation treaty; at the latest, as scientific evidence continues to show that delays in reducing fossil fuel reliance will lead to increasingly severe climate impacts1a; reiterates its call on all Parties to work on developing a fossil fuel non-proliferation treaty; _________________ 1a International Energy Agency (IEA). (2023). Net Zero by 2050 Roadmap. https://www.iea.org/reports/net-zero- roadmap-a-global-pathway-to-keep-the- 15-0c-goal-in-reach
Amendment 142 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 4
Paragraph 4
4. Expresses concern at the findings of the UNEP’s 2023 emissions gap report that fully implementing current unconditional NDCs would put the world on track for 2.9 °C global warming while the additional implementation and continuation of conditional NDCs would lead to 2.5 °C global warming by the end of the century; draws attention to the fact that this trajectory is far from the 1.5°C target of the Paris Agreement, putting the world on a dangerous path toward irreversible climate changes and the crossing of critical tipping points;
Amendment 189 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on all Parties to agree on a post-2025 nNew cCollective qQuantified gGoal (NCQG) on climate finance at COP29 with safeguards to reach the agreed quantum and timeframe; stresses that this new goal must exceed the outdated USD 100 billion target and should be set in a science- based manner, in line with developing countries’ climate finance needs; recognises that post-2025 climate finance needs will rise substantially; highlights that the NCQG must be ambitious enough to mobilize the necessary funds, while ensuring robust accountability and transparency mechanisms in the allocation and tracking of resources;
Amendment 248 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 15
Paragraph 15
15. Underlines the need to significantly step up adaptation action within the EU and globally to minimise the negative effects of climate change and biodiversity loss; points out that while mitigation finance and implementation have progressed, adaptation efforts continue to lag behind, with a widening gap in both funding and concrete action; recognises that without immediate action, the costs of adaptation will continue to rise, with Europe already experiencing economic losses of EUR 650 billion between 1980 and 2021 due to weather and climate- related extremes1a; _________________ 1a European Environment Agency (EEA). (2023). Economic losses from climate- related extremes in Europe. https://www.eea.europa.eu/en/analysis/ind icators/economic-losses-from-climate- related
Amendment 272 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls for the incorporation of digital diplomacy and the increased use of virtual platforms for participation at COP29, and thereafter, to significantly reduce the carbon footprint associated with international travel and large-scale events; emphasizes that digital tools can enhance global inclusivity and participation, particularly for delegates from vulnerable regions and civil society representatives; urges the EU to lead by example in adopting these practices, ensuring that the Conference is aligned with the principles of sustainability and contributes to reducing the overall environmental impact of international climate negotiations;
Amendment 301 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses that climate goals cannot be achieved without the support and involvement of the public, involvement and Free Prior and Informed Consent (FPIC) of the public, including indigenous peoples, local communities, migrants, children and youth, persons with disabilities, and people in vulnerable situations; calls on all Parties to raise awareness of climate change and related issues, combat misinformation and work with public representatives to gain public support for mitigation and adaptation measures; encourages Parties to include children and young people in their national delegations to ensure that future generations have an active role in shaping decisions concerning their future;
Amendment 365 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 25 b (new)
Paragraph 25 b (new)
25b. Recalls that the Paris Agreement requires the revision of NDCs every five years, with the next revision due in 2025; underlines that this new NDC must reflect the findings of the first global stocktake and align with the EU’s fair share in limiting global warming to 1.5°C, as agreed at COP28;
Amendment 414 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Recognises that achieving the Paris Agreement targets will require substantial decarbonisation of urban areas; emphasises the importance of ensuring that financial support reaches the local level to continue advancing climate action while protecting local economies; welcomes the efforts of EU cities and regions in the Mission on 100 Climate-Neutral Cities, Mission on Adaptation to Climate Change, the Covenant of Mayors, and other initiatives; calls on the Commission to continue supporting and expanding these initiatives;
Amendment 454 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 33
Paragraph 33
33. Stresses the need toat all climate actions must protect, respect, promotect the rights and interests of indigenous peoples and local communities; stresses the need to support and protect environmental defender and fulfil human rights, including the right to a clean, healthy and sustainable environment, and the rights of indigenous peoples, local communities, migrants, children and youth, persons with disabilities, and people in vulnerable situations; emphasises the importance of gender equality, the empowerment of women and girls, and intergenerational fairness in addressing the climate crisis; stresses the need to support and protect environmental defenders; calls on all Parties to uphold these values and ensure meaningful public participation, access to information, and Free Prior and Informed Consent (FPIC) for affected communities;
Amendment 459 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33a. Calls on the Parties of COP29 to advance in the proceedings of the Conference in terms of social justice for all, with sustainable approach towards decision-making that strikes a balance between the social, environmental and economic pillars; emphasises the importance to fully protect our communities from disproportionate and adverse human health and environmental hazards, and ensure equitable access to a sustainable, resilient and healthy environment for future generations;
Amendment 477 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 36
Paragraph 36
36. Emphasises the importance of protecting, conserving and restoring water and water-related ecosystems as vital components of climate resilience and biodiversity conservation; highlights the devastating environmental, social and economic impacts of desertification, droughts, floods and water pollution; calls for enhanced international cooperation to address the growing water crisis, promote sustainable water management, and implement nature-based solutions that can mitigate the impacts of extreme weather events and support long-term water security;
Amendment 481 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. Calls for a global approach to water management, recognizing water as a fundamental human right. Urges the EU to lead efforts to protect and restore water ecosystems, in line with the Water Framework Directive, EU Biodiversity Strategy, and European Green Deal; calls on COP29 Parties to adopt a human rights-based approach to water and sanitation, ensuring no one is left behind; encourages the EU to promote knowledge-sharing, innovation, and capacity-building to mitigate climate change and improve access to water and sanitation, aligned with the SDGs;
Amendment 487 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37a. Calls on EU Member States and COP29 Parties to join the precautionary pause on deep-seabed mining, until a robust regulatory framework is in place to protect the marine environment and until the scientific knowledge is sufficient to allow for informed decision-making;
Amendment 488 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 37 b (new)
Paragraph 37 b (new)
37b. Emphasises the importance of promoting sustainable aquaculture practices, in order to prevent over- exploitation of marine resources, pollution, and habitat destruction; calls on the EU to support innovation in low- impact aquaculture techniques that ensure food security, protect marine ecosystems and reduce harmful impacts such as nutrient pollution and plastic waste;
Amendment 489 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 37 c (new)
Paragraph 37 c (new)
37c. Stresses the critical role of oceans in climate regulation calls for concerted efforts to enhance the resilience and protection of oceanic carbon sinks, including the safeguarding of marine ecosystems such as mangroves, seagrass beds, and coral reefs; urges the EU to advance global action on the restoration and conservation of these ecosystems as part of a broader strategy to mitigate climate change and ensure the health of marine environments;
Amendment 493 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 38 a (new)
Paragraph 38 a (new)
38a. Stresses the urgent need to combat plastic pollution, which poses a severe threat to marine ecosystems, biodiversity, and human health, with an estimated 81a million tons of plastic entering the ocean each year; welcomes the ongoing work on the Global Plastics Treaty as a historic opportunity to establish binding international commitments to reduce plastic production, phase out harmful single-use plastics, and promote circular economy principles that minimise waste; calls for ambitious global targets to eliminate plastic leakage into the environment by 20401b, with clear accountability mechanisms for governments and corporations; urges the EU to lead in advocating for a robust treaty that fosters innovation in sustainable alternatives, and promotes extended producer responsibility (EPR) to ensure that the full lifecycle of plastics is addressed; additionally stresses the importance of tackling microplastics, especially in ocean and freshwater ecosystems, through strict regulation of industries responsible for microplastic pollution; _________________ 1a https://www.unep.org/topics/ocean- seas-and-coasts/ecosystem-degradation- pollution/plastic-pollution-marine-litter 1b https://environment.ec.europa.eu/news/eu -calls-global-ban-some-plastic-products- fight-pollution-2024-04-19_en
Amendment 565 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 45
Paragraph 45
45. Stresses that all sectors must contribute to the reduction of emissions; calls for a UNFCCC COP29 outcome of a strengthened Mitigation Work Programme that accelerates action pre- 2030 and complements the Global Stocktake, with a focus on sector-specific partnerships to implement outcomes and promote the rapid, equitable shift to renewable energy;
Amendment 582 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 47
Paragraph 47
47. Stresses the urgent need to address the significant climate and environmental impact of the textile sector;, which is responsible for around 8-10 % of global GHG emissions and substantial resource consumption, particularly water and energy1a; calls for the adoption of circular economy principles, including sustainable production, waste reduction, and increased recycling, while tackling challenges such as microplastic shedding, overproduction, and water usage; urges the EU and international bodies to set ambitious targets for reducing emissions, phasing out harmful chemicals, and promoting eco-friendly materials, and to establish global standards for verifiable sustainability claims to prevent greenwashing and help consumers make informed choices; _________________ 1a International Finance Corporation (IFC). (2023). Strengthening Sustainability in the Textile Industry. https://www.ifc.org/en/insights- reports/2023/strengthening-sustainability- in-the-textile-industry
Amendment 597 #
2024/2718(RSP)
Draft motion for a resolution
Paragraph 49 a (new)
Paragraph 49 a (new)
49a. highlights the fact that the Mediterranean is one of the regions most affected by climate change, warming 20 % faster than the global average, with projections of 250 million people facing water scarcity within 20 years1a; notes that the Mediterranean Sea is becoming the fastest warming sea globally, with severe consequences for livelihood of coastal communities, economic sectors, and biodiversity; calls on the Commission and Member States to act urgently, cooperating with Mediterranean partners to implement ambitious adaptation measures and lead mitigation action, focusing on water management, ecosystem restoration, and sustainable economic transitions; _________________ 1a Mediterranean experts on climate and environmental change, ‘Risks associated to climate and environmental changes in the Mediterranean region’, 2019. https://ufmsecretariat.org/wpcontent/ uploads/2019/10/MedECCBooklet_ EN_WEB.pdf
Amendment 1 #
2024/2112(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
– having regard to the Paris Agreement adopted in the context of the United Nations Framework Convention on Climate Change and the Sustainable Development Goals,
Amendment 2 #
2024/2112(INI)
Motion for a resolution
Citation 5 b (new)
Citation 5 b (new)
– having regard to the Interinstitutional Proclamation on the European Pillar of Social Rights of 13 December 2017,
Amendment 3 #
2024/2112(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
– having regard to Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council of 16 December 2020 on a general regime of conditionality for the protection of the Union budget (Rule of Law Conditionality Regulation),
Amendment 4 #
2024/2112(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
– having regard to Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (RRF Regulation),
Amendment 5 #
2024/2112(INI)
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
– having regard to the Commission communication of 4 March 2021 entitled 'The European Pillar of Social Rights Action Plan' (COM(2021)0102),
Amendment 6 #
2024/2112(INI)
Motion for a resolution
Citation 13 c (new)
Citation 13 c (new)
– having regard to the Porto Social Commitment of 7 May 2021 of the Council, the Commission, Parliament and social partners,
Amendment 7 #
2024/2112(INI)
Motion for a resolution
Citation 13 d (new)
Citation 13 d (new)
– having regard to the La Hulpe Declaration on the future of the European Pillar of Social Rights of 16 April 2024,
Amendment 8 #
2024/2112(INI)
Motion for a resolution
Citation 13 e (new)
Citation 13 e (new)
– having regard to its resolution of 21 January 2021 on access to decent and affordable housing for all,
Amendment 9 #
2024/2112(INI)
Motion for a resolution
Citation 13 f (new)
Citation 13 f (new)
– having regard to the Political guidelines for the next European Commission 2024−2029 by Ursula von der Leyen, Candidate for the European Commission President, of 18 July 2024,
Amendment 10 #
2024/2112(INI)
Motion for a resolution
Citation 16 b (new)
Citation 16 b (new)
– having regard to the Commission communication of 17 December 2024 entitled ‘Alert Mechanism Report 2025’ (COM(2024)702) and to the Commission recommendation of 17 December 2024 for a Council recommendation on the economic policy of the euro area (COM(2024)704),
Amendment 11 #
2024/2112(INI)
Motion for a resolution
Citation 16 c (new)
Citation 16 c (new)
– having regard to the proposal for a Joint Employment Report of the Commission and the Council of 17 December 2024 (COM(2024)701),
Amendment 15 #
2024/2112(INI)
Motion for a resolution
Citation 19
Citation 19
Amendment 16 #
2024/2112(INI)
Motion for a resolution
Citation 20
Citation 20
Amendment 17 #
2024/2112(INI)
Motion for a resolution
Citation 21
Citation 21
Amendment 18 #
2024/2112(INI)
Motion for a resolution
Citation 22
Citation 22
Amendment 19 #
2024/2112(INI)
Motion for a resolution
Citation 23
Citation 23
Amendment 20 #
2024/2112(INI)
Motion for a resolution
Citation 24
Citation 24
Amendment 21 #
2024/2112(INI)
Motion for a resolution
Citation 25
Citation 25
Amendment 22 #
2024/2112(INI)
Motion for a resolution
Citation 26
Citation 26
Amendment 24 #
2024/2112(INI)
Motion for a resolution
Citation 27 a (new)
Citation 27 a (new)
– having regard to the Monetary Dialogue paper by Zsolt Darvas, Pablo Hernandez De Cos & Jeromin Zettelmeyer of November 2024 entitled ‘The new economic governance framework: implications for monetary policy’,
Amendment 28 #
2024/2112(INI)
Motion for a resolution
Citation 29 a (new)
Citation 29 a (new)
– having regard to Mario Draghi’s report of 9 September 2024 entitled ‘The future of European Competitiveness’ (‘Draghi Report’),
Amendment 29 #
2024/2112(INI)
Motion for a resolution
Citation 31 a (new)
Citation 31 a (new)
– having regard to the Opinion of the Employment Committee and the Social Protection Committee on the Future policy priorities for the Union on the European Pillar of Social Rights, as endorsed by the EPSCO Council at its session on 11 March 2024,
Amendment 30 #
2024/2112(INI)
Motion for a resolution
Citation 31 b (new)
Citation 31 b (new)
– having regard to the note from the General Secretariat of the Council of 4 March 2024 entitled ‘Social reforms and investments for resilient economies – Investing in people to boost productivity and growth prospects’ for the EPSCO- ECOFIN Council of 12 March 2024,
Amendment 37 #
2024/2112(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the European Semester plays an essential role in coordinating economic and, budgetary, employment and social policies in the Member States, and thus preserves the macroeconomic stability of the Economic and Monetary Union;
Amendment 42 #
2024/2112(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the 2024 European Semester marks the first implementation cycle of the new economic governance framework, which came into force on 30 April 2024, guiding the EU and its Member States through a transitional phase;
Amendment 44 #
2024/2112(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas the main objectives of the new economic governance framework are to strengthen Member States' debt sustainability and promote sustainable and inclusive growth in all Member States through growth-enhancing reforms and investments in the common priorities of the Union, that include securing the green and digital transitions, strengthening economic and social resilience, including the European Pillar of Social Rights, productivity and competitiveness, as well as bolstering Europe's security capacity;
Amendment 47 #
2024/2112(INI)
Motion for a resolution
Recital A c (new)
Recital A c (new)
A c. whereas the Council Recommendation on the economic policy of the Euro area underlines the need to take further steps in deepening the economic and monetary union while considering lessons learnt from the design and implementation of the Union’s comprehensive economic policy response to the COVID-19 crisis;
Amendment 48 #
2024/2112(INI)
Motion for a resolution
Recital A d (new)
Recital A d (new)
A d. whereas EU funding has proven to be a vital instrument for ensuring macroeconomic stabilization at the EU level in the face of multiple crises since 2019, enhancing internal and external resilience, and supporting Member States in financing essential investments within the Union;
Amendment 49 #
2024/2112(INI)
Motion for a resolution
Recital A e (new)
Recital A e (new)
A e. whereas the euro area will undergo a restrictive fiscal stance of around 0.5% of GDP in 2025 due to the implementation of the new fiscal rules, followed by a fiscal contraction until 2031 of 0.2% to 0.3% of GDP per year, resulting in a cumulative impact on output of 1.5% to 1.9% of GDP;
Amendment 56 #
2024/2112(INI)
Motion for a resolution
Recital C
Recital C
Amendment 58 #
2024/2112(INI)
Motion for a resolution
Recital D
Recital D
D. whereas excessive deficit procedures were opened, or kept open, for eight Member States in 2024; whereas some Member States were not subject to an excessive deficit procedure, despite having a deficit above 3 % of GDP in 2023 as decided by the Council and the Commission after a balanced assessment of all the relevant factors, inter alia the increase of government investment in defence to address the rising geopolitical tensions and security challenges and the corresponding need for Member States to build-up their capabilities;
Amendment 59 #
2024/2112(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas no procedure concerning macroeconomic imbalances has been opened by the Council since its establishment in 2011, despite the identification of macroeconomic imbalances considered serious in many Member States;
Amendment 60 #
2024/2112(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
D b. whereas housing prices have risen by an average of 48% in the European Union between 2015 and 2023; that rental prices have risen by an average of 18% between 2010 and 2022 and that, on average, European citizens will have spent 19.7% of their disposable income on housing in 2023; whereas rental prices have risen by an average of 18% between 2010 and 2022 and that, on average, European citizens will have spent 19.7% of their disposable income on housing in 2023; whereas despite a recent moderation, house price growth remains high in 2023, after strong growth over 2020-22 and that house prices are estimated to remain overvalued in three quarters of EU countries, with over half displaying signs of overvaluations of over 10%;
Amendment 61 #
2024/2112(INI)
Motion for a resolution
Recital E
Recital E
Amendment 63 #
2024/2112(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas Member States should put in place the necessary control and audit mechanisms to ensure respect for the rule of law and to protect the financial interests of the Union, in particular to prevent fraud, corruption and conflicts of interest and to ensure transparency; whereas it is important that Member States implement the relevant Country- Specific Recommendations to create favourable conditions in this regard;
Amendment 73 #
2024/2112(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the gap between the EU and the US in terms of the level of GDP in 2015 prices has gradually widened, from slightly more than 15% in 2002 to 30% in 2023 as underscored by the Draghi report;
Amendment 76 #
2024/2112(INI)
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas to achieve our European objectives and strategic priorities, the European Union will need additional annual investments in the high triple-digit billions in the upcoming years, as underscored by the recent Draghi report;
Amendment 77 #
2024/2112(INI)
Motion for a resolution
Recital E d (new)
Recital E d (new)
E d. whereas the self-imposed goal by the new Commission is to be an “investment Commission” and unlock the financing needed for the green, digital and social transition;
Amendment 78 #
2024/2112(INI)
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
-1. Recalls that the European Semester is the framework established to coordinate fiscal, economic, employment and social policies across the Union, in line with the Treaties, including the European Pillar of Social Rights, thus safeguarding its macroeconomic stability and social cohesion;
Amendment 79 #
2024/2112(INI)
Motion for a resolution
Paragraph -1 a (new)
Paragraph -1 a (new)
-1 a. Welcomes the new Commission's commitment to focus the coordination under the European Semester on the Union’s objectives of sustainable and inclusive growth and employment, keeping competitiveness, prosperity, sustainability and social fairness at its very core; moreover, welcomes its strong dedication to the European Green Deal, the further implementation of the European Pillar of Social Rights and the Social Convergence Framework, and the continued integration of the United Nations Sustainable Development Goals into the European Semester;
Amendment 82 #
2024/2112(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in the last few years, the EU has demonstrated a high degree of resilience in the face of major shocks, among other factors, thanks to a coordinated policy response; further recalls that promoting sustainable growth in a sustained manner means promoting responsible fiscal policies, structural reforms and investments that increase productivity, including new Union instruments such as the Recovery and Resilience Facility (RRF) and the European Instrument for Temporary Support to Mitigate Unemployment Risks in an Emergency (SURE);
Amendment 85 #
2024/2112(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in the last few years, the EU has, as a result of a coordinated policy response, demonstrated a high degree of resilience in the face of major shocks, among other factors, thanks to a coordinated policy response; further recalls that promoting sustainable growth in a sustained manner means promoting responsible fiscal policies, socially-conscious structural reforms and investments that increase productivity with the long-term goal of ensuring a shift in economic modelling that prioritises well- being and sustainability for future generations;
Amendment 94 #
2024/2112(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that overcoming social, climate, competitive and geopolitical challenges will require the transfer of expenditure to the EU level in certain policy areas related to European public goods to increase the efficiency of overall public expenditure; welcomes the Union’s commitment to increasing its spending efficiency and investments in overall defence capabilities to match its needs in the context of rising threats and security challenges;
Amendment 95 #
2024/2112(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that relaunching growth and overcoming competitive and, geopolitical challenges will require the transfer of expenditure to the EU level in certain policy areas related to European public goods to increase the efficiency of overall public expenditure; welcomes the Union’s commitment to increasing its spending efficiency and investments in overall defence capabilities to match its needs in the context of rising threats and security challeng, economic, digital, climate and democratic challenges , the EU and the Member States must step up their efforts, in particular budgetary efforts, to accelerate innovation, education, training, decarbonisation and strengthen European competitiveness, particularly in the industrial field, strengthen security notably through investments in overall defence capabilities and reduce all its dependencies;
Amendment 105 #
2024/2112(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recommends, in view of the European issues at stake, the transfer of expenditure to EU level in certain areas of action linked to European public goods; calls on the Commission and the Member States to ensure that there is a significant increase in public and private investment in order to finance the green, digital and social transitions as proclaimed in the Commission’s political guidelines for 2024-2029;
Amendment 106 #
2024/2112(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Appreciates the commitment by a number of Member States to increase their spending efficiency and investments in overall defence capabilities to match their needs in the context of rising threats and security challenges;
Amendment 109 #
2024/2112(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the fact that an innovative, decarbonised, consistent and comprehensive industrial policy is vital to increase investments in the EU’s innovation capacity, while preserving competitiveness and the integrity of the single marketthe Union's competitiveness achieving climate neutrality by 2050, while preserving the integrity of the single market and social inclusion and ensuring the EU’s energy and defensive sovereignty;
Amendment 128 #
2024/2112(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, according to the Commission’s autumn 2024 economic forecast, EU GDP is expected to grow by 0.9 % (0.8 % in the euro area) in 2024 and by 1.5 % (1.3 % in the euro area) in 2025; notes that the economic outlook for the EU remains highly uncertain, with risks largely tilted to the upside;
Amendment 134 #
2024/2112(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Notes that according to the Commission’s 2024 autumn economic forecast, job creation growth is expected to stabilise at more moderate rates in 2025 and 2026 (0.6% and 0.5% respectively); notes that the EU unemployment rate is expected to remain low and slightly decrease from 6.1 % in 2023 to 5.9 % in 2026; stresses that nominal wage growth is expected to increase from 4.9% in 2024 (4.3% in the euro area) to 3.5% in 2025 (3% in the euro area);
Amendment 137 #
2024/2112(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Regrets that in 2023, 94.6 million people (21.4 % of the population) were at risk of poverty or social exclusion in the EU; stresses that further efforts are needed to promote adequate wages and quality jobs as the risk of poverty remains only marginally lower than in 2019 and financial distress of workers remains high after increasing during the energy crisis, for both the lowest and the lower middle- income households;
Amendment 139 #
2024/2112(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. StressNotes that high debt levels undermine economic stability and the capacity to respond to crises; is concernednotices that the public debt ratio is projected to increase (to 83.0 % in the EU and 89.6 % in the euro area) in 2025, up from the levels in 2024 (82.4 % for the EU and 89.1 % for the euro area);
Amendment 140 #
2024/2112(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that high debt levels might undermine economic stability and, in certain scenarios, the capacity to respond to crises; isnotes, with a certain level of concerned, that the EU average public debt ratio is projected to increase (to 83.0 % in the EU and 89.6 % in the euro area) in 2025, up from the levels in 2024 (82.4 % for the EU and 89.1 % for the euro area);
Amendment 149 #
2024/2112(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets the factNotices that eight Member States have excessive deficits and welcomesthat remedial action has been taken;
Amendment 150 #
2024/2112(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regrets the factNotes that eight Member States have excessive deficits and welcomes remedial action that would not result in a negative socioeconomic impact ;
Amendment 155 #
2024/2112(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Notes that the European Commission has not been able to present the Annual Sustainable Growth Survey, the Alert Mechanism Report, the draft euro area recommendation and the draft Joint Employment Report at the same time; therefore, questions whether these elements are taken into account in the Commission's recommendations on medium-term fiscal and structural plans;
Amendment 171 #
2024/2112(INI)
Motion for a resolution
Subheading 2
Subheading 2
Revised EU economic governance framework and its effective enforcementsustainable implementation
Amendment 175 #
2024/2112(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the reform aimsis intended to make the framework simpler, more transparent and effective, with greater national ownership and better enforcement; recalls, fur while differentiating among Member States based on their individual fiscal situations, in view of country-specific fiscal sustainability considerations; stresses thermefore, that it aims to s implementation mustr engthensure fiscal sustainability through gradual and tailor-made adjustments complemented by reforms and investments and to promote sustainable and inclusive growth, socio-economic convergence and countercyclical fiscal policies;
Amendment 178 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Acknowledges that the new fiscal rules provide greater flexibility and incentives linked to investments and reforms, with public investment anticipated to rise in 2025 across most Member States; stresses that this approach draws on lessons from the financial crisis to safeguard and strengthen investment amid multiple crises while promoting counter-cyclical policies; emphasizes, however, that the financial resources and contributions from national budgets differ among Member States; highlights the crucial role of EU funds and the RRF in enabling these investments, whereas the latter will terminate in the end of 2026;
Amendment 184 #
2024/2112(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Stresses the need for vigilance to ensure that the implementation of economic governance rules does not hamper Member States' ability to contribute to this investment effort; stresses in this regard that maintaining a high level of public investment is necessary in order to achieve the main objectives of the reform of the economic governance framework and addressing the current and future priorities of the Union; underlines, therefore, that this framework could be strengthened by a common investment instrument at Union level based on the lessons learned from the implementation of instruments such as the European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) or Next Generation EU (NGEU);
Amendment 193 #
2024/2112(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Deplores the low level of enforcement of the fiscal rules framework in the past; sStresses that it is essential for the new framework to ensure the equal treatment of the Member States; affirms that a successful and credible framework relies heavily on its rigorouson proper implementation;
Amendment 194 #
2024/2112(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Deplores the low level of enforcement of the fiscal rules framework in the past; sStresses that it is essential for the new framework to ensure the equal treatment of the Member States; affirms that a successful and credible framework relies heavily on its rigorous implemenimplementation while taking into account the Member States startiong points and individual challenges;
Amendment 202 #
2024/2112(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Affirms that a renewed focus on medium-term net expenditure will requiremight imply comprehensive reforms of national budgetary planning procedures across the Member States;
Amendment 203 #
2024/2112(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Affirms that a renewed focus on medium-term net expenditure willmay require comprehensive reforms of national budgetary planning procedures across the Member States;
Amendment 209 #
2024/2112(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Calls, furthermore, on the Commission to take into account the concept of social investment in its analyses of the EU economic outlook; recalls indeed that social investment policies can have significant positive effects on economic growth, productivity and competitiveness, thus also supporting fiscal sustainability while fostering upward social convergence;
Amendment 212 #
2024/2112(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10 b. Emphasises the role of the European Parliament in the EU’s economic governance framework and advocates for an increased engagement of the European Parliament in the European Semester; stresses the need for all Member States to be treated equally; underlines that an increase in discretionary power for the Commission in the development process of the medium-term fiscal-structural plans must be accompanied by increased accountability and an increase in the flow of information towards the European Parliament; recognises that the Economic Dialogue as part of the European Semester lays a useful foundation of accountability;
Amendment 216 #
2024/2112(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. RegretNotes that not all Member States were able to submit their national medium- term fiscal-structural and draft budgetary plans on time; underlines that this constitutes a major setback for the effective implementation of the new rules and their credibility due to general elections and the formation of new governments ; reaffirms the importance of the timely submission of draft budgetary plans to translate commitments outlined in fiscal plans into concrete policies;
Amendment 217 #
2024/2112(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. RegretNotes that not all Member States were able to submit their national medium- term fiscal-structural and draft budgetary plans on time; underlines that this cdemonstiturates a major setback forlimitations of the agreed new rules, their effective implementation of the new rules, and their credibility; reaffirms the importance of thea timely submission of draft budgetary plans to translate commitments outlined in fiscal plans into concrete policies;
Amendment 226 #
2024/2112(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that 18 Member States have proposed deviations from the expenditure path determined by the Commissionreference trajectory put forward by the Commission to frame the dialogue with Member States, resulting, in some cases, in higher average expenditure growth; laments the fact that these deviatpath1a that were assessed by the Commissions are justified on the basis of significant discrepand considered duly justified; welcomes the flexibility of the new framework that allows Member States to deviate from the medium-term government debt projection framework if these differencies between Member States’ economic assumptions and those of the Commission; calls on the Commission to ensure that economic arguments underpinning the new paths proposed by Member States are sound and data-driven; regrets that Member States are delaying their fiscal adjustments to the end of the period, coinciding with slower GDP growth; calls on the Commission to prevent procyclical policies;are explained and duly justified in a transparent manner and based on sound economic arguments in the technical dialogue and in their national medium-term fiscal-structural plans; calls on the Commission to ensure that economic arguments underpinning the new paths proposed by Member States fulfill this criteria; calls on the Commission to prevent procyclical policies; _________________ 1a Adequate wording Art. 2(3) of REGULATION (EU) 2024/1263 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97
Amendment 228 #
2024/2112(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that 18 Member States have proposed deviations from the expenditure path determined by the Commission, resulting, in some cases, in higher average expenditure growth; laments the factnotes that these deviations are justified on the basis of significant discrepancies between Member States’ economic assumptions and those of the Commission; calls on the Commission to ensure that economic arguments underpinning the new paths proposed by Member States are sound and data-driven; regrets that Member States are delaying their fiscal adjustments to the end of the period, coinciding with slower GDP growth; calls on the Commission to prevent procyclical policies;
Amendment 235 #
2024/2112(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. LamentNotes the fact that only seven Member States have soughtreceived an opinion from their relevant independent fiscal institution; regrets that nine Member States did not meet their obligation to conduct political consultations with civil society, social partners, regional authorities and other relevant stakeholders prior to submitting their national plans; further lamenregrets the fact that several Member States have not involved their national parliaments in the approval process for the plans and have not reported whether the required consultations with national parliaments took place;
Amendment 238 #
2024/2112(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Observes that five Member States have requested an extension of the adjustment period; notes that the reforms and investments used to justify this extension rely heavily on reforms already approved under the Recovery and Resilience Facility; believes that some of, based on a set of investment and reform commitments that contribute to sustainable and inclusive growth, enhance resilience, support fiscal sustainability, and address the key challenges identified in the European Semester, particularly in the Country- Specific Recommendations and the Union's common priorities, and have been assessed as meeting the conditions outlined in the Regulation for such an extension; notes that these reforms do not sufficiently meet the requirement to demonstrate their contribution to potential GDP growthand investments used to justify this extension are underpinned and complemented by reforms approved under the Recovery and Resilience Facility;
Amendment 240 #
2024/2112(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Observes that five Member States have requested an extension of the adjustment period; notes that the reforms and investments used to justify this extension rely heavily on reforms already approved under the Recovery and Resilience Facility; believes that some oquestions if these reforms do not sufficiently meet the requirement to demonstrate their contribution to potential GDP growth as well as the well- being and sustainability of the relevant communities;
Amendment 246 #
2024/2112(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Regrets that these corrective measures do not systematically take into account the Commission’s recommendations for the euro area, leading some Member States to cut spending in key areas for boosting competitiveness, such as training and education;
Amendment 247 #
2024/2112(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14 b. Invites Member States to take account of social investment in their medium-term structural-fiscal plans and budgetary plans;
Amendment 248 #
Amendment 252 #
2024/2112(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Agrees with the Eurogroup that, given the macroeconomic outlook for 2025, gradual and sustained fiscal consolidation in the euro area continues to be necessary; highlights the need to reduce the high levels of deficit and debt in a way that minimises the impact on growthHighlights the need to reduce the high levels of deficit and debt while maintaining an adequate level of investment to foster inclusive growth and prosperity;
Amendment 253 #
2024/2112(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Agrees with the Eurogroup that, given the macroeconomic outlook for 2025, gradual and sustained fiscal consolidation in the euro area might continues to be necessary; highlights the need to reduce the high levels of deficit and debt in a way that minimises the impact on growth and taking into account the socioeconomic, sustainability and well-being needs of European society;
Amendment 258 #
2024/2112(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Recalls the Council's recommendation on the economic policy of the euro area of 17 December 2024 to take action in fighting poverty by safeguarding and strengthening sustainable social protection and inclusion systems, including access to affordable and sustainable housing; welcomes in this regard the Commission’s proposal for pan-European investment platform for affordable and sustainable housing to attract more private and public investment; as well as the Commission’s plan to revise the Union’s State aid rules to enable housing support measures, especially for affordable energy-efficient and social housing; calls on the Commission to take decisive and immediate action to effectively address the housing crisis in Europe, also in Country- Specific Recommendations;
Amendment 263 #
2024/2112(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that the implementation of the revised governance framework is expected to lead to a contractionary fiscal stance for the euro area as a whole in 2024 and 2025, which is appropriate in light of the macroeconomic outlook and the need to continue to enhance fiscal sustainability and support the ongoing disinflationary processand a more restrictive fiscal stance in 2026 as the medium-term fiscal- structural Plans (MTFSPs) are implemented, resulting in a further dampening of economic activity at a time when increased investment is most crucial and economic uncertainty remains high;
Amendment 265 #
2024/2112(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that the implementation of the revised governance framework is expected to lead to a contractionary fiscal stance for the euro area as a whole in 2024 and 2025, which is appropriate in light of the macroeconomic outlook and the need to continue to enhance fiscal sustainability and support the ongoing disinflationary process, while assuring an appropriate level of public and private investment;
Amendment 266 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Highlights in this regard that the Recovery and Resilience Facility (RRF) plays a pivotal role in boosting investment across the EU, as outlined in the 2024 Autumn Package, and mitigates contractionary effects by maintaining high levels of public and private investment while the Member States fiscal consolidation measures tighten public budgets; underlines that the RRF will expire by the end of 2026 and threaten a substantial decrease in public investment in our common European priorities; urges the self-proclaimed 'Investment Commission' to provide an answer how to tackle the huge demand for public investment even after the end of the RRF in 2026 and without cutting budgetary resources in other important areas;
Amendment 269 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16 b. Stresses that despite the EU's ambitious goals, the funding gap remains the critical weakness in its drive to prepare the Single Market for the future; acknowledges that despite a huge amount of investments has to come from the private sector, significant public funding is essential not only to stimulate private investment but also to strengthen Europe’s industrial base and competitiveness on a global scale;
Amendment 270 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16 c. Highlights that the President of the Commission identifies the impact of climate change, resulting in extreme weather events such as floods, fires and droughts, as one of the greatest risks to our security throughout the year and across our Union and concludes that the EU must step up work on climate resilience and preparedness;
Amendment 271 #
2024/2112(INI)
Motion for a resolution
Paragraph 16 d (new)
Paragraph 16 d (new)
16 d. Stresses that higher energy prices than international peers erode the cost competitiveness of several industries; calls for the development and implementation of a comprehensive Union-wide strategy to complement and bring together national strategies for effective electrification and the green transition, including via a sharp increase in the production of renewable energy and further cuts in the use of imported fossil fuels;
Amendment 276 #
2024/2112(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that the rigorous application of the fiscal rules themselves is not a sufficient condition for achieving an optimal fiscal stance at all times; calls on the Commission and the Council to propose a mechanism that helps ensure that the cyclical position for the EU as a whole is at all times appropriate to the macroeconomic outlook;
Amendment 277 #
2024/2112(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Considers that the rigorous application of the fiscal rules themselves is not a sufficient condition for achieving neither an optimal fiscal stance at all times nor a high-level standard of living for European citizens; calls on the Commission and the Council to propose a mechanism that helps ensure that the cyclical position for the EU as a whole is at all times appropriate to the macroeconomic outlook;
Amendment 296 #
2024/2112(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Laments the factNotes that the rate of ‘fully implemented’ country-specific recommendations (CSRs) has dropped from 18.1 % (in the period 2011-2018) to 13.9 % (in the period 2019-2023);
Amendment 297 #
2024/2112(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. LamentNotes the fact that the rate of ‘fully implemented’ country-specific recommendations (CSRs) has dropped from 18.1 % (in the period 2011-2018) to 13.9 % (in the period 2019-2023);
Amendment 307 #
2024/2112(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Recalls the Member States’ obligation to address the relevant CSRs in both their economic and social dimensions as expressed under the European Semester in their national fiscal plans;
Amendment 315 #
2024/2112(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 319 #
2024/2112(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Highlights the fact that implementing CSRs on strengthening the fiscal sustainability of public pension systems and the cost-effectiveness of health and long-term care systems in the face of ageing populations and assuring the proper delivery of these and other services of economic interest to all EU citizens should remain a key objective for the Member States;
Amendment 330 #
2024/2112(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20 b. Welcomes the Commission’s proposal to step up efforts to improve preparedness for adverse developments, including climate change and nature related risks, especially in regions most exposed; urges those challenges to be considered in the next Country-Specific Recommendations;
Amendment 1 #
2024/2055(INI)
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
– having regard to its resolution of 25 March 2021 on strengthening the international role of the euro,
Amendment 2 #
2024/2055(INI)
Motion for a resolution
Citation 8 b (new)
Citation 8 b (new)
– having regard to the ECB recommendation of 15 December 2020 on dividend distributions during the COVID- 19 pandemic,
Amendment 3 #
2024/2055(INI)
Motion for a resolution
Citation 19 a (new)
Citation 19 a (new)
– having regard to the standards of the Basel Committee on Banking Supervision on the prudential treatment of cryptoasset exposures, of 16 December 2022,
Amendment 6 #
2024/2055(INI)
Motion for a resolution
Citation 24 a (new)
Citation 24 a (new)
– having regard to the ECB Occasional Paper Series 'The Road to Paris: stress testing the transition towards a net-zero economy',
Amendment 7 #
2024/2055(INI)
Motion for a resolution
Citation 29 a (new)
Citation 29 a (new)
– having regard to the Eurogroup statement of 16 June 2022 on the future of the Banking Union,
Amendment 9 #
2024/2055(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Banking Union (BU) encompasses the Single Supervisory Mechanism, the Single Resolution Mechanism and high minimum standards in the area of deposit insurancethe European Deposit and Insurance Scheme (EDIS); whereas, despite its Committee on Economic and Monetary Affairs adopted a report on the Commission’s proposal to establish a European deposit insurance scheme in April 2024, the Banking Union remains incomplete; whereas the creation of an EDIS is not only a requirement for the completion of the BU but also crucial for the mitigation of the risk exposure of the financial sector;
Amendment 15 #
2024/2055(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the EU should ensure timely, full and faithful implementation of Basel III standards;
Amendment 17 #
2024/2055(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a completed BU would improve the competfully developed BU would be a positive development for citivzeness and stability of the banking sector and consumer choice, and facilitate access to financingthe EU economy, providing the basis for a more stable banking system, reduction of systemic risk, enhanced competition, improved consumer choice and protection, increased opportunities for cross-border banking and access to retail financial services, greater economic investment, better access to funding for households and businesses, and lower costs for banks’ customers, while ensuring that public funds are not used to bail out the banking sector; whereas the 'too big to fail' risk has not yet been fully addressed;
Amendment 28 #
2024/2055(INI)
Motion for a resolution
Recital D
Recital D
D. whereas a strong banking sector is key to delivering economic growth, increasing the possibility of homeownership, fostering investment and job creation, financing small and medium- sized enterprises (SMEs) and start-ups and ensuring the transition to a green and digital economy;
Amendment 36 #
2024/2055(INI)
Motion for a resolution
Recital E
Recital E
E. whereas in April 2024, it adopted its position on the review of the crisis management and deposit insurance framework; whereas the CMDI should not be considered as a replacement for an EDIS;
Amendment 37 #
2024/2055(INI)
Motion for a resolution
Recital F
Recital F
Amendment 39 #
2024/2055(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
F a. whereas consumers of banking services should be better protected by granting them access to transparent fee structures, fair lending practices, and enhanced customer data protection;
Amendment 41 #
2024/2055(INI)
Motion for a resolution
Recital F b (new)
Recital F b (new)
F b. whereas the completion of the Capital Markets Union (CMU) requires the establishment of common rules and effective tools to reduce internal market fragmentation and facilitate access to alternative financing;
Amendment 42 #
2024/2055(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
F c. whereas financial institutions rely increasingly on the use of information and communications technology (ICT); whereas the EU banking sector must increase its cyber resilience to ensure that ICT systems can withstand various types of cyber security threats;
Amendment 43 #
2024/2055(INI)
Motion for a resolution
Recital F d (new)
Recital F d (new)
F d. whereas the digitalisation of finance provides important opportunities for the banking sector and has brought about important technological advances in the EU banking sector through increased efficiency in the provision of banking services and a greater appetite for innovation; whereas it also poses challenges, including with regard to data protection, reputational risks, anti-money laundering (AML), and consumer protection concerns;
Amendment 44 #
2024/2055(INI)
Motion for a resolution
Recital F e (new)
Recital F e (new)
F e. whereas interest rate hikes have had a negative impact on the borrowing capacity of households and the capacity of borrowers to repay debt and make EU banks vulnerable to potential losses in the future; whereas risks stemming from interest rate hikes have been so far properly addressed;
Amendment 45 #
2024/2055(INI)
Motion for a resolution
Recital F f (new)
Recital F f (new)
F f. whereas EU banks have withstood the impact of Russian aggression; whereas they play a pivotal role in ensuring the ongoing implementation of and compliance with the sanctions imposed by the EU against Russia in response to the invasion; whereas further coordination is needed to avoid circumvention of sanctions;
Amendment 46 #
2024/2055(INI)
Motion for a resolution
Recital F g (new)
Recital F g (new)
F g. whereas climate change, environmental degradation and the transition to a low-carbon economy are factors to be taken into account when assessing the sustainability of banks’ balance sheets, as a source of risk potentially impacting investments across regions and sectors;
Amendment 47 #
2024/2055(INI)
Motion for a resolution
Recital F h (new)
Recital F h (new)
F h. whereas the EU and the UK have signed a Memorandum of Understanding on Financial Services Regulatory Cooperation, and this cooperative approach should underpin long-term EU- UK relations particularly in the area of banking; whereas the Commission has again extended its temporary permit allowing EU banks and fund managers to use UK clearing houses;
Amendment 49 #
2024/2055(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Asks the Commission to ensure that the completion of BUthe BU and the Capital Markets Union remains a key priorityies; highlights that bothis projects offers households and SMEs access to broader funding, increases financial stability, reduces the impact of economic downturns, funds the transition to a green and digital economy and unlocks the EU’s growth potential;
Amendment 57 #
2024/2055(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Calls on the Commission to create a database at EU level to foster access to information and coordination among sanctions enforcement authorities in Members States and help close gaps in targeted sanctions implementation; highlights AMLA’s role in supporting sanctions implementation and in detecting risks of sanctions evasion;
Amendment 70 #
2024/2055(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 86 #
2024/2055(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Acknowledges that EU banks still operating in Russia have downsized their activity; calls on supervisory institutions to further assisensure that those banks in pushing ahead with exiting the Russian market;
Amendment 89 #
2024/2055(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 101 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Encourages the use of profits to build buffers, thus safeguarding the stability of the financial system; notes that the temporary suspension of dividend distribution and share buyback was effective in safeguarding banks’ resilience during the COVID-19 crisis; calls for the introduction of a binding limitation of dividend distribution and buyback in times of crisis;
Amendment 106 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Restates the importance of a European safe asset in the euro area as a way to help stabilise financial markets and allow banks to reduce the exposure of their balance sheets to national sovereign debt; considers that NextGeneration EU provides high-quality, low-risk European assets, allowing for a rebalancing of sovereign bonds on banks’ balance sheets; highlights the importance of preserving the availability of safe assets in a permanent manner;
Amendment 109 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Recalls that the IMF's World Financial Stability Report published in October 2024 identifies the non-bank financial sector as a potential source of risk, citing its interconnections, the possible mismatch of liquidity, and the lack of transparency;
Amendment 110 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5 d. Highlights the role of the banking sector in supporting the transition to a digitalised and carbon neutral economy, in channelling funds to renewable energy sources and in supporting the achievement of the objectives of the EU Green Deal and the EU Climate Law; takes note of EU banks continuing to reduce their exposure to energy intensive and fossil fuel corporates; notes that fossil fuels are the main contributor to accelerating climate change, and that many fossil fuel assets will need to be abandoned before the end of their economic life, losing all of their value and becoming stranded assets;
Amendment 111 #
2024/2055(INI)
Motion for a resolution
Paragraph 5 e (new)
Paragraph 5 e (new)
5 e. Regrets the failure of financial institutions to ensure gender-balance, especially in their management bodies; stresses that gender balance on boards and in the workforce brings both societal and economic returns; calls on financial institutions to regularly update their diversity and inclusion policies and to help foster healthy working cultures which prioritise inclusivity; calls on supervisory authorities to make use of their supervisory powers to address the lack of diversity and gender-balance in the management bodies of financial institutions;
Amendment 114 #
2024/2055(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the adoption by co- legislators of the new banking package implementing Basel III standards in the EU; stresses that the Commission should evaluate thoroughly whether a delay in implementation is necessary to maintain the competitiveness of EU banks; welcomes, in this regard, the delegated act postponing the date of application of the new market risk framework by one year to 1 January 2026;
Amendment 140 #
2024/2055(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 172 #
2024/2055(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Notes that the ECB takes into account climate- and nature-related financial risks in its supervisory practices and monitors growing physical and transition risks closely; welcomes, among other things, the ECB’s second economy- wide climate stress test in September 2023; takes note of the conclusions of the ECB’s Occasional Paper Series No. 328 on ‘The Road to Paris: stress testing the transition towards a net-zero economy’ as it claims that the best way to achieve a net-zero economy for firms, households and banks in the euro area is to accelerate the green transition to a rate that is faster than under current policies;
Amendment 176 #
2024/2055(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Acknowledges the progresses made over the last 10 years through the establishment of the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM); calls for the total completion of the Banking Union, particularly through the setting up of a fully-fledged European Deposit Insurance Scheme (EDIS);
Amendment 182 #
2024/2055(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the objective of the proposal on crisis management and deposit insurance of ensuring a more consistent approach across all Member States to the application of resolution tools and deposit protection to enhance financial stability, taxpayer protection and depositor confidence; notes that small banks do not pose any risks to financial , as well as for the mitigation of any measures which could create excessive moral hazard; highlights that financial stability is best ensured when small and medium-size banks having a positive public interest assessment are given access to EU-level resolution; recalls that the proposed CMDI framework must not be preclude the estabilityshment of an EDIS;
Amendment 189 #
2024/2055(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Highlights the importance of preserving shareholders’ and creditors’ primary responsibility for bearing losses in the event of a bank’s failure, which is still a key lesson learned from the global financial crisis; stresses that the bail-in of shareholders and creditors must remain the main source for resolution financing before any recourse is made to industry-funded sources;
Amendment 195 #
2024/2055(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls that a sufficient minimum requirement for own funds and eligible liabilities is crucial for a credible resolution framework and for ensuring that resolution authorities have sufficient flexibility to effectively apply the resolution strategies needed in a specific crisis situation; warns that reductions in this minimum requirement, resulting from specific resolution strategies in the resolution planning phase, could hamper the resolvability of banks;
Amendment 209 #
2024/2055(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Recalls that banks need to continue to meet their obligations and perform their key functions after the implementation of a resolution decision; is concerned that banks might face liquidity stress in resolution immediately after regaining market access; calls for the EU institutions to agree on a solution that provides confidence and enhances predictability;
Amendment 228 #
2024/2055(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Underlines the fact that the Commission’s proposal to establish a European deposit insurance scheme was published back in 2015, and that the landscape has changed significantly since the; supports the position reached in the ECON Committee in April 2024 regarding EDIS; highlights the need for a fully fledged EDIS with risk-based contributions that enables loss absorption;
Amendment 239 #
2024/2055(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 248 #
2024/2055(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 255 #
2024/2055(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 258 #
2024/2055(INI)
Motion for a resolution
Paragraph 25
Paragraph 25