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72 Amendments of Udo BULLMANN related to 2010/0280(COD)

Amendment 68 #
Udo BULLMANN
Proposal for a regulation
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6), in combination with Article 148(3) and (4) thereof,
2011/02/15
Committee: ECON
Amendment 79 #
Udo BULLMANN
Proposal for a regulation
Recital 1 a (new)
(1 a) The TFEU provides that in defining and implementing its policies and activities, the Union takes into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection and the fight against social exclusion.
2011/02/15
Committee: ECON
Amendment 83 #
Udo BULLMANN
Proposal for a regulation
Recital 3
(3) The Stability and Growth Pact is based on the objective of sound government finances as a means of strengthening the conditions for price stability and for strong sustainable growth underpinned by financial stability and conducive to employment creation. and should, therefore, be measured against its ability to meet objectives laid down in article 3 TFEU and enhance long term investments for smart, sustainable and inclusive growth.
2011/02/15
Committee: ECON
Amendment 91 #
Udo BULLMANN
Proposal for a regulation
Recital 4 a (new)
(4a) The preventive part of the Stability and Growth Pact that is meant to ensure that Member States follow efficient and sustainable fiscal policy would benefit from more stringent forms of coordination in order to ensure minimum quality and consistency with the economic and monetary union budgetary coordination framework.
2011/02/15
Committee: ECON
Amendment 95 #
Udo BULLMANN
Proposal for a regulation
Recital 5
(5) The content of the stability and convergence programmes as well as the criteria for their examination should further be adapted in the light of the experience gained with the implementation of the Stability and Growth Pact, in particular regarding its compatibility with national reform programmes and its contribution to growth and job creation.
2011/02/15
Committee: ECON
Amendment 100 #
Udo BULLMANN
Proposal for a regulation
Recital 5 b (new)
(5b) The improved economic governance framework should rely on several inter- linked policies for sustainable growth and jobs, which need to be coherent with each other, namely a Union strategy for growth and jobs, an effective framework for preventing and correcting excessive budgetary positions (the Stability and Growth Pact), a robust framework for preventing and correcting macro- economic imbalances, enhanced financial market regulation and supervision (including macro-prudential supervision by the European Systemic Risk Board) and a credible permanent crisis resolution mechanism.
2011/02/15
Committee: ECON
Amendment 107 #
Udo BULLMANN
Proposal for a regulation
Recital 5 c (new)
(5c) The Stability and Growth Pact and the complete economic governance framework should complement and be fully compatible with a Union strategy for growth and jobs which aims at boosting the Union's competitiveness and social stability.
2011/02/15
Committee: ECON
Amendment 112 #
Udo BULLMANN
Proposal for a regulation
Recital 5 a (new)
(5a) Experience gained during the first decade of functioning of the economic and monetary union shows a need for improved economic governance in the Union, which should be built on a stronger national ownership of commonly agreed rules and policies and on a more robust surveillance framework at the Union level of national economic policies.
2011/02/15
Committee: ECON
Amendment 113 #
Udo BULLMANN
Proposal for a regulation
Recital 5 d (new)
(5d) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy of economic governance in the Union, which should be achieved through a closer and more timely involvement of the European Parliament and the national parliaments throughout the economic policy coordination procedures, with full use of the tools provided for by the TFEU, in particular the broad guidelines for the economic policies of the Member States and of the Union and the guidelines for the employment policies of the Member States.
2011/02/15
Committee: ECON
Amendment 116 #
Udo BULLMANN
Proposal for a regulation
Recital 5 e (new)
(5e) The European semester for economic policy coordination should play a vital role in implementing the requirement under Article 121(1) TFEU that Member States regard their economic policies as a matter of common concern and that they coordinate them in that respect. Transparency and independent oversight are an integral part of enhanced economic governance. The Council and the Commission should make public and set out the reasons for their positions and decisions at the appropriate stages of the economic policy coordination procedures.
2011/02/15
Committee: ECON
Amendment 117 #
Udo BULLMANN
Proposal for a regulation
Recital 5 f (new)
(5f) Article 3 of the Protocol (No 12) on the excessive deficit procedure annexed to the Treaties provides that Member States ensure that national procedures in the budgetary area enable them to meet their obligations in this area deriving from the Treaties. Member States whose currency is the euro should ensure that adequate budgetary procedures are in place for meeting those objectives.
2011/02/15
Committee: ECON
Amendment 133 #
Udo BULLMANN
Proposal for a regulation
Recital 6
(6) Adherence to the medium-term budgetary objective of budgetary positions should allow Member States to have a safety margin with respect todeal with normal cyclical fluctuations while keeping the government deficit below the 3 % of GDP reference value in order toand ensure rapid progress towards fiscal sustainability and to have room for budgetary manoeuvre, in particular taking into account the needs of public investment. Taking this into account, the medium- term budgetary objective should allow room for budgetary manoeuvre, in particular for public investment conducive to the achievement of the Union’s growth and jobs objectives.
2011/02/15
Committee: ECON
Amendment 135 #
Udo BULLMANN
Proposal for a regulation
Recital 6 a (new)
(6a) The Council, when examining and monitoring the stability programmes and the convergence programmes and in particular their medium-term budgetary objectives or the targeted adjustment paths towards those objectives, should take into account the relevant cyclical and structural characteristics of the economy of each Member State and its spill-over effects to other Member States’ economies.
2011/02/15
Committee: ECON
Amendment 136 #
Udo BULLMANN
Proposal for a regulation
Recital 7
(7) The obligation to achieve and maintain the medium-term budgetary objective needs to be put into operation, through the specification of principles of prudent fiscal policy-making.deleted
2011/02/15
Committee: ECON
Amendment 146 #
Udo BULLMANN
Proposal for a regulation
Recital 8 a (new)
(8a) In order to enhance national ownership of the Stability and Growth Pact, national budgetary frameworks should be fully aligned with the objectives of multilateral surveillance in the Union, and, in particular, with the European semester, in the context of which the national parliaments and all other relevant stakeholders, in particular the social partners, should be informed in a timely manner and should be duly involved.
2011/02/15
Committee: ECON
Amendment 148 #
Udo BULLMANN
Proposal for a regulation
Recital 9
(9) Prudent fiscal policy-making implies that the growth rate of government expenditure does normally not exceed a prudent medium-term growth rate of GDP, increases in excess of that norm are matched by discretionary increases in government revenues and discretionary revenue reductions are compensated by reductions in expenditure.deleted
2011/02/15
Committee: ECON
Amendment 158 #
Udo BULLMANN
Proposal for a regulation
Recital 10
(10) A temporary departure from prudent fiscal policy-makingthe adjustment path towards the medium term budgetary objective as defined in the national stability programme should be allowed in case of severe economic downturn of a general nature in order to facilitate economic recovery, in line with the second indent of Article 126(2)(a) if the excess over the reference value results from a negative annual GDP volume growth rate or from an accumulated loss of output during a protracted period of very low annual GDP volume growth relative to its potential in order to facilitate economic rapid and strong recovery and to avoid persistent or growing economic divergence among member states.
2011/02/15
Committee: ECON
Amendment 174 #
Udo BULLMANN
Proposal for a regulation
Recital 11
(11) In the event of a significant deviation from prudent fiscal-policythe adjustment path towards the medium term budgetary objective a warning should be addressed to the Member State concerned and in case the significant deviation persists or is particularly serious, a recommendation should be addressed to the Member State concerned to take the necessary corrective measures. The European Parliament may invite the Member State concerned to explain its policies in this respect before its competent committee.
2011/02/15
Committee: ECON
Amendment 181 #
Udo BULLMANN
Proposal for a regulation
Recital 11 a (new)
(11a) The Council and the Commission should make their positions and decisions public at the appropriate stages of the economic policy coordination procedures, in order to ensure effective peer pressure and the European Parliament may invite the Member State concerned to explain its decisions and policies before its competent committee.
2011/02/15
Committee: ECON
Amendment 186 #
Udo BULLMANN
Proposal for a regulation
Recital 12
(12) In order to ensure compliance with the fiscal surveillance framework of the Union for participating Member States, a specific enforcement mechanism should be established on the basis of Article 136 of the Treaty for cases where a persistent and significant deviation from prudent fiscal policy makingthe adjustment path towards the medium term budgetary objective, due to lack of action or an unwillingness to cooperate prevails.
2011/02/15
Committee: ECON
Amendment 196 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point -1 (new)
Regulation (EC) No 1466/97
Article 1
[Current text of Article 1 of Regulation (EC) No 1466/97:-1. Article 1 is replaced by the following: "Article 1 Article 1 This Regulation sets out the rules covering the content, the submission, the examination and the monitoring of stability programmes and convergence programmes as part of multilateral surveillance by the Council so as to prevent, at an early stage, the occurrence of excessive general government deficits and debt and to promote the surveillance and coordination of economic policies."]policies while supporting the achievement of the Union's objectives for growth and employment.
2011/02/15
Committee: ECON
Amendment 204 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 (new)
Regulation (EC) No 1466/97
Article 2 –a (new) ( in Section I)
1a. The following article is inserted: "Article 2-a A Member State with a derogation may apply the rules applicable to participating Member States laid down in this Regulation and, if so, shall notify the Commission accordingly. Such a notification shall be published in the Official Journal of the European Union. The Member State concerned shall be considered to be a participating Member State for the purposes of this Directive from the day after such publication."
2011/02/15
Committee: ECON
Amendment 206 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 b (new)
Regulation (EC) No 1466/97
Section 1 –A – title (new) (after Section I)
1b. The following section is inserted: "Section 1-A European semester for economic policy coordination"
2011/02/15
Committee: ECON
Amendment 207 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 b (new)
Regulation (EC) No 1466/97
Article 2 –aa (new) (in Section 1–A)
Article 2-aa The multilateral surveillance by the Council shall be conducted as part of a European semester for economic policy coordination (Semester) in line with the provisions of this Regulation and the requirement that Member States regard their economic policies as a matter of common concern and that they coordinate them within the Council in accordance with the objectives set out in Articles 9, 120 and 148 TFEU. The Semester shall, inter alia, consist of the multilateral surveillance of the stability and convergence programmes under this Regulation, the prevention and correction of macroeconomic imbalances under Regulation (EU) No .../2011, the excessive deficit procedure under Regulation (EC) No 1467/97 and the formulation of the broad guidelines of the economic policies of the Member States and of the Union (Broad Economic Policy Guidelines) in accordance with Article 121(2) TFEU and the guidelines that Member States shall take into account in their employment policies (Employment Guidelines) in accordance with Article 148(2) TFEU and the implementation of those guidelines and the annual policy orientations deriving from the Annual economic and social summit within the framework of the Union's strategy for growth and employment. The European Parliament and the national parliaments shall be duly involved in the Semester in order to increase transparency, ownership, accountability of any decisions taken. In order to ensure an adequate involvement of the European Parliament, an inter- institutional agreement between the European Parliament, the European Council, the Council and the Commission shall be concluded by 31 December 2011. That agreement shall be reviewed every three years and amended if appropriate.
2011/02/15
Committee: ECON
Amendment 210 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 b (new)
Regulation (EC) No 1466/97
Article 2 –ab (new) (in Section 1–A)
Article 2-ab The Economic and Financial Committee set up under Article 134 TFEU, and the Employment Committee, established pursuant to Article 150 TFEU, shall be consulted within the framework of the Semester wherever appropriate. The relevant stakeholders, in particular the social partners, shall be consulted, within the framework of the Semester, on the main policy formulations to be discussed by the Union institutions.
2011/02/15
Committee: ECON
Amendment 211 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 b (new)
1b. The following article is inserted: Article 2-ac In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, on the one hand, and the national parliaments, national governments and other relevant bodies of the Member States on the other, and to ensure greater transparency and accountability, the competent committee of the European Parliament may organise public debates on macro-economic and budgetary surveillance undertaken by the Council and the Commission.
2011/02/15
Committee: ECON
Amendment 215 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 c (new) – point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
[Current text of the first paragraph of Article 2a of Regulation (EC) No 1466/971c. Article 2a is amended as follows: (a) the first paragraph is replaced by the following: "Each Member State shall have a differentiated medium-term objective for its budgetary position. These country- Member-State-specific medium-term budgetary objectives may diverge from the requirement of a close to balance or in surplus position. They shall, while provideing a safety margin with respect to the 3% of GDP government deficit ratio;, they shall ensure rapid progress towards sustainability and, takat shall be cyclically adjusted and net of public investment. The definition of what shall constitute public investment conducive to achieving the Union's growth and employment objectives within the scope of this regulation shall be laid down by the Commission through a delegated act, respecting the principles laid down in Council Directive (...) on requirements for budgetary frameworks of the Member States. In the framework of the European Semester, Member States shall communicate their country-specific public investment targets. Expressing the medium-term budgetary objective ing this into account, they shallway shall ensure the sustainability of public finances or a rapid progress towards such sustainability while allowing room for budgetary manoeuvre, considering in particular the needs for to ensure the proper implementation of the Union's growth and employment objectives and adequate levels of public investment."]
2011/02/15
Committee: ECON
Amendment 221 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 c (new) – point b (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 3
[Current text of Article 2a (3)of Regulation (EC) No 1466/97: A Member State’s(b) the third paragraph is replaced by the following: "The medium-term budgetary objective canshall be revised when a major structural reform is implemented and in any case every four yearsevery three years and, where appropriate, more frequently in the event of the implementation of a major structural reform [...]."
2011/02/15
Committee: ECON
Amendment 224 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 c (new) - point c (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 3 a (new)
(c) the following paragraph is added: "The medium-term budgetary objective shall be an integral part of the national medium-term budgetary frameworks in accordance with this Regulation and Council Directive 2011/.../EU on requirements for budgetary frameworks of the Member States."
2011/02/15
Committee: ECON
Amendment 226 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 d (new)
Regulation (EC) No 1466/97
Section 1A a (new)
1d. The following section is inserted: "Section 1Aa NATIONAL OWNERSHIP Article 2aa Participating Member States shall establish a medium- term budgetary framework, with a fiscal planning horizon of at least three years, with a view to helping them produce a meaningful medium-term objective. For participating Member States, independent statistics and national fiscal policy rules or institutes shall ensure an informed national debate on current structural budget positions and on the medium-term objective as set out in this Regulation. Each participating Member State shall endeavour to obtain parliamentary approval and to ensure that its stability program is in conformity with the financial implications of its national reform program in line with the investment principles set out in the framework of the Union's strategy for growth and employment. Where there has been no such parliamentary approval, this shall be specified in the stability programme. Member States shall take into account guidance and recommendations from the Council and the Commission, in particular when preparing their budgets, and appropriately involve national parliaments in the economic policy coordination procedures. When submitting the draft budget to the national parliament, Member States shall also submit any opinion of the Council or the Commission on the stability programme and, in the event of significant deviation from the adjustment path towards the medium term budgetary objective, the recommendation of the Commission, accompanied by an explanation of how those opinions and recommendations have been taken into account."
2011/02/15
Committee: ECON
Amendment 234 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 1 e (new)
Regulation (EC) No 1466/97
Section 1A b (new)
1e. The following section is inserted: "Section 1Ab HEARING OF THE PRESIDENT OF THE EURO GROUP Article 2ab The President of the Euro Group may, at the request of the European Parliament or on his/her own initiative, be heard by the competent committees of the European Parliament, in particular, in regard to the work programme of the Euro Group and the economic situation in the euro area."
2011/02/15
Committee: ECON
Amendment 247 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b – subpoint i b (new)
Regulation (EC) No 1466/97
Article 3 – paragraph 2 – point a a (new)
(ib) The following point is inserted: "(ab) information on the consistency of the medium-term budgetary objective with the national reform programme in the framework of the Union’s growth and employment objectives, the broad guidelines for the economic policies of the Member States and of the Union and the guidelines for the employment policies of the Member States;"
2011/02/15
Committee: ECON
Amendment 248 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b – subpoint i c (new)
Regulation (EC) No 1466/97
Article 3 – paragraph 2 – point b
[Current text of Article 3(2)(b) of Regulation (EC) No 1466/97(ic) In Article 3(2) point (b) is replaced by the following: "(b) the main assumptions about expected economic developments and important economic variables which are relevant to the realizsation of the stability programme such as government investment expenditure, real gross domestic product (GDP) growth, employment and inflation in line with the public investment targets set out in the framework of the European Semester, real gross domestic product (GDP) growth, employment and inflation. Those assumptions shall be consistent with the European System of Accounts;"]
2011/02/15
Committee: ECON
Amendment 252 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b – subpoint (ii)
Regulation (EC) No 1466/97
Article 3 – paragraph 2 – point c
(c) a quantitative assessment of the budgetary and other economic policy measures being taken or proposed to achieve the objectives of the programme, comprising a cost-benefit analysis of major structural reforms which have direct long- term cost-saving effects, including by raising potential growthare conductive to the achievement of the Union's growth and employment objectives;
2011/02/15
Committee: ECON
Amendment 255 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b a (new)
Regulation (EC) No 1466/97
Article 3 – paragraph 2 a (new)
(ba) In Article 3, the following paragraph is inserted: "2a. The stability programme shall be based on realistic macroeconomic and budgetary forecasts guaranteeing the most up-to-date information. Budgetary planning shall be based on the most likely macro-fiscal scenario. Significant divergences between the chosen macro- fiscal scenario and the Commission forecasts shall be assessed ex post and explained by the Commission or Member State concerned by the forecasting error as appropriate when those are identified."
2011/02/15
Committee: ECON
Amendment 261 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint c
Regulation (EC) No 1466/97
Article 3 – paragraph 3
3. The information about the paths for the general government balance and debt ratio, the growth of government expenditure and its contribution to the implementation of the Union’s growth and employment objectives, the planned growth path of government revenue at unchanged policy, the planned discretionary revenue measures, government investment expenditure in line with the public investment targets set out in the framework of the European Semester, and the main economic assumptions referred to in paragraph 2(a), (aa) and (b) shall be on an annual basis and shall cover, the preceding year, the current year and at least the following three years.
2011/02/15
Committee: ECON
Amendment 272 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 1
Based on assessments by the Commission and the Economic and Financial Committee, the Council shall, within the framework of multilateral surveillance under Article 121 of the TreatyTFEU and of the examination of the implementation of the employment policies in accordance with Article 148 TFEU, examine the medium- term budgetary objectives presented by the Member States concerned in their stability programmes, assess whether the economic assumptions on which the programme is based are plausible, whether the adjustment path towards the medium-term budgetary objective is appropriate, whether the Member State reached the public investment target set out in the framework of the European Semester and whether the measures being taken or proposed to respect that adjustment path are sufficient to achieve the medium-term budgetary objective over the cycle.
2011/02/15
Committee: ECON
Amendment 284 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 2
The Council, when assessing the adjustment path toward the medium-term budgetary objective, shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically-adjusted budget balance, net of one-off and other temporary measures, required to meet its medium-term budgetary objective, with 0.5% of GDP as a benchmark. For Member States with a high level of debt or excessive macroeconomic imbalances or both, the Council shall examine whether the annual improvement of the cyclically- adjusted budget balance, net of one-off and other temporary measures is higher than 0.5% of GDP. The Council shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times.
2011/02/15
Committee: ECON
Amendment 288 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 3
With a view to ensuring that the medium- term budgetary objective is effectively achieved and maintained, the Council shall verify that the growth path of government expenditure, taken in conjunction with the effect of measures being taken or planned on the revenue side, is consistent with prudent fiscal policy-making.deleted
2011/02/15
Committee: ECON
Amendment 296 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 4
Fiscal policy-making shall be considered prudent and thereby conducive to the achievement of the medium-term budgetary objective and its maintenance over time if the following conditions are satisfied: (a) for Member States that have achieved the medium-term budgetary objective, annual expenditure growth does not exceed a prudent medium-term rate of GDP growth, unless the excess is matched by discretionary revenue measures; (b) for Member States that have not yet reached their medium-term budgetary objective, annual expenditure growth does not exceed a rate below a prudent medium-term rate of GDP growth, unless the excess is matched by discretionary revenue measures. The size of the shortfall of the growth rate of government expenditure compared to a prudent medium-term rate of GDP growth is set in such a way as to ensure an appropriate adjustment towards the medium-term budgetary objective; (c) discretionary reductions of government revenue items are matched either by expenditure reductions or by discretionary increases in other government revenue items or both.deleted
2011/02/15
Committee: ECON
Amendment 320 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 5
The prudent medium-term of growth should be assessed on the basis of projections over a ten-year horizon updated at regular intervals.deleted
2011/02/15
Committee: ECON
Amendment 328 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 6
Fiscal policy making shall be considered to be contributing to the achievement of the medium term objective if, amongst others, policy makers refrain from general tax cuts and implement measures to stabilize and, where appropriate, to increase the share of tax revenues in GDP. When defining the adjustment path to the medium-term budgetary objective for Member States that have not yet reached this objective and in allowing a temporary deviation from this objective for Member States that have already reached it, under the condition that an appropriate safety margin with respect to the deficit reference value is preserved and that the budgetary position is expected to return to the medium-term budgetary objective within the programme period, the Council shall take into account the implementation of major structural reforms which have direct long-term cost-saving effects, including by raising potential growth, and therefore a verifiable impact on the long-term sustainability of public financesare conducive to the achievement of the Union’s growth and employment objectives. Special attention shall be paid to the contribution of those reforms to employment and to the reduction of poverty.
2011/02/15
Committee: ECON
Amendment 337 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 7
Special attention shall be paid to pension reforms introducing a multi-pillar system that includes a mandatory, fully funded pillar. Member States implementing such reforms shall be allowed to deviate from the adjustment path to their medium-term budgetary objective or from the objective itself, with the deviation reflecting the net cost of the reform to the publicly managed pillar, under the condition that the deviation remains temporary and that an appropriate safety margin with respect to the deficit reference value is preserved.deleted
2011/02/15
Committee: ECON
Amendment 348 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 8
The Council shall furthermore examine whether the contents of the stability programme facilitate the achievement of sustained convergence within the euro area, closer coordination of economic policies and whether the economic policies of the Member State concerned are consistent with Article 9 TFEU, in particular with regard to growth, the promotion of a high level of employment, the guarantee of adequate social protection and the fight against social exclusion, the broad guidelines of economic policies of the Member States and of the Union.
2011/02/15
Committee: ECON
Amendment 354 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 9
In periods of severe economic downturn of a general nature Member States may be allowed to temporarily depart from the adjustment path implied by prudent fiscal- policy making referred to in the fourth subparagraphthe medium term budgetary objective.
2011/02/15
Committee: ECON
Amendment 363 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 4
2. The Council shall carry out the examination ofexamine the stability programme within at most three months of the submission of the programme. The Council, on a recommendation from the Commission and after consulting the Economic and Financial Committee, shall, if necessary, deliver an opinion on the programme. Where the Council, in accordance with Article 121 of the TreatyFEU, considers that the objectives and the content of the programme should be strengthened with particular reference to prudent fiscal policy-making, the Council shall, in its opinion, invite the Member State concerned to adjust its programme.
2011/02/15
Committee: ECON
Amendment 367 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 1
1. As part of multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall monitor the implementation of stability programmes, on the basis of information provided by participating Member States and of assessments by the Commission and, the Economic and Financial Committee, the Employment Committee and the Social Protection Committee, in particular with a view to identifying actual or expected significant divergences of the budgetary position from the medium-term budgetary objective, or from the appropriate adjustment path towards it ensuing from deviations from prudent fiscal-policy making.
2011/02/15
Committee: ECON
Amendment 381 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – first subparagraph
In the event of a significant deviation from prudent fiscal-policy making referred in the fourth subparagraph of Article 5(1) of this regulation,the adjustment path towards the medium term budgetary objective and in order to prevent the occurrence of an excessive deficit, the Commission, in accordance with Article 121(4) of the Treaty may address a warning to the Member State concerned.
2011/02/15
Committee: ECON
Amendment 390 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – subparagraph 2
A deviation from prudent fiscal policy makingthe adjustment path towards the medium term budgetary objective shall be considered significant if the following conditions occur: an excess over the expenditure growth consistent with prudent fiscal policy-makingnet of public investment consistent with the medium term budgetary objective, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation has a total impact on the government balance of at least 0.5 % of GDP in one single year or of at least 0.25 % of GDP on average per year in two consecutive years.
2011/02/15
Committee: ECON
Amendment 394 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – subparagraph 3
The deviation shall not be considered if the Member State concerned has significantly overachieved the medium- term budgetary objective, taking into account the presence of excessive macroeconomic imbalances, and the budgetary plans laid out in the stability programme do not jeopardise this objective over the programme period.deleted
2011/02/15
Committee: ECON
Amendment 399 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – subparagraph 4
The deviation may be equshally not be considered in case of severe economic downturn of a general nature.
2011/02/15
Committee: ECON
Amendment 405 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 3
3. In the event that the significant deviation from prudent fiscal-policy making persists or is particularly serious, the Council, on a recommendation fromthe adjustment path towards the medium term budgetary objective persists or is particularly serious, the Commission, shall address a recommendation to the Member State concerned to take the necessary adjustment measures. The Council, on a proposal from the Commission, shall make the recommendation public. shall make the recommendation public and the European Parliament may invite the Member State concerned to explain its policies before its competent committee.
2011/02/15
Committee: ECON
Amendment 422 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 6 – subpoint b – subpoint i a (new)
Regulation (EC) No 1466/97
Article 7 – paragraph 2 – point a a (new)
(ia) In Article 7(2) the following point is inserted: ‘(aa) information on the consistency of the medium-term budgetary objective with the national reform programme in the framework of the Union’s growth and employment objectives, the broad guidelines for the economic policies of the Member States and of the Union and the guidelines for the employment policies of the Member States;’
2011/02/15
Committee: ECON
Amendment 424 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 6 – subpoint b – subpoint ii
(c) a quantitative assessment of the budgetary and other economic policy measures being taken or proposed to achieve the objectives of the programme, comprising a cost-benefit analysis of major structural reforms, which have direct long- term cost-saving effects, including by raising potential growthare conductive to the achievement of the Union's growth and employment objectives;
2011/02/15
Committee: ECON
Amendment 426 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 6 – subpoint b a (new)
Regulation (EC) No 1466/97
Article 7 – paragraph 2 a (new)
(ba) In Article 7 the following paragraph shall be added ‘(2a) The convergence programme shall be based on realistic macroeconomic and budgetary forecasts guaranteeing the most up-to-date information. Budgetary planning shall be based on the most likely macro-fiscal scenario. Significant divergences between the chosen macro- fiscal scenario and the Commission forecasts shall be assessed ex post and explained by the Commission or Member State concerned by the forecasting error as appropriate when those are identified.’
2011/02/15
Committee: ECON
Amendment 428 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 6 – subpoint c
Regulation (EC) No 1466/97
Article 7 – paragraph 3
3. The information about the paths for the general government balance and debt ratio, the growth of government expenditure and its contribution to the implementation of the Union’s growth and employment objectives, the planned growth path of government revenue at unchanged policy, the planned discretionary revenue measures, government investment expenditure in line with the public investment targets set out in the framework of the European Semester, and the main economic assumptions referred to in paragraph 2(a), (aa) and (b) shall be on an annual basis and shall cover, the preceding year, the current year and at least the following three years.
2011/02/15
Committee: ECON
Amendment 440 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – first subparagraph
Based on assessments by the Commission and, the Economic and Financial Committee, the Council shall, within the framework of multilateral surveillance under Article 121 of the TreatyTFEU and of the examination of the implementation of the employment policies in accordance with Article 148 TFEU, examine the medium-term budgetary objectives presented by the Member States concerned in their convergence programmes, assess whether the economic assumptions on which the programme is based are plausible, whether the adjustment path towards the medium- term budgetary objective is appropriate, whether the Member State reached the public investment target set out in the framework of the European Semester and whether the measures being taken and/or proposed to respect that adjustment path are sufficient to achieve the medium-term budgetary objective over the cycle and to achieve sustained convergence.
2011/02/15
Committee: ECON
Amendment 451 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 2
The Council, when assessing the adjustment path toward the medium-term budgetary objective, shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times. For Member States with a high level of debt or excessive macroeconomic imbalances or both, the Council shall examine whether the annual improvement of the cyclically-adjusted budget balance, net of one-off and other temporary measures is higher than 0.5% of GDP. For ERM2 Member States, the Council shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically adjusted balance, net of one-off and other temporary measures, required to meet its medium- term budgetary objective, with 0.5% of GDP as a benchmark.
2011/02/15
Committee: ECON
Amendment 454 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 3
With a view to ensuring that the medium- term budgetary objective is effectively achieved and maintained, the Council shall verify that the growth path of government expenditure, taken in conjunction with the effect of the measures being taken or proposed on the revenue side, is consistent with prudent fiscal-policy making.deleted
2011/02/15
Committee: ECON
Amendment 461 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 4
Fiscal-policy making shall be considered prudent and thereby conducive to the achievement of the medium-term budgetary objective and its maintenance over time if the following conditions are satisfied: (a) for Member States that have achieved the medium-term budgetary objective, annual expenditure growth does not exceed a prudent medium-term rate of GDP growth, unless the excess is matched by discretionary revenue measures; (b) for Member States that have not yet reached their medium-term budgetary objective, annual expenditure growth does not exceed a rate below a prudent medium-term rate of GDP growth, unless the excess is matched by discretionary revenue measures. The size of the shortfall of the growth rate of government expenditure compared to a prudent medium-term rate of GDP growth is set in such a way as to ensure an appropriate adjustment towards the medium-term budgetary objective; (c) discretionary reductions of government revenue items are matched either by expenditure cuts or by discretionary increases in other government revenue items or both.deleted
2011/02/15
Committee: ECON
Amendment 482 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 5
The prudent medium-term of growth should be assessed on the basis of projections over a ten-year horizon updated at regular intervals.deleted
2011/02/15
Committee: ECON
Amendment 488 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 6
Fiscal policy making shall be considered to be contributing to the achievement of the medium term objective if, amongst others, policy makers refrain from general tax cuts and implement measures to stabilize and, where appropriate, to increase the share of tax revenues in GDP. When defining the adjustment path to the medium-term budgetary objective for Member States that have not yet reached this objective and in allowing a temporary deviation from this objective for Member States that have already reached it, under the condition that an appropriate safety margin with respect to the deficit reference value is preserved and that the budgetary position is expected to return to the medium-term budgetary objective within the programme period, the Council shall take into account the implementation of major structural reforms which have direct long-term cost-saving effects, including by raising potential growth, and therefore a verifiable impact on the long-term sustainability of public finances. are conducive to the achievement of the Union’s growth and employment objectives. Special attention shall be paid to the contribution of those reforms to employment and to the reduction of poverty.
2011/02/15
Committee: ECON
Amendment 494 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 7
Special attention shall be paid to pension reforms introducing a multi-pillar system that includes a mandatory, fully funded pillar. Member States implementing such reforms shall be allowed to deviate from the adjustment path to their medium-term budgetary objective or from the objective itself, with the deviation reflecting the net cost of the reform to the publicly managed pillar, under the condition that the deviation remains temporary and that an appropriate safety margin with respect to the deficit reference value is preserved.deleted
2011/02/15
Committee: ECON
Amendment 504 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 8
The Council shall furthermore examine whether the contents of the convergence programme facilitate the closer coordination of economic policies and whether the economic policies of the Member State concerned are consistent with Article 9 TFEU, in particular with regard to growth, the promotion of a high level of employment, the guarantee of adequate social protection and the fight against social exclusion, the broad guidelines of economic policies of the Member States and of the Union. In addition, for ERM2 Member States, the Council shall examine whether the content of the convergence programme ensure a smooth participation in the exchange rate mechanism.
2011/02/15
Committee: ECON
Amendment 509 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 9
In periods of severe economic downturn of a general nature Member States may be allowed to temporarily depart from the adjustment path implied by prudent fiscal- policy making referred to in the fourth subparagraphthe medium term budgetary objective.
2011/02/15
Committee: ECON
Amendment 515 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 2
2. The Council shall carry out the examination ofexamine the convergence programme within at most three months of the submission of the programme. The Council, on a recommendation from the Commission and after consulting the Economic and Financial Committee, shall, if necessary, deliver an opinion on the programme. Where the Council, in accordance with Article 121 of the Treaty, FEU, considers that the objectives and the content of the programme should be strengthened with particular reference to prudent fiscal-policy making, the Council shall, in its opinion, invite the Member State concerned to adjust its programme.
2011/02/15
Committee: ECON
Amendment 518 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 1 – first subparagraph
As part of multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall monitor the implementation of convergence programmes, on the basis of information provided by Member States with a derogation and of assessments by the Commission and, the Economic and Financial Committee, the Employment Committee and the Social Protection Committee, in particular with a view to identifying actual or expected significant divergences of the budgetary position from the medium-term budgetary objective, or from the appropriate adjustment path towards it, ensuing from deviations from prudent fiscal-policy making.
2011/02/15
Committee: ECON
Amendment 527 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 2 – first subparagraph
In the event of a significant deviation from prudent fiscal-policy making referred to in the fourth subparagraph of Article 9(1) of this Regulation,the adjustment path towards the medium term budgetary objective and in order to prevent the occurrence of an excessive deficit, the Commission, in accordance with Article 121(4) of the Treaty may address a warning to the Member State concerned.
2011/02/15
Committee: ECON
Amendment 535 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 2 – subparagraph 2
A deviation from prudent fiscal policy makingthe adjustment path towards the medium term budgetary objective shall be considered significant if the following conditions occur: an excess over the expenditure growth consistent with prudent fiscal policy-makingnet of public investment consistent with the medium term budgetary objective, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation has a total impact on the government balance of at least 0.5% of GDP in one single year or of at least 0.25% of GDP on average per year in two consecutive years.
2011/02/15
Committee: ECON
Amendment 538 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 2 – subparagraph 3
The deviation shall not be considered if the Member State concerned has significantly overachieved the medium- term budgetary objective, taking into account the presence of excessive macroeconomic imbalances, and the budgetary plans laid out in the stability programme do not jeopardise this objective over the programme period.deleted
2011/02/15
Committee: ECON
Amendment 541 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 2 – subparagraph 4
The deviation may be equshally not be considered in case of severe economic downturn of a general nature.
2011/02/15
Committee: ECON
Amendment 546 #
Udo BULLMANN
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 3
3. In the event that the significant deviation from prudent fiscal policy making persists or is particularly serious, the Council, on a recommendation fromthe adjustment path towards the medium term budgetary objective persists or is particularly serious, the Commission, shall address a recommendation to the Member State concerned to take the necessary adjustment measures. The Council, on a proposal from the Commission, shall make the recommendation public and the European Parliament may invite the Member State concerned to explain its policies before its competent committee.
2011/02/15
Committee: ECON
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