61 Amendments of Sven GIEGOLD related to 2011/0385(COD)
Amendment 51 #
Proposal for a regulation
Recital 1
Recital 1
(1) The unprecedented global crisis that has hit the world over the last three yearssince 2007 has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance outside and within the framework of the Union.
Amendment 53 #
Proposal for a regulation
Recital 2
Recital 2
(2) The full consistency between the Union multilateral surveillance framework established by the Treaty and the possible policy conditions attached to this financial assistance should be enshrined in Union law. The economic and financial integration of the Member States whose currency is the euro calls for a reinforced surveillance to prevent a contagion from a Member State experiencing difficulties with respect to its financial stability to the rest of the euro area and more broadly to the Union as a whole.
Amendment 57 #
Proposal for a regulation
Recital 3
Recital 3
(3) The intensity of the economic and fiscal surveillance should be commensurate and proportionate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality.
Amendment 62 #
Proposal for a regulation
Recital 4
Recital 4
(4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other euro area Member States against possible negative spill over effects. This ee decision to subject a Member State to enhanced surveillance should be an implementing measure triggering enhanced surveillance and should be based on an exhaustive assessment of objective criteria and indicators, including ESRB warnings, the monitoring of indicators of the Scoreboard referred to in Regulation (EU) No 1176/2011, as well as the reports referred to in Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area]. The indicators should also ensure that such Member States make strategic investments in productive capacity that will enable them to promote medium- and long-term economic growth and restoration of sustainable levels of debt. Enhanced surveillance should include a wider access to the information needed for a close monitoring of the economic, fiscal and financial situation and a regular reporting to the relevant committee of the European Parliament, the Economic and Financial Committee (EFC), the euro working group or to any sub- committee the latter may designate for that purpose. The same modalities of surveillance should apply to Member States requesting precautionary assistance from the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM), the European Financial Stability Mechanism (EFSM), the International Monetary Fund (IMF) or another international financial institution.
Amendment 67 #
Proposal for a regulation
Recital 5
Recital 5
(5) The surveillance of the economic and fiscal situation should be strongly reinforced for Member States under macro- economic adjustment programme. Because of the comprehensive nature of the latter, the other processes of economic and fiscal surveillance should be suspended or in some cases streamlined for the duration of the macro-economic adjustment programme, with a view to ensuring consistency of economic policy surveillance and avoiding a duplication of reporting obligations.
Amendment 72 #
Proposal for a regulation
Recital 6
Recital 6
(6) Rules should be provided in order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, as well as to enhance the dialogue among executive branches, with national parliaments, the social partners and civil society organisations and to ensure greater transparency and, scrutiny and democratic accountability.
Amendment 79 #
Proposal for a regulation
Recital 7
Recital 7
(7) A decision regarding the non- compliance of a Member State with its adjustment programme would also entailmay, where appropriate, proportionate and necessary to meet objectives referred to in Articles 121 and 126 TFEU, would also entail either a request of the respective Member State for an amendment to macroeconomic targets and investment plans or a suspension of payments or commitments of Union funds as provided by Article 21(6) of Regulation (EU) No XXX laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund covered by the common strategic framework and laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and repealing Regulation (EC) No 1083/2006,
Amendment 83 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The decision of the Commission to subject a Member State to enhanced surveillance under this Regulation should be taken in close cooperation with Parliament, the EFC, the Euro Working group, the European Systemic Risk Board (ESRB) and the relevant European Supervisory Authorities (ESAs). The Commission should also cooperate with the EFC when deciding on whether to prolong enhanced surveillance.
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/or that receive or mayhave requested or receive financial assistance from one or several other States, the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism (EFSM), the European Stability Mechanism (ESM) or other International Financial Institutions (IFI), such as the International Monetary Fund (IMF).
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1a. The application of this Regulation shall fully respect Article 152 TFEU and the recommendations issued under this Regulation shall respect practices and institutions for wage formation. It shall take into account Article 28 of the Charter on Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate, conclude and enforce collective agreements and to take collective action in accordance with national law and practices.
Amendment 103 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. TOn the basis of objective criteria and indicators, including ESRB warnings, the monitoring of indicators of the Scoreboard referred to in Regulation (EU) No 1176/2011, as well as the reports referred to in Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area], the Commission may decide to make a Member State experiencing severe difficulties with regard to its financial stability subject to enhanced surveillance. The Member State concerned shall be given the possibility to express its views beforehand. The Commission shall decide every six months whether to prolong the enhanced surveillance. The decision shall be deemed to be adopted by the Council unless it decides, by qualified majority, to reject the Commission's recommendation within 10 days of the Commission's adoption thereof.
Amendment 108 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The Commission shall decide to make a Member State requesting access to or receiving a financial assistance on a precautionary basis from one or several other States, the EFSF, the ESM or any other International Financial Institution, such as the IMF, subject to enhanced surveillance. The Commission shall establish a list of the precautionary financial assistance instruments concerned and keep it updated to take into account possible changes in the financial support policy of the EFSF, ESM or of any other relevant International Financial Institution. The decision shall be deemed to be adopted by the Council unless it decides, by qualified majority, to reject the Commission's recommendation within 10 days of the Commission's adoption thereof.
Amendment 111 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 113 #
Proposal for a regulation
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. The Commission shall consult organisations representing the economic and the social partners as well as civil society organisations regarding the recommendation.
Amendment 116 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB), the ESA(s) and the ESRB adopt measures aimed at addressing the sources or potential sources of difficulties. The measures adopted shall be reported to the Euro working group, the Economic and Financial Committee (EFC) and the relevant committee of the European Parliament and the national parliament concerned.
Amendment 118 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. The Commission shall systematically look at potential negative spill over effects generated by other Member States. Where negative spill-over effects generated by other Member States have been identified by the Commission in the framework of surveillance procedures and reports established in Articles 2 to 10 of Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances, as well as on the basis of the report referred to in point (a) of Article 3(3) of this Regulation, the Council, on a recommendation from the Commission, shall address, in accordance with the procedure laid down in Article 121(2) TFEU the necessary recommendations to the Member States having been identified as being at the origin of negative spill-over effects.
Amendment 121 #
Proposal for a regulation
Article 3 – paragraph 3 – introductory part
Article 3 – paragraph 3 – introductory part
3. On a request from the Commission, tThe Member State under enhanced surveillance shall:
Amendment 125 #
Proposal for a regulation
Article 3 – paragraph 3 – point a
Article 3 – paragraph 3 – point a
(a) communicate to the Commission, the ECB and the European Banking Authority (EBASA(s) at the requested frequency disaggregated information on the financial situation of the financial institutions which are under the surveillance of its national supervisors. On the basis of that information, as well as on the basis of indicators included in the scoreboard for macroeconomic imbalances established in Article 2 of Regulation (EU) No 1176/2011, the relevant ESA(s) shall prepare, in liaison with the ESRB, an assessment of the potential vulnerabilities of the financial system and forward this assessment to the Commission at the frequency indicated by the latter. The ECB shall also receive the assessment. That reporting shall take place in accordance with Article 35 of Regulations (EU) No 1093/2010, 1094/2010 and 1095/2010 of the European Parliament and of the Council of 24 November 2010;
Amendment 129 #
Proposal for a regulation
Article 3 – paragraph 3 – point b
Article 3 – paragraph 3 – point b
(b) carry out, under the supervision of the European Banking Authority,relevant ESA(s) stress test exercises or sensitivity analyses as necessary to assess the resilience of the banking sector to various macroeconomic and financial shocks, as specified by the Commission, the ESRB and the ECB, and share the detailed results with them;
Amendment 131 #
Proposal for a regulation
Article 3 – paragraph 3 – point c
Article 3 – paragraph 3 – point c
(c) be subject to regular assessments of its supervisory capacities over the banking sector in the framework of specific peer review carried out by the EBArelevant ESA(s);
Amendment 133 #
Proposal for a regulation
Article 3 – paragraph 3 – point d
Article 3 – paragraph 3 – point d
(d) communicate any information needed for the monitoring of macro-imbalances established by Regulation No XXXin conformity with the provisions of Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances.
Amendment 138 #
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall conduct, in liaison with the ECB and the ESA(s), regular review missions in the Member State under surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC), the Employment Committee (EMCO), the Euro Working Group - or to any subcommittee the latter may designate for that purpose - ands well as to the relevant committee of the European Parliament. The report shall assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No 1467/97.
Amendment 143 #
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State concerned to seek financial assistance andtake precautionary measures or to prepare a draft macro-economic adjustment programme. The Council may decide to make thiswithin 10 days of the adoption of such recommendation, repeal it by qualified majority. The recommendation shall be made public.
Amendment 149 #
Proposal for a regulation
Article 3 – paragraph 6 – point a
Article 3 – paragraph 6 – point a
(a) the relevant Committee of the European Parliament may invite representatives of the Member State and the respective national parliament concerned to participate to an exchange of views in the framework of the European Semester;
Amendment 152 #
Proposal for a regulation
Article 3 – paragraph 6 – point b
Article 3 – paragraph 6 – point b
(b) representatives of the Commission may be invited by the parliament of the Member State concerned to participate to an exchange of views. Whenever the representatives of the Commission are invited for such exchange of views the Commission shall prepare for that purpose a summary and a compilation of all relevant public reports on economic and budgetary surveillance relating to the Member State. The summary and the compilation shall be forwarded to the parliament of the Member State before the exchange of views.
Amendment 155 #
Proposal for a regulation
Article 3 – paragraph 6 a (new)
Article 3 – paragraph 6 a (new)
6a. During the whole process, the relevant committee of the European Parliament and the respective national parliament may invite representatives of the IMF, the ECB and the Commission to participate in an economic dialogue on important issues.
Amendment 156 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
A Member State wishintending to obtainrequest financial assistance from one or several other Member States, the EFSF, the EFSM, the ESM, the International Monetary Fund (IMF) or another institution outside of the Union framework shall immediately inform the Council, the European Parliament, the Member State Parliament, the Commission and the ECB of its intention. The EFC, the EMCO, the Euro Working Group or any subcommittee the latter may designate for that purpose, shall hold a discussion on this envisaged request, after having received an assessment from the Commission. The President of the euro summit shall participate in an exchange of view in the European Parliament on the situation of the Member State concerned and its implications for the euro area as a whole.
Amendment 160 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Where financial assistance is sought from the EFSF, the EFSM or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible and appropriate, the IMF - an analysis of the sustainability of the government debt and the actual or potential financing needs of the Member State concerned, including the Member State's ability to repay the envisaged financial assistance, and forward it to the Euro Working Group, EFC or to any subcommittee the latter may designate for that purpose. , the relevant committee of the European Parliament and the Member State Parliament. The assessment of the sustainability of the government debt shall be based on prudent macroeconomic and budgetary forecasts using the most up-to-date information and taking proper account of the outcome of the report referred to in point (a) of Article 3(3) as well as any supervisory task exercised according to point (b) of Article 3(3) and shall develop sensitivity analysis. The macroeconomic and budgetary forecasts shall assess the direct and indirect impact of various macroeconomic and financial shocks and adverse developments on the sustainability of government debt, including an estimation of the potential output and macroeconomic multiplier effects. The chosen baseline scenario shall be described with reasoning and shall be built on a balanced account of downside and upside risks. Moreover, for all sub-sectors of general government of the respective Member State relevant information on contingent liabilities with potentially large impacts on public budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations shall be published. Likewise, information on the participation of general government in the capital of private and public corporations in respect of economically significant amounts of the respective Member State shall also be published, as referred to in Article 14(3) of the Council Directive 2011/85/EU. The Commission shall make public the methodology, the economic and econometric underlying models and assumptions, as well as any other relevant parameter underpinning the assessment of the sustainability of the government debt. The Commission shall be empowered to adopt delegated acts in accordance with Article 13a specifying the format of the assessment and the elements referred above in this paragraph.
Amendment 167 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A Member State receivquesting financial assistance from one or several other Member States, the IMF, the EFSF, the EFSM or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB and wherever appropriate the IMF - a draft adjustment programme aimed at re- establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft macroeconomic adjustment programme shall be based on the assessment of the sustainability of the government debt and shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the TreatyTFEU - and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures.
Amendment 171 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. Member States shall include in their draft macroeconomic adjustment programmes an updated and detailed description of projected multiannual expenditure targets relating to the achievement of the objectives embedded in the EU 2020 jobs and growth strategy including social expenditure and public investments. The detailed description referred to above shall duly explain differences of projected expenditure from the most recent Stability Programmes. A social impact assessment of the consolidation measures foreseen shall be carried out by the Member State in close cooperation with the Commission and shall be annexed to the draft macroeconomic adjustment programmes. This impact assessment shall specifically address the underlying methodology (economic models and assumptions) and employment, social protection and distribution implications of each adjustment measure.
Amendment 172 #
Proposal for a regulation
Article 6 – paragraph 1 b (new)
Article 6 – paragraph 1 b (new)
Amendment 173 #
Proposal for a regulation
Article 6 – paragraph 1 c (new)
Article 6 – paragraph 1 c (new)
1c. The draft macroeconomic adjustment programme shall be adopted prior to any Memorandum of Understanding, programme or technical agreement concluded with relevant parties providing financial assistance. The Commission and the Member State shall ensure and duly justify the policy consistency between the different relevant documents relating to the financial assistance and the updated versions of the macroeconomic adjustment programme as well as consistency with the broad economic and employment policy guidelines and requirements and commitments embedded in the different instruments referred to in Article 1a of Regulation (EC) No 1467/97.
Amendment 174 #
Proposal for a regulation
Article 6 – paragraph 1 d (new)
Article 6 – paragraph 1 d (new)
1d. By derogation from paragraph 1c, for Member States already under financial assistance programme at the entry into force of this Regulation the macroeconomic adjustment programme shall be adopted on an ex post basis in accordance with paragraphs 1a, 1b and paragraphs 2 to 8b. 1e. The macroeconomic adjustment programme shall amend, whenever appropriate National Reform Programmes and shall integrate monitoring requirements referred to in Article 5(3) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area].
Amendment 182 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC, the EMCO and the Euro Working Group or any subcommittee the latter may designate for that purpose, as well as the Parliament of the Member State concerned and the relevant committee of the European Parliament. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 188 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Commission - in liaison with the ECB and whenever appropriate the IMF, - shall examine with the Member State concerned the changes and updates that may be needed to its adjustment programme in order to take proper account of inter alia any significant gap between macroeconomic forecasts and realized figures, negative spill-over effects as well as macroeconomic and financial shocks. The Council, acting by a qualified majority on a proposal from the Commission, shall decide on anyapprove the change to bes made to the adjustment programme as agreed by the Commission and the Member State concerned.
Amendment 193 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. A Member State for which an adjustment programme has been approved shall undertake, in close cooperation with the Commission, to encourage private investors to maintain their overall exposure on a voluntary basis.
Amendment 195 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the Council, acting by qualified majority on a proposal from the Commission, may decide that the Member State concerned does not comply with the policy requirements contained in the adjustment provided that the significant deviation is not mainly due to exogenous shocks or negative spill over effects out of the control of the concerned Member State. In case of non compliance the Council, acting by qualified majority on a proposal from the Commission, shall decide on any change to be made to the macroeconomic adjustment programme. The Commission proposal shall fully state the reasons of non compliance and the necessity and proportionality of the changes made to the macroeconomic adjustment programme.
Amendment 197 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The macroeconomic adjustment programme shall in particular outline precautionary measures and contingency plans to be adopted in case of unforeseen developments such as exogenous shocks including inter alia revenue and expenditure side measures as well as access to precautionary credit lines.
Amendment 198 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The macroeconomic adjustment programme´s fiscal consolidation efforts shall exempt expenditure for basic education and basic health care, since the former is a crucial pillar of future economic growth and the latter a crucial pillar for social cohesion.
Amendment 199 #
Proposal for a regulation
Article 6 – paragraph 6
Article 6 – paragraph 6
6. A Member State subject to an macroeconomic adjustment programme experiencing insufficient administrative capacity or significant problems in the implementation of its adjustment programme shall seek technical assistance from the Commission, which may constitute for this purpose groups of experts with Member States and other Union and/or relevant international institutions. The objectives and the means of the technical assistance shall be explicitly outlined in the updated versions of the macroeconomic adjustment programme. The technical assistance shall be based on a request of the respective authority, in whose area these measures shall be applied. Furthermore, ownership of the implementation process of technical assistance by those who requested these measures shall be ensured. Technical assistance shall be focused on areas such as: improving public procurement, through digitalisation and thereby promote competition and tackle corruption and increasing the efficiency of raising tax revenues to promote adequate tax contributions and financial sustainability. Member States shall involve, where appropriate, and in accordance with current national rules and practices, social partners as well as civil society organisations in the preparation, implementation, monitoring and evaluation of technical assistance programmes. Technical assistance may include the establishment of a permanent resident adviser and support staff from the Union institutions in the Member State concerned, who would advise the authorities of the Member State concerned of the adjustment programme implementation and coordinate with the institutions, social partners and civil society organizations involved.
Amendment 200 #
Proposal for a regulation
Article 6 – paragraph 6 a (new)
Article 6 – paragraph 6 a (new)
6a. A Member State subject to a macro- economic adjustment programme shall carry out a comprehensive audit of its outstanding stock of debt in order to inter alia carry out an assessment of the reasons having led to the building up of excessive levels of debt as well as any irregularity involved in the debt issuance process.
Amendment 201 #
Proposal for a regulation
Article 6 – paragraph 6 a (new)
Article 6 – paragraph 6 a (new)
6a. The macroeconomic adjustment programme and the accompanying social impact assessment shall be made public and shall be updated on an annual basis.
Amendment 206 #
Proposal for a regulation
Article 6 – paragraph 8 a (new)
Article 6 – paragraph 8 a (new)
8a. The assessment of the sustainability of the government debt shall be annexed to the macroeconomic adjustment programmes.
Amendment 209 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Involvement of social partners and civil society Organisations representing the economic and the social partners as well as civil society organisations shall be given the possibility to express their views on Commission's public recommendations and opinions referred to in this Regulation as well as on Member States reports and draft reports foreseen in Articles 2 to 7 of this Regulation. These views and opinions shall be made publicly accessible. At the invitation of the national parliament or of the European Parliament, non-governmental parties which engage in the review and critique of macroeconomic targets and measures for fiscal consolidation may propose alternative measures for compliance with targets and submit them to the executive and the bodies vested with responsibility for monitoring and surveillance for consideration.
Amendment 210 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Involvement of the social partners and civil society Organisations representing the economic and the social partners as well as of civil society organisations shall be consulted on Commission's public recommendations and opinions referred to in this Regulation as well as on Member States reports and draft reports provided for in Articles 2 to 7 of this Regulation.
Amendment 211 #
Proposal for a regulation
Article 6 b (new)
Article 6 b (new)
Amendment 213 #
Proposal for a regulation
Article 6 c (new)
Article 6 c (new)
Article 6c Appeals procedure An appeals procedure at the Union level shall be established for all Member States which are subject to a macroeconomic adjustment programme. That procedure shall enable individuals as well as organisations from the Member State concerned to launch appeals on the implementation and results of measures of the macroeconomic adjustment programme.
Amendment 216 #
Proposal for a regulation
Article 7 – paragraph 2 – point a
Article 7 – paragraph 2 – point a
(a) The macroeconomic adjustment programme provided for by Article 6 of this Regulation shall also be deemed to replace as appropriate the reports provided for by Article 3(4a) and Article 5(1a) of Council Regulation (EC) No 1467/97;
Amendment 219 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
The implementation of Regulation (EU) No XXX1176/2011 on the prevention and correction of macroeconomic imbalances shall be suspended for the Member States subject to a macro-economic adjustment programme approved by the Council in accordance with Article 6(2) of this Regulation with the exception of the measures provided for in Articles 3, 4 and 5 of Regulation (EU) No 1176/2011 relating to the scoreboard of macroeconomic and macrofinancial indicators, the alert mechanism and the in-depth review. This suspension shall be applicable for the duration of the macro- economic adjustment programme.
Amendment 220 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The suspension shall be applicable for the duration of the macroeconomic adjustment programme.
Amendment 221 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
The monitoring provided for by Article 6(3) of this Regulation shall be deemed to replace the monitoring and assessment of the European Semester for economic policy coordination provided for by Article 2a and 2-a(3) of Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and coordination of economic policies. The suspension shall be applicable for the duration of the macroeconomic adjustment programme.
Amendment 225 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
The implementation of Regulation (EU) No XXX on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area shall be suspended with the exception of Articles 5 and 6 for the Member States subject to a macro- economic adjustment programme approved by the Council in accordance with Article 6(2) of this Regulation. This suspension shall be applicable for the duration of the macro-economic adjustment programme.
Amendment 226 #
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Amendment 235 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under post programme surveillance to assess its economic, fiscal and financial situation. It shall communicate every semester its findings to the EFC or to any subcommittee the latter may designate for that purpose as well as to the national parliament and the relevant committee of the European Parliament and assess notably whether corrective measures are needed.
Amendment 237 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. The Commission shall define with relevant parties providing financial assistance a performance mechanism aiming at proposing positive financial incentives for Member States under programme surveillance which have fulfilled the commitments and requirements referred to in Article 6.
Amendment 238 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. The competent committee of the European Parliament may offer the opportunity to the Member State concerned and representatives of the Commission to participate to an exchange of views on the progress made under post- programme surveillance.
Amendment 246 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
For the measures referred to in Articles 1(1), 1(2), 2(1), 3, 6(2), 6(4), 10a and 11(4), only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned.
Amendment 247 #
Proposal for a regulation
Article 13
Article 13
Amendment 248 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13a Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Article 6a shall be conferred on the Commission for period of three years from the date of entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period. 3. The delegation of powers referred to in Article 5 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 6a shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two 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 2 months at the initiative of the European Parliament or the Council.
Amendment 252 #
Proposal for a regulation
Article 13 b (new)
Article 13 b (new)
Article 13b Transitional provisions This Regulation shall apply to the Member States that are already subject to programme assistance at the time of the entry into force of this Regulation.
Amendment 253 #
Proposal for a regulation
Article 13 c (new)
Article 13 c (new)