31 Amendments of Sven GIEGOLD related to 2015/2060(INI)
Amendment 7 #
Motion for a resolution
Recital A
Recital A
A. whereas the stability of the financial system, which is essential for the effective allocation of resources for growth and jobs, is now a global public good;
Amendment 10 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas one of the main roles of the EU should be to act with a single voice in international fora to shape global governance towards the objectives and values of the EU treaties in a democratic framework in order to cope with global challenges;
Amendment 15 #
Motion for a resolution
Recital B
Recital B
B. whereas global cooperation can lead to a dilution of responsibilities, and lack of accountability at the expense of democracy; whereas the role of the national parliaments and the European Parliament canshould not be reduced to mere rubberstamping;
Amendment 19 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the Treaties provide that any citizen of the Union, and any natural or legal person residing or incorporated in a Member State, has a right of access to documents of the institutions, bodies, offices and agencies of the Union, whatever their medium (Article 42 of the Charter of Fundamental Rights); whereas the same degree of transparency should apply to institutions and agencies of the Union participating in international organisations and fora, especially when setting rules affecting EU citizens;
Amendment 20 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the Treaties provide for the obligation that the institutions, bodies, offices and agencies of the Union shall have the support of an open, efficient and independent European administration for carrying out their missions (article 298 (1)) requiring highest standards of integrity of those who represent the Union in organisations and fora referred to in this report;
Amendment 23 #
Motion for a resolution
Recital C
Recital C
C. whereas the diversity of the legal structures and financial and operating procedures of international economic organisations make it difficult to undertake an overall monitoring; the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD) are international organisations with broad remits and composition, while the G20, the Financial Stability Board and the Basel Committee, for example, are among the informal public bodies with limited membership, some of which have enjoyed a new impetus following the crisis, and the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), the International Organisation of Pension Supervisors (IOPs) and the International Accounting Standards Board (IASB) are private specialist organisations of a sectoral nature with more or less involvement on the part of the sectors concerned; the Bank for International Settlements, the Financial Action Task Force (FATF) and the World Trade Organization (WTO) also have rule making function; the United Nations Conference on Trade and Development (UNCTAD) plays a significant role in global economic governance; the African Development Bank (ADB), the Asian Development Bank (ADB), the Caribbean Development Bank (CDB), the West African Development Bank (WADB), the Inter- American Development Bank (IDB), the Inter-American Investment Corporation (IIC), the European Bank for Reconstruction and Development (EBRD), the Council of Europe Development Bank (CEB), the World Bank Group, the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) support the financing of development cooperation;
Amendment 29 #
Motion for a resolution
Recital E
Recital E
E. whereas the crisis has prompted the G20 toinformal forum of the G20 to set a global agenda focusing on effective action, while in the longer term making it more democratic is essential for its legitimacya broad set of specific reforms, whereas in the longer term a genuine multilateral and democratic framework would be required for coordinating reforms and policies regarding the global financial system;
Amendment 31 #
Motion for a resolution
Recital F
Recital F
Amendment 32 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the IMF has refused systematically to come to public hearings of the European Parliament while it has accepted to participate to in camera briefings;
Amendment 42 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the need for enhanced international regulatory cooperation;
Amendment 46 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Expresses concern aton the lack of coherence caused by the fragmentation and diversity of the various organisations and aton the delays in ensuring a level playing field at international level while respecting the subsidiarity principle;
Amendment 48 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls for clarification as to the remit of each organisation and the legal nature of their decisions; Stresses the need to move towards the introduction of comprehensive global standards to define principles of democratic legitimacy, transparency, integrity for actors and for the financing of international organisations, in particular in relation to: -The adoption of, whenever possible, a formal legal basis or at least a statutory formalisation in order to clarify the remit of each organisation and the legal nature of their decisions; -The adoption of effective principles of objectivity and impartiality and of procedural regularity; -The improvement of democratic legitimacy based on a balanced representation in terms of geographical and population criteria; -The access to information including: (i) public access to documents on strategy, objectives and priorities; (ii) minutes of high-level and technical meetings; (iii) documents and transparency standards on formal and informal relations with relevant stakeholders; including the access to further documents for European and national parliaments; the publication of periodic reports on the operational activities of the organisation; the provision of an explicit link between objectives and the internal line of responsibilities prior to engaging in operational activities; the production of ex-ante independent impact assessment studies; the explanation of decisions, alternative policy options and minority views, as well as a report on implementation progress and results; -The Transparency of all decision makers’ and policy staff contacts with stakeholders and lobbyists concerning the number, dates, length and topics of meetings as well as written inputs on policy issues discussed during such meetings or sent in other forms; -The inclusion of provisions aiming at ensuring an appropriate balance between different stakeholders; -The inclusion of provisions that ensure that key posts are selected democratically based on competence and after open tenders; -The inclusion of provisions aiming at ensuring high standard of efficiency, competence and integrity for representatives and staff; The inclusion of specific provisions for monitoring, managing and addressing conflict of interest, including powers to sanction and the definition of rules to limit revolving door practices; -The establishment of high standards and rules for acceptance of voluntary contribution, gifts and donation to ensure absence of vested interest; The inclusion of principles of sound and transparent financial management including participation of members to the budgetary process and the establishment of internal and external audits;
Amendment 53 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Expresses concerns on the fact that the functioning and the working methods of most International Organisations appear to show scarce adherence to the above mentioned principles; underlines in particular that: - According to a study commissioned by the EU Parliament the G20 as an informal international body suffers from a serious gap in transparency, integrity and accountability; - According to a study commissioned by the European Parliaments it appears that the IASB enjoys substantial autonomy in developing standards applied worldwide– with the exception of the USA, and that its strong reliance on private donors has the potential to call into question the organisation’s independence.
Amendment 55 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that the under-representation of one part of the world is creating an imbalance, with the result that issues relating ton most international financial, monetary and regulatory institutions and bodies leads to their limited legitimacy and as a consequence issues relating to the need to tackle global imbalances, inequalities or financing for the poorest countries tend to be avoided;
Amendment 59 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Takes the view that the EU could streamline and codify its representation, with a view to increasing in international financial, monetary and regulatory institutions and bodies on the basis of the above mentioned principles with a view to increasing the transparency, integrity and accountability of the Union involvement in these bodies, its influence and the promotingon of the legislation it has adopted through a democratic process;
Amendment 71 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Regards as detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are incontrary tosistent with European legislativeon or regulatory decisions adopted by majority voteEuropean lawmakers;
Amendment 79 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Considers that the EU should ensure the fair representation of large and small Member States in international institutions and bodies;
Amendment 84 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Considers that the priorities of organisations and related working groups should be clarified in particular as regards their relationship with the U.N. system and formally set out; takes the view, that the systematic recourse to the principle of consensus risks not only slowing down deliberations but also diluting the substance of the recommendations and that the composition of the organisations must reflect their diversity in financial, economic and supervisory terms; stresses the need to carry out ex ante impact assessments;
Amendment 85 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Is of the opinion that the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation;
Amendment 88 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes the view that action taken to monitor compliance with recommendations on the part of the various countries involved is still insufficient to ensure the creation of a level playing field at international level respecting the subsidiarity principle;
Amendment 94 #
Motion for a resolution
Paragraph 9 – indent 1
Paragraph 9 – indent 1
- Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency, integrity and accountability designed to guide the action of European representatives acting in international organisations;
Amendment 100 #
Motion for a resolution
Paragraph 9 – indent 2
Paragraph 9 – indent 2
- Recommends, on the basis of the code, workingCalls on the Commission to act in the international organisations towards globalhighest standards of democratic legitimacy, transparency, integrity and accountability, as developed above; stresses in particular its concerns regarding the statute, financing and operation of those organisations (including their relations with the sector concerned and the public, their communication and access to their documents) as well as concerning their dialogue with the authorities and civil society organisations;
Amendment 107 #
Motion for a resolution
Paragraph 9 – indent 2 a (new)
Paragraph 9 – indent 2 a (new)
- Calls on the Commission to report yearly on the progress it made towards the establishment of these rules in all concerned organisations and fora;
Amendment 116 #
Motion for a resolution
Paragraph 9 – indent 3
Paragraph 9 – indent 3
- Calls for a formalised and regular ‘the adoption of an interinstitutional agreement with the aim of formalizing an ‘international financial dialogue,’ to be organised infollowing a request from the European Parliament for the purpose of establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements; stress the importance of the international financial dialogue for the purpose of reporting back the outcome of the negotiations;
Amendment 124 #
Motion for a resolution
Paragraph 9 – indent 4
Paragraph 9 – indent 4
- Observes that, in areas where the European Parliament is co-legislator with the Council, the dialogue would serve to define their negotiating remit, unifying European positions around the legislation adopted by majority vote or avoiding inconsistencies with legislation pending adoption; calls for particular attention to be paid to compliance by countries with the overall recommendations made by these organisations in order to create a level playing field at international level respecting the subsidiarity principle;
Amendment 134 #
Motion for a resolution
Paragraph 9 – indent 5
Paragraph 9 – indent 5
- Urges that the Member States take seriously the coordination and sincere cooperation provisions of the Treaties;
Amendment 146 #
Motion for a resolution
Paragraph 9 – indent 6
Paragraph 9 – indent 6
- Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial institutions and conferences; considers it imperative to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; points out that, under Protocol N° 14 of the Treaty, closer coordination between Euro area Member States is the responsibility of the Euro Group;
Amendment 161 #
Motion for a resolution
Paragraph 9 – indent 7 a (new)
Paragraph 9 – indent 7 a (new)
- Calls for enhancing the accountability of the Commission in front of the European Parliament by streamlining the process for the definition of EU positions in the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption;
Amendment 170 #
Motion for a resolution
Paragraph 9 – indent 8
Paragraph 9 – indent 8
- Calls on the EU institutions and Member States to reflect on the practicalities ofpromote the establishment of roadmap towards the creatingon of a global financial organisation with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panelsnegotiation of minimum binding standards and, where appropriate, public settlement mechanisms between countries protecting the right to regulate in the name of the public interest ;
Amendment 174 #
Motion for a resolution
Paragraph 9 – indent 8 a (new)
Paragraph 9 – indent 8 a (new)
- Calls the EU Institutions to put in place mechanisms to enhance the cooperation amongst the three EU institutions (ECB, SSM, EBA) participating in the work of the BCBS, bearing in mind their respective functions, competences, and institutional prerogatives;
Amendment 176 #
Motion for a resolution
Paragraph 9 – indent 8 b (new)
Paragraph 9 – indent 8 b (new)
- Recalls its position in the Troika report asking the Commission and the Council to bring the IMF to a common position in order to reignite the debate around an international sovereign debt restructuring mechanism (SDRM) with a view to adopting a fair and sustainable multilateral approach in this domain; underlines with that respect the recently adopted U.N principles for sovereign debt restructuring adopted by the General Assembly;