39 Amendments of Jürgen KLUTE related to 2010/0276(CNS)
Amendment 22 #
Proposal for a regulation – amending act
–
–
The European Parliament rejects the Commission proposal.
Amendment 27 #
Proposal for a regulation – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. The excess of a government deficit over the reference value shall be considered exceptional, in accordance with the second indent of Article 126(2)(a) of the Treaty, when resulting from an unusual event outside the control of the Member State concerned and which has a major impact on the financial position of general government, or when resulting from a severen economic downturn.
Amendment 33 #
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article. The report shall appropriately reflect developments in the medium-term economic position (in particular potential growth, prevailing cyclical conditions, inflation, excessive macroeconomic imbalances) and developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in ‘good times’, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States). The report shall also analyse developments in the medium-term debt position as relevant (in particular, it appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock- flow operations, accumulated reserves and other government assets; guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent thatand private debt since it may represent a contingent implicit liability for the government). Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability.
Amendment 39 #
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
7. In the case of Member States where the excess of the deficit or the breach of the requirements of the debt criterion according to Article 126 (2) (b) of the Treaty reflects the implementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Commission and the Council shall also consider the cost of the reform to the publicly managed pillar when assessing developments in EDP deficit and debt figures. In cases where the debt ratio exceeds the reference value, the cost of the reform shall be considered only if the deficit remains close to the reference value. For that purpose, for a period of five years starting from the date of entry into force of such a reform, consideration shall be given to its net cost as reflected in deficit and debt developments on the basis of a linear degressive scale. Additionally, irrespective of the date of entry into force of the reform, its net cost as reflected in debt developments shall be given consideration for a transitional period of five years from [date of entry into force of this Regulation, to be inserted] on the basis of the same linear degressive scale. The net cost as thus calculated shall be taken into account also for the decision of the Council under Article 126(12) of the Treaty on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126 of the Treaty, if the deficit has declined substantially and continuously and has reached a level that comes close to the reference value and, in case of non- fulfilment of the requirements of the debt criterion, the debt has been put on a declining path. Moreover, equal consideration shall be given to the reduction in this net cost resulting from the partial or total reversal of an above mentioned pension reform.
Amendment 40 #
Proposal for a regulation – amending act
Article 1 – point 3 – point a
Article 1 – point 3 – point a
Regulation (EC) No 1467/97
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Taking fully into account the opinion referred to in paragraph 1, the Commission, if it considers that an excessive deficit exists, shall address an opinion and a proposal to the Council in accordance with Article 126(5) and (6) of the Treaty. The Commission shall present its proposal before the parliament of the relevant Member State.
Amendment 41 #
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstanceswithin an appropriate time frame. In the recommendation, the Council shall request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 42 #
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation shall be published and presented by the Commission before the parliament of the relevant Member State. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, mayshould notably extend the deadline for the correction of the excessive deficit by one year as a rulet least. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences for government finances against the economic forecasts in its recommendation. The Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 43 #
Proposal for a regulation – amending act
Article 1 – point 5 – point a
Article 1 – point 5 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 44 #
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
Amendment 45 #
Proposal for a regulation – amending act
Article 1 – point 5 – point c
Article 1 – point 5 – point c
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. If effective action has been taken in compliance with a notice under Article 126(9) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that notice, the Council may decide, on a recommendation from the Commissionafter hearing the government of the relevant Member State, to adopt a revised notice under Article 126(9) of the Treaty. The revised notice, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, mayshall notably extend the deadline for the correction of the excessive deficit by one year as a rulet least. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences for government finances, and whether adverse economic developments are connected with the implementation of the Council’s recommendations, against the economic forecasts in its notice. The Council mayshould also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) of the Treaty in case of a severen economic downturn of a general nature.
Amendment 46 #
Proposal for a regulation – amending act
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1467/97
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 47 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1467/97
Article 8
Article 8
Amendment 48 #
Proposal for a regulation – amending act
Article 1 – point 10 – point a
Article 1 – point 10 – point a
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. The Commission and the Council shall regularly monitorcheck the implementation of action taken:
Amendment 49 #
Proposal for a regulation – amending act
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1467/97
Article 11
Article 11
Amendment 50 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall comprise a fixed component equal to 0,2 % of GDP, and a variable component. The variable component shall amount to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and either the reference value for government deficit or, if non compliance with budgetary discipline includes the debt criterion, the general government balance as a percentage of GDP that should have been achieved in the same year according to the notice issued under Article 126(9) of the Treatynot exceed 0,05 % of GDP.
Amendment 51 #
Proposal for a regulation
–
–
The European Parliament rejects the Commission proposal.
Amendment 51 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Each following year, until the decision on the existence of an excessive deficit is abrogated, the Council shall assess whether the participating Member State concerned has taken effective action in response to the Council notice in accordance with Article 126(9) of the Treaty. In this annual assessment the Council shall decide, in accordance with Article 126(11) of the Treaty, to intensify the sanctions, unless the participating Member State concerned has complied with the Council notice. If an additional fine is decided, it shall be calculated in the same way as for the variable component of the fine in paragraph 1f a fine is decided, it shall not exceed 0,01 % of GDP.
Amendment 52 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any single fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,501 % of GDP.
Amendment 54 #
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue referred to in Article 311 of the Treaty and shall be distributed among participating Member States which do not have excessive deficit as determined in accordanceused to support measures to achieve the Union’s investment and employment objectives, with Aparticle 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…], in proportion to their share in the total gross national income (GNI) of the eligible Member Statesular regard to the need for sustainable development in the poorest regions of the Union.
Amendment 56 #
Proposal for a regulation – amending act
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force on the twentieth day following that ofwhen normal economic circumstances have been reestablished and once it its publication in the Official Journal of the European Unionassured by an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.
Amendment 170 #
Proposal for a regulation – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. The excess of a government deficit over the reference value shall be considered exceptional, in accordance with the second indent of Article 126 (2) (a) of the Treaty, when resulting from an unusual event outside the control of the Member State concerned and which has a majorconsiderable impact on the financial position of general government, or when resulting from a severeubstantial economic downturn.
Amendment 192 #
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article. The report shall appropriately reflect developments in the medium-term economic position (in particular potential growth, prevailing cyclical conditions, inflation, excessive macroeconomic imbalances) and developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in “good times”, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States). The report shall also analyse developments in the medium-term debt position as relevant (in particular, it appropriately reflects risk factors including the maturity structure and currency denomination of the debt, stock- flow operations, accumulated reserves and other government assets; guarantees, notably linked to the financial sector; liabilities both explicit and implicit related to ageing and private debt to the extent thatrelated to private debt since it may represent a contingent implicit liability for the government). Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability.
Amendment 217 #
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
7. In the case of Member States where the excess of the deficit or the breach of the requirements of the debt criterion according to Article 126 (2) (b) of the Treaty reflects the implrovementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Commission and the Council shall also consider the cost of the ref of necessary social protection, including, in particular, the revision of partial orm to the publicly managed pillar when assessing developments in EDP deficit and debt figures. In cases where the debt ratio exceeds the reference value, the cost of the reform shall be considered only if the deficit remains close to the reference valuetal privatizations of pension systems if those have shown considerable signs of vulnerability to crises in the financial sector. For that purpose, for a period of five years starting from the date of entry into force of such a reform, consideration shall be given to its net cost as reflected in deficit and debt developments on the basis of a linear degressive scale. Additionally, irrespective of the date of entry into force of the reform, its net cost as reflected in debt developments shall be given consideration for a transitional period of five years from [date of entry into force of this Regulation, to be inserted] on the basis of the same linear degressive scale. The net cost as thus calculated shall be taken into account also for the decision of the Council under Article 126(12) of the Treaty on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126 of the Treaty, if the deficit has declined substantially and continuously and has reached a level that comes close to the reference value and, in case of non- fulfilment of the requirements of the debt criterion, the debt has been put on a declining path. Moreover, equal consideration shall be given to the reduction in this net cost resulting from the partial or total reversal of an above mentioned pension reform.
Amendment 229 #
Proposal for a regulation – amending act
Article 1 – point 3 – point a
Article 1 – point 3 – point a
Regulation (EC) No 1467/97
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Taking fully into account the opinion referred to in paragraph 1, the Commission, if it considers that an excessive deficit exists, shall address an opinion and a proposal to the Council in accordance with Article 126(5) and (6) of the Treaty and informs the European Parliament and the Parliament of the concerned Member State.
Amendment 232 #
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. The Council recommendation shallmay also establish an indicative deadline for the correction of the excessive deficit, which should be complereasonable and adapted into the year following its identification unless there are special circumstanceseconomic and social circumstances and capacities of the Member State. In the recommendation, the Council shallmay, if deemed helpful, request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,52 % of GDP as a benchmark, in its cyclically adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 247 #
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, may notably extend the deadline for the correction of the excessive deficit by one year as a rule. It shall be published and presented by the Commission in the Parliament of the Member State concerned. The Council shall assess the existence of unexpected adverse economic events with majorconsiderable unfavourable consequences for government finances against the economic forecasts in its recommendation. The Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 254 #
Proposal for a regulation – amending act
Article 1 – point 5 – point a
Article 1 – point 5 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 259 #
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
Amendment 268 #
Proposal for a regulation – amending act
Article 1 – point 5 – point c
Article 1 – point 5 – point c
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. If effective action has been taken in compliance with a notice under Article 126(9) of the Treaty and unexpected adverse economic events with majorconsiderable unfavourable consequences for government finances occur after the adoption of that notice, the Council may decide, on a recommendation from the Commission and after consultation of the Member State, to adopt a revised notice under Article 126(9) of the Treaty. The revised notice, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, maywill notably extend the deadline for the correction of the excessive deficit by one year as a rulor more, if adequate. The Council shall assess the existence of unexpected adverse economic events with majorconsiderable unfavourable consequences for government finances against the economic forecasts in its noticend eventual causalities between unfavourable economic events and the action taken in response to Council recommendations. The Council may also decide, on a recommendation from the Commission, to adopt a revised notice under Article 126(9) of the Treaty in case of a severe economic downturn of a general nature.
Amendment 272 #
Proposal for a regulation – amending act
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1467/97
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 277 #
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Amendment 279 #
Proposal for a regulation – amending act
Article 1 – point 10 – point a
Article 1 – point 10 – point a
Regulation (EC) No 1467/97
Article 10 – paragraph 1 – introductory phrase
Article 10 – paragraph 1 – introductory phrase
1. The Commission and the Council shall regularlyshall monitor the implementation of action taken:
Amendment 283 #
Proposal for a regulation – amending act
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1467/97
Article 11
Article 11
Amendment 288 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The amount of the fine shall comprise a fixed component equal to 0,2 % of GDP, and a variable component. The variable component shall amount to one tenth of the difference between the deficit as a percentage of GDP in the preceding year and either the reference value for government deficit or, if non compliance with budgetary discipline includes the debt criterion, the general government balance as a percentage of GDP that should have been achieved in the same year according to the notice issued under Article 126(9) of the Treatynot exceed the upper limit of 0,03 % of GDP.
Amendment 292 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Each following year, until the decision on the existence of an excessive deficit is abrogated, the Council shall assess whether the participating Member State concerned has taken effective action in response to the Council notice in accordance with Article 126(9) of the Treaty. In this annual assessment the Council shall decide, in accordance with Article 126(11) of the Treaty, to intensify the sanctions, unless the participating Member State concerned has complied with the Council notice. If an additional fine is decided, it shall be calculated in the same way as for the variable component of the fine in paragraph 1.
Amendment 296 #
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any single fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,501 % of GDP.
Amendment 303 #
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue referred to in Article 311 of the Treaty and shall be distributed among participating Member States which do not have excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within the meaning of Regulation (EU) No […/…], in proportion to their share in the total gross national income (GNI) of the eligible Member Statesused in order to reach the Union's investment and jobs goals and, in particular, for the benefit of the poorest regions in the Union.
Amendment 311 #
Proposal for a regulation – amending act
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force owhen the twentieth day following that of its publication in the Official Journal of the Europeanfollowing conditions are fulfilled: – a transparent social impact assessment undertaken by the Commission has proven the appropriateness of the regulations and directives linked to the Economic Governance package for reaching the Union’s goals for growth, employment and the reduction of poverty as set out in the EU 2020 strategy; – the effective regulation of financial markets in the Union prevent macroeconomic and macrofinancial imbalances from being reinforced by external threats. This regulation shall include the European ban of short sellings and OTC derivatives as well as the introduction of a European financial transaction tax; – normal economic circumstances have been re-established throughout the Union.;
Amendment 312 #
Proposal for a regulation – amending act
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Unionwhen normal economic circumstances have been re-established and once it is assured via an effective regulation of financial markets that sovereign bonds are not object to speculation anymore.