26 Amendments of Fernando NAVARRETE ROJAS related to 2024/2054(INI)
Amendment 56 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisions outside its mandate;
Amendment 65 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets thatTakes note of the disparities between Member States with regard to inflation levels remain aboveabove/below the ECB’'s 2 % target of 2 % in some Member States; emphasises that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices that ensures an efficient allocation of resources;
Amendment 75 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regretcalls that core inflation remains high, with only two euro area Member States reporting core inflation rates below 2 % in September 2024;
Amendment 85 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Warns the ECB against the temptation to lower interest rates too quickly, given the riskAcknowledges that the monetary policy decisions taken by the Governing Council of the ECB since thate inflation levels could start increasing again; stresses that the ECB itself expects a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in energy prices drop out of the annual ratescrisis stemming from the rise in energy prices have put inflation on a path which is compatible with the achievement of the objective of price stability, while avoiding a serious deterioration in economic activity or employment;
Amendment 95 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks; recalls the need for rigorous implementation of the new fiscal framework to ensure the credibility of fiscal policies at the level of the economic and monetary union ;
Amendment 116 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Expresses concern about the high levels of government debt and deficits within the Member States and the risks of potential fiscal dominance that this entails;
Amendment 125 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024, but expresses its unease at its historically and persistently high level;
Amendment 134 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. RegretsExpresses concern that it has taken the ECB more than three years to reachieve a level of inflation that is commensuratin line with its 2 % target level of 2 %, which is at the high end of the medium- term horizon for monetary policy;
Amendment 139 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 147 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 153 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the ECB, in the context of the next monetary policy strategy review, to incorporate mechanisms to better identify the level of transience of the effects of economic shocks in order to ensure a swift and determined monetary policy response to the latter;
Amendment 158 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Supports the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market and decreased levels of inflation; welcomes the fact that the asset portfolio under the ECB’s purchase programmes has been on a downward trend since 2023;
Amendment 165 #
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 177 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. RegretWelcomes the establishment in July 2022 of the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not just the legal prohibition of monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member State, which makes it possible to ensure the proper transmission of monetary policy in each and every EMU country, thus avoiding additional risks of fragmentation in times of financial stress, which result in asset valuations moving away from their fundamental values; recalls the conditionality of the application of this instrument on strict compliance with fiscal rules, fiscal sustainability, the absence of macroeconomic imbalances and sustainable macroeconomic policies;
Amendment 187 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that diverging interest rates in the euro area are – in the absence of any serious financial disturbances – generally the result of different risk premia on government bonds; stresses that purchases under the TPI would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levels;
Amendment 200 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses the absence of an appropriate assessment of the potential impacts of the digital euro on financial stability, on monetary sovereignty in third countries, on the private digital payments ecosystem resulting from the pre- eminence of a public provider, on citizens’ privacy, as well as on the very high economic costs for taxpayers;
Amendment 201 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Urges the Commission to reassess the costs and benefits of this project through a new impact assessment before further developing it; calls for the Regulatory Scrutiny Board to carefully reassess this new impact analysis; points to the need to reassess its relevance and suitability for the needs of euro area savers and investors; considers it urgent for the Commission to explore alternative ways of promoting, at the level of private providers, a pan-European digital payments solution before moving forward with the digital euro project;
Amendment 206 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. WelcomNotes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, improved financial inclusion and the availability of an offline back-up payment system;
Amendment 220 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash entirely and that cash should remain available at all times;
Amendment 233 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Demands that any decision to launch the digital euro should not be taken exclusively by the Governing Council of the ECB; stresses that this should be a consensual decision by the Commission, the European Parliament and the Council, given the profound potential impact of this decision on financial policy, going beyond the strict scope of monetary policy;
Amendment 238 #
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Calls on the ECB to refocus its efforts on digital payments so that the EU can take a leading position internationally in the creation of a wholesale digital currency, as a way to incentivise the digitalisation of the economy, improve the efficiency and depth of capital markets and strengthen the international role of the euro;
Amendment 272 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Insists that the ECB must respect the market neutrality principle in all of its monetary operations; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition;
Amendment 285 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Underlines that a strengthened international role of the euro would lead to lower interest rates in the euro area, increased status for the EU on the international stage and enhanced macroeconomic stability; recalls that strengthening the international role of the euro would contribute to enhancing the EU’s strategic autonomy;
Amendment 292 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Is of the opinion that efforts to create a macroeconomic stabilisation mechanism and an adequate supply of a European safe asset are relevant for strengthening the role of the euro as an international currency;
Amendment 303 #
Motion for a resolution
Paragraph 32
Paragraph 32
32. Welcomes the finalisation of the Basel III framework, as it will strengthen the resilience of the banking sector; calls for its implementation not to be delayed;
Amendment 306 #
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Welcomes the ECB’s support for the completion of the Banking Union; encourages the ECB to take all necessary steps to enable cross-border bank mergers that, while ensuring financial stability, help the integration of the European banking market;