14 Amendments of Inese VAIDERE related to 2020/2037(INI)
Amendment 87 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that, while not all the effects of the internationalisation of the euro can be easily quantified, strengthening the international role of the euro can generate benefits both in the short and long term; notes, however, that it also brings risks and responsibilities that must be taken into consideration in the process of complementing market forces with policy measures; underlines, in particular, that the international currency status of the euro can enhance monetary policy autonomy and reinforce its global transmission, make the euro more of an attractive investment, and provide exorbitant privilegeincrease the use of the euro as a reserve of value , lower external financing costs as well as provide a smooth adjustment of macroeconomic imbalances and lower exchange rate pass- through.;
Amendment 90 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines that a stronger euro will provide additional choice to market operators globally; gradually create deeper, more liquid and integrated European financial markets, which would provide for more reliable access to finance for European business and governments; improving in turn the overall resilience of the international financial system and economy, making them less vulnerable to exchange rate shocks; stresses that for those benefits to materialize a well-orchestrated policy efforts at European and national levels are needed, including contribution from ECB, SRB, ESAs, EIB.
Amendment 91 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Contemplates that the internationalisation of the euro could become a key factor in laying the foundation for a revitalised international monetary system, which will continue to rely on a limited number of currencies, making it more balanced and sustainable;
Amendment 109 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recalls the progress made in building the Banking Union and takes note of the agreement reached in the Eurogroup on the reform of the European Stability Mechanism and the advancement of the entry into force of the common backstop to the Single Resolution Fund; welcomes the ongoing review by the Commission of the crisis management and deposit insurance framework to increase the efficiency, proportionality and overall coherence of the framework to manage bank crises in the EU;
Amendment 118 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Underlines that a stronger role of the Euro in the digital age must be underpinned by innovative digital finance solutions and effective digital payments in euro, with strong European players in the lead, and calls to promote this through implementing comprehensive strategies on digital finance and retail payments; Considers that in view of the digital transformation, the EU should put in place a framework with high standards of cybersecurity, including on the protection of privacy and on data protection, and ethically designed artificial intelligence;
Amendment 123 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Takes note that crypto-assets are becoming an innovative source of funding, with the potential to be an effective tool to fill funding gaps for SME and start-ups; stresses the need to have a clear and consistent guidance at EU level on the applicability of existing regulatory and prudential processes, which will promote more innovation and improve the use of the euro; welcomes in that regard the proposal of the European Commission for an EU Regulation aiming to foster the use of crypto assets in euro by improving legal certainty in the regulatory treatment of crypto-assets, preserve consumer protection and ensure financial stability;
Amendment 140 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Takes note of the EU green bonds, as an important element of the Recovery Fund; reiterates that the green bonds are debt instruments whose proceeds aim at financing sustainable and environmentally friendly investments; urges the Commission and Member States to provide investors with a strong degree of legal certainty that their investment will be used to the intended ends;
Amendment 154 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Welcomes the quick and substantial ECB monetary policy response to the COVID-19 crisis in the context of emergency and acknowledges the positive impact of such response on the economic situation of the euro area as well as on the attractiveness of the euro, by stabilising financial markets, supporting liquidity and funding conditions in the euro area economy and globally, as well as, in shoring up market confidence;
Amendment 162 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Takes note of the role geopolitics plays in global currency competition in the global role of a currency; highlights the fact that the internationalisation of the euro will provide more space for the EU to influence global geopolitical decisions; which in turn will reinforce the global attractiveness of the euro; while the role of geopolitics in the global world of today should be part of the reflection on strengthening the international role of euro, in particular when currency internationalisation might produce positive security effects, the European Union should take into account its capabilities in the area of foreign and defence policy;
Amendment 173 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is concerned that EMU’swith the lack of ability of the EMU to speak as a unified voice within international institutions can hold back the international role of euro; reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations and bodies, and most notably in the International Monetary Fund to help foster the euro’s global outreach;
Amendment 198 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses in that regard the importance of global green energy and commodity markets as forerunners for globally traded goods denominated in euro, where hydrogen and EUAs under the EU-ETS help strengthening the role of the euro in international trade, as well as achieving the EU climate objectives; further calls for action to facilitate new innovative contracts, in particular related to sustainable energy sources and nascent energy markets, which will provide an opportunity for more energy contracts to be traded in euro, strengthening, thus, the international role of the euro; encourages the Commission to continue conducting consultation and studies aiming at identifying the potential to increase the use and role of euro in other sectors, notably with transport means, including in particular aircraft manufacturing, agriculture and food commodities, or metals and minerals; to further support and promote the use of euro for this type of contracts, calls the Commission, in addition to private engagement, to revisit the financial market rules, including MiFID and Benchmarks Regulations;
Amendment 206 #
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Finds merit in maximizing the impact of European economic diplomacy by engaging in regular exchanges with G20 partners, as well as neighbourhood and enlargement countries, to identify concrete policy actions of mutual interest;
Amendment 208 #
Motion for a resolution
Paragraph 12 d (new)
Paragraph 12 d (new)
12d. Recognises that the market for centralised clearing is highly concentrated, in particular the market for the clearing of euro denominated interest rate derivatives which heavily depends on UK CCPs; takes note of the recently adopted time-limited equivalence decision of the Commission for UK CCPs and encourages the industry to follow the European Commission’s call to reduce their excessive exposures to UK CCPs promptly; supports in that regard the efforts of the EU CCPs to build up their clearing capability as well as the efforts of the European Commission, the European Supervisory Authority and the European Central Bank to assist the industry in identifying and addressing in the coming months any technical impediment to the transfer of a significant part of the excessive exposure it has to UK CCPs into the EU;
Amendment 227 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the Commission to put forward a comprehensive strategy to strengthen Europe’s economic and financial autonomy; building on the efforts to strengthen the international role of the euro;