9 Amendments of Ádám KÓSA related to 2018/0212(COD)
Amendment 49 #
Proposal for a regulation
Recital 2
Recital 2
(2) Strenghthening economic cohesion amongst the Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole.
Amendment 59 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall. The sequence of the crisis in euro area also suggests strong reliance on the single monetary policy to provide for macro- economic stabilisation in severe macro- economic circumstances.
Amendment 66 #
Proposal for a regulation
Recital 8
Recital 8
(8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investment in the event of large asymmetric shocks, a European Investment Stabilisation Function (EISF) should be established.
Amendment 68 #
Proposal for a regulation
Recital 9
Recital 9
(9) EISF should not only benefit Member States whose currency is the euro but also obenefit all ther Member States that participate in the exchange rate mechanism (ERM II).
Amendment 72 #
Proposal for a regulation
Recital 13
Recital 13
(13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States.
Amendment 83 #
Proposal for a regulation
Recital 16
Recital 16
(16) Member States whose currency is the euro which benefit from financial assistance by the ESM, the European Financial Stabilisation Mechanism (EFSM) or the International Monetary Fund (IMF) and which are under a macro-economic adjustment programme within the meaning of Article 7(2) of Regulation (EU) No 472/2013 of the European Parliament and of the Council12 should not benefit from EISF support since their financing needs including for maintaining public investment are addressed via the financial assistance granted. _________________ 12 Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability, (OJ L 140, 27.5.2013, p. 1).
Amendment 90 #
Proposal for a regulation
Recital 33
Recital 33
(33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on loans and granting of interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor would be involved in the future by providing financial assistance to Member States whose currency is the euro facing adverse economic conditions in support of public investment. Moreover, a voluntary insurance mechanism with a borrowing capacity based on voluntary contributions by Member States could be set up in the future to provide for a powerful instrument for the purpose of macro-economic stabilisation against asymmetric shocks.
Amendment 92 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
Amendment 93 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1