3 Amendments of Sharon BOWLES related to 2011/0385(COD)
Amendment 82 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) There may be circumstances where protecting a Member State from market volatility offers a better long-term outcome. In such instances a Member State could be put into a protective regime, with its consent following a recommendation from the Commission and majority agreement of the council. It should be noted that by analogy with US 'Chapter 11' company bankruptcy, the measure needs to be pre-emptive otherwise markets will move against the Member State in a pro-cyclical way. This may render it difficult to introduce such a measure once other steps have been attempted.
Amendment 105 #
Proposal for a regulation
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. Where the Commission decides to put a Member State under enhanced surveillance it shall duly notify the ESRB and, where relevant, inform them of the results of the enhanced surveillance.
Amendment 228 #
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article 10a Member State measures 1. Where the Council takes a decision under Article 6(5), the Member State concerned shall, in close cooperation with the Commission and in liaison with the ECB, take measures aimed at avoiding market turmoil and preserving the good functioning of its financial sector. 2. Possible measures of liability management by the Member State concerned shall be fully in line with IMF practice.