21 Amendments of Gunnar HÖKMARK related to 2010/0281(COD)
Amendment 64 #
Proposal for a regulation
Recital 2
Recital 2
(2) There is a need to build upon the experience gained and draw the consequences from the obvious weaknesses that the crisis has highlighted during the first decade of functioning of the economic and monetary union.
Amendment 82 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Regulation EC No. XX/2011 does not address the current situation in the short- term but rather in a structural approach for the medium- to long-term.
Amendment 130 #
Proposal for a regulation
Recital 11
Recital 11
(11) When assessing imbalances, account should be taken of their severity, of the degree to which they may be considered unsustainable and of the potential negative economic and financial spillovers to other Member States. Particular attention should be paid to Member States with large current-account deficits and low competitiveness. The economic adjustment capacity and the track record of the Member State concerned as regards compliance with earlier recommendations issued under this Regulation and other recommendations issued under Article 121 of the Treaty as part of multilateral surveillance, in particular the broad guidelines for the economic policies of the Member States and of the Union, should also be considered.
Amendment 134 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) The structural reasons for imbalances risking undermining the financial stability of the Member State or having an impact on the economic and financial stability of the Union should be taken into account.
Amendment 135 #
Proposal for a regulation
Recital 11 b (new)
Recital 11 b (new)
(11b) The assessment of imbalances should take into account the objectives of balanced public finances in the medium- term perspective and the need to reduce the public debt and enhance economic growth.
Amendment 149 #
Proposal for a regulation
Recital 13
Recital 13
(13) The early warnings and recommendations by the European Systemic Risk Board to Member States or the Union address risks of a macrofinancial nature. These may also warrant appropriate follow-up action in the context of the surveillance of imbalancesy shall not interfere with the responsibility of the Member State to pursue economic policies for growth and increased competiveness, but warrant appropriate integration in the scoreboard and follow-up action by the Commission in the context of the surveillance of imbalances of importance to the economic and financial stability of the Union and of the Member State.
Amendment 160 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) The envisaged measures for the prevention and correction of macroeconomic imbalances should not lead to a centrally planned economy for the Member States of the European Economic and Monetary Union
Amendment 165 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) The Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU in respect of the scoreboard. In particular, delegated acts are necessary to establish a list of relevant indicators with crucial effect on the medium-term objectives for stable public finances and the stability of the monetary union.
Amendment 174 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'imbalances‘ means macroeconomic developments which are adversely affecting, or have the potential adversely to affect, the proper functioning of the economy of a Member State or of economic and monetary union, or of the Union as a whole, particularly due to large current account deficits, sharply rising debt levels or persistently low levels of competitiveness.
Amendment 181 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) '‘imbalances‘’ means macroeconomic developments which are adversely affecting, or have the potential adversely to affect, the proper functioning of the economystability of public finances of a Member State or of the economic and monetary union, or of the Union as a whole.
Amendment 213 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be, made up of an array of macroeconomic and macrofinancial indicators for Member States shall allow for comparisons between Member States and reflect short-term, structural and medium-long term trends regarding public finances. The Commission mayshall set indicative and symmetric lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 219 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and macrofinancial indicators for Member States. The Commission may set indicative and asymmetric lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 222 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The indicators shall reflect developments on three major issues: public spending, current account balances and the foreign share of national debt.
Amendment 289 #
Proposal for a regulation
Article 5 – paragraph 2 – point c a (new)
Article 5 – paragraph 2 – point c a (new)
(ca) the origin of and reasons for the detected imbalances, including the deep trade and financial inter-linkages between Member States.
Amendment 300 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. If, on the basis of its in-depth review referred to in Article 5 of this Regulation, the Commission considers that a Member State is experiencing imbalances, it shall inform the Council accordingly. The Council, on a recommendation from the Commission, mayshall address the necessary recommendations to the Member State concerned, in accordance with the procedure set out in Article 121(2) of the Treaty.
Amendment 314 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission, may adopt a recommendations in accordance with Article 121(4) of the Treaty to the Council declaring the existence of an excessive imbalance and recommending the Member State concerned to take corrective action. The recommendation by the Commission shall be deemed adopted by the Council unless it decides, by qualified majority to reject the recommendation within ten days of the adoption of the recommendation by the Commission. Those recommendations shall set out the nature of the imbalances and specify the corrective action to be taken in detail and the deadline within which the Member State concerned must take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, make its recommendations public.
Amendment 334 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1a. The corrective action plan shall be coherent with the Stability and Growth Pact.
Amendment 338 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Within twoone months after submission of a corrective action plan and on the basis of a Commission report, the Councilmmission shall assess the corrective action plan. If considered sufficient, on the basis of a Commission proposal, the Council shall adopt an opinion, endorsing it. If the actions taken or envisaged in the corrective action plan or their timetable for implementation are considered insufficient to implement the recommendations, the Council shall, on the basis of a Commission proposal, invite the Member State to amend its corrective action plan within a new deadline. The amended corrective action plan shall be examined according to the procedure laid down in this paragraph.
Amendment 346 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission shall monitor implementation of the recommended corrective action and of the corrective action plan by the Member State concerned. For this purpose, the Member State shall report to the Councilmmission and the Commissionuncil at regular intervals in the form of progress reports whose frequency shall be established by the Council, following a recommendation of the Commission, in the recommendation referred to in Article 7(2).
Amendment 352 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States’ progress reports shall be made public by the Council.
Amendment 372 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4