66 Amendments of Sven GIEGOLD related to 2011/0386(COD)
Amendment 49 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on common provisions for monitoring and assessing draft budgetary plans, monitoring progress towards the achievement of Union growth and job strategy, establishing enhanced policy coordination framework for common sovereign debt instruments and ensuring the correction of excessive deficit of the Member States in the euro area
Amendment 50 #
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 136 in combination with Articles 121(6) and 352 thereof,
Amendment 52 #
Proposal for a regulation
Recital 2
Recital 2
(2) The Stability and Growth Pact, in particular Regulations (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies and Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure, designed toaiming at secureing budgetary discipline across the Union, sets out the framework for preventing and correcting excessive government deficits. It has been further strengthened by Regulation No …(EU) No .../2011 of the European Parliament and of the Council amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies and Regulation (EU) No ….../2011 amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure. Regulation (EC) No ….../2011 of the European Parliament and of the Council on the effective enforcement of budgetary surveillance in the euro area added a system of effective, preventive and gradual enforcement mechanisms in the form of financial sanctions for the Member States whose currency is the euro.
Amendment 55 #
Proposal for a regulation
Recital 3
Recital 3
(3) The amendments to the Stability and Growth Pact aim at increaseing both the guidance, and, for the Member States whose currency is the euro, incentivenforcement measures for the setting and the implementation of a prudent budgetary policy, while avoiding excessive government deficits. These provisions have aim at createding a more robust framework at the level of the Union for the surveillance of national economic policies.
Amendment 59 #
Proposal for a regulation
Recital 4
Recital 4
(4) The Treaty allows the adoption of specific measures in the euro area which go beyond the provisions applicable to all Member States in order to ensure the proper functioning of the Eeconomic and Monetary Union. monetary union. More active use, whenever appropriate and necessary, should be made of specific measures provided for in Article 136 and Articles 326 to 334 TFEU in order to create the necessary conditions for a deeper and more resilient integration which should go hand in hand with enhanced democratic legitimacy of the economic and monetary union.
Amendment 68 #
Proposal for a regulation
Recital 5
Recital 5
(5) Strong public finances are best ensured at the planning stage and gross errors should be identified as early as possible. Member States should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised monitoring of their budgetary and macro-financial policies.
Amendment 71 #
Proposal for a regulation
Recital 6
Recital 6
(6) Setting-up a common budgetary timeline for Member States whose currency is the euro should better synchronize the key steps in the preparation of national budgets and sovereign debt issuance, thus contributing to the effectiveness of the European semester for budgetary policy coordination. Adopting a common budgetary timeline should lead to stronger synergies by facilitating policy coordination among Member States whose currency is the euro and ensure that the Council and Commission recommendations based on Articles 121 and 126 TFEU are appropriately integrated in the national process for budget adoption.
Amendment 80 #
Proposal for a regulation
Recital 7
Recital 7
(7) There is strong evidence showing the effectiveness ofat appropriate and flexible rules-based fiscal frameworks ican supporting sound and sustainable fiscal policies. The introduction of national fiscal rules that are consistent with the budgetary objectives set at Union level should be a crucial element to ensure the respect of the Stability and Growth Pact provisions. In particular, Member States should put in place structural balanced budget rules which transpose into national legislation the main principles of the Union fiscal framework. This transposition should be effective through binding rules preferably of a constitutional nature so as to demonstrate the strongest commitment of national authorities in relation to the Stability and Growth Pact.
Amendment 85 #
Proposal for a regulation
Recital 8
Recital 8
(8) Biased and unrealistic macroeconomic and budgetary forecasts can considerably hamper the effectiveness of budgetary planning, generate substantial and avoidable costs and consequently impair commitment to budgetary discipline. Forecasts from independent bodies canshould help provideing unbiased and realistic macroeconomic forecasts. Underlying models and assumptions should be disclosed in order to increase transparency and scrutiny.
Amendment 91 #
Proposal for a regulation
Recital 9
Recital 9
(9) This gradually strengthened surveillance will further complement the existing provisions of the Stability and Growth Pact and strengthen the surveillance of budgetary and macro- financial discipline in Member States whose currency is the euro. A gradually enhanced monitoring procedure should contribute to better budgetary outcomes to the benefit of all Member States whose currency is the euro. As part of a gradually strengthened procedure, a closer monitoring is particularly valuable to Member States that are subject to an excessive deficit procedure.
Amendment 92 #
Proposal for a regulation
Recital 10
Recital 10
(10) As demonstrated by the sovereign debt crisis, and in particular by the need to put in place common financial backstops, Member States whose currency is the euro share enhancedgenerate or are affected by spill-over effects from their budgetary policyand macroeconomic policy. Spill-over effects should therefore be identified and addressed within the framework of country-specific surveillance procedures as well as in the overall assessment of the budgetary situation and prospects in the euro area as a whole. The assessment shall identify, on a country-by-country basis, potential negative spill-over effects on the sustainability of public finances of the Member States generated by its private sector or by other Member States. Each of the Member States whose currency is the euro should consult the Commission and other Member States whose currency is the euro before the adoption of any major fiscal policy reform plans with potential spill-over effects, so as to give the possibility for an assessment of possible impact for the euro area as a whole. They should consider their budgetary and more broadly their economic policy plans to be of common concern and submit them to the Commission for monitoring purposes in advance of the plans becoming binding. The Commission should be in a position, if necessary, to adopt an opinion on the draft budgetary plan, that the Member State and in particular budgetary authorities should be invited to take into account in the process of the budget law adoption. Such an opinion should ensure that Union's policy guidance in the budgetary area is appropriately integrated in the national budgetary preparations. In particular, this opinion should include an assessment of whether or not the budgetary and more broadly their economic policy plans appropriately address the recommendations issued in the context of the European semester in the budgetary area. The Commission should stand ready to present this opinion to the Parliament of the Member State concerned at its request. The extent to which this opinion has been taken into account should be part of the assessment, if and when the conditions are met, leading to the decision to place the concerned Member State in excessive deficit procedure, where no follow-up to the early guidance from the Commission should be considered as an aggravating factor. Also, based on an overall assessment of the plans by the Commission, the Eurogroup and the European Parliament should discuss the budgetary situation and prospects for the euro area.
Amendment 101 #
Proposal for a regulation
Recital 11
Recital 11
(11) Member States whose currency is the euro and which are subject to an excessive deficit procedure should be monitored more closely to secure a full and timely correction of the excessive deficit. A closer monitoring should ensure early prevention and correction of any deviations from the Council recommendations to correct the excessive deficit. Such monitoring should complement the provisions set out in Regulation (EC) No 1467/97. The modalities of this closer monitoring should be graduated depending on the stage of the procedure the Member State is subject to, as provided for in Article 126 of the Treaty.
Amendment 102 #
Proposal for a regulation
Recital 12
Recital 12
(12) The closer monitoring for Member States subject to an excessive deficit procedure should allow the identification of risks in the compliance of a Member State's deadline to correct the excessive deficit. In the event of such risks being identified, the Commission should issue a recommendation to the Member State for measures to be taken within a given timeframe that should be presented to the Parliament of the Member State concerned at its request. This assessment should allow prevention and rapid correction of any developments putting at risk the correction of the excessive deficit within the established deadline. Assessment of compliance with this Commission recommendation should be part of the continuous assessment made by the Commission of effective action to correct an excessive deficit. When deciding whether effective action to correct the excessive deficit has been taken, the Council should also base its decision on whether or not the Member State complied with the Commission recommendation.
Amendment 111 #
Proposal for a regulation
Recital 13
Recital 13
(13) In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committees of the European Parliament may offer the opportunity to the Member State concerned by a Commission recommendation to participate in an exchange of views. Rules should also be provided for strengthening democratic accountability, transparency and scrutiny of budgetary and more broadly euro area economic policy surveillance and coordination. To that end, specific provisions should be provided for, in accordance with national practices for involving national parliaments, the social partners and civil society organisations,
Amendment 114 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) Budgetary plans and structural reforms should be consistent with the protection of social rights and should avoid increasing inequalities. Therefore budgetary discipline should not be implemented to the detriment of medium and long term means required for a sustainable and environmentally friendly transformation of the economy in line with the EU Jobs and Growth strategy and the 2050 climate objectives.
Amendment 116 #
Proposal for a regulation
Recital 13 b (new)
Recital 13 b (new)
(13b) Tax policy plays a crucial role for enhancing the effectiveness and fairness of budgetary plans while contributing to sustainable growth. A comprehensive set of measures and legislative initiatives such as an European financial transaction tax and a common consolidated corporate tax base should be swiftly carried on at the European and national level in order to remove unjustified exceptions, broaden the tax base, improve the efficiency of tax collection, tackle tax evasion and apply comprehensively the 'polluter pays' principle.
Amendment 117 #
Proposal for a regulation
Recital 13 c (new)
Recital 13 c (new)
(13c) In order to ensure the proper functioning of economic and monetary union and the respect of budgetary discipline, it is indispensable to safeguard the stability in the euro area as a whole and therefore to strengthen the efficiency and the resilience of the euro area financial system to adverse shocks, to address liquidity constraints as well as negative externalities related to the fragmentation of the sovereign bond markets and to reduce marginal funding costs for Member States facing funding pressures. For that overarching purpose, it is necessary to adopt a roadmap towards euro area common sovereign debt instruments including the establishment of an enhanced economic policy coordination framework. In order to safeguard the stability of the euro area it is also essential to define a comprehensive euro area counter-cyclical tool-box.
Amendment 119 #
Proposal for a regulation
Article 1 – paragraph 1 – introductory part
Article 1 – paragraph 1 – introductory part
1. This Regulation sets out provisions for enhanced monitoring of budgetary and economic policies in the euro area as well as provision for establishing enhanced economic policy coordination framework required for the common issuance of sovereign debt instruments by:
Amendment 121 #
Proposal for a regulation
Article 1 – paragraph 1 – point c a (new)
Article 1 – paragraph 1 – point c a (new)
(ca) establishing enhanced economic policy coordination framework required for a euro area common issuance sovereign debt instruments.
Amendment 123 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The application of this Regulation shall fully respect Article 152 TFEU and the recommendations issued under this Regulation shall respect institutions for wage formation. It shall take into account Article 28 of the Charter of 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 127 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5 a (new)
Article 2 – paragraph 1 – point 5 a (new)
(5a) 'a particularly serious non- compliance with the adjustment path towards the medium-term budgetary objective' means a deviation that can not be justified by exceptional circumstances or a severe economic downturn, after taking into account of mitigating factors and spill-over effects, as defined in Regulation (EC) 1467/97 and Regulation (EU) 1176/2011.
Amendment 130 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. The application of this Regulation is without prejudice to Article 9 TFEU.
Amendment 136 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Member States shall make public annually their medium-term fiscal plans in accordance with their medium-term budgetary framework based on independent macroeconomic forecast together withas a framework encompassing their Stability Programmes, no later than 15 April.
Amendment 140 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Budget laws for the general government shall be adopted and made public annually no later than 31 December. Member States shall have in place reversionary budget procedures to be applied if, for objective reasons beyond the control of the government, the budget is not adopted or fixed upon and made public by 31 December.
Amendment 154 #
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. Paragraph 1 is without prejudice to flexibility mechanisms provided for in case of severe economic downturn and in exceptional circumstances in accordance with Article 7(2).
Amendment 164 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 a (new)
Article 4 – paragraph 2 – subparagraph 1 a (new)
The Commission shall specify by means of delegated acts in accordance with Article 10b the common principles for the independent bodies or bodies endowed with functional autonomy vis-à-vis the budgetary authorities of the Member State referred to in paragraph 1.
Amendment 169 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
Monitoring and assessment of Member States draft budgetary plans, National Reform Programmes and debt issuance plans
Amendment 172 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall submit annually to the Commission and the Eurogroup a draft budgetary plan for the forthcoming year no later than 15 OctoberAugust.
Amendment 180 #
Proposal for a regulation
Article 5 – paragraph 3 – point c a (new)
Article 5 – paragraph 3 – point c a (new)
(ca) a detailed description of targeted expenditure earmarked to the achievement of the objectives embedded in the EU jobs and growth strategy including expenditure on employment, R&D and innovation, Climate change and Energy, Education, Poverty and Social exclusion;
Amendment 181 #
Proposal for a regulation
Article 5 – paragraph 3 – point d
Article 5 – paragraph 3 – point d
(d) a detailed description and a well- documented quantification of the measures to be included in the budget for the year to come in order to bridge the gap between the targets referred to in point (c) and the projections at unchanged policies provided in accordance with point (b). The description may be less detailed for measures with a budgetary impact estimated to be lower than 0.1% of GDP. Particular and explicit attention shall be paid to major fiscal policy reform plans with potential spill-over effects for other Member States whose currency is the euro.;
Amendment 184 #
Proposal for a regulation
Article 5 – paragraph 3 – point e
Article 5 – paragraph 3 – point e
(e) the main assumptions about expected economic developments and important economic variables which are relevant to the achievement of the budgetary targets. These assumptions shall be based on independent macroeconomic growth forecast;. The macroeconomic forecasts shall provide sensitivity analysis and shall be compared with the most updated forecasts of the Commission and, if appropriate, those of other independent bodies. Significant differences between the chosen macro-fiscal scenario and the Commission's forecast shall be described with reasoning, in particular if the level or growth of variables in external assumptions departs significantly from the values contained in the Commission's forecasts. The macroeconomic and budgetary forecasts shall include an estimation of the potential output and macroeconomic multiplier effects. The methodology, the economic and econometric underlying models and assumptions, as well as any other relevant parameter underpinning independent macroeconomic forecast shall be annexed to the annual medium-term fiscal plans.
Amendment 189 #
Proposal for a regulation
Article 5 – paragraph 3 – point f
Article 5 – paragraph 3 – point f
(f) where applicable, additional indications on how the current recommendations addressed to the Member State concerned in accordance with Article 121 and 148 of the Treaty in the budgetary area will be metwill be met in consistency with subparagraphs (a) to (ca).
Amendment 193 #
Proposal for a regulation
Article 5 – paragraph 3 – point f a (new)
Article 5 – paragraph 3 – point f a (new)
(fa) an analysis of the contribution of reforms included in the National Reform Programmes to the achievement of the objectives of stability programmes including a cost-benefit analysis of the reforms from a budgetary point of view;
Amendment 195 #
Proposal for a regulation
Article 5 – paragraph 3 – point f b (new)
Article 5 – paragraph 3 – point f b (new)
(fb) an assessment of the consistency of different requirements and commitments embedded in the different instruments referred to in Article 1a of Regulation (EC) No 1467/97 as well as with the reports and requirements referred to in Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances.
Amendment 197 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Where the budgetary targets reported in the draft budgetary plan in accordance with points (a) and (ca) of paragraph 3 or the projections at unchanged policies differ from those in the most recent stability programme, the differences shall be duly explained.
Amendment 198 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. The draft budgetary plan shall outline escape clauses set out in Council Directive 2011/85/EU.
Amendment 201 #
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Where the Commission identifies particularly serious non-compliance with the budgetary policy obligations laid down in the Stability and Growth Pact,adjustment path towards the medium term budgetary objective 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. Paragraphs 2 to 4b shall apply in case of revised draft budgetary plan.
Amendment 204 #
Proposal for a regulation
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
5a. The medium-term fiscal plans shall contain an updated projection of multiannual expenditure as a percentage of GDP for the general government and their main components as well as multiannual targets and commitments on expenditure earmarked to the achievement of the objectives embedded in the EU jobs and growth strategy.
Amendment 205 #
Proposal for a regulation
Article 5 – paragraph 5 b (new)
Article 5 – paragraph 5 b (new)
5b. No provision of this Regulation shall prevent a Member State's new government from updating its medium- term budgetary plan and stability programme to reflect its new policy priorities. Where a new government does so, it shall indicate the differences from the previous medium-term budgetary plan, stability programme and National Reform Programme.
Amendment 207 #
Proposal for a regulation
Article 5 – paragraph 6
Article 5 – paragraph 6
6. The Commission shall be empowered to adopt delegated acts in accordance with Article 10b specifying the content of the draft budgetary plans referred to in paragraph 1 and the content of different provisions referred to in paragraphs 3 to 5a.
Amendment 209 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Amendment 211 #
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 301 November. This opinion shall take into account the assessment on the progress made towards the achievement of the growth and job strategy and in particular compliance with the commitments referred to in Article 5(5a).
Amendment 219 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Commission opinion referred to in paragraph 1 shall be made public and, at the request of the Parliament of the Member State concerned or the European Parliament, shall be presented by the Commission to the Parliament concerned.
Amendment 221 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission shall make an overall assessment of the budgetary situation and prospects in the euro area as a whole. The assessment shall be made publicoverall assessment shall include stress tests that provide an indication of the risks to public finance sustainability in the event of adverse financial or budgetary developments. The assessment shall identify on a country-by-country basis potential negative spill-over effects on the sustainability of public finances of the Member States generated by its private sector or by other Member States. The assessment shall be made public and shall be integrated in the forthcoming Annual Growth Survey. The Commission shall annex to the assessment a detailed summary of the spring and autumn forecasts for the euro area as a whole. The chosen baseline scenario for the assessment shall be described with reasoning and shall be built on a balanced account of downside and upside risks in order to consider the complete range of possible outcomes. The assessment shall disclose the methodologies, assumptions and relevant parameters that underpin its macroeconomic forecasts and stress tests as well as an ex post evaluation of the previous year baseline scenario.
Amendment 224 #
Proposal for a regulation
Article 6 – paragraph 3 a (new)
Article 6 – paragraph 3 a (new)
3a. Pursuant to Council Decision 2003/174/EC of 6 March 2003 establishing a Tripartite Social Summit for Growth and Employment, the overall assessment shall be included on the agenda of a Tripartite Social Summit for Growth convened before the following European Council.
Amendment 227 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Eurogroup shall discussand the relevant committees of the European Parliament shall discuss at the same time the whole set of opinions of the Commission on the national budgetary plans and the budgetary situation and prospects in the euro area as a whole on the basis of the overall assessment made by the Commission in accordance with paragraph 3. The assessment shall be made public.
Amendment 231 #
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. Following the discussion of the Eurogroup and the relevant committees of the European Parliament, the Commission shall update its specific recommendations in the framework of the Annual Growth Survey aiming at reinforcing the common macroeconomic framework of the euro area as well as outlining supportive measures foreseen in case of adverse financial, economic or budgetary developments.
Amendment 232 #
Proposal for a regulation
Article 6 – paragraph 4 b (new)
Article 6 – paragraph 4 b (new)
4b. Organisations representing the economic and social partners as well as of civil society organisations shall be consulted by the Commission on draft budgetary plans, draft Stability Programmes, draft National Reform Programmes and the overall assessment of the budgetary situation and prospects in the euro area as a whole.
Amendment 234 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Reporting on debt issuance 1. Member States shall report ex-ante on a timely basis to the European Commission and the Eurogroup on their national debt issuance plans. 2. The specifications of the content of the reporting referred to in paragraph 1 shall be set out in a harmonised framework established by the Commission by means of delegated acts in conformity with Article 10a.
Amendment 236 #
Proposal for a regulation
Article 6 b (new)
Article 6 b (new)
Article 6b Governance of the euro area 1. The Heads of State of euro area Member States shall meet informally in Euro Summit meetings, together with the President of the Commission and the President of the European Parliament. The President of the European Central Bank shall be invited to take part in the meetings. The President of the Euro Summit shall be appointed by the Heads of State or Government of the Contracting Parties whose currency is the euro by simple majority at the same time the European Council elects its President and for the same term of office. 2. Euro Summit meetings shall take place, when necessary, and at least twice a year, to discuss questions related to the specific responsibilities which the euro area Member States share with regard to the single currency, other issues concerning the governance of the euro area and the rules that apply to it, and strategic orientations for the conduct of economic policies to increase convergence in the euro area. 3. The Heads of State or Government of Member States, other than those whose currency is the euro, who have ratified this Treaty shall participate in discussions of Euro Summit meetings concerning competitiveness for the euro area, the modification of the global architecture of the euro area and the fundamental rules that will apply to it in the future, as well as, when appropriate and at least once a year, in discussions on specific issues of implementation of this Treaty on Stability, Coordination and Governance in the economic and monetary union. 4. The President of the Euro Summit shall ensure the preparation and continuity of Euro Summit meetings, in close cooperation with the President of the European Commission. The body charged with the preparation and follow up of the Euro Summit meetings shall be the Euro Group and its president may be invited to attend the Euro Summit meetings for that purpose. 5. The President of the Euro Summit shall present a report to the European Parliament after each of the meetings of the Euro Summit. 6. The President of the Euro Summit shall keep the Member States whose currency is not the euro closely informed of the preparation and outcome of the Euro Summit meetings. 7. The President of the Euro Summit shall present his priorities for the Euro Summit in a debate in the European before each Euro Summit meeting.
Amendment 237 #
Proposal for a regulation
Article 6 c (new)
Article 6 c (new)
Amendment 238 #
Proposal for a regulation
Chapter 3 a – title (new)
Chapter 3 a – title (new)
Establishment of enhanced economic policy coordination framework for the common issuance of euro area sovereign debt instruments and euro summits
Amendment 239 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. When the Council decides in accordance with Article 126(6) of the TreatyTFEU that an excessive deficit exists in a Member State after the entry into force of this Regulation, the Member State concerned shall be subject to paragraphs 2 to 5 of this Article, until the abrogation of its excessive deficit procedure.
Amendment 243 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Member State subject to closer monitoring shall without delay carry out a comprehensive assessment of in-year budgetary execution for the general government and its sub-sectors. The financial risks associated to government- owned entities and government contracts, as defined in Article 14(3) of Council Directive 2011/85/EU, shall also be covered by the assessment to the extent that they may contribute to the existence of an excessive deficit. The result of this assessment shall be included in the report submitted in accordance with Article 3(4a) or 5(1a) of Regulation (EC) No 1467/97 on action taken to correct the excessive deficit. In the event of a severe economic downturn or significant downside correction of forecasts the Member State will adopt an updated adjustment path towards the medium term budgetary objective to be agreed with the Commission taking proper account of pro-cyclical effects of consolidation measures as well as reviewed forecasts.
Amendment 246 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
Member State shall report regularly to the Commission and to the Economic and Financial Committee, the Employment Committee and the Euro working group 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 and redistributive impact of discretionary measures taken on both the expenditure and the revenue side, targets for the government expenditure and revenues, including sub-sectors and categories identified in Article 5 as well as information on the measures adopted and the nature of those envisaged to achieve the targets. The report shall be made public. The Commission shall be empowered to adopt delegated acts in accordance with Article 10b specifying the content of the report referred to in this paragraph.
Amendment 250 #
Proposal for a regulation
Article 7 – paragraph 6 – introductory part
Article 7 – paragraph 6 – introductory part
6. On request and within the deadline set by the Commission, the Member State subject to closer monitoring and a Council notice under Article 126(9) TFEU shall:
Amendment 261 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. In case of risks of non-compliance with the deadline to correct the excessive deficit, the Commission shall address a recommendation to the Member State concerned for adoption of further measures within a timeframe consistent with the deadline for the correction of its excessive deficit referred to in paragraph 1. The recommendation by the Commission shall be made public, and, at the request of the Parliament of the Member State concerned or the European Parliament, shall be presented by the Commission to the Parliament concerned.
Amendment 262 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. Where negative spill-over effects generated by other Member States create a risk of non-compliance for the concerned Member State the Council, on a recommendation from the Commission, may 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. The Commission shall be empowered to adopt delegated acts in accordance with Article 10b specifying the relevant criteria for assessing whether compliance with the deadline to correct the excessive deficit, as established by the current Council recommendation under Article 126(7) TFEU or Council notice under Article 126(9) TFEU, is at risk.
Amendment 263 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Within the timeframe set by the Commission recommendation referred to in paragraph 2, the Member State concerned shall report to the Commission on measures adopted in response to this recommendation together with the reports provided for in Article 7(3). The report shall include the budgetary and redistributive impact of all discretionary measures taken, targets for the government expenditure and revenues, information on the measures adopted and the nature of those envisaged to achieve the targets referred to in Article 5, as well as information on the other actions being taken in response to the Commission recommendation. The report shall be made public.
Amendment 266 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
5. On the basis of the report referred to in paragraph 3 and the discussion referred to in paragraph 4, the Commission shall assess whether the Member State has complied with the recommendation made in accordance with paragraph 2.
Amendment 268 #
Proposal for a regulation
Article 9 – paragraph 1 – point a
Article 9 – paragraph 1 – point a
(a) the Commission when conducting a report under Article 126(3) of the Treaty and when recommending the imposition of a non-interest bearing deposit in accordance with Article 5 of Regulation (EC) No XXX1173 /2011;
Amendment 269 #
Proposal for a regulation
Article 9 a (new)
Article 9 a (new)
Amendment 276 #
Proposal for a regulation
Article -11 (new)
Article -11 (new)
Article -11 Involvement of social partners and civil society Organisations representing the economic and the social partners as well as of civil society organisations shall be given the possibility to express their views on Commission's public recommendations and opinions referred to in this Regulation.
Amendment 277 #
Proposal for a regulation
Article -11 a (new)
Article -11 a (new)
Article -11a 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 6a 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 two months at the initiative of the European Parliament or the Council.
Amendment 278 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
By [same date as in Article 13 of sanctions Regulation]1 January 2015 and every five years thereafter, the Commission shall publish a report on the application of this Regulation.
Amendment 281 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2 – point b a (new)
Article 11 – paragraph 1 – subparagraph 2 – point b a (new)
(ba) the contribution of this Regulation to the achievement of the 'Jobs and growth strategy'.