3 Amendments of Sharon BOWLES related to 2011/0386(COD)
Amendment 95 #
Proposal for a regulation
Recital 10
Recital 10
(10) As demonstrated by the sovereign debt crisis, and in particular by the need to put in place common financial backstops, Member States whose currency is the euro share enhanced spill-overs from their budgetary policy. The sovereign debt crisis has also demonstrated the interlinkage between sovereign debt, financial stability and bank solvency. Each of the Member States whose currency is the euro should consult the Commission and other Member States whose currency is the euro and should inform the ESRB before the adoption of any major fiscal policy reform plans with potential spill-over effects, so as to give the possibility for an assessment of possible impact for the euro area as a whole. They should consider their budgetary plans to be of common concern and submit them to the Commission for monitoring purposes in advance of the plans becoming binding. The Commission should be in a position, if necessary, to adopt an opinion on the draft budgetary plan, that the Member State and in particular budgetary authorities should be invited to take into account in the process of the budget law adoption. Such an opinion should ensure that Union's policy guidance in the budgetary area is appropriately integrated in the national budgetary preparations. In particular, this opinion should include an assessment of whether or not the budgetary plans appropriately address the recommendations issued in the context of the European semester in the budgetary area. The Commission should stand ready to present this opinion to the Parliament of the Member State concerned at its request. The extent to which this opinion has been taken into account should be part of the assessment, if and when the conditions are met, leading to the decision to place the concerned Member State in excessive deficit procedure, where no follow-up to the early guidance from the Commission should be considered as an aggravating factor. Also, based on an overall assessment of the plans by the Commission, the Eurogroup should discuss the budgetary situation and prospects for the euro area.
Amendment 252 #
Proposal for a regulation
Article 7 – paragraph 6 – introductory part
Article 7 – paragraph 6 – introductory part
6. On request and within the deadline set by the Commission, the Member State subject to closer monitoring shall, without undue delay:
Amendment 264 #
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3a. The Eurogroup and the Council shall discuss the adequacy of the measures taken by the Member State and, if necessary, the Council shall propose further measures, including the adjustment of the Member State's sovereign risk-weighting, to ensure compliance with the deadline to correct the excessive deficit or an adjustment of the budgetary and economic partnership programme. If the Member State does not implement such further measures, the European Council shall discuss the situation and propose any further action which it considers necessary.