12 Amendments of Helmut SCHOLZ related to 2009/0140(COD)
Amendment 37 #
Proposal for a regulation
Recital 1
Recital 1
(1) The financial crisis has revealed important shortcomings in the model of unbridled neo-liberal financial supervisihegemony, which has failed to prevent the accumulation of excessive risks within the financial system and has in particular highlighted the weaknesses of the existing macro-prudential oversight.
Amendment 39 #
Proposal for a regulation
Recital 7
Recital 7
(7) The Community needs a specific bodyingle supervisor with binding powers responsible for macro-prudential oversight across the EU financial system, which would identify risks to financial stability and, where necessary, issue risk warnings and recommendations for action to address such risks. Consequently, a European Systemic Risk Board (ESRB) should be established as a new independent body, responsible for conducting macro- prudential oversight at the European level.
Amendment 40 #
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue warnings and legally binding recommendations of a general nature concerning the Community as a whole, individual Member States or groups of Member States, with a specified timeline for the relevant policy response.
Amendment 41 #
Proposal for a regulation
Recital 9
Recital 9
(9) In order to increase their weight and legitimacy, such warnings and legally binding recommendations should be transmitted through the Council and, where appropriate, the European Banking Authority established by Regulation (ECU) No …/… the European Parliament and of the Council8, the European Securities and Markets Authority established by Regulation (ECU) No …/… of the European Parliament and of the Council9, and the European Insurance or the Occupational Pension Authority established by Regulation (ECU) No …/…of the European Parliament and of the Council.
Amendment 42 #
Proposal for a regulation
Recital 11
Recital 11
(11) The ESRB should decide whether a recommendations should be kept confidential or made public, bearing in mind that public disclosure can help to foster compliance with the recommendations in certain circumstancesalways be made public, because the European Union needs a transparent and publicly accountable Financial Supervisory Authority.
Amendment 44 #
Proposal for a regulation
Recital 17
Recital 17
(17) Market participants can provide valuable input to the understanding of the evolutions affecting the financial system. Where appropriate, the ESRB should therefore consult private sector stakeholders (financial sector representatives, consumerSupervision and control must not solely be left to the community of financial networks, economic experts and state bureaucracies, but should aslsociations, user groups in the financial services area established by the Commission or Community leg include those affected groups who bear the economic and social risks of the crisis, such as trade unions, civil society organislation…)s and give them a fair opportunity to provide their commentconsumer associations.
Amendment 45 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) The Commission and the Member States should play a leading role in constructing a new global, transparent and accountable financial architecture which helps to ensure that a crisis on this scale will not recur.
Amendment 48 #
Proposal for a regulation
Article 6 – paragraph 1 – point f a (new)
Article 6 – paragraph 1 – point f a (new)
(fa) a representative from the trade unions.
Amendment 49 #
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the advice of relevant private -sector stakeholders including trade unions, civil society organisations and consumer associations.
Amendment 53 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The General Board of the ESRB shall decide whether a warning or aESRB recommendations should be made public on a case-by-case basis. By derogation to Article 10(2), a qualified majority of two- thirds of the votes is needed to make a warning or recommendationall always be made public.
Amendment 54 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
Amendment 55 #
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3