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23 Amendments of Dariusz ROSATI related to 2018/0212(COD)

Amendment 51 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 4
(4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has exposed economic weaknesses in Member States, lacking resilience due to the postponement of structural reforms and thus their limited fiscal capacity to react, and has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks.
2018/11/09
Committee: BUDGECON
Amendment 60 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 5
(5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall, which highlights the need for adherence to the Stability and Growth Pact in the framework of the EU’s fiscal rules in order to create fiscal space and thus be able to address economic shocks. The sequence of the crisis in euro area also suggests strong reliance on the single monetary policy to provide for macro- economic stabilisation in severe macro- economic circumstances.
2018/11/09
Committee: BUDGECON
Amendment 69 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 7
(7) Additional instruments are therefore necessary to avoid in the futureSound public finances could be complemented in the future by additional instruments to avoid that large asymmetric shocks result into deeper and broader situations of stress and weaken cohesion.
2018/11/09
Committee: BUDGECON
Amendment 96 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 12
(12) The European Stability Mechanism (ESM) or its legal successor could provide further support in addition to support under EISF.deleted
2018/11/09
Committee: BUDGECON
Amendment 117 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 15
(15) Strict eligibility criteria based on compliance with decisions and recommendations underthe Stability and Growth Pact as part of the Union's fiscal and economic surveillance framework over a period of twofive years before the request for EISF support should be fulfilled by the Member State requesting EISF support in order not to diminish the incentive for that Member State to pursue prudent budgetary policies. Compliance with any other eligibility criteria, such as a convergence code, shall only be additional to the EU’s fiscal rules and not in replacement of them.
2018/11/09
Committee: BUDGECON
Amendment 135 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 19
(19) In addition to loans, interest rate subsidies should be granted to the Member States concerned to cover the interest costs incurred on such loans, as a specific type of financial assistance under Article 220 of the Financial Regulation. Such an interest rate subsidy would provide additional support in parallel to the loan for Member States undergoing an asymmetric shock and facing tight financing conditions on the financial markets. Payment of interest rate subsidies should be strictly conditional upon the availability of sufficient means in the Stabilisation Support Fund.
2018/11/09
Committee: BUDGECON
Amendment 147 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 22
(22) To that effect, the Commission should examine whether the Member State concerned has respected those conditions. In case of non-compliance the Member State concerned should repay part or the entire loan given and should not be entitled to receiving an interest rate subsidy.
2018/11/09
Committee: BUDGECON
Amendment 174 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 28
(28) After that intergovernmental agreement has entered into force, payment of the interest rate subsidy to the Member State concerned should be conditional upon the Member State transferring its yearly contribution to the Stabilisation Support Fund, without exceptions, as the risk of moral hazard and permanent transfers should remain limited. Payment of interest rate subsidies should be strictly conditional upon the availability of sufficient means in the Stabilisation Support Fund, as payments through other funds cannot be guaranteed and would increase the risk of moral hazard. Payment of interest rate subsidies from the Stabilisation Support Fund would be postponed in case the interest rate subsidy to a specific Member State would exceed 320 percent of the available means in the Stabilisation Support Fund at the moment when such payment is due.
2018/11/09
Committee: BUDGECON
Amendment 181 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 31
(31) In order to determine the rules for the involvement of the ESM or its legal successor in providing financial assistance in parallel to the Commission in support of public investment, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the exchange of relevant information as regards the EISF loan, the impact of the ESM's involvement for calculating the amount of EISF support, and the granting of an interest rate subsidy by the Stabilisation Support Fund to the Member State for costs incurred on ESM financial assistance. The Commission should also be empowered to adopt delegated acts determining the percentage in the formula for calculating the interest rate subsidy, the detailed rules for the administration of the Stabilisation Support Fund and the general principles and criteria for its investment strategy. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 201614 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 14 OJ L 231, 12.5.2016, p. 1deleted
2018/11/09
Committee: BUDGECON
Amendment 189 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Recital 33
(33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on loans and granting of interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor would be involved in the future by providing financial assistance to Member States whose currency is the euro facing adverse economic conditions in support of public investment. Moreover, a voluntary insurance mechanism with a borrowing capacity based on voluntary contributions by Member States could be set up in the future to provide for a powerful instrument for the purpose of macro- economic stabilisation against asymmetric shocks.deleted
2018/11/09
Committee: BUDGECON
Amendment 255 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 3 – paragraph 1 – point c
(c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council20 on grounds that the Member State concerned has submitted an insufficient corrective action plan in the twofive years prior to requesting support from the EISF; _________________ 20 Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances OJ L 306, 23.11.2011, p. 25
2018/11/08
Committee: BUDGECON
Amendment 261 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 3 – paragraph 1 – point d
(d) two successive decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non-compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the twofive years prior to requesting support from the EISF;
2018/11/08
Committee: BUDGECON
Amendment 274 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 3 – paragraph 2
2. When the agreement has entered into force, a Member State shall only be eligible for receiving an interest rate subsidy if it complies with its obligations under the agreement. The Commission shall examine whether the Member State concerned complies with its obligations under the agreement. In case of non- compliance the Member State concerned shall repay the entire loan given and shall not be entitled to receiving an interest rate subsidy.
2018/11/08
Committee: BUDGECON
Amendment 302 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 5
1. A Member State benefitting from EISF support shall, in any given year in which it receives an EISF loan do the following: (a) invest in eligible public investment an amount corresponding to at least the amount of the EISF loan, (b) maintain the same level of its public investment compared to the average level of its public investment in the five previous years. The Commission may nevertheless conclude when adopting the decision in accordance with Article 6(2) that such level of public investment is unsustainable, in which case it shall determine the level of public investment to be maintained. 2. The year following the disbursement of the EISF loan, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1. In particular, the Commission shall also verify the extent to which the Member State concerned has maintained eligible public investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development. If the Commission, after having heard the Member State concerned, concludes that the conditions referred to in paragraph 1 have not been complied with, it shall adopt a decision: (a) requesting the early repayment of whole or part of the EISF loan, as appropriate; and (b) deciding that upon repayment of EISF loan the Member State concerned shall not be entitled to receive the interest rate subsidy. The Commission shall adopt its decision without undue delay and shall make it public.Article 5 deleted Supported investment
2018/11/08
Committee: BUDGECON
Amendment 329 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 6 – title
6 Procedure for granting or withdrawing EISF support
2018/11/08
Committee: BUDGECON
Amendment 333 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Where aA Member State fulfils the eligibility criteria referred to in Article 3 anmay request the Commission once within 12 months to receive EISF support, if the Member State concerned is experiencing the large asymmetric shock referred to in Article 4, it may request the Commission once a year to receive EISF support and fulfils the eligibility criteria referred to in Article 3. The Member State shall indicate its needs for support.
2018/11/08
Committee: BUDGECON
Amendment 339 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
The Commission shall assess and answer the requests in the order it receives them. It shall act without undue delay. The Commission shall appear in front of the committee responsible and inform the European Parliament and the Council without undue delay about the outcome of its assessment.
2018/11/08
Committee: BUDGECON
Amendment 341 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2 a (new)
A Member State benefitting from EISF support shall, in any given year in which it receives an EISF loan do the following: (a) invest in eligible public investment an amount corresponding to at least the amount of the EISF loan, (b) maintain the same level of its public investment compared to the average level of its public investment in the five previous years, (c) address market failures or sub-optimal investment situations, in a proportionate manner, without duplicating or crowding out private financing and have a clear European added value. The Commission may nevertheless conclude when adopting the decision in accordance with Article 6(2) that such level of public investment is unsustainable, in which case it shall determine the level of public investment to be maintained.
2018/11/08
Committee: BUDGECON
Amendment 347 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 6 – paragraph 2 a (new)
2a. The year following the disbursement of the EISF loan, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1. No further disbursements shall be made available before the Commission has fully examined whether the Member State concerned has respected the criteria referred to in paragraph 1. In particular, the Commission shall also verify the extent to which the Member State concerned has maintained eligible public investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development. If the Commission, after having heard the Member State concerned, concludes that the conditions referred to in paragraph 1 have not been complied with, it shall adopt a decision: (a) requesting the early repayment of the whole EISF loan, as appropriate; and (b) deciding that upon repayment of EISF loan the Member State concerned shall not be entitled to receive the interest rate subsidy. The Commission shall adopt its decision without undue delay and shall make it public.
2018/11/08
Committee: BUDGECON
Amendment 375 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 4
The Commission may nevertheless increase the amount of an EISF loan up to the amount of IS in case of particular severity of the large asymmetric shock experienced by the Member State concerned.deleted
2018/11/08
Committee: BUDGECON
Amendment 399 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 9 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21, to amend this Regulation by determining the percentage referred to in paragraph 1 if this appears necessary in view of the implementation of the agreement or the eventual deferral of payments under Article 18(2).
2018/11/08
Committee: BUDGECON
Amendment 403 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 10
Financial support by the ESM or its legal 1. In case the ESM or its legal successor provides financial assistance to Member States in support of eligible public investment under modalities and conditions consistent with this Regulation, the Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21 in order to: (a) supplement this Regulation by specifying the exchange of information between the Commission and the ESM or its legal successor as regards the elements referred to in Article 6(2); (b) supplement this Regulation by determining rules of complementarity between the financial assistance from the ESM or its legal successor and amounts of EISF support calculated in accordance with Articles 8 and 9; (c) amend or supplement Articles 9 and 18 to allow for granting an interest rate subsidy by the Stabilisation Support Fund to Member States for interest costs incurred on financial assistance granted by the ESM or its legal successor to Member States in support of eligible public investment.Article 10 deleted successor
2018/11/08
Committee: BUDGECON
Amendment 455 #
Siegfried MUREŞAN, Dariusz ROSATI, Gunnar HÖKMARK
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 2 – point d
(d) the appropriateness of developing a voluntary insurance mechanism serving the purpose of macroeconomic stabilisation.deleted
2018/11/08
Committee: BUDGECON
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