Activities of Edward SCICLUNA related to 2012/2028(INI)

Motion for a resolution
Citation 1 a (new)

- having regard to the Council report "towards a genuine economic and monetary union" issued on 25th June

2012/07/12
Committee: ECON

Motion for a resolution
Recital B a (new)

Ba. whereas Member States are facing difficulties in accessing the financing at reasonable rates, as a result of mistrust from the market towards public debt and the situation of European banks and the ability of European leaders to take definitive steps to defend and complete the single currency;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 1

1. Takes note of the various crisis mitigation and resolution efforts of the European institutions, particularly the establishment of the EFSM, the EFSF, the SMP and the LTRO, and the agreement on the ESM ~~and the fiscal compact~~, but deems that a lasting solution has still to be agreed;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 2

2. ~~Welcomes~~Takes note of the fiscal consolidation and structural reform efforts undertaken by Member States;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 3

3. Is deeply concerned, however, that ~~despite~~ Member States‘ reform and consolidation efforts ~~euro area sovereign bond markets are in distress, reflected in widening spreads and high volatility~~have not alleviated distress in the sovereign bond markets, where widening spreads and high volatility, including a flight to safety to the DE bund and the UK have been accentuated by the lack of an effective European response to the crisis;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 4

4. Believes that there is an urgent need to ~~further discuss~~agree on a binding roadmap aimed at a longer-term vision for the euro area ~~which ensures~~based on sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 5

5. Points out that it is in the ~~long-term strategic~~ interest of the eurozone to draw all possible benefits from issuing the euro, such as establishing a common liquid and diversified bond market and establishing the euro as a global reserve currency;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 7

7. Believes that the prospect of common bonds, given the signalling effect that it would send, can foster stability in the euro area and be an additional element to incentivise compliance with the stability and growth pact; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex, similar to the Maastricht criteria for introducing the single currency;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 8

8. Urges Member States to ~~seriously~~ consider the option of immediately establishing a European Redemption Fund in order to allow participating countries to reduce excessive debt over a ~~maximum~~ period of around 25 years ~~by using the interest rate savings for debt reduction~~to be adjusted according to effective growth rates;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 9 a (new)

9a. Calls on Member States to give the ESM a banking licence to ensure access to adequate re-financing;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 11

11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integration in the EU; calls on the Commission to put forward proposals for a single financial supervisory authority to oversee ~~systemic~~ financial institutions, a banking resolution regime including an EU wide recapitalisation fund and an EU-wide deposit guarantee scheme to which banks would mainly contribute;

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 13

13. Believes that if the blue-bond/red- bond system proves to be beneficial to the euro area as a whole, a further step, requiring a Treaty change, should be envisaged, which is the issuance of bonds under joint and several liability;deleted

2012/07/12
Committee: ECON

Motion for a resolution
Paragraph 14

14. Advocates, following the implementation of short-term measures to exit the crisis and the first steps of the binding roadmap, the setting-up of a committee inspired by the Delors Committee of 1988, including representatives from Member States, the Commission and the ECB; believes that this committee should evaluate progress and make recommendations for further steps with regard to post-crisis phases, to be discussed in Parliament; takes the view that this committee should also look at the possibility of issuing genuine federal bonds;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2

- ~~limit~~The bridge for participation tofor Member States ~~without~~under an adjustment programme~~; provide for a phasing in of Member States that have successfully completed an adjustment programme~~ shall be properly assessed;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3

- ~~oblige~~ Member States commit to autonomously redeem the transferred debt over a period of ~~maximum 25 years by using the interest rate savings for debt redemption which could be shorter if th~~25 years, which could be shorter or longer if the effective growth rate is higher or lower than foreseen;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4

- implement the national debt brakes introduced in the fiscal compact to limit the debts that remain exclusively with the participating Member States at a maximum of 60 % of GDP and oblige Member States to cover their liabilities by risk-free collateralMember States shall have in place fiscal rules that implement in the national budgetary processes their medium-term budgetary objectives as defined in Article 2a of Regulation (EC) N01466/97;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5

- ~~implement the new framework~~strengthen the co-ordination of economic governance together with a binding ~~structural reform~~growth and convergence agenda monitored by the Commission;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1

- establish an agency or use an existing entity to issue eurobills ~~and limit participation to Member States that comply with the rules as set-out in the Stability and Growth Pact~~;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4 a (new)

- The ESM shall obtain a banking licence to intervene if proven necessary to ensure the adequate functioning of the system;

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 2 - Paragraph 2

The Commission puts forward proposals for the setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by ~~national debt brakes according to principles~~adequate mechanisms to avoid moral hazard such as:

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 1

~~- limit participation to Member States that comply with the Stability and Growth Pact and the fiscal compact and are not under an adjustment programme;~~deleted

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 3

~~- oblige participating Member States to put collateral representing its amount of debt issued in common;~~deleted

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 3 - Title

Phase 3 - CFull common issuance of national debt ~~involving a Treaty change~~

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 3 - Paragraph 1

- On the basis of the work of the committee, ~~the Commission puts forward, if appropriate, propos~~and having prepared all eventual changes to the EU legals foramework and, if necessary, a Treaty change (and where necessary, Member States’' constitutional changes) ~~and~~the Commission puts forward proposals for the setting up of a system for the common issuance of bonds according to the following principles:

2012/07/12
Committee: ECON

Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1

- limit participation to the Member States ~~which comply with the conditions as set out~~participating in phase 2;

2012/07/12
Committee: ECON