38 Amendments of Danuta Maria HÜBNER related to 2020/2075(INI)
Amendment 1 #
Motion for a resolution
Citation 2
Citation 2
— having regard to Article 2 of the Treaty on European Union, signed in Maastricht on 7 February 1992, establishing in Article 2 that ‘The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in Articles 3 and 3a, to promote throughout the Community a harmonious and balanced development of economic activities, sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States’,
Amendment 19 #
Motion for a resolution
Citation 37 a (new)
Citation 37 a (new)
— having regard to the European Auditor's Special Report 03/2018 Audit of the Macroeconomic Imbalance Procedure (MIP),
Amendment 20 #
Motion for a resolution
Citation 37 b (new)
Citation 37 b (new)
— having regard to the European Court of Auditor's Special Report 16/2020: The European Semester – Country Specific Recommendations address important issues but need better implementation,
Amendment 48 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes note of the proposed conditions for deactivating the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon the health, social and economic situation across Member States in order to ensure that fiscal support is provided for as long as neededthe Union;
Amendment 56 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that the need to review the economic governance framework will take place in challenging circumstances, underlined by traditional divide between states with weak financial stability and those fiscally conservative, in the circumstances of ultra-low interest rates and unprecedented debt legacies and in the context of a big fiscal recovery package and loans funded by common debt, yet to be deployed adequately;
Amendment 57 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Notes that the review of the economic governance framework was put on hold due to the pandemic; observes that the fiscal stance at Member-State level had frequently been pro-cyclical, both in good and in bad times, respectively by not building sufficient buffers in some periods or not making sufficient use of fiscal space in others;
Amendment 62 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. AIs of the opinion that the review of fiscal rules is necessary; agrees with the European Fiscal Board (EFB) on the importance of having a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC; is aware that kick-starting the review after the deactivation of the general escape clause will make it more difficult, contentious and divisive; considers, therefore, that an overhaul of the fiscal rules should be reflected on before the possible shift toward the current rules could take place;
Amendment 64 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees with the European Fiscal Board (EFB) on the importance ofthat it would be desirable to havinge a clear pathway towards a reformed fiscal framework prior to the deactivation of the GEC, but insists that it is not a necessary precondition for the deactivation of the GEC;
Amendment 69 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that going back to the current rules, in particular the adjustment paths, would lead to an excessive speed of debt reduction undermining unnecessarily the recovery path of the economies, and potentially weakening the commitment to respect the rules;
Amendment 71 #
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 81 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, and therefore calls for the Vade Mecum and the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spending;
Amendment 90 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; considers that the fiscal support measures should become more targeted as the recovery progresses; calls on the Commission not to have the general escape clause activated longer than strictly necessary; calls on the Commission to develop a credible exit strategy from the crisis measures;
Amendment 91 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for a continued expansionary fiscal stance for as long as needed and for it to be shifted to support the recovery from the COVID-19 pandemic and a green, digital and inclusive transformation while ensuring fiscal sustainability; considers that a supportive fiscal stance at the euro zone level and ensuring a policy stance which supports the recovery during the pandemic would be necessary to manage the cycle, combining creditworthiness of all member states;
Amendment 112 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Welcomes the coordinated policy response of governments and EU institutions aimed at avoiding a sharp increase in corporate insolvencies and unemployment; warns that an abrupt and uncoordinated withdrawal of support measures could lead to financial distressslow down the speed of the economic recovery; points out, however, that the robust fiscal response to the Covid-19 crisis raises new concerns in relation to debt sustainability;
Amendment 118 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that the Covid-19 crisis has shown that those Member States that have built fiscal buffers ahead of time, were in a better position to quickly mobilise fiscal stimulus packages without the associated rise in borrowing costs; notes that his example proves the value of a prudent approach to fiscal policy;
Amendment 119 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes that the increased private and public debt levels due to the pandemic are a burden for future generations and might be a drag on the recovery;
Amendment 136 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscal policies to deliver the required support post-COVID-19; considers that the low interest rate environment has implications for fiscal policy; warns against aand their instruments, in the current low interest rate environment, in lifting the euro area economy out of the current low-growth, low-inflation trap; considers that the common European fiscal response (Next Generation EU) is crucial to recovery and that premature tighteningwithdrawal of monetary and fiscal policymeasures should be avoided;
Amendment 144 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses the need for a coordinated approach in correcting excessive saving and insufficient public and private investments;
Amendment 145 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 165 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that public debt levels have increased and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and points to the fact that inflation and interest rate levels are considerably lower; considers that public debt rules have to be re-examined to cope with the extremely difficult situation in public finance while looking into mobilising public investment focusing on growth enhancing spending; stresses that the purpose is to avoid that some member states can be less capable to recover while the growth should be green and digital transformation oriented; notes that the level of debt must be sustainable and not persist in the long term, especially in the context of low interest rates; underlines that it is not only the level of investment that matters for growth but also its pattern and further points to the importance of the implementation of investment programs; warns that the availability of excessive amount of cheap money does not mobilize investment;
Amendment 176 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Contemplates that European safe assets would facilitate prudential treatment of national public debt as well as enhance financial stability, improve monetary policy transmission, and contribute to strengthening the international role of the euro;
Amendment 184 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future and primary should provide ficits are likely to be offset by favourable interest-growth differentials; further considers thatnancing conditions for all Member States for spending that can boost potential growth and avoid as long as the differentials are negative it is possible to sustain and progressively reduce high debt levels; w-growth high-debt trap; Member States with high debt levels should pursue prudent fiscal policies, while preserving nationally-financed investment;
Amendment 195 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and public investment aimed at increasing growth potential and achieving the EU’s objectives; contemplates that growth-friendly investment concept requires further reflection and precision; considers that a better mechanism, combined with simpler and more operational rules, and vested with more flexibility in the context of national situations, is needed to allow for investment that produces growth; points out that a stronger multilateral mechanism in the surveillance process will also be required; considers that as the recovery starts to have effect, fiscal policy should prioritise higher public and private investment, supporting the transition towards a green, digital and inclusive economy;
Amendment 210 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuing a broad and transparent DSA, transparent and thorough debt sustainability assessment in order to set an appropriate country-specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamics;
Amendment 223 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls onInvites the Commission to relaunch the debate on the reformview of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
Amendment 231 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Considers that a mid-term national debt policy could be subject to joint political debate of the member states allowing for some fiscal policy coordination;
Amendment 232 #
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Points out that a more transparent, simple, and better enforceable economic governance framework is needed with well-defined and transparently triggered flexibility mechanisms;
Amendment 245 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote debt sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into account the specificities of Member States and promote upward economic and social convergence;
Amendment 250 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that as a general rule public borrowing should only be used to finance productive investments and must not be used to finance recurring general expenditures;
Amendment 255 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Suggests focusing the fiscal targets on the achievement of a single credible debt anchor aimed at reducing high debt ratios in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States; points to the EFB proposal for country specific recommendations for the path of reducing the debt ratios;
Amendment 274 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the country-specific path outcome should result from a discussion between each Member State and the Commission, after a consultation with the EFB in the context of the European Semester; considers that the expenditure rule should also include a correction mechanism to remove cyclical items;
Amendment 281 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that expenditure rules allow forhave built-in automatic stabilisers to operate and are under the direct control of the governmentation properties1a; argues that while potential output growth is unobservable and has to be estimated, it is less likely to be subject to revisions than the output gap; _________________ 1a See. p. 89 of EBF Assessment of EU fiscal rules with a focus on the six and two-pack legislation.
Amendment 288 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Proposes, in line with the EFB, ‘ onthat the general escape clause, should only be triggered based on an independent and thorough economic judgeassessment’; notes however, that such assessment should be based on pre-defined metrics, thresholds and procedures;
Amendment 356 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Stresses the importance of the MIP in identifying and taking preventive and corrective actions against emerging imbalances; points out, however, that the potential of this mechanism has not been fully exploited on account of its structural weaknesses;
Amendment 398 #
Motion for a resolution
Paragraph 30
Paragraph 30
30. Calls for a renewed European Semester as the main economic and social policy coordination framework supporting the EU’s long-standing goals of sustainabilityle growth and upward convergence with stronger national ownership and modernising Member States economies; calls for more rigorous democratic scrutiny and for Parliament’s full involvement in defining the overarching goals and the guidance;
Amendment 407 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
Amendment 445 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Reiterates the urgency of increasing and diversifying the EU budget’s revenue sources and of linking own resources with policy objectivNotes that the long-term character of the NGEU related debt servicing warrants the recourse to new own resources;
Amendment 451 #
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls for the Eurogroup’s decision- making process to be reassessed to include appropriate democratic accountability; calls for the Chair of the Eurogroup to be one of the Commission Vice-Presidents;