Activities of Sahra WAGENKNECHT
Plenary speeches (30)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Preparation of the European Council (19-20 March 2008) - European Economic Recovery Plan - Guidelines for the Member States’ employment policies - Cohesion Policy: investing in the real economy (debate)
EMU10: The first 10 years of Economic and Monetary Union and future challenges (debate)
Explanations of vote
Lisbon Strategy - Broad Economic Policy Guidelines for 2008-2010 (debate)
Tax treatment of losses in cross-border situations (debate)
The European Interest: succeeding in the age of globalisation (debate)
Taxation and customs policies and the Lisbon Strategy (vote)
Explanations of vote
Taxation and customs policies and the Lisbon Strategy (debate)
Financial services policy (2005-2010) – White Paper (debate)
The Radio Caracas TV Channel in Venezuela
Council Question Time
Public Finances in the EMU 2006 (debate)
Economic policy guidelines for 2007 – Member States’ employment policies (debate)
Services in the internal market (debate)
Explanations of vote
Services of general interest (debate)
Explanations of vote
Services (debate)
Explanations of vote
Corporate tax
2004 Annual Report – ECB; Communication strategy on the euro
Explanations of vote
Explanations of vote
Meeting of the European Council (Brussels, 22 and 23 March 2005)
Economy/Public finances
Explanations of vote
ECB 2003 annual report
Stability and Growth Pact
Reports (1)
REPORT Report on the contribution of taxation and customs policies to the Lisbon Strategy PDF (196 KB) DOC (138 KB)
Written declarations (1)
Amendments (99)
Amendment 26 #
2008/2334(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the European Union does not only face a financial crisis but a severe economic crisis, caused by the over- accumulation of capital which has led to overcapacities in more and more industries; whereas the regulation of financial markets alone is not sufficient to overcome the crisis,
Amendment 27 #
2008/2334(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Amendment 33 #
2008/2334(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas in order to prevent the socialisation of speculative losses, the European Union and the Member States have to make sure that those who have benefited from financial speculation in recent years now also pay for the losses; whereas a redistribution of wealth is necessary to reduce social inequality and tackle the roots of the crisis,
Amendment 50 #
2008/2334(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. agrees with the Commission that an immediate budgetary stimulus package of EUR 200 000 000 000, representing 1,5 % of GDP, is necessary to counter the downward trend in the economy; insists, however, that this expenditure package should be mobilised at EU level and must be complemented by similar public investment programmes of the Member States, worth 1 % of their respective GDP with priority given to investments that also strengthen the long-term potential of the economy, for instance energy saving technologies, social housing, education, health and social services, the creation of a public employment sector and sustainable modes of mobility;
Amendment 62 #
2008/2334(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. strongly criticises the Commission for linking its Recovery Plan to deepening neo-liberal ‘structural reforms’ and to strict compliance with the revised Stability and Growth Pact; insists that liberalisation policies must be stopped and overcome and that instead of promoting more flexibility in labour markets, the European Union needs to take the concept of ‘good work’ as its central reference point;
Amendment 69 #
2008/2334(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. recommends the massive and rapid deployment of labour market policies aimed at getting money to those who need it most; asks the Member States to invest an additional 1 % of GDP in order to strengthen unemployment benefit systems, provide training and lifelong learning and to set up social economy employment programmes;
Amendment 72 #
2008/2334(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. emphasises that proposals to cut labour taxes and social security contributions are not efficient tools to raise demand in the economy in a rapid and sustainable way; stresses that the EU now needs to accept real wage growth and also embarks on a redistribution aimed at increasing the wage share in Gross National Income; calls on the Member States to establish a lower limit in wage developments of no less than 3 % in order to take prevent a deflationary wage spiral; calls on the Commission and the Member States to agree on EU-wide targets on minimum income schemes (60 % of the national median equalised income) and on minimum wages (60 % of the national or sector-specific average wage) in order to combat poverty and social exclusion; points out that higher real wages will help to stabilise internal demand and thus contribute to countering the downturn;
Amendment 76 #
2008/2334(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. calls for the establishment of a European Sovereign Investment Fund and for the issue of European bonds through the European Investment Bank (EIB); stresses that central and eastern European Member States are not to be left at the mercy of the International Monetary Fund (IMF) and that the EU should provide its own emergency lending and do so in a sufficient way without blindly following the IMF conditionalities;
Amendment 77 #
2008/2334(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. strongly advises against the risk that the solutions implemented become a sum of national policies, with potential conflicts and costs, undermining the single market, the economic and monetary union and weakening the European Union's role as a global actor; points out that the EU must coherently tackle joint rescue operations concerning cross-border multinational banking groups and abandon the current ‘beggar-thy- neighbour’ policies; considers that rescue measures for particular industries should be shaped by a joint EU approach to prevent a race between the Member States for the highest subsidy;
Amendment 78 #
2008/2334(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. calls on the Commission to give clear guidance on the interpretation of the flexibility clause of the revised Stability and Growth Pact, namely when addressing short-term investment decisions which are compatible with medium-term budgetary targets and conducive to sustainable growth and long- term Lisbon goalsinsists that the revised Stability and Growth Pact must be revoked in order to give Member states sufficient leeway for a truly expansionary fiscal policy to counter the downturn;
Amendment 95 #
2008/2334(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. underlines that a stricter regulation of financial markets is needed to prevent systemic risks caused by new and risky financial products, stresses that those products must either be prohibited or their trading severely restricted and monitored; stresses that strict limits on leveraging for all financial institutions must, furthermore, be introduced as a matter of urgency;
Amendment 100 #
2008/2334(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. points out that the recapitalisation approach by buying up preferred banking stock must be steered towards a sustainable nationalisation of banks’ assets, with a view to the full socialisation of the banking sector and the constitution of a publicly owned financial pole that steers credit towards socially and environmentally useful investments; considers that decision making on the banking sector’s credit policies must come under democratic public control, with democratic participation by employees and consumers;
Amendment 110 #
2008/2334(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. insists that rescue packages to financial institutions must be made conditional on their retreat from tax havens and offshore financial centres;
Amendment 118 #
2008/2334(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. calls on the Commission and the Member States to close down tax havens, tackle the problems created by offshore financial centres and introduce taxes on currency transactions (Tobin Tax) and on stock exchange transactions;
Amendment 128 #
2008/2334(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. proposes the establishment of a public EU Credit Rating Agency in order to overcome conflicts of interest which impair the credit rating process;
Amendment 129 #
2008/2334(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. reaffirms that more transparency and better risk-management provide most of the solutions to further crisis-prevention and that the regulatory reform must be all- encompassing, applying to all actors and transactions in the financial markets; underlines that regulatory initiatives must cover executive remuneration, transparency, leverage, capital requirements and securitisation; reminds the Commission of its obligation to respond to Parliament's requests on the regulation of hedge funds and private equity;
Amendment 158 #
2008/2334(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. stresses that guarantee schemes and loans to private companies must be based on strict conditions such as job guarantees; underlines that public loans should be provided only in return for stock in the companies concerned, enabling the state to have a say in company decision-making and receiving benefits from future rewards;
Amendment 222 #
2008/2334(INI)
Motion for a resolution
Paragraph 41
Paragraph 41
41. considers that the present crisis must not preclude the European Union's responsibilities as regards promoting international development and combating world poverty; warns that the risk of a fallback to protectionist policies must be avoided; underlines that the worldwide recovery effort could be greatly enhanced by the timely conclusin developing countries could be enhanced by increasing official development assistance (ODA) by the European Union tof the Doha Round of trade negotitarget of 0,7 % of GNI set by the United Nations;
Amendment 11 #
2008/2156(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the 4.1% inflation rate in the euro area in July 2008 was the highest ever and will cause considerable problems for poorer households in particular in the form of rising energy and food prices,
Amendment 15 #
2008/2156(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas in many countries in Europe the low-wage sector has grown markedly, and increasing numbers of employment relationships which formerly guaranteed a livelihood are being transformed into precarious employment relationships,
Amendment 20 #
2008/2156(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Shares the view that the single currency has become a symbol of Europe and has shown that Europe is capable of taking far-reaching decisions for a common and prosperous future; notes that very substantial economic divergences remain between euro area countries and that the economic imbalances (in the form of foreign trade deficits and surpluses) have increased;
Amendment 21 #
2008/2156(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fact that tFinds that internal economic divergences in the euro area have not diminished euro has brought stability and fostered economic integration inough and productivity has not developed satisfactorily, as a consequence of misguided economic, tax and competition policies; calls on the eEuro area, even if internal economic divergences have not diminished enough and productivity has not developed satisfactorilypean Union and Member States to improve the coordination of tax policy, take action against harmful tax competition and implement an active structural and industry policy which will boost the industrial catching-up process in poorer regions without impairing industrial production and employment in developed regions;
Amendment 25 #
2008/2156(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. BDoes not believes that more coherent, multi- supportive economic reforms coordinated in a timely fashion on the basis of the Integrated Policy Guidelines and policy- mix approach of the Lisbon Strategy could decrease economic divergences; stresses the need to improve the procedures and methodologies for revision and assessment of the implementation of those guidelines at the end of each yearmove clearly away from neoliberal economic and structural reforms, which are contributing to increasing inequality and poverty in Europe;
Amendment 36 #
2008/2156(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the need for mutual reinforcement of stability and growth- oriented macro-economic policies by making demand-side policy a matter of common concern: the need to follow closely public balances through the composition and level of taxes and expenditures and their impact on the demand side and in parallel agree on common approaches regarding wage policy;
Amendment 37 #
2008/2156(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. NotesIs of the opinion that the revised Stability and Growth Pact (SGP) has proven its value and that a strong consolidation of budgets has to be adhered to, as demographic change and possible decline in economic growth could lead to budgetary problems in euro area Member States, which could have negative effects on the stability of the euro area as a whole; critshould be oriented towards the objective of sustainable growth and high employment; criticises, in this context, Member States for retaining their restrictive financial policises in this context the lack of discipline in combating budgetary deficits in times of economic growth and stresses that Member States must effectively extend the scope for an anti-cyclical fiscal policy, especially in order to be better prepared for external shocks; and demands, therefore, a long- term strategy to rspite of the increases in revenue arising from the generally more favourable economic development of recent years, which has led to an overall lack of the investment necessary for renewing public infrastructure, improving levels of educe national debts to a maximum of 60 % and improving the social situation of disadvantaged groups in society;
Amendment 40 #
2008/2156(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the main elements of the SGP must also be consistently adhered to in the future, since both the criterion of 3 % and that of a maximum national debt of 60 % were specified on the basis of the economic conditions in the 1990s, and lower growth rates would necessitate substantially stricter criteria; is of the opinion that the SGP must be adhered to strictly by the Member States and supervised by the Commission; notes that an effective coordination of economican effective coordination of economic and financial policy is desirable within the EMU, although it should respect the principle of subsidiarity; is of the opinion that tax and monetary policy should encourage an evolution in demand, which is a necessary prerequisite for higher growth and financial policy is desirable within the EMU, although it should respect the principle of subsidiarity; stresses that existing supervisory instruments must be used better by the Commission and that the medium-term examination of national budgets by the Eurogroup has to be strengthenedcreased employment; calls for the SGP to be replaced by a social stability pact which would, as a first step, define minimum European standards in order to counter such negative developments as employment insecurity, the increase in working hours, the lowering of corporate and capital tax and the flood of privatisations of public services;
Amendment 44 #
2008/2156(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers that a sustainable and stable macro-economic environment requires improving the quality of public finances including further budgetary consolidation, andingle minimum level of taxation in Europe using a common basis of assessment could contribute to improving the quality of public finances; calls for the developingment of an intelligent private and public investment policy that delivers forward-looking infrastructure which will open up tomorrow’s marketand creates new, high-quality jobs;
Amendment 59 #
2008/2156(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls its strong commitment to the independence of the ECB.Is of the opinion that an institution as important as the ECB must be democratically monitored, as its policies are of great importance for the situation of the people in Europe;
Amendment 83 #
2008/2156(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Is of the opinion that the European Union should draw lessons from the developments and specific mechanisms which led to the emergence and international spread of the present financial crisis; calls on the European Union in this regard to oblige banks and other financial institutions to provide comprehensive information on their activities and risk positions to the supervisory authorities; prevent, or at least restrict, the securitisation of credits and trading in credit packages; limit large-scale external financing in the purchase of bond packages or other financial investments and acquisitions; counter the steady expansion of private pension funds and subject credit rating agencies to more stringent public monitoring, or create an independent public credit rating agency;
Amendment 105 #
2008/2156(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Points out that the important role of the euro in international financial markets brings with it an obligation, and thus the effects of monetary and growth policy in the euro area have extensive global impact; emphasises the increased importance ofcalls on the eEuro for international trade and services as a stabiliser in the global environment, as an engine for financial market integration and as a basis for increasing direct investments and cross- border company mergers, as transaction costs could be substpean Union to adopt measures to prevent short-term foreign exchange inflows detrimental to exchange rates, advocate the reform and democratisation of the international finantcially reduced; calls for a study on global imbalances and the role of the euro and possible adjustment scenarios to better prepare Europe for tackling major external shock structure and stabilise exchange rate movements by means of continuous cooperation with the USA, China, Japan, Brazil, India and other countries;
Amendment 26 #
2008/2155(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Calls on the EIB and the Commission to close down the European PPP Expertise Centre (EPEC), which was set up in September 2008, and not to support any further PPP projects, as experience shows them to be very expensive and extremely risky for the public authorities;
Amendment 50 #
2008/2155(INI)
Motion for a resolution
Paragraph 11 – point b
Paragraph 11 – point b
(b) the EIB specialise more in the financing of larger- scale private and public infrastructures and projects, including PPP investments as well as foreign direct investments from EU companies; the EBRD to specialise more in smaller-scale investments, institution building, privatisation, trade facilitation, financial markets, and direct equity investments in order to promote corporate governance standard and promoting small and medium-sized undertakings;
Amendment 3 #
2008/2099(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes that spectrum is a scarce natural resource and that Member States should therefore control the use of the spectrum in order to guarantee important public goods such as high quality, free-to- air television services as well as Internet services;
Amendment 10 #
2008/2099(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Supports a commonordinated approach to the use of the spectrum in order to ensure the optimal use of the digital dividend, allowing broadcasters to continue offeringand further develop their current services but allocating the digital dividend on the basis of neutral; considers that Member States should be free to allocate spectrum in line with national policy priorities such as cultural and linguistic diversity;
Amendment 13 #
2008/2099(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Is in favour of technology-neutral auctions for the purpose of allocating frequencies that are liberated because of the digital dividend and making those frequencies tradable; warns, however, of spectrum fragmentation which leads to the sub-optimal use of scarcConsiders that auctioning and trading should not constitute the primary mechanisms by which to allocate fresources; calls on the Commission to ensure that a common spectrum plan will not create new barriers to future innovationquencies since market mechanisms alone fail to deliver important public goods;
Amendment 59 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 3 – Article 128 – paragraph 2 – point c
Chapter 3 – Article 128 – paragraph 2 – point c
Amendment 66 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 3 – Article 130 – paragraph 1
Chapter 3 – Article 130 – paragraph 1
1. Before being engaged, a parliamentary assistant shall provide evidence of physical fitness toundertake a medical test at the European Parliament’´s medical service in order that the European Parliament may be satisfied that he fulfils the requirements of Article 128 (2)(d). A negative outcome of the medical test shall not automatically result in that person not being engaged by the European Parliament as a parliamentary assistant.
Amendment 69 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 3 – Article 131 – paragraph 1
Chapter 3 – Article 131 – paragraph 1
1. The contracts of parliamentary assistants shall be concluded for a fixed periodn unlimited period, expiring at the end of the mandate of the Member or Members concerned. On an exceptional basis contracts can be concluded for a fixed period of no less than 12 months. Without prejudice to Article 140, the contracts shall expire at the latest by the end of the parliamentary term during which they were concluded.
Amendment 77 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 4 – Article 132 – paragraph 2
Chapter 4 – Article 132 – paragraph 2
2. Assistants may not be required to work overtime except in the event of an emergency or in exceptional workloadcircumstances.
Amendment 79 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 4 – Article 132 – paragraph 3
Chapter 4 – Article 132 – paragraph 3
3. However, oOvertime worked by parliamentary assistants classified as grade 4 or lower on the salary scale shall carry nothe right to compensation or remuneration.
Amendment 85 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 5 – Article 133
Chapter 5 – Article 133
Save as otherwise provided in Articles 134 and 135, Article 19, Article 20(1) to (3) and Article 21 of these Conditions of Employment and Article 16 of Annex VII to the Staff Regulations (remuneration and expenses) shall apply by analogy. Expenses for missions undertaken on request of the Member carry the right to reimbursement. The arrangements for reimbursement of mission expenses shall be laid down in the provisions referred in Article 125 (2).
Amendment 90 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 5 – Article 134 – table
Chapter 5 – Article 134 – table
Grade 1 deleted 2 deleted 3 4 5 6 7 Full-time basic salary 1 193,00 1 389,85deleted deleted 1 619,17 1 886,33 2 197,58 2 560,18 2 982,61 Grade 8 9 10 11 12 13 14 Full-time basic salary 3 474,74 4 048,07 4 716,00 5 494,14 6 400,67 7 456,78 8 687,15
Amendment 100 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation No 31 (EEC), 11 (EAEC)
Chapter 6 – Article 137 – paragraph 4 a (new)
Chapter 6 – Article 137 – paragraph 4 a (new)
4a. When transferring acquired pension rights into the national system upon termination of a contract, it must be ensured that pension payments made into the EU system are appropriated to a pension scheme which protects them from third-party interference and from being treated like regular savings.
Amendment 95 #
2008/0217(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Credit rating agencies play an important role in global securities and banking markets, as their ratings are used by investors, borrowers, issuers and governments to make informed investment and financing decisions. Credit institutions, investments firms, insurance undertakings, assurance undertakings, reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement provision, may use those ratings as the reference for the calculation of their capital requirements for solvency purposes or for calculating risks in their investment activity. Consequently, credit ratings have a significant impact on the trust and confidence of investors and consumers. It is essential, therefore, that credit ratings used in the Community are independent, objective and of the highest quality. To that end, public rating agencies need to be set up, financed by fees. In addition, the importance of ratings should be greatly scaled down so as to prevent market operators from being lulled into a false sense of security about the risks incurred.
Amendment 99 #
2008/0217(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Currently, most credit rating agencies have their headquarters outside the Community. Most Member States do not regulate the activities of credit rating agencies or the conditions for the issuance of credit ratings. Despite their significant importance for the functioning of the financial markets, credit rating agencies are only to a limited extent subject to Community legislation, notably Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation. Moreover, Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions refer to credit rating agencies. It is therefore important to lay down rules ensuring that all ratings used by financial institutions governed by Community legislation are of high quality and issued by public credit rating agencies subject to stringent requirements. The Commission will continue to work withthat do not work for profit, since this its international partners to ensure convergence of the rules applythe only way to avoid conflicts of interest ing to credithe rating agencieprocess.
Amendment 112 #
2008/0217(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Credit rating agencies are considered to have failed to reflect early enough in their credit ratings the worsening market conditions. This failure can be best corrected by measures related to conflicts of interest, the quality of the credit ratings, the transparency of thesetting up public European credit rating agencies, their internal governance and surveillance of the activities of the credit rating agenciesat would be financed by fees and would not work for profit. The users of credit ratings should not rely blindly on credit ratings. They should take utmost care to perform their own analysis and conduct due diligence regarding their reliance on such credit ratings.
Amendment 171 #
2008/0217(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Under certain circumstances structured finance instruments may have effects which are different from traditional corporate debt instruments. It could be misleading for investors to apply the same rating categories to both types of instruments without further explanation. Credit rating agencies should play an important role in raising awareness of the users of ratings about the specificities of Given the financial crisis it is legitimate to ask whether the risks associated withe structured finance products in relation to traditional ones. Therefore credit rating agencies should either use different rating categories when rating structured finance instruments or provide additional information on the different risk characteristics of these producinstruments can in any way be properly quantified. To prevent market operators being lulled into a false sense of security, credit rating agencies should, as a matter of principle, refrain from rating structured finance instruments.
Amendment 178 #
2008/0217(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure a high level of investor and consumer confidence in the internal market, the influence of credit rating agencies which issue credit ratings intended for use for regulatory purposes by financial institutions in the Community should be subject to registration. It is therefore necessary to lay down the conditions and the procedure for the granting, suspension and withdrawal of that registrationshould be limited, whereas the internal risk management of financial institutions should be strengthened. Only public institutions should be permitted to issue official credit ratings intended for use for regulatory purposes by financial institutions in the Community.
Amendment 239 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Credit institutions, investments firms, insurance, assurance and reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement provision referred to in Article 2 may onlynot use for regulatory purposes credit ratings which are issued by private credit rating agencies established in the Community and registered in accordance with this Regulation.
Amendment 244 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
Investment firms and credit institutions referred to in Art. 1 of Directive 2004/39/EC should not execute orders on behalf of their clients with respect to financial instruments which have been rated, unless the credit rating has been issued by a credit rating agency registered in accordance with this Regulationchecked and confirmed by a public European credit rating agency.
Amendment 9 #
2007/2287(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Notes that consumers use cross-border financial services by telephone or on the Internet only to an imperceptibly small degree (less than 1 %) and that the extensive regulation of such services at European level is therefore in no way proportionate to requirements;
Amendment 10 #
2007/2287(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Sees no point, given the factual absence of an integrated market for mortgage loans, in trying to artificially create such a market by setting up a European legal framework;
Amendment 24 #
2007/2287(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the legislative approaches currently available, minimum harmonisation and full harmonisation, are in a state of tension between simplifying cross-border business and maintaining national standards for consumer protectionConsiders it justified for Member States to continue in future to exceed the European minimum consumer protection standards and for equal conditions of competition to be limited as a result;
Amendment 35 #
2007/2287(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Opposes standardised products, as these undermine the aim of greater product diversitRegards the certification of products in accordance with international standards as good sense, as this makes it possible to assess various aspects of the service in a reliable and transparent way;
Amendment 41 #
2007/2287(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Emphasises that effective self- regulation of the financial services industry should be preferred to any legislative regulation; cCalls on the financial services industry to work steadfastly towards the aims of the above Green Paper by self-regulation and thus reduce the need for binding legal acts;
Amendment 45 #
2007/2287(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Welcomes, in connection with the proposed strengthening of legal certainty for consumers, the introduction of the principle that the law of the country in which the consumer ordinarily resides is applicable to the contract if the service provider designs the business to include that country;
Amendment 46 #
2007/2287(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Points out that a particular duty of care needs to apply to the marketing of savings and old-age pension products, as the decisions that consumers take in this area are regularly decisions of great importance that as a rule consumers take only once in a lifetime;
Amendment 47 #
2007/2287(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 61 #
2007/2287(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that real competition can arise only in equal competitive conditions; concludes that any legislation must follow the principle of ‘equal risk, equal regulation’; points out, however, that in the financial services sector product design is particularly influenced by the regulatory environment and a ‘one size fits all’ approach would adversely affect product diversity;
Amendment 79 #
2007/2287(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Emphatically draws attention to the importance of improving the protection of customers’ personal data in the EU Member States before enabling credit institutions and credit data agencies to have non- discriminatory cross-border access to credit data registers, as otherwise the door to abuse of personal data will be wide open;
Amendment 15 #
2007/2238(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas most hedge funds operate from offshore banking centres without any supervision and regulation;
Amendment 28 #
2007/2238(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Amendment 32 #
2007/2238(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the strategies of hedge funds and private equity funds are usually aimed at maximizing profits in the short run without considering companies` needs for stable long-term financing,
Amendment 33 #
2007/2238(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the massive and uncontrolled diffusion of complex “innovative products” lies at the heart of the current financial crisis; whereas hedge funds and private equity in many cases provide liquidity and demand for such innovative products,
Amendment 48 #
2007/2238(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas the liberalisation and deregulation of financial markets has led to a new model of wealth creation which is damaging for the productive sector and labour, increases social polarization and contributes to the erosion of democracy; whereas measures to improve transparency and supervision are not enough to ensure that financial markets contribute to economic stability, social equity and sustainable development; whereas the current financial crisis has systemic roots, and hence the structure and the mechanisms of the system in general are at stake,
Amendment 68 #
2007/2238(INI)
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas laws and regulations for private equity are needed which prevent damaging practices such as the asset- stripping of viable companies,
Amendment 76 #
2007/2238(INI)
Motion for a resolution
Recital O a (new)
Recital O a (new)
Amendment 3 #
2007/2201(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Amendment 5 #
2007/2201(INI)
Motion for a resolution
Recital E
Recital E
E. considering the importanceat the task of EU competition policy for the completion of the internal market and the good functioning of a real levelshould be to counter the current trend towards concentrations in the Member States’ banking sectors and among providers of playing field for all actorment settlement services,
Amendment 17 #
2007/2201(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Points out that socially- or member- oriented financial institutions make an indispensable contribution to a social Europe and to the stability of financial markets; takes the view that cooperation between individual savings and cooperative banks does not restrict competition, but that competition is fostered by the existence of publicly- owned and cooperative banking groups; takes the view that European competition policy must not directly or indirectly discriminate against the business model of the more socially-oriented financial institutions;
Amendment 29 #
2007/2201(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to carry out a study on access to basic financial services in the European Union and to develop best practice on improving the level of account provision and tackling the problem of people not having an account;
Amendment 53 #
2007/2201(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Takes the view that the protection of customers’ personal data and consumers’ rights of access and rectification must be improved throughout Europe, before mutual access to credit registers and cross-border data sharing are made easier;
Amendment 74 #
2007/2201(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to investigate whether transposition of the Directive on payment services in the internal market is reducing the number of providers of payment settlement services and immediately to take steps if major providers develop a monopoly position that could reduce competition;
Amendment 8 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 3 a (new)
Recital 3 a (new)
(3a) The EU is seeking to ensure that the proportion of total energy consumption accounted for by renewables is increased to 20% by 2020. To meet that target, every effort should be made to give priority, wherever possible, to energy generation from renewable sources.
Amendment 9 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 4 a (new)
Recital 4 a (new)
Amendment 10 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 5 a (new)
Recital 5 a (new)
(5a) To guarantee safe network operation, promote investment in network infrastructure, and enable network access to proceed without discrimination, energy networks should be transferred to public ownership.
Amendment 16 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 21 a (new)
Recital 21 a (new)
(21a) To deal with the problem of energy- related poverty, Member States should draw up national action programmes to guarantee energy supplies to customers in need of protection. To that end an integrated approach is required, encompassing both subsidised rates and improvements in the energy efficiency of residential buildings. This Directive should at least establish the preconditions for preferential treatment for the purposes of pricing models where customers are in need of protection.
Amendment 21 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 1 a (new)
Article 1 – point 1 a (new)
Directive 2003/54/EC
Article 3 – paragraph 5, subparagraph 1 a (new)
Article 3 – paragraph 5, subparagraph 1 a (new)
1a. In Article 3(5), the following subparagraph is added: “To prevent energy-related poverty, Member States must guarantee every household the right to be supplied with electricity. Customers in need of protection should be offered subsidised rates; where customers are in need of protection, payment arrears or the inability to pay may not entail disconnection.”
Amendment 150 #
2007/0143(COD)
Proposal for a directive
Article 27 – paragraph -1 (new)
Article 27 – paragraph -1 (new)
(-1) The main objective of supervision is to protect and preserve the interests of policyholders and the beneficiaries of insurance payments.
Amendment 151 #
2007/0143(COD)
Proposal for a directive
Article 27
Article 27
Member States shall ensure that the supervisory authorities are provided with the necessary means to achieve the main objective of supervision, namely the protection of policyholders and beneficiaries.
Amendment 156 #
2007/0143(COD)
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
(1a) The European Parliament shall in consultation with the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) examine whether a supervisory authority has the necessary means. If the European Parliament finds that only insufficient means are available the undertakings supervised by the authority concerned shall be required to support that authority in the acquisition of the necessary means.
Amendment 165 #
2007/0143(COD)
Proposal for a directive
Article 33 – paragraph 1
Article 33 – paragraph 1
1. Member States shall require every insurance and reinsurance undertaking whose head office is situatedoperating in their territory to produce an annual account, covering all types of operation, of its financial situation, solvency and, as regards cover for risks listed in class 18 in point A of Annex I, other resources available to them for meeting their liabilities, where their laws provide for supervision of such resources.
Amendment 166 #
2007/0143(COD)
Proposal for a directive
Article 33 – paragraph 3 – subparagraph 1
Article 33 – paragraph 3 – subparagraph 1
3. Member States shall require insurance and reinsurance undertakings whose head office is situatedoperating in their territories to submit periodically the returns, together with statistical documents, which are necessary for the purposes of supervision.
Amendment 171 #
2007/0143(COD)
Proposal for a directive
Article 36 – paragraph 2 – point f a (new)
Article 36 – paragraph 2 – point f a (new)
(fa) compliance with the transparency requirements as defined in Chapter IV, Section 3;
Amendment 184 #
2007/0143(COD)
Proposal for a directive
Article 43 – paragraph 1 – subparagraph 2
Article 43 – paragraph 1 – subparagraph 2
That risk management system shall be well integrated into the organisational structure of the insurance or reinsurance undertaking. It must be objective and independent of other operational activities. It shall contain contingency plans.
Amendment 194 #
2007/0143(COD)
Proposal for a directive
Article 46 – paragraph 2 – subparagraph 1
Article 46 – paragraph 2 – subparagraph 1
2. The internal audit function shall include the examination of the compliance of the activities of an insurance and reinsurance undertaking with all its internal strategies, processes and reporting procedures. Examination shall in particular cover the activity of the risk management system under Article 43 and the actuarial function under Article 47.
Amendment 199 #
2007/0143(COD)
Proposal for a directive
Article 47 – paragraph 2 a (new)
Article 47 – paragraph 2 a (new)
(2a) Management of the actuarial function must be objective and independent of other operational activities.
Amendment 200 #
2007/0143(COD)
Proposal for a directive
Article 48 – paragraph 1
Article 48 – paragraph 1
1. Member States shall ensure that, when insurance and reinsurance undertakings outsource critical or important operational functions or any insurance or reinsurance activities or the performance of financial guarantees, the undertakings remain fully responsible for discharging all of their obligations under this Directive.
Amendment 204 #
2007/0143(COD)
Proposal for a directive
Article 50 - paragraph 1 – subparagraph 2- introductory part
Article 50 - paragraph 1 – subparagraph 2- introductory part
That report shall contain the following information , either in full or by way of references to equivalent information disclosed publicly under other legal or regulatory requirementin full, clearly set out in a standard document and easily accessible to policy-holders and other interested parties:
Amendment 207 #
2007/0143(COD)
Proposal for a directive
Article 50 - paragraph 2 - subparagraph 3
Article 50 - paragraph 2 - subparagraph 3
Amendment 212 #
2007/0143(COD)
Proposal for a directive
Article 58 – paragraph 2
Article 58 – paragraph 2
(2) The competent supervisory authorities may oppose the proposed acquisition only if there are reasonable grounds for doing so on the basis of the criteria set out in paragraph 1 or if the information provided by the proposed acquirer is incomplete.
Amendment 213 #
2007/0143(COD)
Proposal for a directive
Article 58 – paragraph 3
Article 58 – paragraph 3
Amendment 254 #
2007/0143(COD)
Proposal for a directive
Article 78 – paragraph 1
Article 78 – paragraph 1
When calculating technical provisions, insurance and reinsurance undertakings shall take account of the value and quality of financial guarantees and any contractual options included in insurance and reinsurance policies
Amendment 260 #
2007/0143(COD)
Proposal for a directive
Article 85 - paragraph 1 – point h a (new)
Article 85 - paragraph 1 – point h a (new)
(ha) Assessment of different guarantee qualities with regard to the financial guarantees to be taken into account under Article 78.
Amendment 276 #
2007/0143(COD)
Proposal for a directive
Article 90
Article 90
In so far as authorised under national law, realised profits appearing as surplus funds in the statutory annual accounts shall not be considered as insurance and reinsurance liabilities, to the extent that these surplus funds may be used to cover any losses which may arise and where they have not been made available for distribution to policyholders and beneficiaries. or earmarked for compulsory distribution.
Amendment 298 #
2007/0143(COD)
Proposal for a directive
Article 96 – point 1
Article 96 – point 1
(1) surplus funds falling under Article 90 shall be classified in Tier 1; if the crediting of these funds is subject to a regulatory proviso, they shall be classified in Tier 2;
Amendment 353 #
2007/0143(COD)
Proposal for a directive
Article 104 – paragraph 4 – subparagraph 1
Article 104 – paragraph 4 – subparagraph 1
4. Each of the risk modules referred to in paragraph 1 shall be calibrated using a Value-at-Risk measure, with a 99.5% confidence level of 99.5% or, in the case of life assurance undertakings, 99.8%, over a one -year period.
Amendment 400 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point a
Article 127 – paragraph 1 – point a
(a) it shall be calculated in a clear and simple manner, and in such a way as to ensure that the calculation can be audited or verified by a court; mathematically, it shall be determined independently of the Solvency Capital Requirement;
Amendment 412 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point c
Article 127 – paragraph 1 – point c
(c) the level of the Minimum Capital Requirement shall be calibrated to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level in the range of 80% to 90of 95% over a one-year period;