Activities of Diogo FEIO related to 2011/0385(COD)
Plenary speeches (1)
Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area - Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (debate)
Amendments (11)
Amendment 58 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Furthermore, the Commission should put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority, which would be responsible for managing and coordinating all issues relating to the annual debt issuance plan of the Member States, the renewal of outstanding debt and with the assessment of the sustainability of all Member States' governments debt. Moreover, the European debt authority should periodically publish data relating to Member States public debt, deficit and other macroeconomic indicators.
Amendment 75 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 97 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Enhanced budgetary rules and economic coordination 1. With a view to coordinating better the planning of their national debt issuance, Member States shall report in advance on their public debt issuance plans to the Commission and to the Council. 2. With a view to benchmarking best practices and working towards a more closely coordinated economic policy, the Member States shall ensure that all major economic and fiscal policy reforms that they plan to undertake are discussed in advance and, where appropriate, they shall coordinate those reforms with the other Member States. 3. In addition to complying with Regulation (EC) No 1466/97, Member States shall ensure that the budgetary position of the general government is balanced or in surplus. The budgetary position of the general government shall be deemed to be balanced if the annual structural balance of the general government is at its country-specific medium-term objective as defined in the revised Stability and Growth Pact with a lower limit of a structural deficit of 0,5 % of the gross domestic product at market prices. The Member States shall ensure rapid convergence towards their respective medium-term objective. The Member States may temporarily deviate from their medium-term objective or the adjustment path towards it only in exceptional circumstances as defined in the Stability and Growth Pact. Where the ratio of government debt to gross domestic product at market prices is significantly below 60 % and where risks in terms of long-term sustainability of public finances are low, the lower limit of the medium-term objective specified under the second subparagraph can reach a structural deficit of no higher than 1,0 % of the gross domestic product at market prices.
Amendment 101 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. The Commission mayshall decide to make a Member State experiencing severe difficulties with regard to its financial stability subject to enhanced surveillancefinancing problems with serious threats to its financial stability, likely to have adverse spill-over effects on other Member States whose currency is the euro or a detrimental impact on the sustainability of public finances, subject to enhanced surveillance. That decision shall be deemed to be adopted by the Council unless it decides by qualified majority, within 10 days, to reject it. The Member State concerned shall be given the possibility to express its views beforehand. The Commission shall decide every six months whether to prolong the enhanced surveillance.
Amendment 109 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The Commission shall decide to make a Member State receiving a financial assistance on a precautionary basis from one or several other States, the EFSF, the ESM or any other International Financial Institution, such as the IMF, subject to enhanced surveillance. The decision shall be deemed to be adopted by the Council unless it decides, by qualified majority, within 10 days, to reject it. The Commission shall establish a list of the precautionary financial assistance instruments concerned and keep it updated to take into account possible changes in the financial support policy of the EFSF, ESM or of any other relevant International Financial Institution.
Amendment 141 #
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed andor the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State concerned to seek financial assistance and to prepare a macro-economic adjustment programme. The Council may decide to make this recommendation public.
Amendment 177 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Council, acting by qualified majority on a proposal from the Commission, shall approve the adjustment programmemmission proposal of the adjustment programme shall be deemed to be adopted by the Council unless it decides by qualified majority, within 10 days, to reject it.
Amendment 189 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Commission - in liaison with the ECB - shall examine with the Member State concerned the changes that may be needed to its adjustment programme. The Council, acting by a qualified majority on a proposal from the Commission, shall decide on any change to be made to the adjustment programme. This decision shall be deemed to be adopted by the Council unless it decides by qualified majority, within 10 days, to reject it.
Amendment 233 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. A Member State shall be under post- programme surveillance as long as a minimum of 75% of the financial assistance received from one or several other Member State(s), the EFSM, the EFSF or the ESM has not been repaid. The Council, acting on a qualified majority on a proposal from the Commission, may extend the duration of the post programme surveillancemmission proposal to extend the duration of the post programme surveillance shall be deemed to be adopted by the Council unless it decides by qualified majority to reject it.
Amendment 239 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The Council, acting by qualified majority on a proposal from the Commission, may recommendation to thea Member State, under post programme surveillance, to adopt corrective measures shall be deemed to be adopted by the Council unless it decides by qualified majority to reject it.
Amendment 249 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13a Review Clause By ...*, the Commission shall put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority, which would be responsible for managing and coordinating all issues relating to the annual debt issuance plan of the Member States, the renewal of their outstanding debt and the assessment of the sustainability of all Member States' government debts, as well as a annual publication of data relating to Member States public debt, deficit and other macroeconomic indicators. _______________ * OJ please insert date: three months after entry into force of this Regulation.