Activities of Elisa FERREIRA related to 2011/0385(COD)
Plenary speeches (2)
Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area - Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (debate)
Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area - Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area PDF (400 KB) DOC (610 KB)
Amendments (38)
Amendment 49 #
Proposal for a regulation
Recital 1
Recital 1
(1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance outside the framework of the Union.
Amendment 55 #
Proposal for a regulation
Recital 3
Recital 3
(3) The intensity of the economic and fiscal surveillance should be commensurate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality.
Amendment 60 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) In applying this Regulation, the Council and the Commission should fully respect the role of social partners, as well as differences in national systems, such as the systems for wage formation.
Amendment 63 #
Proposal for a regulation
Recital 4
Recital 4
(4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other euro area Member States against possible negative spill over effects. This enhanced surveillance should be proportionate to the seriousness of the problems and graduated accordingly. It should include a wider access to the information needed for a close monitoring of the economic, fiscal and financial situation and a regular reporting to the competent committee of the European Parliament as well as the Economic and Financial Committee (EFC) or to any sub- committee the latter may designate for that purpose. The same modalities of surveillance should apply to Member States requesting precautionary assistance from the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM) the International Monetary Fund (IMF) or another international financial institution.
Amendment 65 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) A Member State subject to enhanced surveillance should also adopt measures aimed at addressing the sources or potential sources of its difficulties. To that end, all recommendations addressed to it in the excessive deficit procedure or in the imbalances procedure should be taken into account.
Amendment 66 #
Proposal for a regulation
Recital 5
Recital 5
(5) The surveillance of the economic and fiscal situation should be strongly reinforced for Member States under macro- economic adjustment programme. Because of the comprehensive nature of the latter, the other processes of economic and fiscal surveillance should be suspended for the duration of the macro-economic adjustment programme, with a view to avoiding a duplication of reporting obligations. However, when preparing the macroeconomic adjustment programme, all recommendations addressed to the Member State in the latter procedures should be taken into account.
Amendment 77 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 86 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/oror the sustainability of their public finances, with potential negative spill-over effects on other Member States of the euro area, and/or Member States that receive or may receivehave requested financial assistance from one or several other States, the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism (EFSM), the European Stability Mechanism (ESM) or other International Financial Institutions (IFI), such as the International Monetary Fund (IMF).
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The application of this Regulation shall fully observe Article 152 TFEU and shall fully respect national practices and institutions for wage formation. This Regulation shall take into account Article 28 of the Charter of Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate, conclude or enforce collective agreements or to take collective action in accordance with national law and practices.
Amendment 98 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Coordination of sovereign debt issuance 1. With a view to better coordinating the planning and placement of their national debt issuance, Member States shall report ex ante on their public debt issuance plans to the Commission and to the Council. 2. Member States shall seek to improve the financing conditions of their national debt by agreeing, following a proposal by the Commission, an annual coordinated national debt issuance schedule. 3. Member States co-operating under paragraph 2 may further improve and stabilise their financing conditions by offering a coordinated interest rate on their national debt, on the basis of the country's economic fundamentals and the market conditions and following a methodology to be established by a regulation of the European Parliament and the Council. That regulation will also define the conditions for the buying by the ESM of any residual unsold amount from coordinated national debt issuances.
Amendment 104 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. The Commission may decide to make, following an in-depth review as foreseen in article 5 of Regulation (EU) No 1176/2011 where it concluded that a Member State is experiencing or is threatened with severe difficulties with regard to its financial stability, to subject such Member State to enhanced surveillance. The Member State concerned shall be given the possibility to express its views beforehand. The Commission shall decideassess every six months whether to prolongmaintain the enhanced surveillance.
Amendment 106 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The Commission shall decide to make a Member State receiving a financial assistance on a precautionary basis from one or several other States, the EFSF, the ESM or any other International Financial Institution, such as the IMF, subject to enhanced surveillance. The Commission shall establish a list of the precautionary financial assistance instruments concerned and keep it updated to take into account possible changes in the financial support policy of the EFSF, ESM or of any other relevant International Financial Institution.
Amendment 115 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB) where appropriate, adopt measures aimed at addressing the sources or potential sources of difficulties taking into account any recommendations addressed to them under Regulations (EU) No 1466/97, 1467/97 and 1176/2011 and in their National Reform Programmes and Stability and Convergence Programmes.
Amendment 120 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 123 #
Proposal for a regulation
Article 3 – paragraph 3 – introductory part
Article 3 – paragraph 3 – introductory part
3. On the basis of a request from the Commission and with the timeframes there set out, the Member State under enhanced surveillance shall, in accordance with Article 2(1):
Amendment 124 #
Proposal for a regulation
Article 3 – paragraph 3 – point a
Article 3 – paragraph 3 – point a
Amendment 126 #
Proposal for a regulation
Article 3 – paragraph 3 – point a a (new)
Article 3 – paragraph 3 – point a a (new)
(aa) communicate any information needed for the monitoring of macroeconomic imbalances established by Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances;
Amendment 127 #
Proposal for a regulation
Article 3 – paragraph 3 – point a b (new)
Article 3 – paragraph 3 – point a b (new)
(ab) communicate to the Commission, the ECB and the relevant ESA at the requested frequency disaggregated information on the financial situation of the financial institutions which are under the surveillance of its national supervisors;
Amendment 128 #
Proposal for a regulation
Article 3 – paragraph 3 – point b
Article 3 – paragraph 3 – point b
Amendment 130 #
Proposal for a regulation
Article 3 – paragraph 3 – point c
Article 3 – paragraph 3 – point c
Amendment 132 #
Proposal for a regulation
Article 3 – paragraph 3 – point d
Article 3 – paragraph 3 – point d
Amendment 134 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. On the basis of a request from the Commission and with the timeframes there set out, the Member State under enhanced surveillance according to Article 2(2) shall: (a) carry out, under the supervision of the European Banking Authority, stress test exercises or sensitivity analyses as necessary to assess the resilience of the banking sector to various macroeconomic and financial shocks, as specified by the Commission and the ECB, and share the detailed results with them; (b) be subject to regular assessments of its supervisory capacities over the financial sector in the framework of specific peer review carried out by the ESAs; Member States receiving financial support for recapitalising financial institutions shall in addition report on the conditionality imposed on these financial institutions, including executive remuneration and real economy credit conditions. (c) precisely identify the investment component as well as the budgetary consequences of economic reforms agreed in the National Reform Programmes as well as any deviations from the National Reform Programmes and EU country- specific policy recommendations on a multiannual basis. Any deviations shall be duly explained.
Amendment 135 #
Proposal for a regulation
Article 3 – paragraph 3 b (new)
Article 3 – paragraph 3 b (new)
3b. For Member States placed under enhanced surveillance and where an excessive deficit exists, the closer monitoring of the fiscal situation laid down in Article 7(2), (3) and (6), of Regulation (EU) No .../2012 of the European Parliament and of the Council of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area]shall continue to apply. The report referred to in paragraph 3 of this Article shall be submitted on a quarterly basis.
Amendment 139 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under enhanced surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC) - or to any subcommittee the latter may designate for that purpose - and assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No 1467/97.
Amendment 144 #
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial and economic situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, theproper functioning of the monetary union, the European Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State concerned to seek financial assistanceEFSF or to the ESM to offer financial assistance, linked to appropriate conditionality, and to prepare a macro-economic adjustment programme. The Council macan only decide to make this recommendation public insofar as financial assistance is granted.
Amendment 151 #
Proposal for a regulation
Article 3 – paragraph 6 – point a
Article 3 – paragraph 6 – point a
(a) the relevant Committee of the European Parliament may invite representatives of the Member State concerned and the Commission to participate to an exchange of views;
Amendment 159 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
A Member State wishing to obtain financial assistance from one or several other States, the EFSF, the ESM, the International Monetary Fund (IMF) or another institution outside of the Union framework shall immediately inform the Council, the Commission, the European Parliament and the ECB of its intention. The competent committee of the European Parliament together with the EFC, or any subcommittee the latter may designate for that purpose, shall hold a discussion on this envisaged request, after having received an assessment from the Commission.
Amendment 161 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Where financial assistance is sought from the EFSF or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of the sustainability of the government debt of the Member State concerned, including the impact of any macro-financial adjustment programme on growth forecasts and therefore on the Member State's ability to repay the envisaged financial assistance, and forward it to the EFC or to any subcommittee the latter may designate for that purpose.
Amendment 164 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programmesent to the Commission a macroeconomic adjustment programme which shall build on and substitute the economic partnership programme whenever it exists, aimed at re-establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. Where such an adjustment programme is required, financing shall be provided with adequate interest rates and adequate maturities of, where possible, no less than thirty years. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures.
Amendment 184 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the competent committee of the European Parliament as well as the EFC or any subcommittee the latter may designate for that purpose. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 190 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Commission - in liaison with the ECB - shall examine with the Member State concerned the changes that may be needed to its adjustment programmeand objectively taking into account the immediate and medium term consequences of the adjustment programme namely on growth and employment - shall examine with the Member State concerned the changes that may be needed to its adjustment programme. The competent committee of the European Parliament may invite the Member State and the Commission to discuss the need and conditions of such adjustments. The Council, acting by a qualified majority on a proposal from the Commission, shall decide on any change to be made to the adjustment programme.
Amendment 203 #
Proposal for a regulation
Article 6 – paragraph 7
Article 6 – paragraph 7
7. The relevant Committee of the European Parliament may invite representatives of the Member State concerned and the Commission to participate to an exchange of views on the progress made in the implementation of the adjustment programme.
Amendment 214 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The adjustment programme and the changes thereto provided for by Article 6 of this Regulation shall be deemed to replace the submission of stability programmes provided for by Article 4 of Council Regulation (EC) No 1466/97.
Amendment 215 #
Proposal for a regulation
Article 7 – paragraph 2 – point a
Article 7 – paragraph 2 – point a
(a) The adjustment programme provided for by Article 6 of this Regulation shall also be deemed to replace as appropriate the reports provided for by Article 3(4a) and Article 5(1a) of Council Regulation (EC) No 1467/97;
Amendment 217 #
Proposal for a regulation
Article 7 – paragraph 2 – point b
Article 7 – paragraph 2 – point b
(b) The annual budgetary targets in the adjustment programme provided for by Article 6(3) of this Regulation shall be deemed to replace as appropriate the annual budgetary targets foreseen in accordance with Article 3(4) and Article 5(1) of Regulation (EC) No 1467/97 in the mentioned recommendation and notice. If the Member State concerned is subject to notice under Article 126(9) of the Treaty, the adjustment programme foreseen by Article 6(3) of this Regulation shall also be deemed to replace the indications on measures conducive to those targets foreseen in the notice in accordance with Article 5(1) of Regulation (EC) No 1467/97.
Amendment 218 #
Proposal for a regulation
Article 7 – paragraph 2 – point c
Article 7 – paragraph 2 – point c
(c) The monitoring provided for by Article 6(3) of this Regulation shall be deemed to replace the monitoring provided for by Article 10(1) and Article 10a of Council Regulation (EC) No 1467/97 and the monitoring underlying any decision provided for by Article 4(2) and 6(2) of Regulation (EC) No 1467/97.
Amendment 222 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
The monitoring provided for by Article 6(3) of this Regulation shall be deemed to replace the monitoring and assessment of the European Semester for economic policy coordination provided for by Article 2a of Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and coordination of economic policies.
Amendment 241 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State under post programme surveillance to adopt corrective measures. The competent committee of the European Parliament may invite the Member State to an exchange of views on post programme recommendations.