19 Amendments of Michael THEURER related to 2015/2344(INI)
Amendment 70 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debt crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks in the absence of Member States’ compliance with fiscal surveillance frameworks and structural reforms to increase competitiveness and resilience of their economies, and full labour and capital market integration, both of which play an important shock absorbing function in a monetary union;
Amendment 71 #
Motion for a resolution
Recital E
Recital E
E. whereas it became apparent during the sovereign debt crisis that the European Treaties do not provide the euro area with the instruments to deal effectively with shocks; whereas the rules-based system, with loose adherence to the rules by the Member States, and mere coordination of national economic policies failed to provide the required resilience during the crisis;
Amendment 85 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the Euro acted as a shield during the financial crisis and whereas many Member States would have experienced a worse situation without it; whereas improvements are however required for the Euro to really meet its promises and potential;
Amendment 183 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that EMU exposed its vulnerability in the context of the global financial and economic crisis when unsustainable imbalances, triggered by capital flows from core euro area nations to the periphery and a rising public spending ratio in some Member Statein the light of excessive public and private debt levels, unsustainable imbalances, triggered by a lack of structural reforms to foster competitiveness, aggravated and led to a sovereign debt crisis, in which government borrowing costs dramatically increased in some Member States, jeopardising, in the absence of a proper fiscal backstop, the mereand the lack of consolidation of public finances, partly due to non-adherence to agreed budgetary rules, the very existence of the euro area;
Amendment 218 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Observes that in the absence of the willingness of euro area Member States’ governments to take action to rapidly consolidate their public finances and modernise their economies the stabilisation of the economic cycle since the beginning of the crisis has relied almost exclusively on the ECB, and that the reduced options available for monetary policy in a context of zero lower bound rates have led the ECB to implement unconventional monetary policy measures; recalls that the President of the ECB has called for integrated institutions, for a stronger and proactive fiscal policyfiscal surveillance framework on the euro area scale and for euro area Member States to deliver on structural reform;
Amendment 233 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Acknowledges the results achieved since the crisis broke in terms of risk reduction and better coordination; points in particular to the many measures taken by the EU institutions to address the shortcomings revealed by the crisis by strengthening coordination of national fiscal policiefiscal surveillance frameworks, in particular via the adoption of the Six-Pack and the Two-Pack Regulations, but is concerned by the lack of compliance and enforcement of the revised rule set; welcomes further the fact that the EU institutions have set up frameworks for action in current and future crises, namely by creating the European Financial Stability Mechanism (EFSM), the temporary European Financial Stabilisation Facility (EFSF) and its permanent successor, the European Stability Mechanism (ESM); underlines, however, that these mechanisms dramatically lacklack full democratic oversight and parliamentary control, and hence ownership;
Amendment 256 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Makes it clear that rapid action is needed to ensure the sustainability of the euro by pursuing structural reforms and sound fiscal policies; stresses that this requires strong joint efforts on the part of the EU and its Member States to implement and enforce structural reforms, ensure compliance with fiscal and macroeconomic surveillance frameworks, to complete the EMU and to restore the trust of citizens and markets;
Amendment 294 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Takes the view that incentives for sound fiscal policymaking and for addresscompliance with the Stability and Growth Pact and pursuing structural weaknessesreform at national level, taking into account the aggregate euro area fiscal stance, are core elements for the functioning of the euro area; considers that a fiscal capacity should, moreover, address specific concerns for the euro area in the case of absorbing shocksare core elements for the functioning of the euro area;
Amendment 313 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 328 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 330 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Points out that effective stabilisation of large euro area Member States or a group of closely economically intertwined countries requires sufficient resourcesadequate own resources, drawing lessons from one of the main failures of the EU budget coming from the expectation of a "fair return", calculated only in numerical terms; recalls the creation of the interinstitutional group on own resources (the Monti group), whose creation in itself reveals an awareness of this problem;
Amendment 365 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 602 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Is convinced that increased convergence within the euro area will significantly increase the capacity of its Member States to absorb asymmetric shocks; believes, however, that no matter how great the efforts regarding convergence and sustainable structural reforms, asymmetric shocks with an impact on the stability of the euro area as a whole cannot be ruled out completely, given the strong integration of the euro area Member States; stresses, therefore, the need to have an instrument available for this emergency which provides an immediate stabilisation effectrecalls the ESM in this respect, which is the instrument available for this emergency;
Amendment 628 #
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 644 #
Motion for a resolution
Paragraph 31
Paragraph 31
Amendment 678 #
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 702 #
Motion for a resolution
Paragraph 34
Paragraph 34
34. Considers that in the case of symmetric shocks brought about by a lack of internal demand, monetary policy alone cannot reignite the economy, particularly in a context of zero lower bounds; is therefore convinced that public and private investment must be increaentivised, the administrative burden reduced and a proper regulatory framework developed, with a view to stimulating potential growth;
Amendment 712 #
Motion for a resolution
Paragraph 35
Paragraph 35
35. Considers that symmetric shocks that are caused by a lack of supply must be diminished by improving the competitiveness of the euro area via appropriate financial incentives, including via the financing of professional training or financial incentives for R&D spendingstructural reforms;
Amendment 738 #
Motion for a resolution
Paragraph 37
Paragraph 37