69 Amendments of Philippe LAMBERTS related to 2018/0212(COD)
Amendment 43 #
Proposal for a regulation
Recital 2
Recital 2
(2) Strengthening economic cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and, to the harmonious development and the upwards convergence of the Union as a whole.
Amendment 55 #
Proposal for a regulation
Recital 4
Recital 4
(4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, the EU fiscal framework, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks.
Amendment 62 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall. The sequence of the crisis in euro area also suggestsputs in evidence a strong reliance on the single monetary policy to provide for macro-economic stabilisation in severe macro-economic circumstances.
Amendment 65 #
Proposal for a regulation
Recital 6
Recital 6
(6) The financial crisis has resulted in and has been aggravated by a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public investment. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 68 #
Proposal for a regulation
Recital 7
Recital 7
(7) Additional instruments are therefore necessary to avoid in the future that large asymmetric shocks result into deeper and broader situations of stress and weaken cohesion. Together with the gradual establishment such additional instruments and in order to facilitate macroeconomic adjustment, the revision of the EU fiscal framework should also be a priority as the current framework rules contributed to excessive fiscal austerity during the crisis, thus helping to aggravate and prolong its economic, social and political consequences. Moreover, either because countries did not abide by the rules or because the rules were not sufficiently strictly applied during good years, there was insufficient debt reduction in many countries in the 2000s, which reduced their fiscal capacity during bad years. In addition, the rules suffered from large measurement problems as they are based on the non- observable structural budget balance, the estimation of which is subject to massive errors.
Amendment 75 #
Proposal for a regulation
Recital 8
Recital 8
(8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investments in line with the Sustainable Development Goals and the Paris Climate agreement, in the event of large asymmetric shocks, a European Investment Stabilisation Function (EISF) should be established as a first step towards a fully-fledged capacity to address asymmetric shocks in the EMU.
Amendment 78 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) The EISF should be bound by the same objectives than the one included in the Article 4.1 of the regulation laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the European Maritime and Fisheries Fund and financial rules for those and for the Asylum and Migration Fund, the Internal Security Fund and the Border Management and Visa Instrument.
Amendment 88 #
Proposal for a regulation
Recital 10
Recital 10
(10) EISF should be a Union instrument which complements national fiscal policies. It should be recalled that Member States should pursue sound fiscal policies and build up fiscal buffers in favourable economic times and facilitate counter- cyclical macroeconomic adjustment in bad times. Member States should also pursue in that perspective an upwards fiscal convergence and the fight against fiscal and social dumping.
Amendment 100 #
Proposal for a regulation
Recital 12
Recital 12
(12) The European Stability Mechanism (ESM) or its legal successor cshould provide further support in addition to support under EISF.
Amendment 106 #
Proposal for a regulation
Recital 13
Recital 13
(13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States.
Amendment 109 #
Proposal for a regulation
Recital 14
Recital 14
(14) The activation of EISF support should therefore be determined by a doublen activation trigger based on both the level of national unemployment rate compared to its past average and, the change in unemployment compared to a certain threshold or a change in a leading indicator to anticipate turning point in economic activity.
Amendment 118 #
Proposal for a regulation
Recital 15
Recital 15
(15) Strict eEligibility criteria for grants could be partially based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework over a period of two years before the request for EISF support should be fulfilled by the Member State requesting EISF support in in order not to diminish the incentive for that Member State to pursue prudent budgetary policies.
Amendment 121 #
Proposal for a regulation
Recital 16
Recital 16
Amendment 129 #
Proposal for a regulation
Recital 17
Recital 17
Amendment 132 #
Proposal for a regulation
Recital 18
Recital 18
(18) EISF support should take the form of grants ofr loans to the Member States concerned. That instrument would provide them with financing to continue executing public investments particularly those in line with the Sustainable Development Goals and the Paris Climate agreement.
Amendment 136 #
Proposal for a regulation
Recital 19
Recital 19
(19) In addition to grants and loans, interest rate subsidies should be granted to the Member States concerned to cover the interest costs incurred on such loans, as a specific type of financial assistance under Article 220 of the Financial Regulation. Such an interest rate subsidy would provide additional support in parallel to the loan for Member States undergoing an asymmetric shock and facing tight financing conditions on the financial markets whenever such Member State is not fully eligible for a grant.
Amendment 139 #
Proposal for a regulation
Recital 20
Recital 20
(20) With a view to swiftly provide EISF support, the competence for granting the loans when the eligibility and activation criteria arefor grants are not fulfilled and deciding on granting interest rate subsidies should be entrusted to the Commission.
Amendment 143 #
Proposal for a regulation
Recital 21
Recital 21
(21) Member States should invest the support received under EISF in eligible public investment and also maintain the level of public investment in general compared to the averagehigher level of public investments over the five last years in order to ensure that the objective pursued by this Regulation is achieved. In that respect, there is the expectation that Member States should give priority to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development..
Amendment 145 #
Proposal for a regulation
Recital 22
Recital 22
(22) To that effect, the Commission should examine whether the Member State concerned has respected those conditions. In case of non-compliance the Member State concerned should be subject to exclusion of additional grants for a period of two years or repay part or the entire loan given and should not be entitled to receiving an interest rate subsidy.
Amendment 162 #
Proposal for a regulation
Recital 26
Recital 26
(26) A Stabilisation Support Fund should be established to finance the interest rate subsidy. The Stabilisation Support Fund should be endowed with national contributions fromreimburse the borrowing operations due by the EISF endowed with annual payment appropriations from the EU budget within the limits of the multiannual financial framework and a financial envelope of EUR 120000 million foreseen for the implementation of the Stabilisation Support Fund with the aim of covering the reimbursement of borrowing operations carried by the EISF. Such payments should be topped up with national contributions from Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) which experience a current account surplus for a third year in a row. The amount of such contribution should be calculated as the difference between the current account and the maximum threshold whenever a Member State exceeds for a third year in a row the maximum threshold of the current account indicator provided in the Macroeconomic Imbalance Procedure scoreboard established to in Regulation (EU) 1176/2011. The determination and the transfer of such national contributions should be governed by an intergovernmental agreement to be concluded between Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II).
Amendment 166 #
Proposal for a regulation
Recital 27
Recital 27
(27) Both the determination of the amount of the national contributions to the Stabilisation Support Fund and their transfer should be governed by an intergovernmental agreement to be concluded betweenA new Own Resource within the 2021-2027 multiannual financial framework should be established by Member States whose currency is the euro and for other Member States that participate in the exchange rate mechanism (ERM II). That agreement should provide that the national contributions for all the Member States are calculated basedreferred to in Article 140(1) onf the share of the national central banks of those Member States whose currency is the euro in the monetary income of the Eurosystem. For Member States which participate in ERM II a specific key should be foreseen to determine the national contributions. The Commission should assist the Member States for the calculation of those contributions. To that end, the European Central Bank (ECB) should communicate to the Commission the amount of monetary income the national central banks of the Eurosystem are entitled toTreaty of the Functioning of the European Union. Such Own Resource should provide an amount equivalent to be overall financial envelope of the Stabilisation Support Fund.
Amendment 175 #
Proposal for a regulation
Recital 28
Recital 28
(28) After that intergovernmental agreement has entered into force, payment of the interest rate subsidy to the Member State concerned should be conditional upon the Member State transferring its yearly contribution to the Stabilisation Support FuGrants and. Payment of interest rate subsidies should be conditional upon the availability of sufficient means in the Stabilisation Support Fund. Grants and Payment of interest rates subsidies from the Stabilisation Support Fund would be postponed in case the interest rate subsidysuch amounts allocated to a specific Member State would exceed 30 percent of the available means in the Stabilisation Support Fund at the moment when such payment is due.
Amendment 184 #
Proposal for a regulation
Recital 31
Recital 31
(31) In order to determine the rules for the involvement of the ESM or its legal successor in providing financial assistance in parallel to the Commission in support of public investment, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the exchange of relevant information as regards the EISF loansupport, the impact of the ESM's involvement for calculating the amount of EISF support, and the granting of an interest rate subsidy by theinvolvement of Stabilisation Support Fund to the Member State forregarding costs incurred on ESM financial assistance. The Commission should also be empowered to adopt delegated acts determining the percentage in the formula for calculating the interest rate subsidy, the detailed rules for the administration of the Stabilisation Support Fund and the general principles and criteria for its investment strategy. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 201614. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 14 OJ L 231, 12.5.2016, p. 1. OJ L 231, 12.5.2016, p. 1.
Amendment 186 #
Proposal for a regulation
Recital 32
Recital 32
(32) Pursuant to paragraph 22 and 23 of the Inter-institutional agreement for Better Law-Making of 13 April 2016, there is a need to evaluate this Regulation in order in particular to assess its effectiveness, its contribution to the conduct of economic policies in Member States and the Union's strategy for jobs and growth, and to determine possible further developments that are needed in order to create an fully-fledged insurance mechanism serving the purpose of macro-economic stabilisation. This will be done on the basis of information collected through specific monitoring requirements, while avoiding overregulation and administrative burdens, in particular on Member States. These requirements, where appropriate, can include measurable indicators, as a basis for evaluating the effects of the Regulation on the ground.
Amendment 193 #
Proposal for a regulation
Recital 33
Recital 33
(33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on logrants and granting ofloans providing interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor would be involved in the future by providing financial assistance to Member States whose currency is the euro facing adverse economic conditions in support of public investment. Moreover, a voluntaryfully-fledged insurance mechanism with a borrowing capacity based on voluntary contributions by Member States cshould be set up in the future to provide for a powerful instrument for the purpose of macro-economic stabilisation against asymmetric shocks.
Amendment 208 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EISF shall provide financial assistance in the form of loans, grants and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock.
Amendment 213 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Amendment 218 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) 'eligible public investment' means: (a) the public investment in support of policy objectives as defined in Regulation (EU) No [XX] of [XX] [insert reference to new Common Provisions Regulation]16 and (b)which finances a sustainable activity as provided for in Regulation No [XX] of [insert reference to the Taxonomy] and (b) and in so far not covered by point a, any expenditure in areas: (i) of education, research and training as defined in Annex A to Regulation (EU) No 549/2013 and not covered in point (a);(ii) in energy efficiency, especially those aiming at fighting against energy poverty as defined in Regulation (EU) No XXX on the Governance of the Energy Union1a. _________________ 16 [Insert correct reference to new version of Common Provisions Regulation] 1ahttps://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:52 016PC0759R(01)&from=EN
Amendment 227 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) 'EISF support' means Union financial assistance within the meaning of Article [220] of the Financial Regulation in the form of loans, grants and interest rate subsidies under the EISF in support of eligible public investment;
Amendment 229 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) 'Union strategy for smart, sustainable and inclusive growth' means the targets and shared objectives guiding the action of Member States and the Union set out in the Conclusions adopted by the European Council of 17 June 2010 as Annex I (New European Strategy for Jobs and Growth, EU Headline Targets), Council Recommendation (EU) 2015/118417 on broad guidelines for the economic policies of the Member States and of the European Union of 14 July 2015 and in Council Decision (EU) 2016/183818, and any revision of such targets and shared objectives including the objectives referred to in Council Decision (EU) 2016/184118 . _________________ 17 OJ L 192, 18.7.2015, p. 27 18 OJ L 280, 18.10.2016, p. 30 18
Amendment 236 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. A Member State shall be fully eligible for EISF support where itif it meets its annual intermediate targets in the context of the Union strategy for smart, sustainable and inclusive growth and is not subject to:
Amendment 263 #
(d) two successivone decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non- compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the two years prior to requesting support from the EISF;
Amendment 266 #
Proposal for a regulation
Article 3 – paragraph 1 – point e
Article 3 – paragraph 1 – point e
Amendment 268 #
Proposal for a regulation
Article 3 – paragraph 1 – point f
Article 3 – paragraph 1 – point f
Amendment 273 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. When the agreement has entered into force, aA Member State shall only be eligible for receiving an interest rate subsidy if it complies with its obligations under the agreement grant covering 100% of the total amount of the support provided by the EISF if it complies with all eligibility criteria referred to in paragraph 1.
Amendment 275 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. A Member State, not meeting any the criteria of paragraph 1 shall be eligible for a grant with a cumulative discount of 20% of the total amount of support provided by the EISF for each of the items referred to under points a) to d) of paragraph 1 and a discount of 20% of the total amount of support provided by the EISF if the Member State does not meet its annual intermediate targets in the context of the Union strategy for smart, sustainable and inclusive growth.
Amendment 277 #
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
2b. The amount of support not covered by a grant shall be eligible to a loan with an interest rate subsidy to be determined in accordance with the provisions of Article 9, if within one year of the decisions and recommendations referred to under points a) to d) of paragraph 1 the Member State is not anymore subject to them or if the intermediate targets referred to in paragraph 1 is met for the subsequent two years. Absent such conditions, the interest rate subsidy as referred to in Article 9 shall be equal to zero.
Amendment 279 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. A Member State experiencing an unemployment rate below the average unemployment rate in Member States referred to under Article 1, paragraph 3 shall be considered to experience a large asymmetric shock if the following activation criteria (a) and (b) are simultaneously fulfilled or if (ba) is simultaneously fulfilled with either (a) or (b):
Amendment 295 #
Proposal for a regulation
Article 4 – paragraph 1 – point b a (new)
Article 4 – paragraph 1 – point b a (new)
(ba) a leading indicator designed to anticipate turning points in economic activity based on existing indicators such as the OECD leading composite indicator or other similar indicators published by an international institution or the independent body set in the Council Directive 2011/85/EU of 8 November2011 on requirements for budgetary frameworks of the Member States
Amendment 298 #
2a. A Member State, whose unemployment rate is above the average unemployment rate in the Member States covered under Article 1, paragraph 3 shall be considered to experience a large asymmetric shock if any of the following activation criteria is fulfilled: (a) the quarterly national unemployment rate exceeded the average unemployment rate in the Member State concerned over a period of 60 quarters preceding the quarter during which the request is made; (b) the quarterly national unemployment rate increased above one percentage point in comparison to the unemployment rate observed in same quarter of the previous year.
Amendment 300 #
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21, to specify the indicator referred to under point (ba), paragraph 1.
Amendment 314 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1 – point b
Article 5 – paragraph 1 – subparagraph 1 – point b
(b) maintain the same level of its public investment as a percentage of gross domestic product compared to the averagehighest level of its public investment bserved during the five previous years.
Amendment 316 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
Amendment 322 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
The year following the disbursement of the EISF loansupport, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1. In particular, the Commission shall also verify the extent to which the Member State concerned has maintained eligible public investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.
Amendment 328 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 – point b a (new)
Article 5 – paragraph 2 – subparagraph 2 – point b a (new)
(ba) suspending the eligibility of the Member State to additional grants for a period of two years.
Amendment 338 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
The Commission shall assess and answer the requests in the order it receives them. It shall act without undue delay. At the request of the parliament of the Member State concerned or of the European Parliament, the Commission shall present its assessment to the parliament making the request.
Amendment 345 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Commission shall decide the terms of the EISF support in accordance with the provisions of Article 3(2a), 3(2b) and 8. The decision shall contain the amount, and as appropriate, the average maturity, the pricing formula, and the availability period of EISF loan and the amount of the interest rate subsidy, and the other detailed rules needed for the implementation of the support. When deciding on the terms of the EISF support, the Commission shall take into account the amount deemed to be sustainable within the meaning of Article [210(3)] of Regulation (EU, Euratom) No XX (the ‘Financial Regulation’) under the own resources ceiling for payment appropriations.
Amendment 349 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
The outstanding amount of grants and loans granted to Member States under this Regulation shall be limitedamount to the higher of: (a) 1% of the cumulative GNI of participating Member States, or (b) to EUR 3120.000 bmillion in principalcurrent prices.
Amendment 358 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Amount of EISF loansupport
Amendment 387 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 2 – point a
Article 8 – paragraph 2 – subparagraph 2 – point a
(a) ‘α’ is 11.550%;
Amendment 394 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. An EISF loansupport shall not exceed 30 percent of the available amount referred to in Article 7 after deduction of the total amount of outstanding loans awarded under EISF.
Amendment 401 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21, to amend this Regulation by determining the percentage referred to in paragraph 1 if this appears necessary in view of the implementation of the agreement or the eventual deferral of payments under Article 18(2).
Amendment 406 #
Proposal for a regulation
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. In case the ESM or its legal successor provides financial assistance to Member States in support of eligible public investment to Member States under modalities and conditions consistent with this Regulation, the Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21 in order to:
Amendment 411 #
Proposal for a regulation
Article 10 – paragraph 1 – point c
Article 10 – paragraph 1 – point c
(c) amend or supplement Articles 9 and 18 to allow for providing grantings or an interest rate subsidy by the Stabilisation Support Fund to Member States for interest costs incurred on financial assistance granted by the ESM or its legal successor to Member States in support of eligible public investment.
Amendment 412 #
Proposal for a regulation
Part 5 – title 1
Part 5 – title 1
Grants and Loans
Amendment 413 #
Proposal for a regulation
Article 11 – title
Article 11 – title
Disbursement of thegrants and loans
Amendment 414 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The EISF grant or loan shall, in principle, be disbursed in one instalment.
Amendment 416 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The borrowing and lending operations of the EISF shall be carried out in euro.
Amendment 420 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Without prejudice to Articles 4 and 9, the costs incurred by the Union in concluding and carrying out each operation shall be borne by the Member State receiving the EISF loan or by the Stabilisation support fund in case of grants.
Amendment 429 #
Proposal for a regulation
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) contributions from Member States in accordanceannual appropriations authorised by the European Parliament and by the Council within the agreement;limits of the multiannual financial framework.
Amendment 432 #
Proposal for a regulation
Article 17 – paragraph 2 – point c a (new)
Article 17 – paragraph 2 – point c a (new)
(ca) contributions from Member States recording a current account in excess of the maximum threshold as set out in the scoreboard established to in Regulation (EU) 1176/2011 for a third year in a row. The amount of the contribution shall be equivalent to the difference between the current account experienced by the Member States in the third year and the maximum threshold for that year.
Amendment 433 #
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. For the purpose of paragraph 2a, the financial envelope for the implementation of the Stabilisation Support Fund is set at EUR 120000 million in current prices.
Amendment 434 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. Revenues of the Stabilisation Support Fund as provided for in point (ad) of paragraph 2 shall constitute external assigned revenue, and revenues as provided for in points (a) to (c) of paragraph 2 shall constitute internal assigned revenue in accordance with Article [21(4)] of the Financial Regulation.
Amendment 435 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 438 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. The resources of the Stabilisation Support Fund may only be used for the purpose of payment of interest rate subsidies to Member Statescovering the reimbursement needs of the borrowing operations of the EISF referred to in Article 912.
Amendment 442 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Payment of grants together with an interest rate subsidy shall not exceed 30 percent of the available means in the Stabilisation Support Fund at the moment when such payment to the Member State concerned is due. Any further payment shall be deferred. Any new contributions to the Stabilisation Support Fund referred to in Article 17(2) shall be firstly used for honouring deferred payments to the Member States concerned. In case of more than one deferred payment, the order in which such payments shall be honoured shall be determined by the length of time of the deferral starting with the longest time.
Amendment 446 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. By [DATE two years after the entry into force of this Regulation] at the latest, and every fivetwo years after, the Commission shall examine the quality of the public investment management systems and practices in Member States. The Commission shall prepare a report containing a qualitative assessment and a score based on a set of indicators and, if necessary, recommendations to improve the quality of the public investment management systems and practices. The report shall be made public.
Amendment 451 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1
Article 22 – paragraph 5 – subparagraph 1
An interim evaluation of the EISF shall be performed once there is sufficient information available about the implementation of the EISF and at the latest within two years of the EISF entry into force. A final evaluation of the EISF shall be carried out by the Commission four years after the entry into force of this Regulation,
Amendment 459 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 2 – point d
Article 22 – paragraph 5 – subparagraph 2 – point d
(d) the appropriateness ofmodalities for developing a voluntaryfully-fledged insurance mechanism serving the purpose of macroeconomic stabilisation.