Activities of Gay MITCHELL related to 2011/2156(INI)
Plenary speeches (2)
ECB annual report for 2010 (debate)
ECB annual report for 2010 (debate)
Amendments (7)
Amendment 59 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes that, despite unitary monetary policy, monetary conditions diverge considerably in the euro area; in countries experiencing turbulence, banks are tightening the availability of credit, with the opposite happening in other countries with a current account surplus; this asymmetry is likely to become even more pronounced if the ECB keeps increasing rates, given the prevalence of loans indexed to short-term interest rates in the former group of countries;
Amendment 65 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 84 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 116 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Restates with concern the overreliance of many euro area banks on the liquidity provided by the ECB, in the absence of a fully functional interbank market; nNotes with concern the collateral policies of the ECB as regards the amount and the quality of asset-backed securities provided to the Eurosystem as collateral, estimated at EUR 488 billion;
Amendment 160 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for a single European minister of Finance to be foreseen in the next EU Treaty change in order to coordinate a basic common fiscal policy that could enhance the effectiveness of the euro; believes that the democratic legitimacy of such a proposal must adequately be addressed; notes in this sense that in a monetary union, fiscal policy does not only concern the Member States and that the present crisis has shown the limits of 100% decentralised fiscal policies;
Amendment 180 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstancbe foreseen in the next EU Treaty change to relieve the ECB of its quasi-fiscal role; regrets that, as it stands, the ESM will not operate under Community rules;
Amendment 214 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Reiterates its long-standing call for the summary of minutes of the meetings of the Governing Council to be made public; considers their non- publication as a sign of weakness of the monetary union, as if the public and necessary individual accountability in the decision-taking within the Governing Council should be interpreted as a confrontation between Member States;