14 Amendments of Carl HAGLUND related to 2011/0386(COD)
Amendment 104 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) The introduction of a European redemption fund is fundamental to ensuring that budgetary discipline is rewarded with affordable interest rates for Member States' debt and to finding a sustainable long-term solution for the European sovereign debt crisis.
Amendment 120 #
Proposal for a regulation
Article 1 – paragraph 1 – point c a (new)
Article 1 – paragraph 1 – point c a (new)
(ca) complementing the procedure for correction of a Member State's excessive debt as established by Article 126 TFEU and Regulation (EC) No 1467/97 by establishing a European redemption fund in order to secure a durable correction of excessive debt.
Amendment 126 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ‘government’ and, ‘deficit’ and 'debt' have the meaning's set out in Article 2 of the Protocol (No 12) on the excessive deficit procedure annexed to the Treaty on European UnionFEU and to the Treaty on the Functioning of the European Union.
Amendment 146 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall have in place numerical fiscal rules on the budget balance that implement in the national budgetary processes their medium-term budgetary objective as defined in Article 2a of Regulation (EC) No 1466/97. Such rules shall cover the general government as a whole and be of binding, preferably constitutional, nature. Member States may deviate temporarily from the medium- term objective or the adjustment path towards it in exceptional circumstances, provided that such deviation does not endanger fiscal sustainability in the medium term.
Amendment 153 #
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. Member States shall ensure that the annual budgetary position of the general government is balanced or in surplus. Member States shall put in place a correction mechanism to be triggered automatically with the aim of correcting significant observed deviations from the medium-term objective or the adjustment path towards it, including their accumulated impact on government debt dynamics.
Amendment 159 #
Proposal for a regulation
Article 4 – paragraph 1 b (new)
Article 4 – paragraph 1 b (new)
1b. Member States shall ensure rapid convergence of their medium-term objectives on the basis of ambitious and binding time frames proposed by the Commission, which take country-specific fiscal sustainability risks into consideration. The proposed time frames shall be made public.
Amendment 190 #
Proposal for a regulation
Article 5 – paragraph 3 – point f a (new)
Article 5 – paragraph 3 – point f a (new)
(fa) detailed information on general government debt developments, as well as other data relevant to an assessment of the country-specific risks to the sustainability of public finances, in particular an overview of implicit liabilities, and of the contingent liabilities with potentially large impacts on public budgets within the meaning of Article 14(3) of Council Directive 2011/85/EU.
Amendment 196 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1 a (new)
Article 5 – paragraph 3 – subparagraph 1 a (new)
Member States shall report their public debt issuance plans to the Commission and to the Council with a view to better coordinating and monitoring them ex- ante.
Amendment 200 #
Proposal for a regulation
Article 5 – paragraph 5 – subparagraph 1
Article 5 – paragraph 5 – subparagraph 1
5. Where the Commission identifies particularly serioussignificant non-compliance with the budgetary policy obligations laid down in the Stability and Growth Pact, it shall, within two weeks from the submission of the draft budgetary plan, request a revised draft budgetary plan from the Member State concerned. This request shall be made public. Moreover, the Commission shall request a revised draft budgetary plan from Member States in the case of significant non-compliance of a draft budget with the deficit and/or debt path specified in the stability program of the Member State concerned, or when the Commission identifies serious risks to fiscal sustainability.
Amendment 210 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The Commission shall, if necessary, adopt an opinion on the draft budgetary plan by 30 November. assess the draft budgetary plans, taking into account the medium-term budgetary implications of new measures, and shall assess the implication for fiscal sustainability. It shall also assess the quality of the process of collecting the underlying data. The Commission shall, if necessary, adopt an opinion on the draft budgetary plan by 30 November. An opinion shall always be adopted in the following situations: (a) if the draft budgetary plans would lead to non-compliance with the budgetary policy obligations laid down in the Stability and Growth Pact; (b) if the draft budgetary plans would lead a structural deficit higher than foreseen in the stability programme of a Member State; (c) if the government debt ratio is above 60 % of GDP and not declining at a sufficient pace as defined in the Stability and Growth Pact; or (d) if the Commission identifies serious risks to fiscal sustainability.
Amendment 247 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
The Member State shall report regularly to the Commission and to the Economic and Financial Committee or any sub-committee it will designate for that purpose, for the general government and its sub-sectors, the in-year budgetary execution, the budgetary impact of discretionary measures taken on both the expenditure and the revenue side, targets for the government expenditure and revenues, as well as information on the measures adopted and the nature of those envisaged to achieve the targets. The Member State shall also report on the implementation of the budgetary and economic partnership programme and the structural reforms necessary to ensure an effective and durable correction of its excessive debt. The report shall be made public.
Amendment 264 #
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3a. The Eurogroup and the Council shall discuss the adequacy of the measures taken by the Member State and, if necessary, the Council shall propose further measures, including the adjustment of the Member State's sovereign risk-weighting, to ensure compliance with the deadline to correct the excessive deficit or an adjustment of the budgetary and economic partnership programme. If the Member State does not implement such further measures, the European Council shall discuss the situation and propose any further action which it considers necessary.
Amendment 265 #
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3a. The Eurogroup and the Council shall discuss the adequacy of the measures taken by the Member State and, if necessary, the Council shall propose further measures to ensure compliance with the deadline to correct the excessive deficit or an adjustment of the budgetary and economic partnership programme. If the Member State does not implement such further measures, the European Council shall discuss the situation and propose any further action which it considers necessary.
Amendment 273 #
Proposal for a regulation
Article -11 (new)
Article -11 (new)