2 Amendments of Danuta Maria HÜBNER related to 2010/0276(CNS)
Amendment 183 #
Proposal for a regulation – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) is to be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126 (2) (b) of the Treaty if the differential with respect to the reference value has reduced over the previous three years at an average rate of the order of one-twentieth per year and at all events by at least 0.5 % of GDP within the meaning of Article 3(4), the higher rate of reduction being applied. This ensures that government debt returns more quickly to a level below the reference value. [As a benchmark, following an assessment made over a three-year period]. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application.
Amendment 221 #
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 is below the reference value, but the implementation of the pension reform leads to the deficit somewhat above the level that can be considered as close to the reference value, such a deficit will not be subject to Excessive Deficit Procedure. 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.