Activities of Elisa FERREIRA related to 2010/0281(COD)
Reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances PDF (450 KB) DOC (389 KB)
Amendments (19)
Amendment 51 #
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) and Article 121(3), in combination with Article 148(3) and (4) thereof,
Amendment 58 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The internal market, as provided for by the TFEU, should work for the sustainable development of the Union based on balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social cohesion, and a high level of protection and improvement of the quality of the environment.
Amendment 60 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) The European Council of 17 June 2010 adopted a new strategy for jobs and growth, the Europe 2020 strategy, to enable the Union to emerge stronger from the crisis, and to turn its economy towards smart, sustainable and inclusive growth, accompanied by high level employment, productivity and social cohesion. The European Council also decided to launch, on 1 January 2011, the European semester for policy coordination to allow Member States to benefit from early coordination at Union level and to enable enhanced surveillance and a simultaneous assessment of both budgetary measures and structural reforms, fostering growth and employment.
Amendment 98 #
Proposal for a regulation
Recital 7
Recital 7
(7) TIn order for the scoreboard to function efficiently as the basis for improved surveillance of macroeconomics, the scoreboard should consist of a limited set of economic and financial indicators relevant to detection of macroeconomic imbalances, with corresponding indicative thresholds. Symmetry in the interpretation of numerical thresholds means that excessive positive or negative values as well as divergent evolutions of similar indicators across Member States shall trigger a closer review. The composition of the scoreboard mayshould evolve in timeover time so as to adapt to the changing nature of macroeconomic imbalances, inter alia due to evolving threats to macroeconomic stability or enhanced availability of relevant statistics.
Amendment 119 #
Proposal for a regulation
Recital 9
Recital 9
(9) Based on the multilateral surveillance procedure and the alert mechanism, the Commission should, by way of preliminary assessment, identify the Member States to be subject to an in-depth review. Conducting such an in-depth review should not imply a presumption of the existence of excessive macroeconomic imbalances. The in-depth review should encompass a thorough analysis of sourcthe causes of imbalances inand the capacity of the Member State under review. It should be discussed within the Council and the Euro Group for the Member States whose currency is the euro to resolve them. An in-depth review should be seen as a standard component of the diagnosis phase.
Amendment 136 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Measures proposed to a given Member State for correcting imbalances should take into account the objectives of a Union strategy for growth and jobs and the need to use such a strategy as an instrument for sustainable internal cohesion, contributing to making the Union the most competitive economy in the world. The medium-term growth and primary balance targets of the "catching- up countries" should be taken into consideration.
Amendment 145 #
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on appropriate policy responses. The policy response of the Member State concerned to imbalances should be timely and should use all available policy instruments under the control of public authorities and involve all relevant national stakeholders. It should be tailored to the specific environment and circumstances of the Member State concerned, be compatible with medium and long-term convergence and the targets included in a Union strategy for growth and jobs, and cover the main economic policy areas, potentially including fiscal and wagetaxation policies, labour markets, product and services markets and financial sector regulation.
Amendment 156 #
Proposal for a regulation
Recital 14
Recital 14
(14) If severexcessive macroeconomic imbalances are identified, including imbalances that jeopardise the proper functioning of economic and monetary union, an excessive imbalance procedure should be initiated that may include issuing recommendations to the Member State, enhanced surveillance and monitoring requirements and in respect of Member States whose currency is the euro, the possibility of enforcement in accordance with Regulation (EU) No […/…]4[1] in the event of sustained failure to take corrective action. [1] OJ L […], […], […].
Amendment 203 #
Proposal for a regulation
Article 3 – paragraph 1 b (new)
Article 3 – paragraph 1 b (new)
1b. The Commission shall take into account, when addressing macroeconomic imbalances, the overall conditions under which they are developing, namely the asymmetric impacts caused by globalisation across the European Union, the growth of aggregate demand, the different interest rate level of sovereign and private debt financing, the credit conditions in the retail market, taxation differences across Europe, in particular corporate taxes, and the available EU instruments and conditions to support social and regional convergence.
Amendment 209 #
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 Stateindicators for Member States shall allow for comparisons between Member States and reflect short-term, structural and medium-long term trends. The Commission mayshall set indicative and symmetric lower or upper thresholds for these indicators to serve as alert levels. ThWhenever appropriate, the same thresholds shall be applicable to Member States whose currency is the euro may be different from those applicable to the otherand to Member States whose currency is not the euro. Within the Eurozone, threshold may reflect the different starting positions of Member States.
Amendment 225 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The work of the European Systemic Risk Board shall be taken into due consideration in the drafting of indicators relevant to financial market stability.
Amendment 235 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts in accordance with Article -12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard and of the relevant thresholds. The list of indicators shall include, among others the following sets of indicators: (a) internal imbalances, including private and public debt and its evolution; internal income inequalities; unemployment rates; and asset price developments with particular attention to real estate, and financial markets; (b) external imbalances, including current account composition, balance and evolution; the evolution of export market shares in Union and third-country markets; and net foreign assets positions; (c) internal market developments, including a rolling average of five-year comparative real growth; an indicator of growth and employment dynamics including energy composition of the product and public and private research and development investment; and Union and third-country foreign direct investment flows.
Amendment 252 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated values of the indicators in the scoreboard shall be accompanied by a Commission report containing an sound economic and financial assessment putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicator relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalancesincluding an assessment of the evolution of macroeconomic imbalances within the Union and putting the indicators into perspective. Best practices shall be taken into account. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalances inside the Member State concerned, in another Member State or across the Union as a whole. All the available information shall be taken into account and conclusions shall not be drawn from the scoreboard based on the indicators alone.
Amendment 264 #
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall discuss and adopt conclusions on the Commission report. The competent committee of the European Parliament may organise public debates on the Commission report. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro. Excessive imbalance should also trigger, where appropriate, the involvement of the ESRB or/and the relevant European Supervisory Authority.
Amendment 280 #
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) as appropriate, whether the Member State under review has taken appropriate action in response to Councilthe recommendations or invitations adopted in accordance with Articles 121, 126 and 12648 TFEU of the Treaty and under Articles 6, 7, 8 and 10 of this Regulation, and the consequences of such recommendations;
Amendment 291 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
Amendment 324 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The recommendations referred to in paragraph 2 shall comply with the objectives of the Union as defined in Article 3 of the Treaty on European Union. The recommendations shall take due account of Article 153 TFEU, as well as of the rights incorporated in the Charter of Fundamental Rights of the European Union. The recommendations shall also strictly respect the specificity of each Member State, in particular its model of industrial relations and social dialogue. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 367 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. By means of Article 121(3), an additional report by the Commission should be elaborated where an assessment is made on whether macroeconomic imbalances within the Union have narrowed or not, taking into account some EU wide aspects like European demand, markets opportunities, credit conditions, fiscal space to invest, financial support for catching-up regions, etc.
Amendment 384 #
Proposal for a regulation
Article 10 – paragraph 5 a (new)
Article 10 – paragraph 5 a (new)
5a. Where the Council, upon a recommendation from the Commission pursuant to paragraph 4, concludes that the Member State has not taken the recommended corrective action, the Council decision shall be enforceable in accordance with Regulation (EU) No .../2011.