Activities of Liem HOANG NGOC related to 2011/2274(INI)
Plenary speeches (1)
Public finances in EMU - 2011 and 2012 (debate)
Amendments (26)
Amendment 1 #
Motion for a resolution
Citation 10
Citation 10
Amendment 2 #
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
- having regards to the Conclusions of the European Council of 28-29 June, and in particular its annex "Compact for growth and jobs",
Amendment 4 #
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
- having regards to the IMF World Economic Outlook of October 2012,
Amendment 9 #
Motion for a resolution
Recital A
Recital A
A. whereas the economic, financial and banking crisis has not abated and has demonstrated that public finances issupublic finances have been negatively affected by the economic, financial and banking crisis, and those crises negatively affects socio-economic development and political stability;
Amendment 11 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the financial, economic and banking crises have driven the spreads on sovereign debt artificially high for some Member States, and this led to a sharp increase in financing costs for these Member States, reducing their ability to consolidate public debt; whereas difficulties experienced to consolidate public finances are also the result of the lack of determined action to end the crisis through a comprehensive, coherent and timely response at EU level;
Amendment 12 #
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas the economic prospects of the Eurozone have greatly deteriorated between the publication of the 2011 and 2012 Commission reports on "Public Finances in EMU"; whereas economic growth has turned negative for the Eurozone on average over the course of the second quarter of 2012; whereas unemployment is now at 11.4% for the Eurozone on average; whereas the evolution of macroeconomic indicators suggest a double-dip recession for the Eurozone;
Amendment 13 #
Motion for a resolution
Recital B
Recital B
B. whereas the recent reforms of the economic and budgetary governance framework of the European Union cannot alone solve the crisis; and need to be complemented by instruments for fiscal solidarity and the common issuance of debt;
Amendment 19 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. Whereas the IMF has recently challenged governments' estimates for the fiscal multiplier; whereas whilst governments tend to use an average fiscal multiplier of 0.5 when assessing the impact of fiscal policy, the IMF's considers these multipliers to be in the range of 0.9-1.7; whereas this finding is consistent with research suggesting that in the current environment of persistent economic weakness, monetary policy constrained by the zero lower bound and synchronised fiscal adjustment across numerous economies, multipliers may be well above 1; whereas this means each euro of fiscal cuts depresses GDP by more than a euro;
Amendment 27 #
Motion for a resolution
Recital E
Recital E
E. whereas, in particular, Member States benefiting from financial assistance programmes and those under close market scrutiny should strictly meet, although strictly implementing those programmes and/or their country specific recommendations are faced with a vicious circle of austerity and recession, thus impeding their ability to achieved their agreed budgetary targets;
Amendment 29 #
Motion for a resolution
Recital F
Recital F
F. whereas democracies require intensive public scrutiny of all layers of decision- making bodies in charge of economic policies as well as accountability and legitimacy mechanisms;
Amendment 34 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Regrets that theses forecasts of improved fiscal positions might soon be revised , in line with the rapidly changing macroeconomic environment;
Amendment 35 #
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Considers that the evolution in GDP growth reflects the fiscal policy choices made by the governments of the Eurozone since 2010;
Amendment 41 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that budgetary consolidation remains a necessity, given the strong pressure from financial marketsa necessity that fiscal policy is used to mitigate the variation of the economic cycle;
Amendment 48 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines that growth is a pre- condition for the long-term sustainability of public finances is a condition for growth and for; considers that maintaining appropriate levels of public expenditure, including investments; stresses that a high level of debt generates adverse effects on health care, pensions, employment and equity among generations is crucial in order to stimulate economic growth;
Amendment 54 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Encourages the Member States to strictly follow the recommendations adopted by the Council in line with the rules set by the ‘six-pack’ on economic governance' in order to implement fiscal consolidation in a credible and timely manner; encourages the Council to revise these recommendations, so as to take due account of the deterioration of the macroeconomic environment;
Amendment 61 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Encourages the Commission to continue in its efforts to supplement its traditional sustainability analysis with alternative methodologies; invites the Commission to publish regularly indicators reflecting this sustainability analysis in the future releases of the ‘Public Finances in EMU’ reports and to release the assumptions over which their models are based when assessing the multiplier effect of public expenditure levels on GDP growth;
Amendment 66 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Considers that budgetary consolidation can be implemented effectively, and can bring long-lasting positive effects, provided that the measures backing it are sufficiently explained and debatedy are designed in accordance with the economic cycle and the necessity to support growth in cyclical downturns, that the measures backing it are sufficiently explained and debated, that redistribution effects of consolidation measures are controlled, and that they respect equity and fiscal justice among citizens;
Amendment 76 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Invites the Member States to put in place structural growth-oriented policies and reforms in line with the EU 2020 Strategy, having regard to social protection and, social inclusion and public investment; recalls improvements in the labour market policies in particular, reducing labour taxation and optimising training schemes; invites the national governments to put in place innovation policies through investment in order to improve productivity; invites the Member States to create a more efficient business environment with easier credit access to help industries recover competitiveness; lastly, invites reform of the public administration sector to eliminate the red tape;
Amendment 82 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that the key element in the relationship between growth and consolidation is the composition of consolidation; stresses,for consolidation is growth and that in that regard, that consolidations based on expenditurrevenue rather than on revenuexpenditure tend to be more lasting and more growth-supporting in the medium-run, and that their possible negative impact in the short run can be mitigated, in particular provided that the consolidation measures taken are credible, lasting and avoid a reduction in public investmentshort and medium run;
Amendment 88 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Encourages the Member States to focus consolidation efforts on the expenditure side while at the same time safeguardingsafeguard expenditure relating to growth- enhancing items such as R&D and educationpublic investment in R&D and education as well as automatic stabilisers, such as unemployment benefit schemes; considers that particular attention should also be paid to maintaining or reinforcing the coverage and effectiveness of employment services and active labour market policies such as training schemes for unemployed people;
Amendment 94 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Supports the pursuit of the reform and modernisation of pension systems, while fully respecting the autonomy and the role of social partners, in order to ensure the financial sustainability and adequacy of pensions, as well as to maintain their invaluable contribution as automatic stabilisers and as terms of instruments of social cohesion and solidarity;
Amendment 103 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Encourages the Member States to implement consolidation procedures on the revenue side to avoid outright tax hikes, and to focus on improving tax compliance and its management; considers that, if this is not sufficient, a broadening of the tax base should be considered, also in view of the reduction of economic distortionsrove tax compliance and its management, in particular with respect to the fight against tax fraud, tax evasion and tax avoidance;
Amendment 105 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 111 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Invites the Member States to clarify the responsibility and role of different levels of government (regional and local), including at EU level in maintaining sound and sustainable public finance framework; welcomes the latest initiative undertaken by the European Council for developing an integrated fiscal framework in the Eurozone, provided that this fiscal framework complies with democratic legitimacy and accountability, as well as encourages member states to implement contra- cyclical policies;
Amendment 120 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. WelcomesTake notes of the major reforms of the economic and budgetary governance framework adopted recently; considers that, while those reforms cannot suddenly solve the crisis, they enhance the credibility of the fiscal adjustment, reducing its negative short-term impact on growthfiscal discipline and the ex-post coordination of fiscal policies, thus creating the precondition for creating efficient instruments for ex-ante coordination and a governance framework aimed at supporting growth and employment levels throughout the Eurozone, including common debt instruments;
Amendment 123 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Encourages meetings between national parliaments and the European Parliament at key moments of the European Semester to discuss the economic orientations presented in the Annual Growth Survey and the country-specific recommendations; believes that the European Semester should fully involve the European Parliament as co-legislator and that national Parliaments should be consulted prior to the adoption of country specific recommendations;