8 Amendments of Jürgen CREUTZMANN related to 2010/0278(COD)
Amendment 24 #
Proposal for a regulation
Recital 6
Recital 6
(6) Prudent fiscal policy-making should effectively achieve and maintain the medium-term budgetary objective. Adherence to the medium-term objective for budgetary positions should allow Member States to have a safety margin with respect to the 3% of GDP reference values of 3% of GDP for the government deficit and 60% of GDP for government debt, to ensure rapid progress towards sustainability, and at the same time to have room for budgetary manoeuvre, in particular taking into account the needs for public investment.
Amendment 25 #
Proposal for a regulation
Recital 7
Recital 7
(7) In the preventive part of the Stability and Growth Pact, the incentive for prudent fiscal policy-making should consist of an obligation to lodge an interest-bearing deposit temporarily imposed on a Member State whose currency is the euro that is making insufficient progress with budgetary consolidation. This should be the case when, following an initial warning from the Commission, a Member State persists in conduct which, while not amounting to a violation of the ban on excessive deficits or excessive government debt, is imprudent and potentially detrimental to the smooth functioning of economic and monetary union, and the Council therefore issues a recommendation in accordance with Article 121(4) of the Treaty.
Amendment 26 #
Proposal for a regulation
Recital 9
Recital 9
(9) In the corrective part of the Stability and Growth Pact, sanctions for Member States whose currency is the euro should take the form of an obligation to lodge a non-interest-bearing deposit linked to a Council decision establishing the existence of an excessive deficit or excessive government debt and the obligation to pay a fine in the event of non-compliance with a Council recommendation to correct an excessive government deficit or excessive government debt. These sanctions should be imposed irrespective of whether or not an interest-bearing deposit has previously been imposed on the Member State concerned.
Amendment 28 #
Proposal for a regulation
Recital 12
Recital 12
(12) The non-interest-bearing deposit should be released upon correction of the excessive deficit or excessive government debt while the interest on such deposits and the fines collected should be distributed among Member States whose currency is the euro which do not have an excessive deficit and which are not the subject of an excessive imbalance procedure eitherallocated to the permanent crisis mechanism (European Monetary Fund). Until the establishment of the European Monetary Fund, those fines shall be credited to the European Financial Stability Facility.
Amendment 36 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. If the Council decides in accordance with Article 126(6) of the Treaty that an excessive deficit or excessive government debt exists in a Member State, the lodging of a non-interest-bearing deposit shall be imposed by the Council, acting on a proposal from the Commission. The decision shall be deemed adopted by the Council unless it decides by qualified majority to reject the proposal within ten days of the Commission adopting it. The Council may amend the proposal in accordance with Article 293(1) of the Treaty.
Amendment 39 #
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a The non-interest-bearing deposit shall increase by a specific percentage depending on the duration and severity of the deficit or debt procedure. The Commission shall define the precise procedure to be followed in cooperation with the Council.
Amendment 43 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. Serious, repeated or constant breaches of the Council recommendation can lead to warnings that future Structural Fund resources will be withdrawn. The Commission shall define the precise procedure to be followed in order to withdraw resources in cooperation with the Council.
Amendment 45 #
Proposal for a regulation
Article 7
Article 7
The interest earned by the Commission on deposits lodged in accordance with Article 4 and the fines collected in accordance with Article 5 shall constitute other revenue referred to in Article 311 of the Treaty, and shall be distributed, in proportion to their share in the gross national income of the eligible Member States, among Member States whose currency is the euro which do not have an 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 […/…]be allocated to a permanent crisis mechanism (European Monetary Fund). Until the establishment of such a fund, the fines should be credited to the European Financial Stability Facility.