307 Amendments of Edward SCICLUNA
Amendment 788 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 a (new)
Annex – part 2 – point 2.5 a (new)
Recommendation 2.5a on creating short- term means of fiscal solidarity The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Alongside the implementation of a reinforced framework to ensure fiscal discipline, including the six-pack and two- pack, the Commission should come forward immediately with a proposal following the ordinary legislative procedure for the creation of common short-term debt securities, or euro bills, aimed at providing immediate conditional support to Member States faced with refinancing difficulties; The liability for euro bills should be joint and several for member states whose currency is the euro. It should be limited in time and as a percentage of total liabilities of recipient Member States Euro bills should be made conditional to growth-enhancing reforms and fiscal policy in the recipient Member States. Euro bills could be issued by the European Financial Stability Facility (EFSM) without the need for a treaty change.
Amendment 793 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 f (new)
Annex – part 2 – point 2.5 f (new)
Amendment 16 #
2012/2150(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Is concerned to note that in many Member States national parliaments, social partners or civil society were not involved in the European semester process; urges therefore the Commission to ensure more democratic legitimacy be given to the process by the involvement of national parliaments, social partners and civil society;
Amendment 17 #
2012/2150(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Urges the Commission to avoid taking a one size fits all approach to the recommendations given to Member States and ensure that such recommendations are made according to the specific needs of the Member State concerned;
Amendment 26 #
2012/2150(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is confidentNotes that the measures proposed are intended to be conducive to sustainable public finances, increased competitiveness, higher growth and improved employment;
Amendment 42 #
2012/2150(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that most of the structural reforms are concentrating on a small number of areas, such as labour markets including wage determination, pension systems, the taxation system, restructuring the banking sector, removing unjustified restrictions on regulated trades and professions, liberalising certain industries, improving the efficiency and quality of public expenditure, avoiding unnecessary layers of government, combating tax evasion, and reforming mortgage and real estate markets;
Amendment 100 #
2012/2150(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Lauds the economic dialogue held so far between the European Parliament and national representatives, and wishes to conduct further dialogues;
Amendment 2 #
2012/2028(INI)
Motion for a resolution
Citation 1
Citation 1
– having regard to the enhanced economic governance framework of the Union, including the six-pack, the forthcoming two-pack and the fiscal compact;
Amendment 4 #
2012/2028(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to the Council report "towards a genuine economic and monetary union" issued on 25th June
Amendment 26 #
2012/2028(INI)
Motion for a resolution
Recital B a (new)
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;
Amendment 41 #
2012/2028(INI)
Motion for a resolution
Paragraph 1
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;
Amendment 56 #
2012/2028(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. WelcomesTakes note of the fiscal consolidation and structural reform efforts undertaken by Member States;
Amendment 67 #
2012/2028(INI)
Motion for a resolution
Paragraph 3
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 volatilityhave 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;
Amendment 77 #
2012/2028(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that there is an urgent need to further discussagree on a binding roadmap aimed at a longer-term vision for the euro area which ensuresbased on sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence;
Amendment 90 #
2012/2028(INI)
Motion for a resolution
Paragraph 5
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;
Amendment 111 #
2012/2028(INI)
Motion for a resolution
Paragraph 7
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;
Amendment 145 #
2012/2028(INI)
Motion for a resolution
Paragraph 8
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 reductionto be adjusted according to effective growth rates;
Amendment 158 #
2012/2028(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on Member States to give the ESM a banking licence to ensure access to adequate re-financing;
Amendment 182 #
2012/2028(INI)
Motion for a resolution
Paragraph 11
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;
Amendment 206 #
2012/2028(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 223 #
2012/2028(INI)
Motion for a resolution
Paragraph 14
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;
Amendment 252 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
- limitThe bridge for participation tofor Member States withoutunder an adjustment programme; provide for a phasing in of Member States that have successfully completed an adjustment programme shall be properly assessed;
Amendment 259 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
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 th25 years, which could be shorter or longer if the effective growth rate is higher or lower than foreseen;
Amendment 265 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
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;
Amendment 267 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
- implement the new frameworkstrengthen the co-ordination of economic governance together with a binding structural reformgrowth and convergence agenda monitored by the Commission;
Amendment 278 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
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;
Amendment 295 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4 a (new)
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;
Amendment 314 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2
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 principlesadequate mechanisms to avoid moral hazard such as:
Amendment 318 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Amendment 323 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Amendment 331 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Title
Annex - Phase 3 - Title
Phase 3 - CFull common issuance of national debt involving a Treaty change
Amendment 337 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
- On the basis of the work of the committee, the Commission puts forward, if appropriate, proposand having prepared all eventual changes to the EU legals foramework and, if necessary, a Treaty change (and where necessary, Member States’' constitutional changes) andthe Commission puts forward proposals for the setting up of a system for the common issuance of bonds according to the following principles:
Amendment 340 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
- limit participation to the Member States which comply with the conditions as set outparticipating in phase 2;
Amendment 351 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 4 - Paragraph 1
Annex - Phase 4 - Paragraph 1
- The Commission, after having prepared all eventual changes to the EU legal framework, puts forward proposals for possiblthe issuance of bonds to finance EU investments for EU public goods (e.g. infrastructure, research and development, etc.)ulfil the objectives of the Union as set out in Article 3 of the TFEU as well as serving as an instrument to facilitate fiscal adjustment in response to external shocks when cross-border effects are at play.
Amendment 27 #
2012/0084(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Furthermore, the coordinating role already attributed to the NSIs for European statistics produced through the ESS should be clarified as regards its scope, so as to achieve more efficient coordination of statistical activities within the ESS at national level, including quality management.
Amendment 28 #
2012/0084(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) In accordance with Article 9 of Regulation (EC) No 223/2009 and Article 2a of Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank1, the ESS and the European System of Central Banks (ESCB) cooperate closely to ensure complete and coherent European statistics produced by the two statistical systems in their fields of competence in accordance with their respective work programmes. Particular areas of cooperation include national accounts and balance of payment statistics, as well as the provision of advice to the Commission on statistics related to the excessive deficit procedure. ______________ 1 OJ L 318, 27.11.1998, p. 8.
Amendment 31 #
2012/0084(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The NSIs should furthermore be consulted at an early stage on the design of new administrative records that could provide data for statistical purposes and on planned changes to, or cessation of, existing administrative sources. They should also receive relevant metadata from the owners of administrative data and coordinate standardisation activities concerning administrative records that are relevant for statistical data production. The exercise by the NSIs and other national authorities of competences related to access, use, standardisation, initial design, subsequent development and cessation of ESCB administrative records should not interfere with the performance of ESCB tasks specified in Article 127 of the Treaty on the Functioning of the European Union (TFEU) and with safeguards on central bank independence under Articles 130 and 282 (3) of the TFEU and Article 7 of Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank.
Amendment 41 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 2
Article 1 – point 2
Regulation No 223/2009 on European Statistics
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
1. The national statistical authority designated by each Member State as the body having the responsibility for coordinating all activities at national level for the development, production and dissemination of European statistics at national level under this Regulation (the NSI) shall act in this regard as the sole contact point for the Commission (Eurostat) on statistical matters.
Amendment 42 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 2
Article 1 – point 2
Regulation (EC) No 223/2009 on European statistics
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The coordinating responsibility of the NSI shall cover all other national authorities responsible for the development, production and dissemination of European statistics produced under this Regulation. The NSI shall, in particular, be responsible at national level for coordinating statistical programming and reporting, quality monitoring, methodology, data transmission and communication on ESS statistical actions and shall cooperate with the respective national central bank (NCB) to ensure production of complete and coherent European statistics through the ESS and the ESCB in their respective fields of competence.
Amendment 44 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 223/2009 on European statistics
Article 5a – paragraph 1
Article 5a – paragraph 1
1. Within their national statistical system, the heads of NSIs shall have the sole responsibility for deciding on processes, statistical methods, standards and procedures, and on the content and timing of statistical releases and publications for all European statistics. They shall be empowered to decide on all matters regarding the internal management of the NSI. They shall coordinate the statistical activities of all national authorities that contribute to the development, production and dissemination of European statistics produced through the ESS. Furthermore, they shall cooperate with the respective NCBs on issues related to the production of European statistics that are common to the ESS and to the ESCB. When carrying out these tasks, the heads of NSIs shall act in an independent manner; they shall neither seek nor take instructions from any government or other institution, body, office or entity; they shall refrain from any action incompatible with the performance of these tasks.
Amendment 49 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 223/2009
Article 5a – paragraph 2
Article 5a – paragraph 2
2. The procedures for recruitment, transfer and dismissal of heads of NSIs shall be transparent and based on professional criteria only. Heads of NSIs shall be appointed by national governments after consulting the National Parliament. Candidates shall be invited to appear before the relevant national parliamentary committees prior to their appointment. The Heads of NSIs shall have the sole responsibility for deciding on the processes, statistical methods, standards and procedures, and on the content and timing of statistical releases and publications for all statistics produced by the respective NSIs. The Head of NSI shall be empowered to decide on all matters regarding the internal management of the NSI. When carrying out these tasks the Heads of NSIs shall act in an independent manner and shall neither seek nor take any instructions from any government or any institution, body, office or agency. The Heads of NSIs shall be accountable for the statistical activities and budget execution of the respective NSIs. He/She may be invited to appear before the relevant committee of the national parliament to discuss a matter pertaining to statistical governance and express comments on budget allocation issues related to the statistical activities of the respective NSIs.
Amendment 53 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 223/2009
Article 5a – paragraph 3
Article 5a – paragraph 3
3. The heads of NSIs shall be accountable for the statistical activities and budget execution of the NSI; they shall publish an annual report and may be invited to appear before the relevant committee of the national parliament to discuss matter pertaining to statistical governance and express comments on budget allocation issues related to the statistical activities of the respective NSIs.
Amendment 58 #
2012/0084(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EC) No 223/2009
Article 6a (new)
Article 6a (new)
Amendment 65 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 223/2009
Article 11 – paragraph 3 – subparagraph 1
Article 11 – paragraph 3 – subparagraph 1
3. Member States shall take all necessary measures to implement the Code of Practice in order to maintain confidence in their statisticscontribution to the European statistics produced by the ESS. To this effect, each Member State, represented by its government, shall sign and implement a “Commitment on Confidence in Statistics” whereby specific policy commitments are made to implement the Code and to establish a national quality assurance framework, including self-assessments and improvement actions. The Commitment shall be counter-signed by the Commission.
Amendment 75 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 223/2009
Article 17a – paragraph 1
Article 17a – paragraph 1
1. In order to reduce the burden on respondents, the NSIs, other national authorities as referred to in Article 4 and the Commission (Eurostat) shall have the right to access and use, promptly and free of charge, all administrative records and to integrate these administrative records with statistics, to the extent necessary for the development, production and dissemination of European statistics produced under this Regulation.
Amendment 78 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 223/2009
Article 17a – paragraph 3
Article 17a – paragraph 3
3. Access by and involvement of theThe practical arrangements and the conditions for achieving effective access shall be determined where necessary by each Member State and the Commission within their respective spheres of competence. As regards administrative records built up and maintained by the ESCB, performance by NSIs, other national authorities and the Commission (Eurostat) pursuant toof competences under paragraphs 1 and 2 shall be limited to administrative records within their own respective public administrative systemnot interfere with the performance of ESCB tasks specified in Article 127 of the TFEU and with the safeguards on central bank independence and professional secrecy laid down in Article 130 and Article 282 (3) of the TFEU and Articles 7 and 37 of Protocol (No 4) on the statute of the European System of Central Banks and of the European Central Bank respectively.
Amendment 79 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 223/2009
Article 17a – paragraph 4
Article 17a – paragraph 4
4. The NSIs shall receive relevant metadata from the owners of administrative records used for statistical purposesAccess by and involvement of the NSIs, other national authorities and the Commission (Eurostat) pursuant to paragraphs 1, 2 and 3 shall be limited to administrative records within their own respective public administrative system.
Amendment 80 #
2012/0084(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 223/2009
Article 17a – paragraph 4a (new)
Article 17a – paragraph 4a (new)
4a. The NSIs shall receive relevant metadata from the owners of administrative records used for statistical purposes.
Amendment 4 #
2011/2289(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. Whereas statistics should be publicly accessible and easily understandable to both policy-makers and citizens;
Amendment 5 #
2011/2289(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas the quality of European Statistics is dependent on the integrity of the entire production process; whereas the modernisation of statistical production methods underway represents a vital public investment to streamline the entire production chain and requires continued commitment at EU and national level;
Amendment 10 #
2011/2289(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the approximately 350 statistical regulations applying to all Member States impose a proportionately higher statistical compliance burden on the smaller Member States;
Amendment 11 #
2011/2289(INI)
Motion for a resolution
Recital H
Recital H
H. whereas Eurostat is involved in the Union's economic governance in that itwill provides the economic indicators required for the surveillance of fiscal policies and the scoreboard on macro-economic imbalances, together with new enforcement mechanisms; whereas recent legal reforms, most notably the economic governance 'six pack', have placed robust and reliable statistics at the core of economic governance at EU level;
Amendment 16 #
2011/2289(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Calls on the Commission to provide the necessary resources and expertise to assist Member States who have insufficient available resources or have major methodological obstacles to overcome, in order to ensure compliance and the provision of high quality data;
Amendment 18 #
2011/2289(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Supports Eurostatthe Commission's intention of proposing amendments to Regulation 223/2009 (Statistical Regulation) in order to establish a legal framework for ‘Commitments on Confidence in Statistics’, allowingproactive approach to monitor and assess public finance data at an early upstream stage in order to allow for corrective action at the earliest possible point as well as the proposal to establish a legal framework for ‘Commitments on Confidence in Statistics’ requiring Member States to formally adopt a commitment to take all necessary measures to maintain confidence in statistics and to allow more rigorous enforcement of the European Statistics Code of Practice;
Amendment 22 #
2011/2289(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Urges Eurostat to pursue, in relationship with main data providers and data users, its efforts to modernise the European Statistics' production methods in order to maintain cost-effectiveness;
Amendment 32 #
2011/2289(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the quality management system will require close coordination between Eurostat and national bodies responsible for verifying upstream public finance data; calls on Eurostatthe Commission to present proposals on the role of national courts of auditors in verifying national statisticthe quality of the sources used to establish national debt and deficit figures and on whether the European Court of Auditors should be involved;
Amendment 36 #
2011/2289(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Urges Eurostat to look at ways to make its publications, particularly those online, more user-friendly to the average citizen and non-professionals especially with regard to the use of graphs; furthermore, adds that its periodic newsletters should provide, as a minimum, information on each Member State;
Amendment 17 #
2011/2288(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas there is need to monitor and review the impact and implementation of EU financial regulation to ensure that it is not creating unnecessary administrative burdens and stifling foreign direct investment in the EU;
Amendment 49 #
2011/2288(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to bring forward a communication on the attractiveness of investing in Europe, as compared to its main partners and competitors, identifying the main advantages and weaknesses of the EU as an investment environment, and pout forward an integrated strategy and specific policies and recommendations, as well as legislative proposals if appropriate, to improve the EU's investment environment;
Amendment 60 #
2011/2288(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Stresses the urgent need to reduce tax barriers for cross-border workers and employers to facilitate citizens' mobility and promote cross-border investment;
Amendment 94 #
2011/2288(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Emphasises the need for a comprehensive review of the economic impact of EU financial regulation to ensure that implementation is proportionate and does not stifle investment;
Amendment 7 #
2011/2271(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas there is a clear need to reduce the significant VAT compliance gap between the theoretical and actual tax revenue;
Amendment 10 #
2011/2271(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the tax burden in most Member States is disproportionately weighted on labour rather than on consumption;
Amendment 11 #
2011/2271(INI)
Motion for a resolution
Recital B c (new)
Recital B c (new)
Bc. whereas the administrative cost caused by tax systems to medium sized companies is unnecessarily burdensome and high in some Member States;
Amendment 70 #
2011/2271(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Contends that Member States should look to reduce the tax compliance costs for SMEs, where possible, by streamlining procedures and reducing bureaucratic costs;
Amendment 74 #
2011/2271(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Notes that the administrative cost per net revenue varies among Member States; consequently, calls on Member States to compare results and improve efficiency;
Amendment 96 #
2011/2271(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission to present legislative proposals in order to reduce the VAT compliance gap and therefore achieve greater fiscal efficiency;
Amendment 6 #
2011/2186(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls on the EIB to undertake not to fund certain types of project and to draw up lists of ‘banned areas’ and ‘banned technologies’ covering, for example, projects that result in significant changes to important natural habitats or in the production of banned substances, large dam projects that fail to comply with the recommendations of the World Commission on Dams, and extraction projects (oil, gas and minerals) which have a devastating environmental and social impact and do not comply with the World Bank Extractive Industries Review recommendations; or which fail to reach the average European environmental benchmarks. (Paragraph 3)
Amendment 8 #
2011/2186(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the EIB to draw up a grey list of projects involving technologies which although they might be within the European minimum standards, fail to reach the average European environmental standards;
Amendment 16 #
2011/2186(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Urges the EIB to increase funding for projects related to water resource management with particular emphasis given to countries in the Southern Mediterranean area with particular concern for the sustainability of supply;
Amendment 29 #
2011/2186(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Welcomes the increased role of the EIB's structural programme loans (SPLs) in helping Member States to finance their contributions to programmes supported by EU Structural Funds; calls on the Commission to work with the EIB to ensure that investment in infrastructure projects is not postponed as a result of the economic difficulties faced by Member States;
Amendment 34 #
2011/2186(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Notes that in 2010 the Bank provided EUR 25.9 billion to regions in the EU worst hit by the economic crisis;
Amendment 5 #
2011/2181(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. States that it is a prerequisite that a well-governed company should be accountable and transparent to its employees, shareholders and other stakeholders;
Amendment 7 #
2011/2181(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Notes that the findings of the Commission's study on monitoring corporate governance revealed numerous short-comings in applying the 'comply or explain' principle;
Amendment 11 #
2011/2181(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Believes that a ‘comply or explain’ approach is the most appropriate framework to apply to EU listed companies, providing a firm regulatory framework in which companire of practicable and binding governance rules for European companies complemented by soft regulations such as codes of best practices are accountable to the shareholders that provide their capitalquiring companies to state which rules they have not complied with and arthe also required by law to report on their corporate governance practiceternative solutions pursued would be the most appropriate framework;
Amendment 19 #
2011/2181(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Notes in the meantime that a more effective enforcement of 'comply or explain' should involve peer pressure, by making monitoring reports on companies publicly available, and formal sanctions in serious cases of non-compliance;
Amendment 21 #
2011/2181(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Believes that codes of practice can deliver behavioural change and that the flexibility provided by codes allows innovation which can draw on best practice throughout the EU; believes that a sharing of best practice shwould lead to the development of an EU framework forimprove corporate governance in the EU;
Amendment 33 #
2011/2181(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Notes that there is a lack of long-term focus within the market and urges the Commission to review all relevant legislation to assess whether any requirements have inadvertently added to short-termism; in particular calls onwelcomes the Commission's proposal to abandon the requirement for quarterly reporting in the Transparency Directive, which adds little to shareholder knowledge and simply creates short-term trading opportunities.
Amendment 39 #
2011/2181(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses the need for company board members to be selected on the basis of a broad set of criteria including sector specific professional qualifications and experience;
Amendment 42 #
2011/2181(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Emphasises the need for the roles of CEO and chairman to be separated and that the roles should only be combined in exceptional circumstances and for a period no longer than one year;
Amendment 45 #
2011/2181(INI)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Expresses concern at the lack of progress made in increasing gender diversity on company boards in the EU, in particular notes that despite increases in the number of female graduates, the proportion of women on boards is around 12%;
Amendment 48 #
2011/2181(INI)
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6d. Welcomes and supports the Commission's recommendation that companies should disclose their remuneration policy and the remuneration of individual directors, the result of shareholders' votes on remuneration, and establish independent committees on remuneration; adds that such measures would increase transparency and also address the growing mismatch between performance and executive pay;
Amendment 50 #
2011/2181(INI)
Draft opinion
Paragraph 6 e (new)
Paragraph 6 e (new)
6e. Agrees with the Commission on the need to increase shareholder identification and welcomes its proposals in the Transparency Directive on this issue; calls on the remaining Member States to grant issuers the right to know their domestic shareholders;
Amendment 51 #
2011/2181(INI)
Draft opinion
Paragraph 6 f (new)
Paragraph 6 f (new)
6f. Contends that while risk is often an inherent part of business activity, it is important for boards of directors to clearly define their company's risk policy and ensure proper and independent oversight of risk management processes;
Amendment 52 #
2011/2181(INI)
Draft opinion
Paragraph 6 g (new)
Paragraph 6 g (new)
6g. Notes the myriad benefits of employee share ownership including raising productivity and the commitment of workers in their company and reducing social tensions, calls on the Commission to work with Member States to extend and encourage employee share ownership, particularly through national tax regimes;
Amendment 24 #
2011/2156(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. Whereas interest rates in the euro area remained at 1% throughout 2010 but have since been raised by 25 basis points in April 2011 and again by 25 basis points in July 2011, bringing the rate to 1.5%,
Amendment 25 #
2011/2156(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. Whereas Article 282 of the TFEU states that the primary objective of the ECB is to maintain price stability and that the ECB should support general economic policies to help achieve it, and also notes the work by the ESRB under the auspices of the ECB on financial stability;
Amendment 28 #
2011/2156(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Expresses concern about the affect of interest rate increases on economic growth in the euro area, adds that this could hinder the already slow recovery in the euro area, particularly in its weakest economies;
Amendment 39 #
2011/2156(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the singleprimary objective of ECB is price stability; notes that de facto financial stability is becoming a second objective; also notes the work of the ESRB under the auspices of the ECB on financial stability;
Amendment 75 #
2011/2156(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the determinationed and proactive stance of the ECB throughout the crisis since 2007, in the face of continued indecisiveness by the Member States which is pushing the ECB into assuming an overtly political role in responding to the current debt crisis;
Amendment 4 #
2011/2011(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the development of the world economy during the last decades generally has been remarkably, prior to the global economic crisis, has generally been successful, with the number of people living in relative prosperity increasing from one to four billion, though the number of people (estimated at 817 million living in low developed countries) still living in relative poverty is still unacceptably high,
Amendment 7 #
2011/2011(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas social and economic inequalities have greatly increased in many developed countries and remain very high in developing countries despite general economic growth,
Amendment 8 #
2011/2011(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas the world economy is currently still dealing with the worst effects of the worst international economic recession experienced since the Great Depression,
Amendment 11 #
2011/2011(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the emergence of new major players, both in terms of world trade and economic growth, with China and India as frontrunners, oin the world marketeconomy has had a profound impact and changed the economic landscape fundamentally, further increasing the already existing imbalances,
Amendment 12 #
2011/2011(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the imbalances of today are nothing new as such, but only a replacement of other imbalances that characterised the global economy for decades, although today greater in magnitude and creatingstill caused primarily by a lack of private and public saving in the deficit countries, and high saving coupled with a lack of demand in the surplus countries; today these are greater in magnitude and, in view of the high degree of globalisation and scale of capital flows these imbalances create new challenges for global governance and rendering currenthave made current institutional arrangements weak and insufficient,
Amendment 16 #
2011/2011(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas there are a multitude of international organisations designed to govern the world economy such as the IMF, World Bank, WTO, UNCTAD and the IFC, alongside the inter-governmental fora of the G7 and G20, of which the G20 is the most effective but still needs to be improved,
Amendment 19 #
2011/2011(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the prevailing monetary arrangements led to substantial accumulation of foreign exchange reserves in some econom, particularly the US dollar, in some esurplus countries, which in turn increased the global supply of capital in deficit countries and exerted downward pressure on interest rates, helping to spur the bubble in asset prices that played a central role in the last financial crisis,
Amendment 20 #
2011/2011(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the global economic crisis which started in the financial sector has now led to high levels of indebtedness in some of the leading world economic players including the US, Japan and the EU,
Amendment 23 #
2011/2011(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas there has been global recognition of the role that some sectors of the financial industry played in causing the global financial crisis, and consequently the international economic and sovereign debt crises, and a common understanding that the financial sector should shoulder a fair share of the costs caused by the crisis,
Amendment 26 #
2011/2011(INI)
Motion for a resolution
Recital E
Recital E
Amendment 29 #
2011/2011(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the increased role and prominence of the G20 as a forum for informal political discussions at the highest global level is welcome, notes that the G20 as an institution lacks a legal basis, a permanent secretariat and has a weak governing structure especially with regard to other international institutions such as the IMF and WTO,
Amendment 33 #
2011/2011(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the EU should play an active roleis not perceived as a strong actor in reshaping the international monetary and financial system via more powerful external representation babecause it does not speak with one voice, and becaused on more efficient and transparent internal decision-making in accordance with the relevant provisions of the Lisbon Treatyf the fragmentation of its external representation in international economic affairs,
Amendment 38 #
2011/2011(INI)
Motion for a resolution
Subheading 1
Subheading 1
Policy recommendations to address global macroeconomic, monetary and financial imbal governances
Amendment 41 #
2011/2011(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses that anglobal imbalance as such does not necessarilys constitute a potential threat to financial stability or economic growth; taking this into account, stresses that imbalances stemming from structural misalignments and a lack of competitivenesand macro-economic stability in the leading economies and have repercussions ion othe dr economiestic economy should be addressed, as this is where the fundamental problems are to be found, and should therefore be addressed by the deficit and surplus countries;
Amendment 43 #
2011/2011(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Stresses that the financial and economic crisis demonstrated that the inflow of capital as a result of global imbalances should be accompanied by responsible monetary policy and strong financial regulation;
Amendment 48 #
2011/2011(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recognises thate need for policy-makers around the world have already proposed differentto continue working on solutions andto reforms of global financialeconomic governance to help rebalance the world economy and avoid another slump;
Amendment 58 #
2011/2011(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses the importance of responsible monetary policies; urges central banks of major economies to consider potential externalities when implementing conventional or non- conventional measures;
Amendment 61 #
2011/2011(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is aware that, ultimately, confidence in the strength of the underlying economy and the depth, transparency and sophistication of its financial markets arshould be the main determinants for which currencies are kept as reserves by central banks; third countries' central banks and maintain their relatively high values;
Amendment 66 #
2011/2011(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. States that currencies should reflect underlying market fundamentals in order to enhance openness and flexibility and to facilitate economic adjustmentfacilitate economic adjustment, and therefore should not be managed or manipulated by national monetary authorities;
Amendment 72 #
2011/2011(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Urges members of the IMF to adhere to the Articles of Agreement, especially the commitment to refrain from manipulating the exchange rate, and the relevant provisions of the GATTWTO Agreement;
Amendment 78 #
2011/2011(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Supports the work and commitments of G20 States to implement medium-term fiscal consolidationproperly phased growth-friendly fiscal consolidation plans, differentiated for and tailored to national circumstances, while maintaining domestic demand at a pace determined by each country’s circumstances, pursuing appropriate monetary policies, enhancing exchange rate flexibility to better reflect underlying economic fundamentals, and structural reforms to foster job creation and contribute to global rebalancing;
Amendment 79 #
2011/2011(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes with concern, however, that discussions at G20 level on the issue of correcting global imbalances have so far been very limited;
Amendment 84 #
2011/2011(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Welcomes the increased role and prominence of the G20 but expresses that while the G20 is only a forum for informal discussion, without a legal basis or the attributes of an international organisation in its decision making process and in the implementation and supervision of its decisions, it will remain a weak governing structure;
Amendment 85 #
2011/2011(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Notes that consensus decision making modality of the G20 does not encourage bold decisions to be taken and at best leads to vague non-binding agreements; urges the global forum to emulate the EU's move away from exclusive reliance on unanimity;
Amendment 95 #
2011/2011(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the IMFG20 to provide an assessment as part of the Mutual Assessment Process of progress towards external sustainabilitycarry out on a regular basis a Mutual Assessment Process based on IMF analysis and consistency of policies based on the abov G20 frameworks in order to provide policy options which will achieve strong, sustainable iandicators balanced growth;
Amendment 116 #
2011/2011(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Underlines the need for a global understanding and a common approach regarding monetary policy, international trade, sustainable public finances and flexible currencies based on economic fundamentals; considers that the global economy should be characterised by free trade in all sectors; stresses that the IMF and WTO should be the core of such a process, with input from the G20 and other relevant bodies;
Amendment 118 #
2011/2011(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Urges members of the WTO to adhere to multi-lateral trade agreements and to negotiate further international trade rounds aimed at a significant reduction of obstacles to international trade while ensuring a level playing field in all sectors, thus contributing to economic growth and development;
Amendment 122 #
2011/2011(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Welcomes the progress on fiscal governance and the exchange of information made by the OECD and the G20, but calls for action to strengthen the legal basis for OECD black-listing of non- cooperative jurisdictions, with a view to improving fiscal transparency and combating fraud and tax evasion;
Amendment 125 #
2011/2011(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Considers the G20 to be a key forum for global cooperation, but also underlines a lack of representativeness; stresses that actions for global institutional coordination should be carried out through the IMFnotes that it has a number of short-comings as an global institution, including a lack of representativeness of small nations, a lack of transparency and democratic accountability, as well as a lack of a legal basis to make its decisions legally binding;
Amendment 137 #
Amendment 139 #
2011/2011(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses that the lack of cooperation among financial supervisors facilitated the spread of the financial crisis and worsened its effects; calls in this regard for the Union's supervisory authorities to take the lead in building international co- operation and establishing best practices in financial regulation;
Amendment 143 #
2011/2011(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
Amendment 144 #
2011/2011(INI)
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. Notes that there is a need for the global implementation of reforms that improve the transparency and accountability of financial institutions;
Amendment 162 #
2011/2011(INI)
Motion for a resolution
Subheading 4 a (new)
Subheading 4 a (new)
Reconfiguration of the international monetary system
Amendment 164 #
2011/2011(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. In this regard urges the re- consideration of using 'Special Drawing Rights' (SDRs) as a possible replacement for the dollar as the world's reserve currency, which could help stabilise the global financial system;
Amendment 169 #
2011/2011(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. States that the EU should play an active role in reshaping the international monetary and financial system via a more powerful external representation based on more efficient and transparent internal- decision making in accordance with the relevant provisions of the Lisbon Treaty;
Amendment 178 #
2011/2011(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the Commission to submit a proposal on how to improve the EU's internal decision-making procedure to improve its coherence as regards external representation in the area of economic and financial affairs to ensure that the EU’s representation is both democratically accountable to the European Parliament, Member States and national parliaments;
Amendment 181 #
2011/2011(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls on the G20 leaders to speed up negotiations on the introduction of an international tax on financial transactions or financial activities to tackle the excesses of financial risk- taking, to finance future crisis-resolution mechanisms and rebalance the fiscal contribution among all economic sectors;
Amendment 182 #
2011/2011(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
Amendment 14 #
2011/0459(COD)
Proposal for a regulation
Recital 5 – indent 1 a (new)
Recital 5 – indent 1 a (new)
- Secondly, a lack of disaggregated data made it difficult to monitor the effects of the crisis and the impact of implemented policies on European citizens, including the most vulnerable;
Amendment 18 #
2011/0459(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
The programme represents the added value of ensuring that European statistics are focused on the information needed to design, implement, monitor and evaluate Union policies. In addition, it contributes to the effective use of resources by fostering actions which provide an essential contribution to the development, production and dissemination of harmonised, comparable and relia, reliable, user- friendly and accessible statistical information.
Amendment 33 #
2011/0459(COD)
Proposal for a regulation
Annex – paragraph 7
Annex – paragraph 7
Policy-making drives the decisions to produce European statistics, but these statistics should also be available and easily accessible to other decision-makers, researchers, businesses and European citizens in general as they are a public good and are paid for by citizens and businesses, who should benefit equally from the services provided. For the infrastructure to fulfil this role it has to be designed according to a sound conceptual framework, which, on the one hand, ensures fitness for a range of purposes and, on the other hand, allows flexible adaptation to evolving users' needs in the years ahead.
Amendment 40 #
2011/0459(COD)
Proposal for a regulation
Annex 1 – part I – point 2.1 – paragraph 3 – point 5
Annex 1 – part I – point 2.1 – paragraph 3 – point 5
A database for growth and productivity measurement created, taking account of changes in productivity in the public sector as well as the private sector;
Amendment 45 #
2011/0459(COD)
Proposal for a regulation
Annex 1 – part I – point 3.2 – paragraph 3 – point 5
Annex 1 – part I – point 3.2 – paragraph 3 – point 5
Amendment 46 #
2011/0459(COD)
Proposal for a regulation
Annex – part II – point 3 – paragraph 2 a (new)
Annex – part II – point 3 – paragraph 2 a (new)
Ensuring that data is disaggregated, especially in relation to specific groups that are recognised as needing special treatment by policy makers;
Amendment 11 #
2011/0307(COD)
Proposal for a directive
Recital 7
Recital 7
(7) In order to provide for enhanced transparency of payments made to governments, issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate report on an annual basishould disclose as part of their annual financial statements payments made to governments in the countries in which they operate. The report should be attached to the annual financial statement. The report should include types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI) and provide civil society with information to hold governments of resource-rich countries to account for their receipts from thshould be on a country-by-country and project-by-project basis where a project means a contract, licence, lease or other legal agreement under which an issuer operates, and from which its specific revenue liabilities arise. For all issuers, disclosures should include turnover (including third party and intragroup) of the constituent entities of the undertaking that might give rise to payments and, on a country-by-country basis, quantities produced, purchases and sales, third-party and intragroup financial flows, profit before tax, actual tax payments, deferred taxation liabilities for the country at the start and close of each accounting period, total number of people exmploitation of natural resources. Theyed and their aggregate remuneration and expenditure on fixed asset investment during the course of the reporting period. The EITI initiative is also complementary to the EU FLEGT Action Plan (Forest Law Enforcement, Governance and Trade) and the Timber Regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the EU market. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 35 #
2011/0307(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2004/109/EC
Article 6
Article 6
Member States shall require issuers active in the extractive or logging of primary forest industries, as defined in […] to prepare, in accordance with Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council (*), a report on payments made to governments on an annual basis. The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years. Payments to governments shall be reported at consolidated levelincorporate disclosures on a country-by-country as well as a project-by-project basis where a project means a contract, licence, lease or other legal agreement under which an issuer operates, and from which its specific revenue liabilities arise. It shall be attached to the annual financial statement. The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available. Payments to governments shall be reported at consolidated level. For all issuers, disclosures should include turnover (including third party and intragroup) of the constituent entities of the undertaking that might give rise to payments and, on a country-by-country basis, quantities produced, purchases and sales, third- party and intragroup financial flows, profit before tax, actual tax payments, deferred taxation liabilities for the country at the start and close of each accounting period, total number of people employed and their aggregate remuneration and expenditure on fixed asset investment during the course of the reporting period.
Amendment 27 #
2011/0190(COD)
Proposal for a directive- amending act
Recital 7
Recital 7
(7) Passenger ships operate mostly in ports or close to coastal areas and their impacts on human health and the environment are significant. Those ships are required to use marine fuel with the same maximum sulphur content as is applicable in SECAs (1.5%). Given that stricter sulphur standards will apply in SECAs, it is justified by the need to improve air quality around ports and coasts in the non-SECA territories that the same standards apply to passenger ships. However, the introduction of a new SECA standard for passenger ships would be delayed by 53 years in order to avoid potential problems with fuel availability.
Amendment 54 #
2011/0190(COD)
Proposal for a directive
Recital 7
Recital 7
(7) Passenger ships operate mostly in ports or close to coastal areas and their impacts on human health and the environment are significant. Those ships are required to use marine fuel with the same maximum sulphur content as is applicable in SECAs (1.5%). Given that stricter sulphur standards will apply in SECAs, it is justified by the need to improve air quality around ports and coasts in the non-SECA territories that the same standards apply to passenger ships. However, the introduction of a new SECA standard for passenger ships would be delayed by 53 years in order to avoid potential problems with fuel availability.
Amendment 98 #
2011/0190(COD)
Proposal for a directive - amending act
Article 1 – point 8a (new)
Article 1 – point 8a (new)
Directive 1999/32/EC
Article 4e a (new)
Article 4e a (new)
Amendment 108 #
2011/0190(COD)
Proposal for a directive - amending act
Article 1 – point 13
Article 1 – point 13
Directive 1999/32/EC
Article 9a– paragraph 5
Article 9a– paragraph 5
5. A delegated act adopted pursuant to Articles 4a(1a) and (2), 4c(4), 6(1), 7(1a) and 7(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 23 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 23 months at the initiative of the European Parliament or the Council.'
Amendment 179 #
2011/0190(COD)
Proposal for a directive
Article 1 – point 8 a (new)
Article 1 – point 8 a (new)
Directive 1999/32/EC
Article 4 e a (new)
Article 4 e a (new)
(8a) The following Article 4ea shall be inserted: „Article 4ea Fuel oil availability Notwithstanding the provisions laid down is Article 3 and Article 4: 1. If a ship is found by a Member State not to be in compliance with the standards for compliant fuel oils set out in this Directive, the competent authority of the Member State may require the ship to: (a) present a record of the actions taken to attempt to achieve compliance; and (b) provide evidence that it attempted to purchase compliant fuel oil in accordance with its voyage plan and, if it was not made available where planned, that attempts were made to locate alternative sources for such fuel oil and that despite best efforts to obtain compliant fuel oil, no such fuel oil was made available for purchase. 2. The ship shall not be required to deviate from its intended voyage or to delay unduly the voyage in order to achieve compliance. 3. If a ship provides the information set out in paragraph 1, Member States will take into account all relevant circumstances and the evidence presented to determine the appropriate action to take, including not taking any control measures. 4. A ship shall notify its administration and the competent authority of the relevant port of destination when it cannot purchase compliant fuel oil. 5. Member States shall notify the Commission when a ship has presented evidence of the non-availability of compliant fuel oil. 6. The Commission, shall, upon notification of unavailable fuel in a particular port, take any relevant measures to ensure that the port concerned is compliant with the aims of this Directive.”
Amendment 202 #
2011/0190(COD)
Proposal for a directive
Article 1 – point 13
Article 1 – point 13
Directive 1999/32/EC
Article 9a – paragraph 5
Article 9a – paragraph 5
5. A delegated act adopted pursuant to Articles 4a(1a) and (2), 4c(4), 6(1), 7(1a) and 7(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 23 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 23 months at the initiative of the European Parliament or the Council.
Amendment 2 #
2011/0000(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Believes that in the current times of severe financial crisis, the EU needs to step up its efforts to eliminate barriers to the smooth functioning of the single market, in particular in areas which can affectdrive sustainable economic growth such asincluding cross-border business and entrepreneurial activities, provision of services, mobility and access to finance;
Amendment 4 #
2011/0000(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underscores the fact that more needs to be done in order to ensure that growth is sustainable in nature and to avoid unnecessary burdens of implementation on SME's;
Amendment 6 #
2011/0000(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Expresses the view that SME's must be the driving factor for economic recovery and growth in Europe; calls therefore on the Commission to pay particular attention to the needs of SME's in the process of completing the internal market.
Amendment 8 #
2011/0000(INI)
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Is convinced that the completion of the internal market is necessary for the economic and social well-being of the citizens of the EU.
Amendment 10 #
2011/0000(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses the urgent need to reduce tax barriers for cross-border workers and employers in order to facilitate citizens' mobility and promote cross-border business initiatives;
Amendment 16 #
2011/0000(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Is convinced that consumer confidence in a well-functioning market for financial services promotes financial stability, growth, efficiency and innovation in the long term; emphasises, therefore, the need to ensure that consumers have better access to information and independent advice in this sector and that conflicts of interests are managavoided;
Amendment 18 #
2011/0000(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Urges the Commission to facilitate access to micro-finance facilities for the setting up and the development of small businesses, particularly for those that intend to pursue cross-border operations.
Amendment 29 #
2010/2105(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the crisis has highlighted the need to raise new, broad based, fair and sustainable revenues in order to ensure that fiscal consolidation is effectively combined with long-term economic recovery and the sustainability of public finances, job creation and social inclusion, which are key priorities of the EU 2020 agenda,
Amendment 92 #
2010/2105(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that some EU Member States have already introduced similar types of transaction taxes and levies on sectors of the financial industry with no apparent negative impact;
Amendment 51 #
2010/2099(INI)
Motion for a resolution
Recital G
Recital G
G. whereas competitiveness divergences and fiscal and current-account imbalances within the euro area increased steadily during the pre- crisis years and have largely persisted throughout the crisis,
Amendment 70 #
2010/2099(INI)
Motion for a resolution
Recital L
Recital L
L. whereas any legislative proposal should support adequate incentives for sustainable "growth-enhancing" economic policies, avoid moral hazard, be in line with other EU instruments and rules, and reap the full benefits of the euro as a common currency of the euro area,
Amendment 159 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 7
Annex 1 – heading 2 – paragraph 1 – indent 7
Amendment 168 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 8
Annex 1 – heading 2 – paragraph 1 – indent 8
Amendment 172 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 9
Annex 1 – heading 2 – paragraph 1 – indent 9
Amendment 181 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 3 – paragraph 1 – indent 1
Annex 1 – heading 3 – paragraph 1 – indent 1
– Establish a euro-area-specific framework for reinforced monitoring focusing on excessive macro-economic divergences, economic growth, unemployment levels, price competitiveness, real exchange rates, credit growth and current account developments of the Member States concerned,
Amendment 246 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 7 – paragraph 1 – indent 2
Annex 1 – heading 7 – paragraph 1 – indent 2
– Enhance the investigative powers by the Commission (Eurostat), such as on-site inspections without advanced warning and access to all accounting and budgetary information, including meetings with individuals or agencies familiar with such information such as independent economists, business organisations and trade unions, for assessing the quality of public finances,
Amendment 8 #
2010/2078(INI)
Motion for a resolution
Recital F
Recital F
F. whereas there have been signs of economic stabilisation in the euro area over the second half of 2009 and quarterly growth rates, though still weak, have turned positive, though this trend has not been reflected in all its Member States,
Amendment 10 #
2010/2078(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the ECB expected slight growth in the euro area for 2010 before the publicsovereign debt crisis in severaloccurred in a number of countries within the euro area,
Amendment 16 #
2010/2078(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that substantial imbalances between the euro zone economies have occurredcontinue to exist;
Amendment 32 #
2010/2078(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the lack of a predefined crisis management mechanism has made a rapid solution to the Greeksovereign debt crisis difficult and will weaken the EMU's ability to react quickly in potential similar situations in the future;
Amendment 43 #
2010/2078(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that, given the new legal status of the ECB under the Lisbon Treaty, the candidates for the Executive Board proposed by the Council should be subject to special hearings by the relevant parliamentary committee and then be subject to a vote by the European Parliament;
Amendment 55 #
2010/2078(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the crisis has revealed a trend in the economic policies of recent years which left many countries both within and outside the euro area with an alarming high rate of public debt that will take many years to correct;
Amendment 61 #
2010/2078(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Notes that this has lead to far reaching austerity measures which are necessary and often overdue, bute crisis together with subsequent 'bail-outs' and economic stimulus packages has led to far reaching austerity measures by some Member States, which at the same time heavily constrain the capacity of governments to act;
Amendment 63 #
2010/2078(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Cautions that for EU Member States to undertake the biggest collective budgetary cuts in at least 40 years, at a time when the EU economy is still weak and fragile, and interest rates are at their lowest levels, would leave the ECB solely responsible for preventing a further economic slowdown; Justification Under normal circumstances central banks are normally given the task of stabilising the economy while governments undertake measures to correct their public finances, but these are not normal times. In view of the historically low interest rates, the ECB has limited room for manoeuvre.
Amendment 68 #
2010/2078(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that the lack of credit reaching the real economy stemmed more from lower demand due to diminished activity in the real economy than from the reluctance of banks to grant creditthe reluctance of banks to lend rather than a lack of demand and that this has had negative effects on many firms, particularly SMEs;
Amendment 73 #
2010/2078(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that the non-standard measures which the ECB has introduced since October 2008 to supportprovide credit to financial institutions have been successful; reiterates that the exit from these measures needs to be well timed and wecarefully coordinated with national governments and their activiti, especially in view of the collective and simultaneous resort to austerity measures in many Member States;
Amendment 86 #
2010/2078(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Acknowledges that the strength of the euro was partly due to weak economic activity in the US, where the account deficit narrowed shile its decline was clearply to about 2.9% of GDP and the federal budget deficit widened to about 10% of GDP; shares concerns about the expansion of the volume of money in the USied with the lack of trust amongst global markets in some highly indebted EU Member States;
Amendment 93 #
2010/2078(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Believes that the adoption of the euro by Estonia shows the status of the euro and the attractions of euro membership to Member States despite the publicsovereign debt crisis;
Amendment 9 #
2010/2038(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas long-term demographic changes, in particular an aging population, across EU Member States has implications for the funding of national pension schemes,
Amendment 25 #
2010/2038(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas a lack of effective statistical governance or independent statistical institutions in Member States undermines the integrity and sustainability of public finances,
Amendment 100 #
2010/2038(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises that public-sector and welfare spending is more than jusnot unproductive expenditure, since it also has a beneficial impact on the accumulation of physical and human capital and on effective demand;
Amendment 112 #
2010/2038(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Notes that changing demographics, especially an aging population, means that public pension schemes in many Member States, especially regarding the contributive base, have to be reformed from time to time so as to keep them financially sustainable;
Amendment 128 #
2010/2038(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Notes that the credibility of public finances in Member States necessitates effective and genuinely independent statistical governance and proper oversight from the Commission;
Amendment 130 #
2010/2038(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Suggests, in particular, that the Commission assess the effects of the fiscal spending deployed by the Member States in order to kick-start their economies, in terms of its impact on production and, on government accounts and in stimulating and protecting employment;
Amendment 6 #
2010/0821(NLE)
Motion for a resolution
Recital E
Recital E
E. whereas the possibility of future participation by the Union institutions in the mechanism should be fully ensured and permanently safeguarded and a link should be established for the possible intervention of the European budget in the guarantee system;
Amendment 8 #
2010/0821(NLE)
Motion for a resolution
Recital F
Recital F
F. whereas all possibilities should be explored with a view to bringing the mechanism fully into the institutional framework of the Union in future and providing for the involvement in it of those Member States whose currency is not the euro; whereas this may include recourse to Article 20 TEU on enhanced cooperation, where this is appropriate in order to ensure the consistency of the Union’s economic policy;
Amendment 12 #
2010/0821(NLE)
Motion for a resolution
Recital G
Recital G
G. whereas the rules governing the stability mechanism should preferably be worked out by the Commission;
Amendment 13 #
2010/0821(NLE)
Draft decision
Recital 4 a (new)
Recital 4 a (new)
(4a) The Commission should draw up as a proposal for adoption under the ordinary legislative procedure a detailed set of rules laying down the way in which the stability mechanism will be governed and operated, and should specify which instruments are to be used within its remit.
Amendment 20 #
2010/0821(NLE)
Motion for a resolution
Recital K
Recital K
K. whereas the above-mentioned principles are implemented by the amendments to the draft European Council decision as proposed in the opinion delivered by the Committee on Economic Affairs draw inspiration from the above-mentioned principles;
Amendment 23 #
2010/0821(NLE)
Draft decision
Article 1
Article 1
The following paragraphoint shall be added to Article 136(1) of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may(c) to establish a permanent stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a wholecomposed of Member States whose currency is the euro. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality consistent with the principles and objectives of the Union, as laid down in the Treaty on European Union and in this Treaty. The permanent stability mechanism should be designed in such a way as to foster budgetary discipline and to contribute to long-term sustainable finances.".
Amendment 26 #
2010/0821(NLE)
Motion for a resolution
Recital M
Recital M
Amendment 31 #
2010/0821(NLE)
Motion for a resolution
Recital O
Recital O
O. whereas any increase or decrease inof the Union competences would require an ordinary revision procedure;
Amendment 32 #
2010/0821(NLE)
Motion for a resolution
Recital P
Recital P
Amendment 38 #
2010/0821(NLE)
Motion for a resolution
Recital R (new)
Recital R (new)
R. whereas, pending the completion of the revision procedure, the stability of the euro might be affected by a long period of uncertainty as to the actual establishment of a European stability mechanism and by possible adverse reactions in any of the Member States;
Amendment 46 #
2010/0821(NLE)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the European stability mechanism constitutes an integral part of a global package of measures which are designed to define a new framework, reinforcing budgetary discipline and coordination of economic and financial policies of the Member States and promoting a joint European response to debt and growth challenges, concomitantly overcoming economic and social imbalances and improving competitivity;
Amendment 49 #
2010/0821(NLE)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that it is essential to go beyond the temporary measures aiming at stabilising the euro area, and that the Union should build up its economic governance, including by means of policies and instruments designed to promote sustainable growth in Member States; takes the view that the reinforcement of the SGP, the European semester, the EU 2020 strategy and the amendment of Article136 TFUEU concerning the stability mechanism are only a first step in that direction;
Amendment 53 #
2010/0821(NLE)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is deeply concerned by the intention of Heads of States and Governments to establish the permanent sa European Stability mMechanism (ESM) outside the EU institutional framework, with the consequence that the Union institutions will not be fully involved; considers that the Commission must be a full member of this Mechanism, and not simply an observer; considers, moreover, that in this context the Commission should be entitled to take the appropriate initiatives in order to achieve, with the consent of the Member States concerned, the objectives of the ESM; underlines that Member States must at any rate respect Union law and the prerogatives of the institutions laid down therein;
Amendment 65 #
2010/0821(NLE)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Considers that the setting-up and functioning of the permanent stability mechanism should be brought as close as possible to the European Union framework, also making use, by analogy, of the institutional patterns of an enhanced cooperation under Article 20 TEU as a means of involving the Union institutions at a preliminary stage and reassuring those Member States whose currency is not yet the euro;
Amendment 78 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – point a
Paragraph 9 – point a
(a) a redrafting of the European Council draft decision as proposed in the amendments annexed hereto1, it being understood that, by shifting the proposed provision from Article 136(3) to Article 136(1) TFEU, the permanent stability mechanism, notwithstanding its initial intergovernmental characterorigin, would be placed in a perspective of possible future incorporation into the framework of the Union, e.g. in the form of a special kind offic agency, making use of all the institutional patterns of enhanced cooperatthe Union;
Amendment 83 #
Amendment 86 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – point b – introductory wording
Paragraph 9 – point b – introductory wording
(b) a clear declarationcommitment by the European Council ensuring that:
Amendment 94 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – point b – indent 2
Paragraph 9 – point b – indent 2
– the European Commission will carry out all the necessary tasks in implementing and monitoring the permanent mechanism and in assessing the financial situation of all the Member States whose currency is the euro, regularly reporting back to the European Parliament;
Amendment 100 #
2010/0821(NLE)
Motion for a resolution
Paragraph 9 – point b – indent 3 a (new)
Paragraph 9 – point b – indent 3 a (new)
– no Member State whose currency is the euro and which has contributed to the permanent stability mechanism should be excluded from accessing it on the grounds of its size;
Amendment 107 #
2010/0821(NLE)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the future stability mechanism should as far as possible make use of the Union institutions, for example as regards the carrying-out of administrative tasks, since this would avoid the setting-up of double structures which in the long term would prove detrimental to European integration;
Amendment 110 #
2010/0821(NLE)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Demands that the lending conditions to be applied for the repayment of funds to the permanent stability mechanism in the event of its being activated be similar to those applied to the Balance-of- Payments Facility (BoP) and Macro- financial Assistance (MFA) instruments used by the European Commission, i.e. strictly back-to-back without a margin over borrowing costs; furthermore considers that the interest rates to be used by the permanent stability mechanism should be offered on favourable terms;
Amendment 111 #
2010/0821(NLE)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. States that the permanent stability mechanism needs to have a range of financial instruments at its disposal, including the ability to purchase the bonds of a Member State facing severe debt problems on both the primary and secondary markets in order to facilitate that Member State's access to financial markets;
Amendment 119 #
2010/0821(NLE)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Is confident that, should the European Council depart in its decision from Parliament’s opinion, it will state its reasons for so doing;
Amendment 124 #
2010/0821(NLE)
Draft Decision
Article 1
Article 1
The following subparagraph shall bs are added to Article 136 of the Treaty on the Functioning of the European Union: “3. T(1) TFEU: “On a recommendation from the Commission and after consulting the European Parliament, the Council may authorise the Member States whose currency is the euro mayto establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionalitydecided on the basis of a Commission proposal and be made subject to strict conditionality criteria in accordance with the principles and objectives of the Union. The European Parliament and the Council shall lay down the principles and general conditions for conditionality of financial assistance under the mechanism and its control, in accordance with the procedure referred to in Article 121(6).”.
Amendment 125 #
2010/0821(NLE)
Draft decision
Article 1
Article 1
The following subparagraph shall bs are added to Article 136 of the Treaty on the Functioning of(1) TFEU: “On a recommendation from the Commission and after consulting the European Union: “3. TParliament, the Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionalitydecided on the basis of a European Commission proposal and be made subject to strict conditionality criteria in accordance with the principles and objectives of the Union. The European Parliament and the Council shall lay down the principles and general conditions for conditionality of financial assistance under the mechanism and its control, in accordance with the procedure referred to in Article 121(6).”.
Amendment 29 #
2010/0374(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Attention should be paid in the case of environmental and social accounts to the Communication from the Commission to the European Parliament and the Council of 20 August 2009 entitled ‘GDP and beyond - Measuring progress in a changing world’. Therefore, fFurther methodological studies and data tests may be required. are necessary, in particular to take better account of changes in productivity in the public sector, integrating environmental accounts with economic accounting and extending these by adding accounts on social aspects.
Amendment 30 #
2010/0374(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) The use of new, automated and real- time collection methods should be explored.
Amendment 40 #
2010/0374(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) There is a need to pursue studies and work, in particular on issues related to GDP and beyond and Europe 2020 with the aim of developing a more comprehensive measurement approach for wellbeing and progress in order to support the promotion of a smart, sustainable and inclusive economy, taking into account environmental and social considerations. These studies and work will help to further improve data availability, transmission and quality, to enhance methodologies, so as to prepare for future developments. Data on national and regional accounts should be seen as one element in the pursuit of those aims.
Amendment 43 #
2010/0374(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Since the implementation of this Regulation might require major adaptations in the national statistical systems, derogations may be granted by the Commission to Member Statesthe Commission should provide the necessary resources and expertise to assist Member States who have insufficient available resources or have major methodological obstacles to overcome. Derogations may be granted by the Commission to Member States. However, such derogations should be temporary and subject to regular review.
Amendment 52 #
2010/0374(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
Where necessary, and to help ensure compliance with this Regulation, the Commission should provide the necessary resources and expertise to assist Member States who have insufficient available resources or have major methodological obstacles to overcome.
Amendment 53 #
2010/0374(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. The Commission shall grant a temporary derogation under paragraph 1 only in cases where there are clearly insufficient resources or major methodological obstacles. The derogation shall be granted only for a period sufficient to allow the Member State to resolve its resource-related or methodological obstacles. The Commission shall provide the necessary resources and expertise to assist the Member State. The Commission shall not grant a derogation if it would undermine disproportionately the accuracy of aggregate data. The proportion of the Member State's GDP within the Union or within the euro area shall not be a justification for granting a derogation.
Amendment 54 #
2010/0374(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. Delegated acts shall not be used in respect of statistical information produced in connection to the implementation of the excessive deficit procedure or macro- economic imbalance procedures.
Amendment 78 #
2010/0278(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The annual policy recommendations by the Commission should be discussed in the European Parliament before the beginning of discussions in the Council.
Amendment 92 #
2010/0278(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) Without prejudice to their rights and obligations under the TFEU, the Member States whose currency is not the euro should have the right to apply the economic governance legislation, including those Member States whose currency is not the euro but have been admitted to ERM II under the terms of their accession treaty to the Union.
Amendment 100 #
2010/0278(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) AIncentives and additional sanctions are necessary to make the enforcement of budgetary surveillance more effective in the euro area. Those sanctions should enhance the credibility of the fiscal surveillance framework of the Union and the incentives should support the compliance.
Amendment 106 #
2010/0278(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
Amendment 113 #
2010/0278(COD)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) A European Monetary Fund managed under Union rules and financed in part with the revenues of the fine, should be established in compliance with Article 3 (1) (c) and Article 122 (2) TFEU in order to safeguard financial stability of the euro area and its Member States whose currency is the euro. That fund should be based on the decisions taken by the Council of 9 and 10 May 2010 and the statement by the Euro group of 28 November 2010.
Amendment 130 #
2010/0278(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Sanctions for Member States whose currency is the euro in the preventive part of the Stability and Growth Pact should provide incentives for prudentsustainable fiscal policy-making. Such policy-making should ensure that the growth rate of government expenditure does not normally exceed a prudentsustainable medium-term growth rate of gross domestic product (GDP), unless the excess is matched by increases in government revenues or discretionary revenue reductions are compensated by reductions in expenditure.
Amendment 137 #
2010/0278(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) PrudentSustainable fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for 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 for the government deficit, toand ensure rapid progress towards fiscal sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for 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.
Amendment 144 #
2010/0278(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In the preventive part of the Stability and Growth Pact, the incentive for prudentsustainable fiscal policy-making should consist of an obligation to temporarily lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits, is imprudentunsustainable and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) of the Treaty.
Amendment 148 #
2010/0278(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The interest-bearing deposit imposed should be released to the Member State concerned together with the interest accrued on it once the Council has been satisfied that the situation giving rise to the obligation to lodge that deposit has come to an end.
Amendment 152 #
2010/0278(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The size of the interest-bearing deposit, of the non-interest-bearing deposit and of the fine provided for in this Regulation should be set in such a way as to ensure a graduation of sanctions in the preventive and corrective parts of the Stability and Growth Pact while avoiding pro-cyclicality and to provide sufficient incentives for the Member States whose currency is the euro to comply with the fiscal framework of the Union. The fine linked to Article 126(11) of the Treaty as specified in Article 12 of Regulation (EC) No 1467/974 is composed of a fixed component that equals 0.2% of GDP and of a variable component. Thus, graduation and equal treatment between Member States are ensured if the interest-bearing deposit, the non-interest-bearing deposit and the fine specified in this Regulation are equal to 0.2% of GDP, the size of the fixed component of the fine linked to Article 126(11) of the Treaty. __________________ 4JO L 209 de 2.8.1997, p.6.
Amendment 160 #
2010/0278(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) A possibility should be provided for the Council to reduce or to cancel the sanctions imposed on Member States whose currency is the euro on the basis of a Commission proposal following a reasoned request by the Member State concerned. In the corrective part of the Stability and Growth Pact,s an exception the Commission should also be able to propose to reduce the size of a sanction or to cancel it on grounds of exceptional economic circumstances following hearings within the competent committee of the European Parliament.
Amendment 165 #
2010/0278(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The non-interest-bearing deposit should be released upon correction of the excessive deficit while the interest on such deposits and the fines collected should be distributed among Member States whose currency isallocated to the eEuro which do not have an excessive deficit and which are not the subject of an excessive imbalance procedure eitherpean Monetary Fund.
Amendment 176 #
2010/0278(COD)
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) Given that the monetary policy for the Member States whose currency is the euro is an exclusive competence of the Union, the Commission should be entrusted with emergency intervention powers when the stability of the euro is put at risk.
Amendment 192 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out a system of incentives and sanctions for enhancing the enforcement of the preventive and corrective parts of the Stability and Growth Pact in the euro area.
Amendment 194 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1a. In order to improve the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and with the national parliaments, governments and other relevant bodies of the Member States, and to ensure greater transparency and public accountability, the competent committee of the European Parliament may organise public hearings on macro- economic and budgetary surveillance undertaken by the Council and the Commission.
Amendment 198 #
2010/0278(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation shall apply to Member States whose currency is the euro. It shall also apply to Member States whose currency is not the euro but who have been admitted to ERM II.
Amendment 204 #
2010/0278(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a A European Monetary Fund shall be established with the aim of safeguarding financial stability of the euro area composed of its Member States whose currency is the euro and to reinforce budgetary discipline among Member States.
Amendment 212 #
2010/0278(COD)
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Article 2b Common eurobonds 1. Common eurobonds in the euro area shall be established with the aim of reinforcing discipline and compliance with the Stability and Growth Pact. Eurobonds shall be introduced only once the criteria in this Article have been met, including a comprehensive impact assessment. Eurobonds shall be established and shall function in accordance with the relevant provisions of the TFEU. Eurobonds shall not increase the quantity of debt. They shall be issued in exchange, at market price, of existing national bonds or in place of national bonds issuance. 2. The participation for the issuance of eurobonds shall be subject to strict conditionality consistent with the principles and objectives of the Union as laid down in the TEU and the TFEU. 3. Eurobonds may pool up to 60% of GDP of the national debt of each Member State. Common debt shall be senior debt and shall take priority over all other debts issued by the Member States. 4. Member States with a derogation may participate 5. The issue of eurobonds shall be subject to robust institutional and administrative supervision in accordance with the highest standards and best practices of agencies currently managing sovereign debt in the Member States.
Amendment 214 #
2010/0278(COD)
Proposal for a regulation
Article 2 c (new)
Article 2 c (new)
Article 2c Revenues from unused payments appropriations Revenues arising from unused payments appropriations in the Union budget may be carried over into the following year's Union budget, and allocated to programmes conducive to the Union's priorities set out in Article 9 of the Treaty.
Amendment 222 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. If the Council addresses to a Member State a recommendation in accordance with Article 121(4) of the Treaty to take the necessary adjustment measures in the event of persisting or particularly serious and significant deviations from prudenthe medium- term budgetary objective, or from the appropriate adjustment path towards it fiscal policy-making as laid down in Article 6(3) of Regulation (EC) No 1466/97, the lodging of an interest bearing deposit shall be imposed by the Council, acting on a proposal from the Commission. The decision shall be deemed to be adopted by the Council unless it decides by qualified majority to reject the proposal within ten days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 225 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. The Member State concerned may ask the European Parliament to organise public hearings in its competent committee. Such hearings shall allow the government of the Member State concerned to make its case in the presence of the Commission and the President of the Euro-group. It will take place within the 10-day deadline referred to in paragraph 1. Representatives, at an appropriate level, of the European Central Bank shall be invited.
Amendment 228 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The interest-bearing deposit to be proposed by the Commission shall amount to no more than 0.2% of the gross domestic product (GDP) of the Member State concerned using the latest available figures collected by Eurostat in the preceding year.
Amendment 235 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. By derogation from paragraph 2, the Commission, following a reasoned request by the Member State concerned addressed to the Commission within ten days of adoption of the Council recommendation referred to on paragraph 1, may propose to reduce the amount of the interest-bearing deposit or to cancel it in order to take account of any cumulative effect of any sanction imposed in regard of Regulation (EU) No .../2010 on enforcement measures to correct excessive macro-economic imbalances in the euro area and Regulation (EU) no .../2010 on speeding up and clarifying the implementation of the excessive deficit procedure.
Amendment 240 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If the situation giving rise to the recommendation referred to in paragraph 1 no longer subsexists, the Council, on the basis of a proposal from the Commission, shall decide that the deposit and the interest accrued thereon are returned to the Member State concerned. The Council may amend the Commission proposal in accordance with Article 293(1) of the Treaty.
Amendment 242 #
2010/0278(COD)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. If the Council refuses to consider that the situation has ceased to exist´, the Member State concerned may ask the competent committee in the European Parliament to organise public hearings.
Amendment 248 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. If the Council decides in accordance with Article 126(6) of the Treaty that an excessive deficit exists in a Member State, the lodging of a non-interest-bearing deposit shall be imposed by the Council, acting on a proposal from the Commission. The decision shall be deemed adopted by the Council unless it decides by qualified majority to reject the proposal within ten days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 255 #
2010/0278(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The non-interest-bearing deposit to be proposed by the Commission shall amount to no more than 0.2% of the GDP of the Member State concerned in the preceding year.
Amendment 266 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. If the Council decides in accordance with Article 126(8) of the Treaty that the Member State has not taken effective action in response to a Council recommendation within the period laid down, the Council, acting on a proposal from the Commission, shall decide that the Member State shall pay a fine. The decision shall be deemed adopted by the Council unless it decides by qualified majority to reject the proposal within ten days of the Commission adopting In respect of Member States who have been admitted to ERM II this sanction shall not apply. In respect of Article 153 of the Treaty, no fine will be levied if the fine is related to a recommendation concerning the issue of pay and/or collective bargaining in the public sector. The decision shall be adopted by the Council by a qualified majority. The Council may amend the proposal in accordance with Article 293 (1) of the Treaty.
Amendment 271 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. In the event that a Member State manipulates financial data, falsifies statistics or provides misleading information on its public finances, the Council, acting on a proposal from the Commission, may adopt a decision requiring the Member State to pay a fine. The Council may amend the Commission's proposal in accordance with Article 293 (1) TFEU.
Amendment 272 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The fine to be proposed by the Commission shall amount to no more than 0.2% of the GDP of the Member State concerned using the latest available figures collected by Eurostat in the preceding year.
Amendment 290 #
2010/0278(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
The interest earned by the Commission on deposits lodged in accordance with Article 4 and the fines collected in accordance with Article 5 shall constitute other revenue referred to in Article 311 of the Treaty, and shall be distributed, in proportion to their share in the gross national income of the eligible Member States, among Member States whose currency is the euro which do not have an excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…]be credited to the fund referred to in Article 2(a).
Amendment 57 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided by the Treaty, should entail compliance with the guiding principles of stable prices, sound and sustainable public finances and monetary conditions and a sustainable balance of payments as well as with Article 9 of the Treaty.
Amendment 73 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 3
Recital 3
(3) The Stability and Growth Pact is based on the objective of sound and sustainable 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. Accordingly, its implementation must be measured against its ability to meet these objectives.
Amendment 78 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4
Recital 4
(4) The common framework for economic governance requireneeds to be enhanced, including with regard toimproved budgetary surveillance, in line with the high degree of integration achieved bybetween Member States economies within the European Union, and particularly in the euro area.
Amendment 80 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) Member States should provide for fiscal arrangements such as national fiscal rules, respecting the principles laid down in Council Directive (....) on requirements for budgetary frameworks of the Member States, and provide for fully independent public institutions to be involved in the budgetary process and medium-term budgetary framework. National budgetary rules should be complementary to the Member States' commitments under the Stability and Growth Pact. National institutions should play a more prominent role in budgetary surveillance to strengthen national ownership, enhance enforcement through national public opinion and complement the economic and policy analysis that exists at EU level.
Amendment 88 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 b (new)
Recital 4 b (new)
(4b) The improved economic governance framework should incorporate policies for sustainable growth and job creation and an effective framework to prevent excessive budget deficits and debts, alongside a robust framework for preventing and correcting macro- economic imbalances, stronger financial market regulation and supervision as well as a credible permanent financial stability mechanism.
Amendment 93 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 c (new)
Recital 4 c (new)
(4c) The Stability and Growth Pact and the Union's economic governance framework as a whole should complement and be compatible with a Union strategy for growth and job creation that boosts the Union's competitiveness and social stability.
Amendment 94 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 d (new)
Recital 4 d (new)
(4d) Strengthening economic governance should go hand in hand with reinforcing the democratic legitimacy in the establishment of economic governance, which should be achieved through closer and timelier involvement of the European Parliament and national parliaments throughout the procedure of economic policy co-ordination.
Amendment 100 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 e (new)
Recital 4 e (new)
(4e) The Commission should have a stronger and more independent role in the enhanced surveillance procedure as regards Member-State-specific assessments, monitoring, missions, recommendations and warnings. This Regulation should enter into force as soon as possible after its adoption. The Commission should, however, when making proposals for measures to implement this Regulation, take into account the current economic situation of the concerned Member States and all other relevant factors.
Amendment 101 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 f (new)
Recital 4 f (new)
(4f) 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 Treaty obligations in this area of policy.
Amendment 117 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 5 b (new)
Recital 5 b (new)
(5b) The debt criteria should be better integrated in each step of the excessive deficit procedure in order to ensure the sustainability of public finances while maintaining adequate levels of public investment.
Amendment 119 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 5 c (new)
Recital 5 c (new)
(5c) The framework to control public and private debt should support long-term growth and take due account of the anti- cyclical role of budgetary policy, and should, during downturns, be combined with efforts to stimulate the economy, such as public investment.
Amendment 121 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 6
Recital 6
(6) Implementing the existing excessive deficit procedure on the basis of both the deficit criterion and the debt criterion requires the defining ation of a cyclically- adjusted numerical benchmark against which to assess whether the ratio of government debt to gross domestic product is sufficiently diminishing and approaching the reference value at a satisfactory pace.
Amendment 128 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 7
Recital 7
(7) The establishment of the existence of an excessive deficit based on the debt criterion and the steps leading to it should not be based solely on non-compliance with the cyclically-adjusted numerical benchmark, but always take into account the whole range of relevant factors covered by the Commission report under Article 126(3) of the Treaty.
Amendment 143 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 10
Recital 10
(10) In order to support the monitoring of compliance with Council recommendations and notices for the correction of the situations of excessive deficit, there is a need that these specify annual budgetary targets consistent with the required fiscal improvement in cyclically adjusted terms, net of fiscal one-offs and other temporary measures.
Amendment 145 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 11
Recital 11
(11) The assessment of effective action will benefit from taking compliance with general government expenditure and tax revenue targets as a reference in conjunction with the implementation of planned specific revenue measures.
Amendment 155 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 14 a (new)
Recital 14 a (new)
(14a) The economically and politically more sensitive incentives and sanctions should take due account of the structure of the national deficit and debt within the context of the economic cycle in order to avoid a pro-cyclical fiscal policy, and the structural composition of public revenue and expenditure needed to enact growth- delivering reforms particularly in the framework of the Union's growth and employment objectives.
Amendment 161 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 14 b (new)
Recital 14 b (new)
(14b) The Council and the Commission should make their positions and decisions public at appropriate stages of the economic policy coordination procedures, while fully respecting the provisions laid down in the Treaties, in order to ensure effective peer pressure, while the European Parliament may invite a representative from the Member State concerned to explain at public hearings before its competent committee its decisions and policies.
Amendment 167 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1467/97
Article 1– paragraph 2
Article 1– paragraph 2
2. For the purpose of this Regulation : - 'participating Member States' shall mean thosemeans those Member States whose currency is the euro, and - 'Member States with a derogation' means Member States other than those whose currency is the euro including Member States whose currency is not the euro but who have been admitted into ERM II under the terms of their accession treaty to the Union.'
Amendment 182 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 1467/97
Article 2– paragraph 1a
Article 2– paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) is to be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126 (2) (b) of the Treaty if the differential with respect to the reference value has reduced over the previous three years at a rate of the order of one-twentieth per year. A reduction of the differential with respect to the reference value of less that one-twentieth per year over a three year period may, nevertheless, be considered to be satisfactory if this lesser reduction is due to new government debt for 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 order to take due account of the economic cycle in the case of an annual GDP volume growth rate below 1%, the Commission will define a proportionate benchmark below one-twentieth for determining the average rate of reduction referred to above. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application.
Amendment 190 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article. The report shall appropriately reflect developments in the medium-term economic position (in particular potential growth, prevailing cyclical conditions, inflation, excessive macroeconomic imbalances)mployment and unemployment in accordance with Article 9 of the Treaty, excessive macroeconomic imbalances), the private sector net savings position and developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in “good times”, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States). The report shall also analyse developments in the medium-term debt position as relevant (in particular, it shall appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock-flow operations, accumulated reserves and other government assets; public guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent that it may rep, and private debt). The exact nature of the information mentioned above should be in full compliance with Council Directive (....) on requiresment a contingent implicit liability for the government)s for budgetary frameworks of the Member States. Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to strategic public investment made to support structural reforms as part of the implementation of the Union's growth and employment objectives, alongside financial contributions towards fostering international solidarity and to achieving Union policy goals, including financial stability and social and regional cohesion.
Amendment 202 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point d
Article 1 – point 2 – point d
Regulation (EC) No 1467/97
Article 2 – paragraph 4
Article 2 – paragraph 4
Amendment 215 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
Amendment 230 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point b
Article 1 – point 3 – point b
Regulation (EC) No 1467/97
Article 3 – paragraph 3
Article 3 – paragraph 3
(b) In paragraph 3, the reference to 'Article 4(2) and (3) of Regulation (EC) No 3605/93' is replaced by the reference to ' is amended as follows: "The Council shall decide on the existence of an excessive deficit in accordance with Article 126(6) TFEU, as a rule within three months of the reporting dates established in Article 3(2) and (3) of Regulation (EC) No 479/2009'. When it decides that an excessive deficit exists, the Council shall at the same time make recommendations to the Member State concerned in accordance with Article 126(7) TFEU."
Amendment 234 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstances. In the recommendation, the Council shall request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of fiscal one-off and other temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 238 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point c a (new)
Article 1 – point 3 – point c a (new)
Regulation (EC) No 1467/97
Article 3 – paragraph -4 a (new)
Article 3 – paragraph -4 a (new)
(ca) the following paragraph -4a is inserted: "-4a. The Commission may request additional reporting from the Member State concerned."
Amendment 239 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point c a (new)
Article 1 – point 3 – point c a (new)
Regulation (EC) No 1467/97
Article 4 – paragraph -4 b (new)
Article 4 – paragraph -4 b (new)
Amendment 242 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point d
Article 1 – point 3 – point d
Regulation (EC) No 1467/97
Article 3 – paragraph 4a
Article 3 – paragraph 4a
4a. Within the deadline of six month at mosts provided for in paragraph 4, the Member State concerned shall report to the Commission and the Council on action taken in response to the Council recommendation under Article 126(7) of the Treaty. The report shall include the targets for the government expenditure and for the discretionary measures on the revenue side consistent with the Council recommendation under Article 126(7) of the Treaty, as well as information on the measures taken and the nature of those envisaged to achieve the targets. The report shall be made public.
Amendment 245 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point d a (new)
Article 1 – point 3 – point d a (new)
Regulation (EC) No 1467/97
Article 3 – paragraph 4a a (new)
Article 3 – paragraph 4a a (new)
(da) the following paragraph 4a a is inserted: 4a a. The European Parliament may invite a representative from the Member State concerned to explain its economic and budgetary policy and the action it intends to take to correct the excessive deficit situation before its competent committee.
Amendment 250 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, may notably extend the deadline for the correction of the excessive deficit by one year as a rule. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences foron government finances against the economic forecasts in its recommendation. The Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 252 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1467/97
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The Council, when considering whether effective action has been taken in response to its recommendations made in accordance with Article 126(7) of the Treaty, shall base its decision on the report submitted by the Member State concerned in accordance with Article 3(4a) of this Regulation and its implementation as well as on the assessment made within the Excessive Imbalances Procedure and on any other publicly announced decisions by the Government of the Member State concerned.
Amendment 258 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point a
Article 1 – point 5 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) of the Treaty shall be taken within two months of the Council decision establishing that no effective action has been taken in accordance with Article 126(8). In the notice, the Council shall request that the Member State achieve annual budgetary targets which, on the basis of the forecast underpinning the notice, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of fiscal one-offs and other temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the notice. The Council shall also indicate measures conducive to the achievement of these targets.
Amendment 262 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
1a. Following the Council notice given in accordance with Article 126(9) of the Treaty, the Member State concerned shall report to the European Parliament, the Commission and the Council on action taken in response to the Council notice. The report shall include the targets for the government expenditure and for the discretionary measures on the revenue side as well as information on the actions being taken in response to the specific Council recommendations so as to allow the Council to take, if necessary, the decision in accordance with Article 6 (2) of this Regulation. The report shall be made public.
Amendment 263 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b a (new)
Article 1 – point 5 – point b a (new)
Regulation (EC) No 1467/97
Article 5 – paragraph 1a a (new)
Article 5 – paragraph 1a a (new)
Amendment 266 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b a (new)
Article 1 – point 5 – point b a (new)
Regulation (EC) No 1467/97
Article 5 – paragraph 1a b (new)
Article 5 – paragraph 1a b (new)
(ba) the following paragraph 1ab is inserted: "1ab. The European Parliament may invite a representative of the Member State concerned to explain its economic and budgetary policy and the action it intends to take before its competent committee."
Amendment 271 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1467/97
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The Council, when considering whether effective action has been taken in response to its notice made in accordance with Article 126(9) of the Treaty, shall base its decision on the report submitted by the Member State concerned in accordance to Article 5(1a) of this Regulation and its implementation as well as on the assessment made within the Excessive Imbalances procedure and on any other publicly announced decisions by the Government of the Member State concerned.
Amendment 280 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 10 – subpoint a a (new)
Article 1 – point 10 – subpoint a a (new)
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
(aa) the following paragraph 1a is inserted: "1a. The Commission shall maintain a permanent dialogue with the authorities of Member States in accordance with the objectives of this Regulation. In this regards, the Commission shall carry out, in all Member States, visits for the purpose of regular dialogue and, where appropriate, surveillance."
Amendment 281 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 10 – point a b (new)
Article 1 – point 10 – point a b (new)
(ab) the following paragraph 1b is inserted: "1b. When maintaining dialogue or organising surveillance visits, the Commission shall, if appropriate, transmit its provisional findings to the Member State concerned for comments."
Amendment 282 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 10 – subpoint a c (new)
Article 1 – point 10 – subpoint a c (new)
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – subparagraph 1 c (new)
Article 10 – paragraph 1 – subparagraph 1 c (new)
(ac) the following paragraph 1c is inserted: "1c. The Commission shall inform the Economic and Financial Committee and the competent committee in the European Parliament of the reasons for surveillance visits."
Amendment 290 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall comprise a fixed component equal to 0,2 % of GDP, and a variable component. The variable component shall amount to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and either the reference value for government deficit or, if non compliance with budgetary discipline includes the debt criterion, the general government balanc, with the latter based on an assessment by the Council on whether the participating Member State has a percentage of GDP that should have been achieved in the same year according to the notice issued undertaken effective action in accordance with Article 126 (9) of the Treaty.
Amendment 298 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any single fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,52 % of GDP.
Amendment 309 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue referred to in Article 311 of the Treaty and shall be distributed among participating Member States which do not have excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…], in proportion to their share in the total gross national income (GNI) of the eligible Member Statescredited to the European Financial Stability Mechanism or equivalent institution.
Amendment 11 #
2010/0035(NLE)
Proposal for a regulation – amending act
Recital 4
Recital 4
(4) However, recent developments in the Union have also clearly demonstrated that the current governance framework for fiscal statistics still does not mitigate, to the extent necessary, the risk of incorrect or inaccurate data being deliberately notified to the Commission.
Amendment 19 #
2010/0035(NLE)
Proposal for a regulation – amending act
Recital 8 a (new)
Recital 8 a (new)
(8a) The Member States should provide the Commission (Eurostat) with all statistical and budgetary information on the basis of a standardised and internationally accepted method of accounting.
Amendment 24 #
2010/0035(NLE)
Proposal for a regulation – amending act
Article 1 – point 2
Article 1 – point 2
Regulation (EC) No 479/2009
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. Statistical and budgetary information to be provided by Member States to the Commission (Eurostat) shall be based on a standardised and internationally accepted method of accounting agreed with the Commission (Eurostat).
Amendment 31 #
2010/0035(NLE)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 479/2009
Article 12 – paragraph 2 – subparagraph 1 a (new)
Article 12 – paragraph 2 – subparagraph 1 a (new)
The Commission (Eurostat) may make on-site inspections and be permitted to hold interviews with any organisation it deems relevant to its work.
Amendment 16 #
2009/2203(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the active and flexible monetary policy of the ECB since August 2008 in extending liquidity provisions to credit institutions;
Amendment 19 #
2009/2203(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned about signs of credit shortages while financial institutions have access to cheap refinancingthat the extra liquidity provided by the ECB and other central banks has not been used by all banks to ease the ‘credit crunch’ faced by industry and, in particular, by small and medium sized businesses;
Amendment 20 #
2009/2203(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Welcomes the intensified coordinperation between the Council, the ECB and the Eurogroup;
Amendment 28 #
2009/2203(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is concerned by the economic consequences of a fast loss of value of theweak US dollar for the economy, and particularly the exports, of the European Union;
Amendment 40 #
2009/2203(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Warns against focusing essentialxclusively on wage moderation as a way to achieve price stability; recalls that increased global competition has already contributed to a downward pressure on wages, while higher commodity prices have harmed the purchasing power of EU consumers;
Amendment 54 #
2009/2203(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 56 #
2009/2203(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Points out that internal imbalances pose a risk to the euro area and that countries with large current account surpluses or deficits were hit hardest bydeficits were the most restricted in their fiscal policies in dealing with the crisis;
Amendment 65 #
2009/2203(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls upon countries with current account surpluses to stimulate employment and internal demand inter alia by ending wage moderation, where not already in force, introducing minimum wages and making additional sustainable investments while taking into account the rules of the SGP;
Amendment 86 #
2009/2203(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Suggests using the relevant instruments included in the Treaty and the excessive deficit procedure of the SGP to ensure that Member States avoid excessive deficits and current account surpluses;
Amendment 41 #
2009/2174(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that there is a need for consistency and for a genuine EU policy oft EU level in promoting good tax governance; asks the Commission to monitor closely, in this respect, the swift and thorough implementation of the actions set out in its communication on Promoting Good Governance in Tax Matters;
Amendment 30 #
2009/2150(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes with concern that the further deterioration of the economic well-being of developing countries could lead to unacceptably high levels of unemployment and increased economic migration (including illegal immigration); adds that such migration flows could lead to a 'brain drain' from developing nations and damage their future economic growth;
Amendment 13 #
2009/2090(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fact that the Treaty of Lisbon would gives the ECB the status of an EU institution; believes that this increases the responsibility of Parliament, as the primary institution through which the ECB is accountable to European citizens;.
Amendment 17 #
2009/2090(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the ECB continued to respond to the financial crisis by assisting Member States in maintaining and extending its liquidity provisions to credit institutions; recommends that the ECB extend such liquidity outside the euro area to assist those Member States which have been worst hit by the financial crisis;
Amendment 19 #
2009/2090(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Expresses concerndisappointment that manysome commercial banks did not pass on interest rate cuts to their customers, and that this was particularly prevalent when the ECB'’s interest rates reached their lowest levels;
Amendment 24 #
2009/2090(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Expresses disappointment that the extra liquidity injected by the ECB did not sufficiently ease the credit crunch faced by industry, particularly small and medium sized businesses, and was instead used by some banks to improve their margins and cover losses;
Amendment 33 #
2009/2090(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Agrees with the ECB that the increasing complexity of financial instruments has l, alongside a certain lack of transparency of financial institutions, supervisory failure by regulators and gaps in financial market regulation, has contributed to heightened systemic risk; adds that this has lcontributed to an increasing lack of public confidence in financial institutions;
Amendment 43 #
2009/2090(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. States that Member States should comaintainue with their current their fiscal stimulus measures to protect jobs, encourage investment and stimulate growth and that they should repeal those measures once there is a sustainable return to growth at which time they should address excessive public deficits;
Amendment 49 #
2009/2090(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on all Member States in the euro area to take note that, for genuine monetary union to exist, participation in the euro area cannot be regarded as an end in itself, and stresses the need for structural reforms; adds that failure to mundertake such reforms would jeopardise the credibility and sustainability of the Stability and Growth Pact;
Amendment 53 #
2009/2090(INI)
Motion for a resolution
Paragraph 15 a (new) (before subheading "Governance and decision making")
Paragraph 15 a (new) (before subheading "Governance and decision making")
15a. Points out that, during a period marked by a high degree of exchange rate volatility, the euro has increased its strength, particularly against the US dollar and the renminbi-yuan, and expresses concern that this could have a detrimental effect on the competitiveness of the euro area;
Amendment 58 #
2009/2090(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Highlights the independence of the ECB, including the procedure for appointing members to its Executive Board; considers, however, that the new legal status that would be conferred on the ECB under the Lisbon Treaty and the existing ECB Statute should be used to increase the accountability of the ECB to Parliament, for example, if the candidates proposed by the Council were then subject to a vote of approval by Parliament;
Amendment 61 #
2009/2090(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Opines that the crisis has demonstrated that markets are prone to systemic risks; welcomes the proposal to establish a European Systemic Risk Board (ESRB), which will provide early warnings about future risks and imbalances in financial markets; notes that a qualitative definition of 'systemic risk' must exist to allow the effective functioning of the ESRB; therefore calls on the ECB to establish clear models and definitions and, more generally, to give full support to the effective functioning of the ESRB; adds that any new tasks conferred upon the ECB with regard to the ESRB should not compromise the independence of the ECB in any way;
Amendment 66 #
2009/2090(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Feels that Parliament should work with the ECB and with the other EU institutions in order to strengthencontinue to enhance the role of the euro area on the world financial stage;