12 Amendments of Andrea COZZOLINO related to 2015/2115(INI)
Amendment 16 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas low energy prices, while having a negative impact on inflation expectations, could potentially help the economic recovery;
Amendment 53 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that the unconventional measures adopted by the ECB had a positive impact on the European economy, but are insufficient to guarantee economic growth if not accompanied by coordinated, expansive fiscal policies;
Amendment 57 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies and the gap in financing rates granted to SMEs located in different countries; considers that this long-standing problem is cannot appropriatelybe addressed by the recent measures implemented by the ECB to boost bank lending;
Amendment 67 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Recalls that SMEs are the backbone of the European economy and that the banking system is instrumental in ensuring their competitiveness and their growth; welcomes the introduction of the SMEs Supporting Factor by the CRR; invites the ECB to adopt measures aimed at further facilitating financing to small and medium enterprises;
Amendment 71 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that, despite the ECB pursuing its actions in order to maintain favourable financing conditions, private investment in the euro area remains significantly below its levels prior to the current crisis;
Amendment 77 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. AcknowledgWelcomes that, in reaction to a complex environment of falling inflation, contraction of credit and sluggish economic growth, and with its interest rates close to the zero lower bound, the ECB resorted to non-conventional monetary policy instruments;
Amendment 93 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Invites the ECB to consider in its balance sheet expansion policy the purchase of EIB project bonds and the participation in projects funded by the EFSI, thus contributing to the general economic policies in the Union and to the achievement of their objectives, as per Article 282 TFEU;
Amendment 98 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Points out that the below-target level of inflation registered in past years and also expected for the coming years will have an impact on the debt reduction programmes of several Member States;
Amendment 116 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Stresses that the positive impact of the Asset Purchase Programme (APP) on money and credit dynamics remains modest, with new loans to enterprises still weak and with significant differences across euro area economies; notes that since the launch of the APP, medium-term inflation expectations have risen, gradually converging towards the target of 2 %, while the risks of a deflation trap have decreased; asks the ECB to apply the APP to all Member States, without discrimination;
Amendment 121 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that global economic growth is still sluggish, with downside risk for the emerging markets; highlights the possible repercussion on the European economy; invites the ECB to adjust the size, composition and duration of the Asset Purchase Programme (APP) accordingly;
Amendment 134 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that, according to the ECJ judgment of 16 June 2015 in Case C-62/14, when the ECB programme for the purchases of government bonds on secondary markets it is exposed to a significant risk of losses as well as to the risk of a debt cutdoes not exceed the powers of the ECB in relation to monetary policy and does not contravene the prohibition of monetary financing of Member States;
Amendment 139 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that the high and divergent levels of public and private indebtedness in some Member States are obstacles to the correct transmission of monetary policy, and that the non-conventional monetary policy implemented by the ECB is not able to change this situationis situation cannot be address by the ECB, but it requires coordinated political decision at European level;