Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | GAUZÈS Jean-Paul ( PPE) | FERREIRA Elisa ( S&D), GOULARD Sylvie ( ALDE), GIEGOLD Sven ( Verts/ALE), EPPINK Derk Jan ( ECR) |
Committee Opinion | EMPL | DAERDEN Frédéric ( S&D) | Roger HELMER ( EFDD) |
Committee Opinion | BUDG |
Lead committee dossier:
Legal Basis:
TFEU 121-p6, TFEU 136
Legal Basis:
TFEU 121-p6, TFEU 136Subjects
Events
The Commission has presented a review of the various legislative texts known as the “ six-pack ” and “two-pack” to strengthen the economic governance of the European Union. This review analyses to what extent the new rules introduced have been effective in achieving the objectives of ensuring closer coordination of economic policies.
The legislative packages aim to:
· more closely coordinate economic policies through a strengthening of budgetary surveillance under the Stability and Growth Pact;
· introduce a new procedure in the area of macroeconomic imbalances ;
· establish a framework for dealing with countries experiencing difficulties with financial stability ;
· to proceed with codification in legislation, in the form of the European Semester, of integrated economic and budgetary surveillance.
Taking into account the short experience of their operation, with the six-pack entering into force in end-2011 and the two-pack only in mid-2013, the Commission considers it difficult to draw conclusions on the effectiveness of the regulations.
Alongside Regulation (EU) No 473/2013 the main objective of the second two-pack regulation is to strengthen monitoring and surveillance for Member States threatened with, or experiencing, serious difficulties regarding their financial stability . It aims to establish transparent, efficient, streamlined, and predictable surveillance processes for the Member States under enhanced surveillance, macroeconomic adjustment programme and post-programme surveillance.
Assessment : at the date of entry into force of the Regulation in May 2013, the Euro area Member States in receipt of financial assistance linked to a macroeconomic adjustment programme were
Greece, Ireland, Portugal and Cyprus. Cyprus and Greece, where programmes are still ongoing. Overall, considerable achievements have been made in reducing fiscal deficits in current and former programme countries, and overall public debt is stabilising.
Based on the experience with these countries, the integrated set of rules indeed increases the transparency, predictability, practicality and efficiency of country surveillance and monitoring of Member States that are experiencing or is threatened with serious financial difficulties. However, since the Regulation entered into force only after all current and completed programmes had started, the effectiveness assessment is necessarily incomplete .
In addition, it is not possible to assess the effectiveness of the regulation with regard to enhanced surveillance , as no euro area Member State has yet been placed under enhanced surveillance. The ability to assess the effectiveness of post-programme surveillance is also limited by the fact that Ireland, Spain and Portugal have been under post-programme surveillance for less than a year.
The review notes that the programmes have achieved the objectives of the regulation to rapidly re-establish a sound and sustainable economic and financial situation and to restore financial market access. For the future, the Regulation foresees inter alia improvements in the information of the European Parliament and a set of requirements aiming at better taking into account the social impact of programmes and better protecting fundamental policies, such as health care and education.
In conclusion , if the review has revealed some strengths, it also shows possible areas for improvement, concerning transparency and complexity of policy making , and their impact on growth, imbalances and convergence.
According to the Commission, a proper involvement of national Parliaments remains crucial in ensuring the legitimacy of Member States' action. At EU level, the European Parliament has a key role to play, notably through “economic dialogues”, which have ensured that institutional actors have been regularly held to account on the main issues related to economic governance.
The Commission plans to discuss these points with the European Parliament and the Council in the coming months.
The Commission presents a Communication describing some of the essential aspects of the Regulation (EU) No 472/2013, which, together with Regulation (EU) No 473/2013 , forms the "Two Pack". The main objective of Regulation (EU) No 472/2013 is to strengthen monitoring and surveillance for Member States threatened with, or experiencing, serious difficulties regarding their financial stability. It aims to establish transparent, efficient, streamlined, and predictable surveillance processes for the Member States under enhanced surveillance, macroeconomic adjustment programme and post-programme surveillance .
These "Two Pack" Regulations entered into force on 30 May 2013.
The report notes that the Regulation has only been in force for a very short time, implying severe limitations regarding what can be evaluated, and to what depth, at this juncture. The review of the "Six Pack" and "Two Pack" legislation at the end of 2014 will, in contrast, allow a more comprehensive and in-depth assessment of the Regulation's effectiveness.
Effectiveness of the Regulation: at the time of the entry into force of the Regulation, Greece, Ireland, Portugal, Spain, and Cyprus were beneficiaries of financial assistance from one or several other Member States, the EFSM, the ESM, the EFSF or another relevant international financial institution such as the IMF. In addition, four Member States are in receipt of financial assistance linked to a macroeconomic adjustment programme: Greece, Ireland Portugal and Cyprus . Spain has been subject to financial assistance for the recapitalisation of financial institutions, which means that the Regulation's macroeconomic adjustment programme provisions do not apply to Spain. The latter will, however, be subject to post-programme surveillance as soon as the current financial assistance programme ends.
The report notes that many provisions of the Regulation are relevant for the period in which programmes are developed and negotiated. In the existing programmes, these periods took place before the Regulation entered into force. The effectiveness of the Regulation cannot therefore be evaluated as regards these earlier phases.
In addition, it is not possible to assess the effectiveness of the Regulation with regard to enhanced surveillance, as no euro area Member State has yet been placed under enhanced surveillance. For these same reasons, the effectiveness of the Regulation cannot yet be assessed as regards the application of post-programme surveillance.
During this time, effectiveness can be evaluated only as regards existing macroeconomic adjustment programmes. Thus far, the existing macroeconomic adjustment programmes have achieved the objectives of the Regulation .
In the circumstances, the Commission is of the opinion that Regulation (EU) No 472/2013 has so far proven an adequate framework for a strengthened monitoring and surveillance of the euro-area Member States experiencing or threatened with serious difficulties with respect to their financial stability. However, the short timeframe during which the Regulation has been in force provides limited evidence on which to base this evaluation, since enhanced surveillance and post- programme surveillance remain to be tested.
A more thorough assessment will be carried out in parallel with the review of the Regulation (EU) No 473/2013 and the "Six Pack" legislation.
PURPOSE : to improve the economic governance of the euro area (‘two pack’). LEGISLATIVE ACT : Regulation (EU) n° 472/2013 of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability.
CONTENT : following the adoption in November 2011 of an initial "six-pack" of economic governance measures, this Regulation lays down provisions for strengthening the economic and budgetary surveillance of Member States whose currency is the euro, where those Member States:
· experience or are threatened with serious difficulties with respect to their financial stability or to the sustainability of their public finances, leading to potential adverse spillover effects on other Member States in the euro area; or
· request or receive financial assistance from one or several other Member States or third countries, the European Financial Stabilisation Mechanism (EFSM), the European Stability Mechanism (ESM), the European Financial Stability Facility (EFSF), or another relevant international financial institution such as the International Monetary Fund (IMF).
Member States subject to enhanced surveillance : the Regulation states that the Commission may decide to subject to enhanced surveillance a Member State experiencing or threatened with serious difficulties with respect to its financial stability which are likely to have adverse spill-over effects on other Member States in the euro area.
The Member State concerned shall be given the opportunity to express its views before the Commission adopts its decision to subject that Member State to enhanced surveillance. Every six months, the Commission shall decide whether to prolong the enhanced surveillance on that Member State.
Where a Member State is in receipt of financial assistance on a precautionary basis from one or several other Member States or third countries , the EFSM, the ESM, the EFSF, or another relevant international financial institution such as the IMF, that Member State will be subject to enhanced surveillance.
Enhanced surveillance : a Member State subject to enhanced surveillance shall adopt measures aimed at addressing the sources or potential sources of difficulties . In so doing, it shall take into account any recommendations addressed to it in the course of an excessive deficit procedure or an excessive macroeconomic imbalance procedure.
On a request from the Commission, a Member State subject to enhanced surveillance shall:
· communicate to the ECB in its supervisory capacity, and, where appropriate, to the relevant ESAs, at the requested frequency, disaggregated information on developments in its financial system;
· carry out stress test exercises or sensitivity analyses , as necessary, to assess the resilience of the financial sector to various macroeconomic and financial shocks, as specified by the Commission and the ECB;
· be required to submit to regular assessments of its supervisory capacities over the financial sector in the framework of a specific peer review carried out by the relevant ESAs;
· communicate any information needed for the monitoring of macroeconomic imbalances.
Where it is concluded that further measures are needed and the financial and economic situation of the Member State concerned has significant adverse effects on the financial stability of the euro area or of its Member States, the Council, acting by a qualified majority on a proposal from the Commission , may recommend to the Member State concerned to adopt precautionary corrective measures or to prepare a draft macroeconomic adjustment programme. The Council may decide to make its recommendation public.
Political dialogue : where a recommendation is made public, the competent committee of the European Parliament may offer the opportunity to the Member State concerned and to the Commission to participate in an exchange of views.
During the course of the enhanced surveillance process, the competent committee of the European Parliament and the parliament of the Member State concerned may invite representatives of the Commission, the ECB and the IMF to participate in an economic dialogue.
Macroeconomic adjustment programme : where a Member State requests financial assistance from one or several other Member States or third countries, the EFSM, the ESM, the EFSF or the IMF, it shall prepare, in agreement with the Commission, acting in liaison with the ECB and, where appropriate, with the IMF, a draft macroeconomic adjustment programme.
The draft macroeconomic adjustment programme shall: (i) address the specific risks emanating from that Member State for the financial stability in the euro area; (ii) shall aim at rapidly re-establishing a sound and sustainable economic and financial situation and restoring the Member State's capacity to finance itself fully on the financial markets. The draft programme shall be based on the assessment of the sustainability of the government debt.
A Member State shall seek the views of social partners as well as relevant civil society organisations when preparing its draft macroeconomic adjustment programmes, with a view to contributing to building consensus over its content.
The Council, acting by a qualified majority on a proposal from the Commission, shall approve the programme prepared by the Member State requesting financial assistance.
The Commission, in liaison with the ECB and, where appropriate, with the IMF, shall monitor the progress made by a Member State in the implementation of its macroeconomic adjustment programme.
Representatives of the Commission may be invited by the parliament of the Member State concerned to participate in an exchange of views on the progress made in the implementation of its programme.
The budgetary consolidation efforts set out in the adjustment programme shall take into account the need to ensure sufficient means for fundamental policies, such as education and health care.
The adjustment programme, including its objectives and the expected distribution of the adjustment effort, shall be made public.
Council vote : only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned.
Report: by 1 January 2014, and every five years thereafter, the Commission shall submit a report on the application of the Regulation. The European Parliament may invite representatives of the Council and of the Commission to enter into a dialogue on the application of the Regulation.
ENTRY INTO FORCE : 30/05/2013.
The European Parliament adopted by 528 votes to 81, with 71 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area (‘Two-pack’). At the sitting of 13 June 2012, the report had been referred back to the committee responsible.
Parliament reached its position at first reading under the ordinary legislative procedure. The amendments adopted in plenary are the result of a compromise negotiated between Parliament and the Council. They amend the proposal as follows:
Subject matter and scope: it is clarified that the Regulation sets out provisions to enhance economic policy coordination as well as strengthen the economic and budgetary surveillance of Member States whose currency is the euro and which:
experience or are threatened with serious difficulties with respect to their financial stability and/or the sustainability of their public finances, leading to potential negative spill-over effects on other Member States of the euro area; and/or; request or receive financial assistance from one or several other Member States, the European Financial Stability Mechanism (EFSM), the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM) or other international financial institutions such as the International Monetary Fund (IMF).
Member States under enhanced surveillance : under the amended Regulation, the Commission may decide to make a Member State experiencing severe difficulties with regard to its financial stability likely to have adverse spill-over effects on other Member States of the euro area , subject to enhanced surveillance.
When assessing whether a Member State is threatened with serious difficulties with respect to its financial stability, the Commission take notably into account : (i) the borrowing conditions of that Member State; (ii) the repayment profile of its debt obligations; (iii) the robustness of its budgetary framework, the long term sustainability of its public finances, the importance of the debt burden and the risk of contagion from severe tensions in its financial sector on its fiscal situation or on the financial sector of other Member States.
Where the Commission decides to make a Member State subject to enhanced surveillance, it shall duly inform the Member State concerned of all the results of the enhanced surveillance and notify the ESRB, the ECB in its capacity as supervisor and the relevant ESAs and the ESFS.
Enhanced surveillance : Member State subject to enhanced surveillance shall adopt measures aimed at addressing the sources or potential sources of difficulties. To this end, it shall take into account any recommendations addressed to them under Council Regulation (EC) No 1466/97 on speeding up and clarifying the implementation of the excessive deficit procedure.
On a request from the Commission, a Member State under enhanced surveillance shall :
communicate to the Commission, the ECB, and where appropriate the relevant ESAs, at the requested frequency disaggregated information on developments in its financial system , including an analysis of the results of the stress test exercises and sensitivity analyses carried out under the Regulation; carry out, under the supervision of the ECB where entrusted in a supervisory capacity or where appropriate the relevant ESA(s), stress test exercises or sensitivity analyses as necessary to assess the resilience of the financial sector to various macroeconomic and financial shocks, as specified by the Commission and the ECB in liaison with the relevant ESAs and the ESRB, and share the detailed results with them; be subject to regular assessments of its supervisory capacities over the financial sector in the framework of a specific peer review carried out by the relevant ESAs; communicate any information needed for the monitoring of macroeconomic imbalances .
Where it is concluded that further measures are needed and the financial and economic situation of the Member State concerned has significant adverse effects on the financial stability of the euro area or of its Member States, the Council, acting by a qualified majority on a proposal from the Commission, may recommend to the Member State concerned to adopt precautionary corrective measures or prepare a draft macroeconomic adjustment programme. The Council may decide to make its recommendations public.
Where a recommendation is made public, the competent committee of the European Parliament may offer the opportunity to the Member State concerned and to the Commission to participate to an exchange of views.
During the whole process, the competent committee of the European Parliament and the parliament of the Member State concerned may invite representatives of the IMF, the ECB and the Commission to participate in an economic dialogue.
Recapitalisation of financial institutions : Member States under enhanced surveillance or macroeconomic adjustment programme receiving financial support for the recapitalisation of their financial institutions shall report twice a year to the EFC on the conditions imposed on those financial institutions , including as regards executive remuneration. Member States shall report on the credit conditions offered by the financial sector to the real economy.
Evaluation of the sustainability of the government debt : where financial assistance is sought from the EFSM, the EFSF or the ESM, the Commission shall assess – in liaison with the ECB and wherever possible, the IMF - the sustainability of the government debt and the actual or potential financing needs of the Member State concerned. The assessment of the sustainability of the government debt shall be based on the most likely macrofiscal scenario or a more prudent scenario and budgetary forecasts using the most up-to-date information.
Macroeconomic adjustment programme : the draft macroeconomic adjustment programme shall address the specific risks emanating from that Member State for the financial stability of the euro area and shall aim at rapidly re-establishing a sound and sustainable economic and financial situation and restoring said Member State's capacity to finance itself fully on the financial markets.
The draft programme shall take into account the practices and institutions of wage formations and the national reform programme of the Member State concerned in the context of the Union strategy for growth and jobs .
The Commission, in liaison with the ECB and wherever relevant the IMF, shall monitor the progress made in the implementation of the macroeconomic adjustment programme and updates that may be needed to its adjustment programme in order to take proper account of inter alia any significant gap between macroeconomic forecasts and realised figures, including possible consequences resulting from the adjustment programme, negative spill-over effects as well as macroeconomic and financial shocks.
The Regulation stipulates that the macroeconomic adjustment programme shall be made public , including its objectives and the expected distribution of the adjustment effort. The fiscal consolidation efforts set out in the macroeconomic adjustment programme shall take into account the needs to ensure sufficient means for fundamental policies, such as education and health care .
Involvement of social partners and civil society : the Member State concerned shall seek the views of social partners as well as relevant civil society organisations when preparing a draft macroeconomic adjustment programme, with a view to contributing to building consensus over its content.
Measures to safeguard tax revenue : the Member State concerned shall, where needed, take measures in close cooperation with the Commission and in liaison with the ECB and where appropriate the IMF, aimed at reinforcing the efficiency and effectiveness of collection capacity and fighting tax fraud and evasion, with a view to increasing its fiscal revenues.
Report : by 1 January 2014 and every five years thereafter, the Commission shall publish a report on the application of this Regulation.
The European Parliament may invite representatives of the Council and of the Commission for a dialogue on the application of this Regulation.
The Council welcomed an agreement reached with the European Parliament on 20 February on the "two-pack" of draft regulations aimed at further improving economic governance in the eurozone.
The "two-pack" includes:
a regulation on enhanced monitoring and assessment of draft budgetary plans of euro area Member States, especially those subject to an excessive deficit procedure; a regulation on enhanced surveillance of euro area Member States which are experiencing severe financial disturbance or which request financial assistance. Under this Regulation, a Member State experiencing severe financial disturbance or receiving precautionary financial assistance will come under enhanced surveillance, whilst a member state receiving (non-precautionary) financial assistance will also be subject to a macroeconomic adjustment programme.
Proposals were presented by the Commission in November 2011, following the adoption of an initial "six-pack" of economic governance measures. The Council finalised its position on the "two-pack" in February 2012 and negotiations with the Parliament started in July 2012.
The compromise approved by the Committee of Permanent Representatives on 28 February paves the way for the adoption of the texts at first reading . If the Parliament approves the package as agreed in the trilogue, the Council will also proceed with adoption once the texts have been finalised.
The compromise agreed with the Parliament introduces the following elements:
by 31 July 2013, the Commission will examine and report on ways to balance productive public investment needs with fiscal discipline objectives. reference to various documents on the further development of the EU's economic and monetary union. the Commission will draw up guidelines in the form of a harmonised framework for the specification of the content of draft budgetary plans; the Commission will set up a group of experts to analyse the possible merits, risks, requirements and obstacles in relation to a partial substitution of national debt issuance by joint issuance in the form of a debt redemption fund and eurobills. The group will be composed of experts in law and economics, public finances, financial markets and sovereign debt management. It will report back by March 2014 and the Commission will make proposals if appropriate.
The Council adjusted its position in negotiations with the European Parliament on two draft regulations aimed at further improving economic governance in the euro area.
This second "two-pack" of proposals includes:
a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area Member States, especially those subject to an excessive deficit procedure; a regulation on enhanced surveillance of euro area Member States that are experiencing severe financial disturbance or request financial assistance.
The proposals were presented by the Commission in November 2011, following adoption of an initial "six-pack" of economic governance measures. The Council agreed a general approach on the proposals in February 2012. The Parliament established its negotiating position on 4 July 2012, introducing significant changes to the texts. Negotiations between Council and Parliament started on 11 July 2012, and seven trilogues have been held since. Progress has been achieved on the regulation on enhanced surveillance, while negotiations on the regulation concerning the assessment of draft budgets have so far proved more difficult .
The Council’s objective is to facilitate rapid agreement with the Parliament, so as to enable the regulations to be adopted at first reading before the end of the year, in line with the October European Council's conclusions.
The Council was informed by the presidency on the process to be followed with a view to reaching an agreement with the European Parliament on two draft Regulations on economic governance, namely:
a Regulation for enhanced monitoring and assessment of draft budgetary plans of euro area Member States, especially those subject to an excessive deficit procedure; a Regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance.
The Council confirmed that the general approach agreed at its meeting on 21 February remains the starting position for the negotiations ( please refer to the procedure summary of that date ). The Parliament established its negotiating position on 13 June and introduced significant changes to the proposals ( please refer to the procedure summary of that date ).
The first "trilogue" meeting with the European Parliament is scheduled for 11 July. An ad hoc Council working group, created to work on the proposals, discussed the modifications introduced by the Parliament on 4 July.
The European Parliament, by 471 votes to 97, with 78 abstentions, adopted amendments to the proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area.
The issue was sent back to the committee responsible and the vote on the legislative resolution shall be postponed until a later date.
The main amendments made to the proposal are as follows:
Strengthening budgetary rules and economic coordination : Parliament feels that the Regulation should contain provisions for enhanced national budgetary rules and economic policy coordination.
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.
They must also ensure that:
all major economic policy reforms that they plan to undertake are discussed in advance and, where appropriate, shall coordinate those reforms with the other Member States; ensure that the budgetary position of the general government is balanced or in surplus over the medium term.
Members specify that the recommendations adopted under the Regulation shall respect national practices and institutions for wage formation. The Regulation does not affect the right to negotiate, conclude and enforce collective agreements and to take collective action in accordance with national law and practices.
Member States under enhanced surveillance : before deciding to make a Member State subject to enhanced surveillance, the Commission must take account of the latest in-depth review in accordance with Regulation (EU) No 1176/2011 , and take into account additional objective criteria, including warnings by the European Systemic Risk Board (ESRB). The Council may, within 10 days of such a decision, repeal it by qualified majority. The Member State concerned shall be given the possibility to express its views before the decision is taken.
Where the Commission decides to put a Member State under enhanced surveillance it shall duly notify the ESRB and, where relevant, inform them of the results of the enhanced surveillance.
Enhanced surveillance : when preparing the macro-economic adjustment programme , the Parliament states that all recommendations addressed to the Member State in the course of an excessive deficit procedure or an excessive macroeconomic imbalance procedure should be taken into account. The Eurogroup Working Group, the Economic and Financial Committee (EFC), the relevant committee of the European Parliament and the parliament of the Member State concerned shall be informed of those measures.
Moreover, the Commission shall examine potential negative spill-over effects generated by other Member States including in the field of taxation. Where the Commission has identified such negative spill-over effects, the Council, on a recommendation from the Commission, shall address the necessary recommendations to the Member States generating the negative spill-over effects.
On a request from the Commission, a Member State under enhanced surveillance shall:
communicate to the Commission, the ECB, and the relevant ESAs, disaggregated information on developments in its financial system; including an analysis of the results of the stress test exercises and sensitivity analyses carried out the Regulation; carry out, under the supervision of the relevant ESAs, stress test exercises or sensitivity analyses as necessary to assess the resilience of the financial sector to various macroeconomic and financial shocks, as specified by the Commission and the ECB in liaison with the relevant ESAs and the ESRB; be subject to regular assessments of its supervisory capacities over the financial sector in the framework of aspecific peer review carried out by the relevant ESAs; communicate any information needed for the monitoring of macroeconomic imbalances.
Member States receiving financial support for the recapitalisation of their financial institutions shall, in addition, report on the conditions imposed on those financial institutions, including as regards executive remuneration and credit conditions applicable in the real economy.
The Commission shall conduct, in liaison with the ECB and the relevant ESAs and, where appropriate, the IMF, regular review missions in the Member State under enhanced surveillance to verify the progress made. It shall communicate every quarter its findings to the EFC and to the competent committee of the European Parliament.
Where a Member State seeks financial assistance from the ESM, the other Member States shall use their best efforts to ensure that the ESM provide assistance to that Member State, and that it do so in a timely manner. A Member State intending to request financial assistance from one or several other Member States, the EFSF, the ESM, the IMF or another institution outside of the Union framework shall immediately inform the European Parliament, the Council, the Commission and the ECB of its intention.
During the whole process, the competent committee of the European Parliament and the parliament of the Member State concerned may invite representatives of the IMF, the ECB and the Commission to participate in an economic dialogue on significant in relation to the proper functioning of the economy.
Assessment of the sustainability of the government debt : the amended text states that where financial assistance is sought from the EFSF, the EFSM or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible and appropriate, with the IMF - an analysis of the sustainability of the government debt and the actual or potential financing needs of the Member State concerned , including the impact of any macro-prudential adjustment programme on the Member State's ability to repay the envisaged financial assistance, and send it to the Economic and Financial Committee.
The assessment of the sustainability of the government debt shall be based on prudent macroeconomic and budgetary forecasts using the most up-to-date information. The forecasts shall assess the impact of macroeconomic and financial shocks and adverse developments on the sustainability of government debt.
Macro-economic adjustment programme : Parliament stipulates that the draft macroeconomic adjustment programme shall address the specific risks emanating from that Member State for the financial stability of the euro area and shall aim at rapidly re-establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft macroeconomic adjustment programme shall respect the practices and institutions for wage formation and industrial relations in the Union and shall, where possible, take into account the national reform programme of the Member State concerned in the context of the Union strategy for growth and jobs.
A Member State preparing a draft macroeconomic adjustment programme shall establish, in agreement with the Commission, an updated partnership programme aiming at creating the necessary conditions for achieving sustainable public finances. The Commission shall assess the draft macroeconomic adjustment programme within one week of submission of that programme. If the Commission considers the draft macroeconomic adjustment programme to be sufficient, it shall approve it. The Council may, within 10 days of that decision, repeal it by qualified majority. If the Commission considers the actions or the timetable envisaged in the draft macroeconomic adjustment programme to be insufficient, it shall adopt a recommendation addressed to the Member State to submit, within one week, a new draft macroeconomic adjustment programme, while stating the reasons why the original programme is insufficient. The Commission and the Council shall monitor the implementation of the adjustment programme and the annual budgetary plans consistent with it. In the case of insufficient cooperation, the Council, on a proposal from the Commission, may address a public recommendation to the Member State concerned laying down the action to be taken by that Member State. If the monitoring highlights significant deviations from the macroeconomic adjustment programme. The Commission may decide that the Member State concerned does not comply with the policy requirements contained in the adjustment programme. In its decision, the Commission shall explicitly take account of whether significant deviation is due to reasons that are not within the control of the Member State concerned. The Council may, within 10 days of adoption of such a decision, repeal it by qualified majority. The macroeconomic adjustment programme shall, in particular, outline precautionary measures and contingency plans to be adopted in case of unforeseen developments such as exogenous shocks. Member State subject to a macroeconomic adjustment programme experiencing insufficient administrative capacity or significant problems in the implementation of its adjustment programme shall seek technical assistance from the Commission. The objectives and the means of the technical assistance shall be explicitly outlined in the updated versions of the macroeconomic adjustment programme. It shall be focused on areas such as: improving public procurement, promoting competition, tackling corruption and increasing the efficiency of collecting tax revenues to promote financial sustainability. The fiscal consolidation efforts set out in the macroeconomic adjustment programme shall take into account the needs to ensure sufficient means for fundamental policies such as education and health care.
Members state that a Member State subject to a macroeconomic adjustment programme shall carry out a comprehensive audit of its outstanding stock of debt in order to inter alia carry out an assessment of the reasons having led to the building up of excessive levels of debt as well as any irregularity involved in the debt issuance process.
Involvement of social partners and civil society : Members introduced a new article stating that organisations representing the economic and the social partners as well as civil society organisations shall be given the opportunity to express their views on the Commission public recommendations and opinions provided for in the Regulation and on Member States reports and draft reports. These views shall be made public.
Measures to safeguard tax revenue : the Member State concerned shall, in close cooperation with the Commission and in liaison with the ECB, take measures aimed at preventing infringements of national law and regulations in particular in the field of taxation. The Member State concerned shall request the Commission to make a proposal to the Council, in accordance with Article 66 TFEU, to take safeguard measures regarding movements of capital to or from third countries causing, or threatening to cause, serious difficulties for the operation of the economic and monetary union.
Placement of a Member State under legal protection : Parliament proposes the creation of a system of legal protection where the measures provided for do not restore the financial situation of the Member State and where that Member State is at risk of enduring state of default or suspension of payments. The a im of this is to allow the Member State concerned to stabilise its economic situation and to be able to honour its debt.
A decision placing a Member State under legal protection shall have the following effects :
‘close-out netting’ or ‘credit event’ provisions become inoperative; the loan interest rates applied are maintained and new loans to the Member State, with the exception of financial assistance referred to in Article 1(1), are to be reimbursed as a priority; the creditors of the Member State concerned make themselves known to the Commission within two months from the publication of the decision placing the Member State concerned under legal protection in the Official Journal of the European Union; failure to do so results in their debt being extinguished.
This Article shall apply from 2017.
For more information, please refer to the Newsletter and " Q&A " published by the European Parliament's DG Communication.
OPINION OF THE EUROPEAN CENTRAL BANK on strengthened economic governance of the euro area (Two pack).
On 21 December 2011, the ECB received a request from the Council of the European Union for an opinion on :
a proposal for a regulation of the European Parliament and of the Council on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area; a proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area.
The ECB welcomes the proposed regulations and recommends some amendments aimed at: (a) further strengthening the budgetary discipline of the euro area Member States; and; (b) further enhancing the surveillance of the euro area Member States experiencing or threatened with serious difficulties with respect to their financial stability, irrespective of whether they receive financial assistance or may need to receive such assistance.
The ECB sees the proposed regulations as compatible with and complementary to the new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union ( ‘TSCG’) as agreed at the European Council meeting of 30 January 2012. Finally, a condition for progressing with the above mentioned quantum leap is that Member States timely and vigorously implement their obligations under the TSCG, and the proposed regulations when adopted.
Proposed regulation on strengthening surveillance procedures : overall, the proposed regulation is welcome, as it gives an explicit basis to the practice of stronger monitoring of Member States experiencing financial market tensions or receiving financial assistance. The involvement of the ECB and European Supervisory Authorities is also welcome. Nevertheless, the ECB has several observations:
The ECB welcomes the fact that even if a Member State is not receiving any kind of financial support, the Commission may decide to subject it to enhanced surveillance if it is experiencing severe financial difficulties. In addition, providing examples of what could constitute a serious difficulty would facilitate the understanding of the proposed regulation, contrary to developing an exhaustive definition, which would not be prudent. As the sources of difficulties of the Member States under enhanced surveillance might easily encompass or generate systemic risks, action in this field could benefit from the involvement of the European Systemic Risk Board (ESRB). It would therefore be useful to inform the ESRB, where relevant, about the results of the enhanced surveillance. Another crucial feature of the proposed regulation is that the Council may recommend that a Member State under enhanced surveillance seeks financial assistance and prepares a macroeconomic adjustment programme if it is found that more measures are needed and the Member State’s financial situation has significant adverse effects on financial stability in the euro area as a whole. This is an important provision as it strongly encourages a Member State to ask for financial assistance and to avoid unnecessary delays where this could have detrimental consequences for financial stability in the euro area as a whole. This provision could be reinforced by obliging the Council (‘the Council shall’) to make a recommendation of this kind. Member States should be encouraged not to avoid a more ambitious adjustment programme by applying for precautionary assistance instead of direct financial assistance. The ECB notes that obligations of the euro area Member States wishing to obtain financial assistance should entail more than just information sharing. Indeed such Member States should discuss the possibilities available under existing Union or euro area financial instruments and the facilities of international financial institutions and lenders. The proposed strengthened surveillance procedure could be further reinforced in several ways. The continuous monitoring by the Commission of the eligibility criteria laid down in Union and intergovernmental financial assistance instruments should also apply to Member States that have been granted access to financial assistance on a precautionary basis, even if this assistance is not linked to the adoption of new policy measures. In any case, if a Member State judges it necessary to request precautionary financial assistance, a closer monitoring seems justified. The ECB recommends keeping open the possibility of assessing the sustainability of government debt also with regard to Member States under a precautionary programme. It is important to also empower the Council to initiate and pursue the enhanced surveillance procedures by requesting the Commission to initiate enhanced surveillance, request additional information on the situation of financial institutions, perform additional stress tests or request additional action. The proposed regulation requires a Member State subject to an adjustment programme experiencing insufficient administrative capacity or significant problems in the implementation of the programme to seek technical assistance from the Commission. In addition, the setting up of a permanent resident advisor in the Member State concerned, who would advise the authorities of this Member State on the implementation of the adjustment programme and coordinate with the Union institutions and Member States involved in the technical assistance would be useful.
The Council agreed a general approach on two draft regulations on economic governance, namely:
a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area member states, especially those subject to an excessive deficit procedure; a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance.
This will enable the presidency, on behalf of the Council, to start negotiations with the European Parliament, with a view to reaching agreement at first reading before the end of the Danish presidency.
The two regulations would introduce provisions for enhanced monitoring of euro area countries' budgetary policies :
Member states would be required to submit annually to the Council and the Commission their draft budgetary plans for the next year by 15 October. Closer monitoring would apply to member states in excessive deficit procedure in order to enable the Commission to better assess whether there is a risk of non-compliance with the deadline to correct the excessive deficit.
Member states experiencing severe difficulties with regard to their financial stability or receiving financial assistance on a precautionary basis would be subject to even tighter monitoring than member states in excessive deficit procedure.
The Council discussed two draft regulations on economic governance, namely:
· a regulation for enhanced monitoring and assessment of draft budgetary plans of euro area member states, especially those subject to an excessive deficit procedure;
· a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance.
This second package of proposals was presented by the Commission in November following adoption of the so-called " six-pack " of economic governance proposals.
The Council assessed progress made by an ad hoc working group which was set up in December 2011 to work on the proposals and discussed two issues (one related to each proposal):
Submission of budgetary plans : whether all euro area member states should submit their budgetary plans to the Commission and the Euro Group for monitoring purposes, or only those subject to an excessive deficit procedure. While a broad majority of member states favoured reporting by all member states, some countries considered the proposed reporting requirements to be excessive for countries not subject to an excessive deficit procedure.
The Council concluded that the reporting should involve all member states . It asked the ad hoc working group to consider the concerns raised, as well as the timing of the reporting requirement.
Recommendation to seek financial assistance : whether the Council should be empowered to adopt, on the basis of a Commission proposal, a recommendation to a member state to seek financial assistance. Some member states expressed concerns that this could impinge on the decision-making procedures of the European Stability Mechanism (ESM), and pose difficulties with regard to confidentiality.
The Council concluded that it should be able to issue such a recommendation and accordingly asked the ad hoc working group to analyse the decision-making procedures .
Discussions on the two proposals are linked with the negotiation of a fiscal compact treaty and amendments to the ESM treaty. Therefore, the texts of the two legislative proposals will not be finalised until the two treaties have been approved.
The Council took note of a presentation by the Commission on a second package of proposals for the strengthening of economic governance, aimed at enabling the EU's monetary union to function better in the longer term.
The package includes:
a regulation for enhanced surveillance of euro area member states, especially of those subject of an excessive deficit procedure; a regulation on enhanced surveillance of euro area member states that are experiencing severe financial disturbance or request financial assistance; a green paper on stability bonds ("eurobonds"), assessing the options for the joint issuance of bonds in the euro area.
Presentation of the package follows the recent adoption of a first package of proposals on the strengthening of coordination so as to ensure sustainable public finances and avoid the accumulation of excessive economic imbalances in the member states.
PURPOSE: to strengthen economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
BACKGROUND: t he unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance outside the framework of the Union.
The full consistency between the Union multilateral surveillance framework established by the Treaty and the possible policy conditions attached to this financial assistance should be enshrined in Union law. The economic and financial integration of the Member States whose currency is the euro calls for a reinforced surveillance to prevent a contagion from a Member State experiencing difficulties with respect to its financial stability to the rest of the euro area.
The intensity of the economic and fiscal surveillance should be commensurate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality
IMPACT ASSESSMENT: no impact assessment was carried out.
LEGAL BASIS: Article 136, in combination with Article 121(6) of the Treaty on the Functioning of the European Union (TFEU).
CONTENT: the proposed Regulation on strengthened surveillance for the euro area builds on what has already been agreed in the ‘Six Pack’ set of legislative measures which will enter into force in mid-December. It sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/or that receive or may receive financial assistance from one or several other States, the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism (EFSM), the European Stability Mechanism (ESM) or other International Financial Institutions (IFI), such as the International Monetary Fund (IMF).
Enhanced surveillance : the proposed Regulation strengthening economic and fiscal surveillance of euro area countries facing or threatened with serious financial instability would ensure that the surveillance of these Member States under a financial assistance programme, or facing a serious threat of financial instability, is robust, follows clear procedures and is embedded in EU law. The Commission would be able to decide whether a Member State experiencing severe difficulties with regard to its financial stability should be subject to enhanced surveillance. The Council would be able to issue a recommendation to such Member States to request financial assistance. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB), adopt measures aimed at addressing the sources or potential sources of difficulties . The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under surveillance to verify the progresses made in the implementation of the measures.
Where it is concluded that further measures are needed and 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.
Where a recommendation is made public: (a) the relevant Committee of the European Parliament may invite representatives of the Member State concerned to participate to an exchange of views; (b) representatives of the Commission may be invited by the parliament of the Member State concerned to participate to an exchange of views.
Macro-economic adjustment programme : a Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting
in liaison with the ECB - a draft adjustment programme aimed at re-establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The Council, acting by qualified majority on a proposal from the Commission, shall approve the adjustment programme.
The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme . It shall - in liaison with the ECB - 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.
Post-programme surveillance : 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 surveillance.
BUDGETARY IMPLICATION: there are no budgetary implications.
Documents
- Follow-up document: EUR-Lex
- Follow-up document: SWD(2020)0210
- Follow-up document: COM(2020)0055
- Follow-up document: EUR-Lex
- Follow-up document: COM(2014)0905
- Follow-up document: EUR-Lex
- Contribution: COM(2014)0061
- Follow-up document: EUR-Lex
- Follow-up document: COM(2014)0061
- Final act published in Official Journal: Regulation 2013/472
- Final act published in Official Journal: OJ L 140 27.05.2013, p. 0001
- Commission response to text adopted in plenary: SP(2013)306
- Contribution: COM(2011)0819
- Decision by Parliament, 1st reading: T7-0069/2013
- Debate in Council: 3227
- Debate in Council: 3215
- Debate in Council: 3205
- Debate in Council: 3198
- Debate in Council: 3181
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading: T7-0242/2012
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, 1st reading/single reading: A7-0172/2012
- Committee report tabled for plenary, 1st reading: A7-0172/2012
- Committee opinion: PE480.648
- Committee draft report: PE483.472
- Amendments tabled in committee: PE485.871
- European Central Bank: opinion, guideline, report: CON/2012/0018
- European Central Bank: opinion, guideline, report: OJ C 141 17.05.2012, p. 0007
- Contribution: COM(2011)0819
- Contribution: COM(2011)0819
- Debate in Council: 3148
- Debate in Council: 3141
- Debate in Council: 3129
- Legislative proposal published: COM(2011)0819
- Legislative proposal published: EUR-Lex
- European Central Bank: opinion, guideline, report: CON/2012/0018 OJ C 141 17.05.2012, p. 0007
- Amendments tabled in committee: PE485.871
- Committee draft report: PE483.472
- Committee opinion: PE480.648
- Committee report tabled for plenary, 1st reading/single reading: A7-0172/2012
- Commission response to text adopted in plenary: SP(2013)306
- Follow-up document: EUR-Lex COM(2014)0061
- Follow-up document: COM(2014)0905 EUR-Lex
- Follow-up document: COM(2020)0055 EUR-Lex
- Follow-up document: EUR-Lex SWD(2020)0210
- Contribution: COM(2014)0061
- Contribution: COM(2011)0819
- Contribution: COM(2011)0819
- Contribution: COM(2011)0819
Activities
- Jean-Paul GAUZÈS
Plenary Speeches (3)
- 2016/11/22 Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area (A7-0172/2012 - Jean-Paul Gauzès) (vote)
- 2016/11/22 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)
- 2016/11/22 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)
- Barry MADLENER
Plenary Speeches (3)
- 2016/11/22 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)
- 2016/11/22 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)
- 2016/11/22 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)
- Pervenche BERÈS
Plenary Speeches (2)
- 2016/11/22 Improving the delivery of benefits from EU environment measures (A7-0028/2013 - Oreste Rossi) (vote)
- 2016/11/22 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)
- Elisa FERREIRA
Plenary Speeches (2)
- 2016/11/22 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)
- 2016/11/22 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)
- Corien WORTMANN-KOOL
Plenary Speeches (2)
- 2016/11/22 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)
- 2016/11/22 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)
- Marta ANDREASEN
Plenary Speeches (1)
- Roberta ANGELILLI
- Zigmantas BALČYTIS
Plenary Speeches (1)
- Andrew Henry William BRONS
Plenary Speeches (1)
- Antonio CANCIAN
Plenary Speeches (1)
- Frédéric DAERDEN
Plenary Speeches (1)
- Diogo FEIO
Plenary Speeches (1)
- Jacqueline FOSTER
Plenary Speeches (1)
- Ildikó GÁLL-PELCZ
Plenary Speeches (1)
- Sylvie GOULARD
Plenary Speeches (1)
- Roberto GUALTIERI
Plenary Speeches (1)
- Liem HOANG NGOC
Plenary Speeches (1)
- Gunnar HÖKMARK
Plenary Speeches (1)
- Liisa JAAKONSAARI
Plenary Speeches (1)
- Krišjānis KARIŅŠ
Plenary Speeches (1)
- Jürgen KLUTE
Plenary Speeches (1)
- Wolf KLINZ
Plenary Speeches (1)
- Werner LANGEN
Plenary Speeches (1)
- Jörg LEICHTFRIED
- Jean-Marie LE PEN
Plenary Speeches (1)
- Olle LUDVIGSSON
Plenary Speeches (1)
- Astrid LULLING
Plenary Speeches (1)
- Antonio MASIP HIDALGO
Plenary Speeches (1)
- Mario MAURO
Plenary Speeches (1)
- Zofija MAZEJ KUKOVIČ
Plenary Speeches (1)
- Claudio MORGANTI
Plenary Speeches (1)
- Paul MURPHY
Plenary Speeches (1)
- Sławomir NITRAS
Plenary Speeches (1)
- Wojciech Michał OLEJNICZAK
Plenary Speeches (1)
- Alfredo PALLONE
Plenary Speeches (1)
- Jaroslav PAŠKA
Plenary Speeches (1)
- Anni PODIMATA
Plenary Speeches (1)
- Kārlis ŠADURSKIS
Plenary Speeches (1)
- Antolín SÁNCHEZ PRESEDO
Plenary Speeches (1)
- Olle SCHMIDT
Plenary Speeches (1)
- Edward SCICLUNA
Plenary Speeches (1)
- Francisco SOSA WAGNER
Plenary Speeches (1)
- Hannes SWOBODA
Plenary Speeches (1)
- Kay SWINBURNE
Plenary Speeches (1)
- Csaba Sándor TABAJDI
Plenary Speeches (1)
- Sampo TERHO
Plenary Speeches (1)
- Marianne THYSSEN
Plenary Speeches (1)
- Ramon TREMOSA i BALCELLS
Plenary Speeches (1)
- Alejo VIDAL-QUADRAS
Plenary Speeches (1)
- Angelika WERTHMANN
Plenary Speeches (1)
- Jacek WŁOSOWICZ
Plenary Speeches (1)
- Inês Cristina ZUBER
Plenary Speeches (1)
Votes
A7-0172/2012 - Jean-Paul Gauzès - Vote unique #
Amendments | Dossier |
274 |
2011/0385(COD)
2012/02/23
EMPL
67 amendments...
Amendment 27 #
Proposal for a regulation Recital 1 (1) The unprecedented global crisis
Amendment 28 #
Proposal for a regulation Recital 1 (1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in financial, economic and social conditions and of the government deficit and debt position of the Member States, leading a number of them to seek financial assistance outside the framework of the Union.
Amendment 29 #
Proposal for a regulation Recital 1 a (new) (1 a) The economic crisis made it clear that the EU needs to pursue an alternative economic policy agenda, ensuring not only austerity measures, but also development, high quality full employment, sustainable growth and fiscal responsibility, in line with the aims and objectives of the Europe 2020 Strategy.
Amendment 30 #
Proposal for a regulation Recital 1 a (new) (1 a) The sharp deterioration in the economic and budgetary situation of the Member States has had terrible effects in terms of a sharp increase in unemployment rate throughout the Union, young people below 25 being one of the groups worst affected by the crisis. This group's unemployment rate has peaked to 20% and reaches more than 40% in many Member States. As a result, tax base has abated, economic and social costs have soared with a sharp increase in poverty and social exclusion and the loss of growth opportunities is hampering gravely the path to economic and budgetary recovery.
Amendment 31 #
Proposal for a regulation Recital 1 a (new) (1 a) Article 9 of the Treaty on the Functioning of the European Union provides that, in defining and implementing its policies and actions, the Union is to take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of education, training and protection of human health.
Amendment 32 #
Proposal for a regulation Recital 1 a (new) (1 a) All policies of the European Union have to be consistent with the Charter of Fundamental Rights, which grants both individual and collective rights to citizens. Besides, the EU and its Member States should respect the main principles of the core conventions of the International Labour Organisation, which protects the basic rights of all workers.
Amendment 33 #
Proposal for a regulation Recital 2 (2) The full consistency between the Union multilateral surveillance framework established by the Treaty and the possible policy conditions attached to this financial assistance, coupled with incentives to promote sustainable growth, employment and social progress, should be enshrined in Union law. The economic and financial integration of the Member States whose currency is the euro calls for a reinforced surveillance to prevent a contagion from a Member State experiencing difficulties with respect to its financial stability to the
Amendment 34 #
Proposal for a regulation Recital 2 (2) The full consistency between the Union multilateral surveillance framework established by the Treaty and the possible policy conditions attached to this financial assistance, coupled with incentives to promote growth, should be enshrined in Union law. The economic and financial integration of the Member States whose currency is the euro calls for a reinforced surveillance to prevent a contagion from a Member State experiencing difficulties with respect to its financial stability to the rest of the euro area.
Amendment 35 #
Proposal for a regulation Recital 2 a (new) (2 a) Notion of social governance should be added to the economic governance, including to the reinforced surveillance measures on economic policies, and also some appropriate and convergent social measures to safeguard employment.
Amendment 36 #
Proposal for a regulation Recital 3 (3) The intensity of the economic and fiscal surveillance should be commensurate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality. Any macro- economic adjustment programme shall, where possible, take into account the national reform programme of the country concerned in the context of the Europe 2020 Strategy for Growth and Jobs.
Amendment 37 #
Proposal for a regulation Recital 4 (4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view: a) to ensuring its swift return to a normal situation and to protecting the other euro area Member
Amendment 38 #
Proposal for a regulation Recital 4 (4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other euro area Member States against possible negative spill over effects. This enhanced surveillance should include a wider access to the information needed for a close monitoring of the
Amendment 39 #
Proposal for a regulation Recital 5 (5) The surveillance of the economic, fiscal, employment and
Amendment 40 #
Proposal for a regulation Recital 7 Amendment 41 #
Proposal for a regulation Recital 7 Amendment 42 #
Proposal for a regulation Recital 7 (7)
Amendment 43 #
Proposal for a regulation Recital 7 (7) A decision regarding
Amendment 44 #
Proposal for a regulation Recital 7 (7) A decision regarding the non- compliance of a Member State with its adjustment programme could also entail
Amendment 45 #
Proposal for a regulation Article 1 – paragraph 2 a (new) 2 a. The application of the regulation shall fully respect Article 152 of TFEU and the recommendations issued under this regulation shall respect national practices and institutions for wage formation. It shall take into account Article 28 of the Charter on Fundamental Rights, and accordingly shall not affect the right to negotiate, conclude and enforce collective agreements and to take collective action in accordance with national law and practices.
Amendment 46 #
Proposal for a regulation Article 1 – paragraph 2 a (new) 2 a. Application of this Regulation complies with Articles 153(3) and 152 of the Treaty on the Functioning of the European Union. Decisions taken pursuant to this Regulation shall respect the principle of subsidiarity, social dialogue, and the competences of the Member States and of management and labour in regard to wage formation and the provision of pensions. Application of this Regulation complies with the Article 28 of the Charter on Fundamental Rights of the European Union, and doesn't affect the right to negotiate, conclude or implement collective agreements, as well as the right to collective actions, with due respect to national collective bargaining practices or national law.
Amendment 47 #
Proposal for a regulation Article 2 – paragraph 1 1. The Commission may decide to make a Member State experiencing severe difficulties with regard to its financial stability subject to enhanced surveillance.
Amendment 48 #
Proposal for a regulation Article 2 – paragraph 2 a (new) 2 a. The Commission shall make every decision in accordance with paragraph 1 and 2 public.
Amendment 49 #
Proposal for a regulation Article 3 – paragraph 3 – point c a (new) (c a) communicate any up to date information needed for the close monitoring of progress towards the achievement of the EU 'growth and jobs strategy' based on the indicators developed in the Joint Assessment Framework;
Amendment 50 #
Proposal for a regulation Article 3 – paragraph 3 – point d a (new) (d a) Communicate to the European Parliament information about evolution of poverty in each Member State.
Amendment 51 #
Proposal for a regulation Article 3 – paragraph 3 – point d a (new) (d a) communicate to the European Parliament, the Commission and the national parliaments information on public investment in achieving the growth, employment and social targets of the Europe 2020 Strategy.
Amendment 52 #
Proposal for a regulation Article 3 – paragraph 3 a (new) 3 a. By no means, the Member State under surveillance shall implement the measures mentioned in paragraph 1, 2, and 3, in the detriment of social rights, but it should seek to reinforce the social and gender dimension of the single market.
Amendment 53 #
Proposal for a regulation Article 3 – paragraph 3 b (new) 3 b. While implementing the adjustment programme, the Member State under surveillance must pay full respect to the labour law and practices, the rights of collective representation and bargaining, as well as collective action, including the right to strike.
Amendment 54 #
Proposal for a regulation Article 3 – paragraph 4 4. The Commission shall conduct, in liaison with the ECB and the International Labour Organisation (ILO), regular review missions in the Member State under surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC), the Employment Committee (EMCO) and the Social Protection Committee (SPC) - or to any subcommittee the
Amendment 55 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the
Amendment 56 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 -
Amendment 57 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council, acting
Amendment 58 #
Proposal for a regulation Article 3 – paragraph 5 a (new) 5 a. When taking a decision in accordance with paragraph 5, the Commission's recommendation shall be deemed to have been adopted by the Council, unless it decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision.
Amendment 59 #
Proposal for a regulation Article 3 – paragraph 6 Amendment 60 #
Proposal for a regulation Article 3 – paragraph 6 – introductory part 6. Where a recommendation under paragraph 5 is made
Amendment 61 #
Proposal for a regulation Article 3 – paragraph 6 – introductory part 6. Where a recommendation under paragraph 5 is made
Amendment 62 #
Proposal for a regulation Article 3 – paragraph 6 – point a (a) the relevant Committees of the European Parliament may invite representatives of the Member State concerned to participate to an exchange of views;
Amendment 63 #
Proposal for a regulation Article 3 a (new) Article 3 a Sustainable recovery programme 1. A Member State under enhanced surveillance shall adopt, in close cooperation with the Commission, a sustainable recovery programme aimed at ensuring sustainability of public finances and economic recovery. 2. The sustainable recovery programme shall identify multiannual targets on public investment and social expenditure aimed at preserving the conditions for achieving the objectives of the EU growth and jobs strategy. The sustainable recovery programme shall include, taking account of structural weaknesses, specific priority programmes and projects to be implemented in order to stabilise aggregated demand. 3. The sustainable recovery programme shall include any actions foreseen to mobilize EU resources related to the following instruments: - The European Globalisation Adjustment Fund, - The Structural Funds, - EU Project Bonds, - The Horizon 2020 Framework Programme. 4. The sustainable recovery programme shall be annexed to the documents to be communicated to the Commission in accordance with Article 3, paragraph 3.
Amendment 64 #
Proposal for a regulation Article 4 A Member State wishing to obtain financial assistance from one or several other States, the EFSF, the ESM, the International Monetary Fund (IMF) or another institution outside of the Union framework shall immediately inform the European Parliament, the Council, the Commission and the ECB of its intention. The EFC, or any subcommittee the latter may designate for that purpose, shall hold a discussion on this envisaged request, after having received an assessment from the Commission.
Amendment 65 #
Proposal for a regulation Article 5 Where financial assistance is sought from the EFSF or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of
Amendment 66 #
Proposal for a regulation Article 5 Where financial assistance is sought from the EFSF or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of the sustainability of the government debt of the Member State concerned, including the Member State's ability to repay the envisaged financial assistance while still achieving its targets in regard to growth and poverty levels of the Union and employment strategy, and forward it to the EFC, the EMCO and the SPC or to any subcommittee the
Amendment 67 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission
Amendment 68 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB and the International Labour Organisation (ILO) - a draft adjustment programme aimed at re-
Amendment 69 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable economic, social and financial situation and restoring its capacity to finance itself fully on the financial markets. All adjustment programme must be set for a realistic time line (medium and long term), taking into account that adjustment programmes must neither be too abrupt nor too fast otherwise they will undermine economic and job recovery, aggravating even more the economic and social impact of the crisis. The draft adjustment programme shall take due account of the current recommendations
Amendment 70 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State requesting or receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re-
Amendment 71 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable and employment promoting economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures.
Amendment 72 #
Proposal for a regulation Article 6 – paragraph 1 a (new) 1 a. A Member State under a macroeconomic adjustment programme shall, in close coordination with the Commission, adopt a sustainable recovery programme identifying multi-annual targets on public investment and social expenditure aimed at preserving the conditions for achieving the objectives of the EU growth and jobs strategy. The sustainable recovery programme shall identify and select a number of specific priority programmes and projects aimed at stabilising aggregated demand, enhancing sustainable growth and addressing structural weaknesses of the Member State. The sustainable recovery programme shall also specify plans for frontloading and mobilising financial resources including, EIB loans as well as EU financial instruments. The sustainable recovery programme report shall be integrated in the adjustment programmes and shall be updated on a yearly basis.
Amendment 73 #
Proposal for a regulation Article 6 – paragraph 2 2. The Council, acting
Amendment 74 #
Proposal for a regulation Article 6 – paragraph 2 2. The
Amendment 75 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB and the ILO, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC or any subcommittee the latter may designate for that purpose as well as the European Parliament and the Parliament of the Member State concerned . The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 76 #
Proposal for a regulation 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
Amendment 77 #
Proposal for a regulation 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
Amendment 78 #
Proposal for a regulation Article 6 – paragraph 4 4. The Commission - in liaison with the ECB and the ILO - 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.
Amendment 79 #
Proposal for a regulation Article 6 – paragraph 5 5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the Council, acting
Amendment 80 #
Proposal for a regulation Article 6 – paragraph 5 5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the
Amendment 81 #
Proposal for a regulation Article 6 – paragraph 7 Amendment 82 #
Proposal for a regulation Article 6 – paragraph 7 7. The relevant Committees of the European Parliament may invite representatives of the Member State concerned to participate to an exchange of views on the progress made in the implementation of the adjustment programme.
Amendment 83 #
Proposal for a regulation Article 6 – paragraph 8 Amendment 84 #
Proposal for a regulation Article 6 a (new) Article 6 a Economic Dialogue 1. In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committee of the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before the committee to discuss the recommendations and decisions taken pursuant to this Regulation. 2. The competent committee of the European Parliament may offer the opportunity to participate in an exchange of views to the Member State which is the subject of a Council recommendation or decision under this Regulation. 3. Representatives of the Commission may be invited to participate to an exchange of views by the Parliament of the Member State, which is the subject of a Council recommendation or decision under this Regulation. 4. The Council and the Commission shall regularly inform the European Parliament of the results of the application of this Regulation.
Amendment 85 #
Proposal for a regulation Article 9 Amendment 86 #
Proposal for a regulation Article 10 a (new) Article 10 a Compatibility with Article 28 of the Charter of Fundamental Rights of the European Union and the right to work This Regulation takes into account Article 28 of the Charter of Fundamental Rights of the European Union, and accordingly does not affect the right to negotiate, conclude or enforce collective agreements or to take collective action in accordance with national law and practices. This Regulation shall also not afftect the right to work.
Amendment 87 #
Proposal for a regulation Article 10 a (new) Article 10 a Compatibility with the right to negotiate and to take industrial action In accordance with EU law and with national laws and practices, macro- economic adjustment programmes in the context of this Regulation shall not interfere with the right of workers and of employers, or of their respective bodies, to negotiate and sign collective agreements at the appropriate levels and to defend these agreements to take collective actions, including strike actions.
Amendment 88 #
Proposal for a regulation Article 10 a (new) Article 10 a Compatibility with the Union's growth and employment targets The implementation of macro-economic adjustment programmes in the context of this Regulation shall not constitute grounds for a Member State to fail to meet its obligations in regard to growth in the Union and the employment strategy, nor for the Union to fail to meet or for it to neglect its general obligation under Article 9 of the Treaty on the Functioning of the European Union to promote a high level of employment, guarantee adequate social protection and fight social exclusion.
Amendment 89 #
Proposal for a regulation 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
Amendment 90 #
Proposal for a regulation Article 11 – paragraph 3 3. The Commission shall conduct, in liaison with the ECB and the ILO, regular review missions in the Member State under post programme surveillance to assess its economic, fiscal and financial situation. It shall communicate every semester its findings to the EFC or to any subcommittee the latter may designate for that purpose and assess notably whether corrective measures are needed.
Amendment 91 #
Proposal for a regulation Article 11 – paragraph 4 4. The Council, acting
Amendment 92 #
Proposal for a regulation Article 12 – paragraph 1 For the measures referred to in
source: PE-483.682
2012/03/13
ECON
207 amendments...
Amendment 100 #
Proposal for a regulation Article 2 – paragraph 1 1. The Commission may decide to make a Member State experiencing se
Amendment 101 #
Proposal for a regulation Article 2 – paragraph 1 1. The Commission
Amendment 102 #
Proposal for a regulation Article 2 – paragraph 1 1. The Commission may decide
Amendment 103 #
Proposal for a regulation Article 2 – paragraph 1 1.
Amendment 104 #
Proposal for a regulation Article 2 – paragraph 1 1. The Commission may decide
Amendment 105 #
Proposal for a regulation Article 2 – paragraph 1 a (new) 1a. Where the Commission decides to put a Member State under enhanced surveillance it shall duly notify the ESRB and, where relevant, inform them of the results of the enhanced surveillance.
Amendment 106 #
Proposal for a regulation Article 2 – paragraph 2 2. The Commission shall decide to make a Member State receiving a financial assistance
Amendment 107 #
Proposal for a regulation Article 2 – paragraph 2 2. The Commission shall decide to make a Member State requesting or 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 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, the EFSM, ESM or of any other relevant International Financial Institution.
Amendment 108 #
Proposal for a regulation Article 2 – paragraph 2 2. The Commission shall decide to make a Member State requesting access to or 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 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. The decision shall be deemed to be adopted by the Council unless it decides, by qualified majority, to reject the Commission's recommendation within 10 days of the Commission's adoption thereof.
Amendment 109 #
Proposal for a regulation 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 110 #
Proposal for a regulation Article 2 – paragraph 2 a (new) 2a. The Commission shall make every decision taken in accordance with paragraphs 1 and 2 public.
Amendment 111 #
Proposal for a regulation Article 2 – paragraph 3 Amendment 112 #
Proposal for a regulation Article 2 – paragraph 3 3.
Amendment 113 #
Proposal for a regulation Article 2 – paragraph 3 a (new) 3a. The Commission shall consult organisations representing the economic and the social partners as well as civil society organisations regarding the recommendation.
Amendment 114 #
Proposal for a regulation Article 2 – paragraph 3 a (new) 3a. Placing a Member State under enhanced surveillance would entail the other Member States and the euro area institutions placing it under a system of strengthened economic and budgetary cooperation.
Amendment 115 #
Proposal for a regulation Article 3 – paragraph 1 1. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB) where appropriate, adopt measures aimed at addressing the sources or potential sources of difficulties taking into account any recommendations addressed to them under Regulations (EU) No 1466/97, 1467/97 and 1176/2011 and in their National Reform Programmes and Stability and Convergence Programmes.
Amendment 116 #
Proposal for a regulation Article 3 – paragraph 1 1. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB), the ESA(s) and the ESRB adopt measures aimed at addressing the sources or potential sources of difficulties. The measures adopted shall be reported to the Euro working group, the Economic and Financial Committee (EFC) and the relevant committee of the European Parliament and the national parliament concerned.
Amendment 117 #
Proposal for a regulation Article 3 – paragraph 1 1. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB), adopt measures aimed at addressing the sources or potential sources of difficulties. Before the Member State adopts the measures referred to in the first subparagraph, the Commission shall consult the social partners with the aim of contributing to a balanced and realistic set of recommendations.
Amendment 118 #
Proposal for a regulation Article 3 – paragraph 1 a (new) 1a. The Commission shall systematically look at potential negative spill over effects generated by other Member States. Where negative spill-over effects generated by other Member States have been identified by the Commission in the framework of surveillance procedures and reports established in Articles 2 to 10 of Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances, as well as on the basis of the report referred to in point (a) of Article 3(3) of this Regulation, the Council, on a recommendation from the Commission, shall address, in accordance with the procedure laid down in Article 121(2) TFEU the necessary recommendations to the Member States having been identified as being at the origin of negative spill-over effects.
Amendment 119 #
Proposal for a regulation Article 3 – paragraph -1 (new) -1. The Commission shall, before the Member State adopts the measures, consult the social partners and enter into an intense dialogue with them, with the aim of contributing to a balanced and realistic set of recommendations.
Amendment 120 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 121 #
Proposal for a regulation Article 3 – paragraph 3 – introductory part 3.
Amendment 122 #
Proposal for a regulation Article 3 – paragraph 3 – introductory part 3. On a request from the Co
Amendment 123 #
Proposal for a regulation Article 3 – paragraph 3 – introductory part 3. On the basis of a request from the Commission and with the timeframes there set out, the Member State under enhanced surveillance shall, in accordance with Article 2(1):
Amendment 124 #
Proposal for a regulation Article 3 – paragraph 3 – point a Amendment 125 #
Proposal for a regulation Article 3 – paragraph 3 – point a (a) communicate to the Commission, the ECB and the E
Amendment 126 #
Proposal for a regulation Article 3 – paragraph 3 – point a a (new) (aa) communicate any information needed for the monitoring of macroeconomic imbalances established by Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances;
Amendment 127 #
Proposal for a regulation Article 3 – paragraph 3 – point a b (new) (ab) communicate to the Commission, the ECB and the relevant ESA at the requested frequency disaggregated information on the financial situation of the financial institutions which are under the surveillance of its national supervisors;
Amendment 128 #
Proposal for a regulation Article 3 – paragraph 3 – point b Amendment 129 #
Proposal for a regulation Article 3 – paragraph 3 – point b (b) carry out, under the supervision of the
Amendment 130 #
Proposal for a regulation Article 3 – paragraph 3 – point c Amendment 131 #
Proposal for a regulation Article 3 – paragraph 3 – point c (c) be subject to regular assessments of its supervisory capacities over the banking sector in the framework of specific peer review carried out by the
Amendment 132 #
Proposal for a regulation Article 3 – paragraph 3 – point d Amendment 133 #
Proposal for a regulation Article 3 – paragraph 3 – point d (d) communicate any information needed for the monitoring of macro-imbalances
Amendment 134 #
Proposal for a regulation Article 3 – paragraph 3 a (new) 3a. On the basis of a request from the Commission and with the timeframes there set out, the Member State under enhanced surveillance according to Article 2(2) shall: (a) carry out, under the supervision of the European Banking Authority, stress test exercises or sensitivity analyses as necessary to assess the resilience of the banking sector to various macroeconomic and financial shocks, as specified by the Commission and the ECB, and share the detailed results with them; (b) be subject to regular assessments of its supervisory capacities over the financial sector in the framework of specific peer review carried out by the ESAs; Member States receiving financial support for recapitalising financial institutions shall in addition report on the conditionality imposed on these financial institutions, including executive remuneration and real economy credit conditions. (c) precisely identify the investment component as well as the budgetary consequences of economic reforms agreed in the National Reform Programmes as well as any deviations from the National Reform Programmes and EU country- specific policy recommendations on a multiannual basis. Any deviations shall be duly explained.
Amendment 135 #
Proposal for a regulation Article 3 – paragraph 3 b (new) 3b. For Member States placed under enhanced surveillance and where an excessive deficit exists, the closer monitoring of the fiscal situation laid down in Article 7(2), (3) and (6), of Regulation (EU) No .../2012 of the European Parliament and of the Council of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area]shall continue to apply. The report referred to in paragraph 3 of this Article shall be submitted on a quarterly basis.
Amendment 136 #
Proposal for a regulation Article 3 – paragraph 4 4. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC) - or to any subcommittee the latter may designate for that purpose - and to the competent committee of the European Parliament and assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No
Amendment 137 #
Proposal for a regulation Article 3 – paragraph 4 4. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC) - or to any subcommittee the latter may designate for that purpose - as well as to the competent committee of the European Parliament - and assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No 1467/97.
Amendment 138 #
Proposal for a regulation Article 3 – paragraph 4 4. The Commission shall conduct, in liaison with the ECB and the ESA(s), regular review missions in the Member State under
Amendment 139 #
Proposal for a regulation Article 3 – paragraph 4 4. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under enhanced surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC) - or to any subcommittee the latter may designate for that purpose - and assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No 1467/97.
Amendment 140 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and 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. Th
Amendment 141 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed
Amendment 142 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, on a proposal from the Commission, the Council, acting by qualified majority
Amendment 143 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area,
Amendment 144 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial and economic situation of the Member State concerned has significant adverse effects on the
Amendment 145 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council
Amendment 146 #
Proposal for a regulation Article 3 – paragraph 5 5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council, acting
Amendment 147 #
Proposal for a regulation Article 3 – paragraph 5 – subparagraph 1a (new) Where a Member State seeks financial assistance from the ESM, the other Member States shall ensure that a decision on the application is promptly taken.
Amendment 148 #
Proposal for a regulation Article 3 – paragraph 5 a (new) 5a. When taking a decision in accordance with paragraph 5, the Commission's proposal shall be deemed to have been adopted by the Council, unless the Council decides, by qualified majority, to reject the recommendation within 10 days of its adoption by the Commission. The Member State concerned may request that a meeting of the Council be convened within that period to take a vote on the decision.
Amendment 149 #
Proposal for a regulation Article 3 – paragraph 6 – point a (a) the relevant Committee of the European Parliament may invite representatives of the Member State and the respective national parliament concerned to participate to an exchange of views in the framework of the European Semester;
Amendment 150 #
Proposal for a regulation Article 3 – paragraph 6 – point a (a) the
Amendment 151 #
Proposal for a regulation Article 3 – paragraph 6 – point a (a) the relevant Committee of the European
Amendment 152 #
Proposal for a regulation Article 3 – paragraph 6 – point b (b) representatives of the Commission may be invited by the parliament of the Member State concerned to participate to an exchange of views. Whenever the representatives of the Commission are invited for such exchange of views the Commission shall prepare for that purpose a summary and a compilation of all relevant public reports on economic and budgetary surveillance relating to the Member State. The summary and the compilation shall be forwarded to the parliament of the Member State before the exchange of views.
Amendment 153 #
Proposal for a regulation Article 3 – paragraph 6 – point b (b)
Amendment 154 #
Proposal for a regulation Article 3 – paragraph 6 – point b a (new) (ba) the Commission shall inform in due time the relevant committee of the European Parliament on the content of the recommendation.
Amendment 155 #
Proposal for a regulation Article 3 – paragraph 6 a (new) 6a. During the whole process, the relevant committee of the European Parliament and the respective national parliament may invite representatives of the IMF, the ECB and the Commission to participate in an economic dialogue on important issues.
Amendment 156 #
Proposal for a regulation Article 4 – paragraph 1 A Member State
Amendment 157 #
Proposal for a regulation Article 4 – paragraph 1 A Member State
Amendment 158 #
Proposal for a regulation Article 4 – paragraph 1 A Member State wishing to obtain financial assistance from one or several other States, the EFSF, the ESM, the International Monetary Fund (IMF) or another institution outside of the Union framework shall immediately inform the Council, the Commission, the European Parliament and the ECB of its intention. The competent committee of the European Parliament together with the EFC, or any subcommittee the latter may designate for that purpose, shall hold a discussion on this envisaged request, after having received an assessment from the Commission.
Amendment 159 #
Proposal for a regulation Article 4 – paragraph 1 A Member State wishing to obtain financial assistance from one or several other States, the EFSF, the ESM, the International Monetary Fund (IMF) or
Amendment 160 #
Proposal for a regulation Article 5 – paragraph 1 Where financial assistance is sought from the EFSF, the EFSM or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible and appropriate, the IMF - an analysis of the sustainability of the government debt and the actual or potential financing needs of the Member State concerned, including the Member State's ability to repay the envisaged financial assistance, and forward it to the Euro Working Group, EFC or to any subcommittee the latter may designate for that purpose
Amendment 161 #
Proposal for a regulation Article 5 – paragraph 1 Where financial assistance is sought from the EFSF or the ESM, the Commission shall prepare – in liaison with the ECB
Amendment 162 #
Proposal for a regulation Article 5 – paragraph 1 Where financial assistance is sought from the EFSF or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of the sustainability of the government debt of the Member State concerned, including the Member State's ability to repay the envisaged financial assistance as part of an equivalent, commensurate effort within the euro area, and forward it to the EFC or to any subcommittee the latter may designate for that purpose.
Amendment 163 #
Proposal for a regulation Article 5 – paragraph 1 Where financial assistance is sought from the EFSF, the EFSM or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of the sustainability of the government debt of the Member State concerned, including the Member State's ability to repay the envisaged financial assistance, and forward it to the EFC or to any subcommittee the latter may designate for that purpose.
Amendment 164 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall pre
Amendment 165 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures. The adjustment programme shall strictly respect the diversity of wage formation and industrial relation systems in the Union and shall not encroach upon the domain of private or public sector wage formation.
Amendment 166 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures. Any macroeconomic adjustment programme shall, where possible, take into account the national reform programme of the Member State concerned in the context of the Europe 2020 Strategy for Growth and Jobs.
Amendment 167 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State re
Amendment 168 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re- establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required
Amendment 169 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State requesting or receiving financial assistance from one or several other States, the IMF, the EFSF, the EFSM or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programme aimed at re-
Amendment 170 #
Proposal for a regulation Article 6 – paragraph 1 1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in
Amendment 171 #
Proposal for a regulation Article 6 – paragraph 1 a (new) 1a. Member States shall include in their draft macroeconomic adjustment programmes an updated and detailed description of projected multiannual expenditure targets relating to the achievement of the objectives embedded in the EU 2020 jobs and growth strategy including social expenditure and public investments. The detailed description referred to above shall duly explain differences of projected expenditure from the most recent Stability Programmes. A social impact assessment of the consolidation measures foreseen shall be carried out by the Member State in close cooperation with the Commission and shall be annexed to the draft macroeconomic adjustment programmes. This impact assessment shall specifically address the underlying methodology (economic models and assumptions) and employment, social protection and distribution implications of each adjustment measure.
Amendment 172 #
Proposal for a regulation Article 6 – paragraph 1 b (new) Amendment 173 #
Proposal for a regulation Article 6 – paragraph 1 c (new) 1c. The draft macroeconomic adjustment programme shall be adopted prior to any Memorandum of Understanding, programme or technical agreement concluded with relevant parties providing financial assistance. The Commission and the Member State shall ensure and duly justify the policy consistency between the different relevant documents relating to the financial assistance and the updated versions of the macroeconomic adjustment programme as well as consistency with the broad economic and employment policy guidelines and requirements and commitments embedded in the different instruments referred to in Article 1a of Regulation (EC) No 1467/97.
Amendment 174 #
Proposal for a regulation Article 6 – paragraph 1 d (new) 1d. By derogation from paragraph 1c, for Member States already under financial assistance programme at the entry into force of this Regulation the macroeconomic adjustment programme shall be adopted on an ex post basis in accordance with paragraphs 1a, 1b and paragraphs 2 to 8b. 1e. The macroeconomic adjustment programme shall amend, whenever appropriate National Reform Programmes and shall integrate monitoring requirements referred to in Article 5(3) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area].
Amendment 175 #
Proposal for a regulation Article 6 – paragraph 2 2.
Amendment 176 #
Proposal for a regulation Article 6 – paragraph 2 2. The Co
Amendment 177 #
Proposal for a regulation Article 6 – paragraph 2 2. The Co
Amendment 178 #
Proposal for a regulation Article 6 – paragraph 2 2. The Council, acting
Amendment 179 #
Proposal for a regulation Article 6 – paragraph 2 2. The Council, acting by qualified majority on a proposal from the Commission, and after consulting the European Parliament, shall approve the adjustment programme.
Amendment 180 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2a. There should be consistency in the process of economic and fiscal surveillance with respect to a euro area country under macroeconomic adjustment programme to avoid a duplication of reporting obligations.
Amendment 181 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC or any subcommittee the latter may designate for that purpose and the competent committee of the European Parliament. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply. In the case of insufficient cooperation, the Council, on a proposal from the Commission, may address a public request to the Member State concerned laying down the action to be taken by that Member State.
Amendment 182 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC, the EMCO and the Euro Working Group or any subcommittee the latter
Amendment 183 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the competent committee of the European Parliament as well as the EFC or any subcommittee the latter may designate for that purpose. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 184 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the competent committee of the European Parliament as well as the EFC or any subcommittee the latter may designate for that purpose. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 185 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC or any subcommittee the latter may designate for that purpose, and the competent committee of the European Parliament. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 186 #
Proposal for a regulation Article 6 – paragraph 3 3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the EFC or any subcommittee the latter may designate for that purpose as well as the European Parliament and the relevant parliamentary committee it designates for that purpose. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 187 #
Proposal for a regulation 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
Amendment 188 #
Proposal for a regulation Article 6 – paragraph 4 4. The Commission - in liaison with the ECB and whenever appropriate the IMF, - shall examine with the Member State concerned the changes and updates that may be needed to its adjustment programme in order to take proper account of inter alia any significant gap between macroeconomic forecasts and realized figures, negative spill-over effects as well as macroeconomic and financial shocks. The Council, acting by
Amendment 189 #
Proposal for a regulation 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,
Amendment 190 #
Proposal for a regulation Article 6 – paragraph 4 4. The Commission - in liaison with the ECB
Amendment 191 #
Proposal for a regulation 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.
Amendment 192 #
Proposal for a regulation 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,
Amendment 193 #
Proposal for a regulation Article 6 – paragraph 4 a (new) 4a. A Member State for which an adjustment programme has been approved shall undertake, in close cooperation with the Commission, to encourage private investors to maintain their overall exposure on a voluntary basis.
Amendment 194 #
Proposal for a regulation Article 6 – paragraph 5 5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the Council, acting
Amendment 195 #
Proposal for a regulation Article 6 – paragraph 5 5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the Council, acting by qualified majority on a proposal from the Commission, may decide that the Member State concerned does not comply with the policy requirements contained in the adjustment provided that the significant deviation is not mainly due to exogenous shocks or negative spill over effects out of the control of the concerned Member State. In case of non compliance the Council, acting by qualified majority on a proposal from the Commission, shall decide on any change to be made to the macroeconomic adjustment programme. The Commission proposal shall fully state the reasons of non compliance and the necessity and proportionality of the changes made to the macroeconomic adjustment programme.
Amendment 196 #
Proposal for a regulation Article 6 – paragraph 5 5. If the monitoring referred to in paragraph 3 highlights significant deviations from the macro-economic adjustment programme, the Council, acting by qualified majority on a proposal from the Commission, and after consulting the European Parliament, may decide that the Member State concerned does not comply with the policy requirements contained in the adjustment programme.
Amendment 197 #
Proposal for a regulation Article 6 – paragraph 5 a (new) 5a. The macroeconomic adjustment programme shall in particular outline precautionary measures and contingency plans to be adopted in case of unforeseen developments such as exogenous shocks including inter alia revenue and expenditure side measures as well as access to precautionary credit lines.
Amendment 198 #
Proposal for a regulation Article 6 – paragraph 5 a (new) 5a. The macroeconomic adjustment programme´s fiscal consolidation efforts shall exempt expenditure for basic education and basic health care, since the former is a crucial pillar of future economic growth and the latter a crucial pillar for social cohesion.
Amendment 199 #
Proposal for a regulation Article 6 – paragraph 6 6. A Member State subject to a
Amendment 200 #
Proposal for a regulation Article 6 – paragraph 6 a (new) 6a. A Member State subject to a macro- economic adjustment programme shall carry out a comprehensive audit of its outstanding stock of debt in order to inter alia carry out an assessment of the reasons having led to the building up of excessive levels of debt as well as any irregularity involved in the debt issuance process.
Amendment 201 #
Proposal for a regulation Article 6 – paragraph 6 a (new) 6a. The macroeconomic adjustment programme and the accompanying social impact assessment shall be made public and shall be updated on an annual basis.
Amendment 202 #
Proposal for a regulation Article 6 – paragraph 7 7. The
Amendment 203 #
Proposal for a regulation Article 6 – paragraph 7 7. The relevant Committee of the European Parliament may invite representatives of the Member State concerned and the Commission to participate to an exchange of views on the progress made in the implementation of the adjustment programme.
Amendment 204 #
Proposal for a regulation Article 6 – paragraph 8 8.
Amendment 205 #
Proposal for a regulation Article 6 – paragraph 8 a (new) 8a. The relevant committee of the European Parliament may invite representatives of the Commission to participate to an exchange of views on the terms of the adjustment programme.
Amendment 206 #
Proposal for a regulation Article 6 – paragraph 8 a (new) 8a. The assessment of the sustainability of the government debt shall be annexed to the macroeconomic adjustment programmes.
Amendment 207 #
Proposal for a regulation Article 6 a (new) Article 6a Economic Dialogue 1. In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committee of the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before the committee to discuss the recommendations and decisions taken pursuant to this Regulation. 2. The competent committee of the European Parliament may offer the opportunity to participate in an exchange of views to the Member State which is the subject of a Council recommendation or decision under this Regulation. 3. Representatives of the Commission may be invited to participate to an exchange of views by the Parliament of the Member State, which is the subject of a Council recommendation or decision under this Regulation. 4. The Council and the Commission shall regularly inform the European Parliament of the results of the application of this Regulation.
Amendment 208 #
Proposal for a regulation Article 6 a (new) Article 6a Measures to safeguard the tax revenues 1. The Member State concerned shall take, in accordance with Article 65 TFEU and in close cooperation with the Commission and in liaison with the ECB, measures aimed at preventing infringements of national law and regulations in particular in the field of taxation. 2. The Member State concerned shall request the Commission to make a proposal to the Council, in accordance with Article 66 TFEU, to take safeguard measures regarding movements of capital to or from third countries causing, or threatening to cause, serious difficulties for the operation of the economic and monetary union. The Commission shall consult the ECB.
Amendment 209 #
Proposal for a regulation Article 6 a (new) Article 6a Involvement of social partners and civil society Organisations representing the economic and the social partners as well as civil society organisations shall be given the possibility to express their views on Commission's public recommendations and opinions referred to in this Regulation as well as on Member States reports and draft reports foreseen in Articles 2 to 7 of this Regulation. These views and opinions shall be made publicly accessible. At the invitation of the national parliament or of the European Parliament, non-governmental parties which engage in the review and critique of macroeconomic targets and measures for fiscal consolidation may propose alternative measures for compliance with targets and submit them to the executive and the bodies vested with responsibility for monitoring and surveillance for consideration.
Amendment 210 #
Proposal for a regulation Article 6 a (new) Article 6a Involvement of the social partners and civil society Organisations representing the economic and the social partners as well as of civil society organisations shall be consulted on Commission's public recommendations and opinions referred to in this Regulation as well as on Member States reports and draft reports provided for in Articles 2 to 7 of this Regulation.
Amendment 211 #
Proposal for a regulation Article 6 b (new) Amendment 212 #
Proposal for a regulation Article 6 a (new) Article 6a. Accompanying package 1. The Commission, acting in conjunction with the ECB and the euro area Member States, shall draw up a package of economic and monetary measures to support the development of the adjustment programme. These measures shall aim to sustain lending activity, combat capital flight and tax evasion, correct macro- economic imbalances, provide a favourable context for the development of EU programmes and attain the Europe 2020 strategy objectives. 2. The Commission shall be empowered to adopt the accompanying package under the delegated acts procedure. 3. The Commission, in conjunction with the ECB, shall monitor the progress made in the implementation of the accompanying package and report every three months to the EFC or any subcommittee the latter designates for that purpose as well as to the European Parliament and the parliamentary committee it designates for that purpose.
Amendment 213 #
Proposal for a regulation Article 6 c (new) Article 6c Appeals procedure An appeals procedure at the Union level shall be established for all Member States which are subject to a macroeconomic adjustment programme. That procedure shall enable individuals as well as organisations from the Member State concerned to launch appeals on the implementation and results of measures of the macroeconomic adjustment programme.
Amendment 214 #
Proposal for a regulation Article 7 – paragraph 1 1. The adjustment programme and the changes thereto provided for by Article 6 of this Regulation shall
Amendment 215 #
Proposal for a regulation Article 7 – paragraph 2 – point a (a) The adjustment programme provided for by Article 6 of this Regulation shall also
Amendment 216 #
Proposal for a regulation Article 7 – paragraph 2 – point a (a) The macroeconomic adjustment programme provided for by Article 6 of this Regulation shall also be deemed to replace as appropriate the reports provided for by Article 3(4a) and Article 5(1a) of Council Regulation (EC) No 1467/97;
Amendment 217 #
Proposal for a regulation Article 7 – paragraph 2 – point b (b) The annual budgetary targets in the adjustment programme provided for by Article 6(3) of this Regulation
Amendment 218 #
Proposal for a regulation Article 7 – paragraph 2 – point c (c) The monitoring provided for by Article 6(3) of this Regulation shall
Amendment 219 #
Proposal for a regulation Article 8 – paragraph 1 The implementation of Regulation (EU) No
Amendment 220 #
Proposal for a regulation Article 8 – paragraph 1 a (new) The suspension shall be applicable for the duration of the macroeconomic adjustment programme.
Amendment 221 #
Proposal for a regulation Article 9 – paragraph 1 The monitoring provided for by Article 6(3) of this Regulation shall be deemed to replace the monitoring and assessment of
Amendment 222 #
Proposal for a regulation Article 9 – paragraph 1 The monitoring provided for by Article 6(3) of this Regulation shall
Amendment 223 #
Proposal for a regulation Article 10 Amendment 224 #
Proposal for a regulation Article 10 – paragraph 1 The implementation of Regulation (EU) No XXX on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area shall be suspended for the Member States subject to a macro- economic adjustment programme approved
Amendment 225 #
Proposal for a regulation Article 10 – paragraph 1 The implementation of Regulation (EU) No XXX on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area shall be suspended with the exception of Articles 5 and 6 for the Member States subject to a macro- economic adjustment programme approved by the Council in accordance with Article 6(2) of this Regulation. This suspension shall be applicable for the duration of the macro-economic adjustment programme.
Amendment 226 #
Proposal for a regulation Article 10 a (new) Amendment 227 #
Proposal for a regulation Article 10 a (new) Article 10a Placement of a Member State under legal protection Where a Member State considers that it is at risk of failure to pay its financial commitments that Member State may request to the Commission to be placed under legal protection for a limited period of time to be determined by the Commission. On a proposal from the Commission, the Council, acting by qualified majority and with the consent of the European Parliament may grant such legal protection. A decision placing a Member State under legal protection shall have the following effects: - 'close-out netting' or 'credit event' provisions become inoperative, - the loan interest rates applied are maintained and new loans to the Member State, with the exception of financial assistance referred to in Article 1(1), are to be reimbursed as a priority, - the creditors of the Member State concerned make themselves known to the Commission within two months from the publication of the decision placing the Member State concerned under legal protection in the Official Journal of the European Union; failure to do so results in their debt being extinguished, - the authorities of the Member State concerned implement the measures recommended in the technical assistance provided for in Article 6(6) and submit to the Commission a recovery and debt settlement plan for approval.
Amendment 228 #
Proposal for a regulation Article 10 a (new) Article 10a Member State measures 1. Where the Council takes a decision under Article 6(5), the Member State concerned shall, in close cooperation with the Commission and in liaison with the ECB, take measures aimed at avoiding market turmoil and preserving the good functioning of its financial sector. 2. Possible measures of liability management by the Member State concerned shall be fully in line with IMF practice.
Amendment 229 #
Proposal for a regulation Article 10 a (new) Article 10a Withdrawal from the euro area Where a Member State whose currency is the euro is unwilling to surrender its budgetary sovereignty, it shall be given the option of leaving the euro area. The Commission and the Eurogroup - acting in liaison with the ECB - shall assist the Member State concerned with practical steps to make a withdrawal from the euro area feasible and as smooth as possible.
Amendment 230 #
Proposal for a regulation Article 11 – paragraph 1 Amendment 231 #
Proposal for a regulation 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
Amendment 232 #
Proposal for a regulation 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
Amendment 233 #
Proposal for a regulation 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 Co
Amendment 234 #
Proposal for a regulation Article 11 – paragraph 1 a (new) 1a. The post-programme surveillance specified in this article shall not apply to the Member States that are already under such surveillance by the time when this Regulation enters into force.
Amendment 235 #
Proposal for a regulation Article 11 – paragraph 3 3. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under post programme surveillance to assess its economic, fiscal and financial situation. It shall communicate every semester its findings to the EFC or to any subcommittee the latter may designate for that purpose as well as to the national parliament and the relevant committee of the European Parliament and assess notably whether corrective measures are needed.
Amendment 236 #
Proposal for a regulation Article 11 – paragraph 3 3. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under post programme surveillance to assess its economic, fiscal and financial situation. It shall communicate every semester its
Amendment 237 #
Proposal for a regulation Article 11 – paragraph 3 a (new) 3a. The Commission shall define with relevant parties providing financial assistance a performance mechanism aiming at proposing positive financial incentives for Member States under programme surveillance which have fulfilled the commitments and requirements referred to in Article 6.
Amendment 238 #
Proposal for a regulation Article 11 – paragraph 3 a (new) 3a. The competent committee of the European Parliament may offer the opportunity to the Member State concerned and representatives of the Commission to participate to an exchange of views on the progress made under post- programme surveillance.
Amendment 239 #
Proposal for a regulation Article 11 – paragraph 4 4. The
Amendment 240 #
Proposal for a regulation Article 11 – paragraph 4 4. The Council, acting
Amendment 241 #
Proposal for a regulation Article 11 – paragraph 4 4. The Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State under post programme surveillance to adopt corrective measures. The competent committee of the European Parliament may invite the Member State to an exchange of views on post programme recommendations.
Amendment 242 #
Proposal for a regulation Article 11 – paragraph 4 4.
Amendment 243 #
Proposal for a regulation Article 11 – paragraph 4 a (new) 4a. The competent committee of the European Parliament may invite the Member State concerned to participate to an exchange of views on the progress made under post-programme surveillance.
Amendment 244 #
Proposal for a regulation Article 11 – paragraph 4 b (new) 4b. The parliament of the Member State concerned may invite the Commission to participate in an exchange of views on the post-programme monitoring.
Amendment 245 #
Proposal for a regulation Article 12 – paragraph 1 For the measures referred to in
Amendment 246 #
Proposal for a regulation Article 12 – paragraph 1 For the measures referred to in Articles 1(1), 1(2), 2(1), 3, 6(2), 6(4), 10a and 11(4), only members of the Council representing Member States whose currency is the euro shall vote and the Council shall act without taking into account the vote of the member of the Council representing the Member State concerned.
Amendment 247 #
Proposal for a regulation Article 13 Amendment 248 #
Proposal for a regulation Article 13 a (new) Article 13a Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Article 6a shall be conferred on the Commission for period of three years from the date of entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period. 3. The delegation of powers referred to in Article 5 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 6a shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2 months at the initiative of the European Parliament or the Council.
Amendment 249 #
Proposal for a regulation 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.
Amendment 250 #
Proposal for a regulation Article 13 a (new) Article 13a The Council and the Commission shall regularly inform the European Parliament of the application of this Regulation.
Amendment 251 #
Proposal for a regulation Article 13 b (new) Article 13b Commission report on representation in international financial institutions Before 31 December 2012 and in accordance with Article 138(2) TFEU, the Commission shall submit a proposal to the Council to adopt appropriate measures to ensure unified representation within the international financial institutions and conferences and in particular the IMF. The Council shall act after consulting the European Central Bank.
Amendment 252 #
Proposal for a regulation Article 13 b (new) Article 13b Transitional provisions This Regulation shall apply to the Member States that are already subject to programme assistance at the time of the entry into force of this Regulation.
Amendment 253 #
Proposal for a regulation Article 13 c (new) Amendment 49 #
Proposal for a regulation Recital 1 (1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance
Amendment 50 #
Proposal for a regulation Recital 1 (1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance
Amendment 51 #
Proposal for a regulation Recital 1 (1) The unprecedented global crisis that has hit the world
Amendment 52 #
Proposal for a regulation Recital 1 (1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance within and outside the framework of the Union.
Amendment 53 #
Proposal for a regulation Recital 2 (2) The full consistency between the Union multilateral surveillance framework established by the Treaty and the possible policy conditions attached to this financial assistance should be enshrined in Union law. The economic and financial integration of the Member States whose currency is the euro calls for a reinforced surveillance to prevent a contagion from a Member State experiencing difficulties with respect to its financial stability to the rest of the euro area and more broadly to the Union as a whole.
Amendment 54 #
Proposal for a regulation Recital 2 (2) The full consistency between the Union multilateral surveillance framework established by the Treaty and the possible policy conditions attached to this financial assistance should be enshrined in Union law. The economic and financial integration of
Amendment 55 #
Proposal for a regulation Recital 3 (3) The intensity of the economic and fiscal surveillance should be commensurate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme
Amendment 56 #
Proposal for a regulation Recital 3 (3) The intensity of the economic and fiscal surveillance should be commensurate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality. Any macro- economic adjustment programme should, where possible, take into account the national reform programme of the Member State concerned in the context of the Europe 2020 Strategy for Growth and Jobs.
Amendment 57 #
Proposal for a regulation Recital 3 (3) The intensity of the economic and fiscal surveillance should be commensurate and proportionate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality.
Amendment 58 #
Proposal for a regulation 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 59 #
Proposal for a regulation Recital 3 a (new) (3α) The economic governance package and the two new instruments increasing its austerity are the wrong response to the crisis. The restrictive economic and fiscal surveillance thus imposed is worsening the recession in the euro area, increasing unemployment to record levels and effectively ushering in even larger pay cuts, weaker labour relations and the loss of social gains and entitlements.
Amendment 60 #
Proposal for a regulation Recital 3 a (new) (3a) In applying this Regulation, the Council and the Commission should fully respect the role of social partners, as well as differences in national systems, such as the systems for wage formation.
Amendment 61 #
Proposal for a regulation Recital 4 (4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other
Amendment 62 #
Proposal for a regulation Recital 4 (4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other euro area Member States against possible negative spill over effects. Th
Amendment 63 #
Proposal for a regulation Recital 4 (4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other euro area Member States against possible negative spill over effects. This enhanced surveillance should be proportionate to the seriousness of the problems and graduated accordingly. It should include a wider access to the information needed for a close monitoring of the economic, fiscal and financial situation and a regular reporting to the competent committee of the European Parliament as well as the Economic and Financial Committee (EFC) or to any sub- committee the latter may designate for that purpose. The same modalities of surveillance should apply to Member States requesting precautionary assistance from the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM) the International Monetary Fund (IMF) or another international financial institution.
Amendment 64 #
Proposal for a regulation Recital 4 a (new) (4a) Enhanced surveillance, absolute and restrictive fiscal policy control and the imposition of harsh penalties accompanied by economic and political sanctions for ‘recalcitrant’ Member States are aggravating the democratic deficit in the Union, undermining the social model and creating a Europe hostile to the desires and interests of its peoples.
Amendment 65 #
Proposal for a regulation Recital 4 a (new) (4a) A Member State subject to enhanced surveillance should also adopt measures aimed at addressing the sources or potential sources of its difficulties. To that end, all recommendations addressed to it in the excessive deficit procedure or in the imbalances procedure should be taken into account.
Amendment 66 #
Proposal for a regulation Recital 5 (5) The surveillance of the economic and fiscal situation should be strongly reinforced for Member States under macro- economic adjustment programme. Because of the comprehensive nature of the latter, the other processes of economic and fiscal surveillance should be suspended for the duration of the macro-economic adjustment programme, with a view to avoiding a duplication of reporting obligations. However, when preparing the macroeconomic adjustment programme, all recommendations addressed to the Member State in the latter procedures should be taken into account.
Amendment 67 #
Proposal for a regulation Recital 5 (5) The surveillance of the economic and fiscal situation should be strongly reinforced for Member States under macro- economic adjustment programme. Because of the comprehensive nature of the latter, the other processes of economic and fiscal surveillance should be suspended or in some cases streamlined for the duration of the macro-economic adjustment programme, with a view to ensuring consistency of economic policy surveillance and avoiding a duplication of reporting obligations.
Amendment 68 #
Proposal for a regulation Recital 5 a (new) (5α) The doctrine of ‘strong economic governance’ contained in the more stringent Stability and Growth Pact has failed. The stricter monitoring and surveillance of the Member States receiving economic aid and encountering difficulties in the euro area will not only fail to contribute to economic recovery but will, on the contrary, deliver the death blow to the Member States concerned and their citizens. The results in Greece, Ireland and Portugal, where such policies have already been put into practice, have been disastrous: deeper recession, austerity, greater social inequalities, high unemployment and poverty.
Amendment 69 #
Proposal for a regulation Recital 5 a (new) (5a) According to the case-law of the European Court of Justice of the European Union1, the free movement of capital, as a fundamental principle of the TFEU, can be limited by national regulation if this is justified for public- security reasons, which can include the fight against tax evasion, in particular for Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. _____________ 1 See Cases C-463/00 and C-174/04.
Amendment 70 #
Proposal for a regulation Recital 5 b (new) (5b) Such tax evasion represents a shortfall, which can be equal or even superior to the amount of the financial assistance from one or several Member States, the IMF, the EFSF, the EFSM or the ESM, and first and foremost results from the faulty implementation of the national tax policy.
Amendment 71 #
Proposal for a regulation Recital 5 c (new) (5c) Upon a proposal by the Commission and after consulting the European Central Bank, the Council can authorise restrictions concerning third countries responsible for movements of capital dangerous for the functioning of the EMU, in accordance with Article 66 TFEU.
Amendment 72 #
Proposal for a regulation Recital 6 (6) Rules should be provided in order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, as well as to enhance the dialogue among executive branches, with national parliaments, the social partners and civil society organisations and to ensure greater transparency
Amendment 73 #
Proposal for a regulation Recital 6 a (new) (6α) It is necessary to release Member States from ‘rescue packages’ seeking to promote harsh deregulatory austerity measures at the expense of the European peoples. Implementation of such programmes is further deepening the crisis, the sole purpose being to shield the interests of the banks and safeguard finance capital profits.
Amendment 74 #
Proposal for a regulation Recital 7 Amendment 75 #
Proposal for a regulation Recital 7 Amendment 76 #
Proposal for a regulation Recital 7 Amendment 77 #
Proposal for a regulation Recital 7 Amendment 78 #
Proposal for a regulation Recital 7 Amendment 79 #
Proposal for a regulation Recital 7 (7) A decision regarding the non- compliance of a Member State with its adjustment programme
Amendment 80 #
Proposal for a regulation Recital 7 (7) A decision regarding the non- compliance of a Member State with its adjustment programme
Amendment 81 #
Proposal for a regulation Recital 7 a (new) (7a) The Stability and Growth Pact and the economic governance package increasing its austerity are fostering deeply uneconomic policies and must be overturned. Economic policies must be modified to benefit the citizens of Europe. In the absence of economic and fiscal polices promoting solidarity, social justice, economic convergence and sustainable growth, while reducing unemployment and protecting the weaker economic sectors, recovery from the crisis will be impossible.
Amendment 82 #
Proposal for a regulation Recital 7 a (new) (7a) There may be circumstances where protecting a Member State from market volatility offers a better long-term outcome. In such instances a Member State could be put into a protective regime, with its consent following a recommendation from the Commission and majority agreement of the council. It should be noted that by analogy with US 'Chapter 11' company bankruptcy, the measure needs to be pre-emptive otherwise markets will move against the Member State in a pro-cyclical way. This may render it difficult to introduce such a measure once other steps have been attempted.
Amendment 83 #
Proposal for a regulation Recital 7 a (new) (7a) The decision of the Commission to subject a Member State to enhanced surveillance under this Regulation should be taken in close cooperation with Parliament, the EFC, the Euro Working group, the European Systemic Risk Board (ESRB) and the relevant European Supervisory Authorities (ESAs). The Commission should also cooperate with the EFC when deciding on whether to prolong enhanced surveillance.
Amendment 84 #
Proposal for a regulation Recital 7 b (new) (7b) The new European Treaty with its extreme neoliberal policies and the tightening of fiscal austerity provisions are condemning the EU Member States and peoples to unending recession, austerity and underdevelopment, forcing them into a neoliberal straightjacket and effectively depriving them of the possibility of implementing an alternative economic and fiscal policy geared toward growth and redistribution.
Amendment 85 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/or that
Amendment 86 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability
Amendment 87 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/or that
Amendment 88 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability
Amendment 89 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability or to the viability of public finances and/or that receive or may receive financial assistance from one or several other States, the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism (EFSM), the European Stability Mechanism (ESM) or other International Financial Institutions (IFI), such as the International Monetary Fund (IMF).
Amendment 90 #
Proposal for a regulation Article 1 – paragraph 1 a (new) 1a. 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 without showing a structural deficit of the gross domestic product at market prices. Member States may temporarily deviate from their medium-term objective or the adjustment path towards it in exceptional circumstances as defined in the Stability and Growth Pact.
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 1 a (new) 1a. The application of this Regulation shall fully respect Article 152 TFEU and the recommendations issued under this Regulation shall respect practices and institutions for wage formation. It shall take into account Article 28 of the Charter on Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate, conclude and enforce collective agreements and to take collective action in accordance with national law and practices.
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 1 a (new) 1a. This Regulation also sets out provisions for strengthening economic and budgetary cooperation between the Member States referred to in Article 1(1) and the other Member States of the European Union.
Amendment 93 #
Proposal for a regulation Article 1 – paragraph 2 a (new) 2a. The application of this Regulation shall fully respect Article 151 TFEU and Article 28 of the Charter of Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate and conclude collective agreements and to take collective action in accordance with national law and practices.
Amendment 94 #
Proposal for a regulation Article 1 – paragraph 2 a (new) 2a. The application of this Regulation shall fully respect Article 152 TFEU and the recommendations issued under this Regulation shall respect national practices and institutions for wage formation. It shall take into account Article 28 of the Charter of Fundamental Rights of the European Union, and accordingly shall not affect the right to negotiate, conclude and enforce collective agreements and to take collective action in accordance with national law and practices.
Amendment 95 #
Proposal for a regulation Article 1 – paragraph 2 a (new) 2a. The application of this Regulation shall fully observe Article 152 TFEU and shall fully respect national practices and institutions for wage formation. This Regulation shall take into account Article 28 of the Charter of Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate, conclude or enforce collective agreements or to take collective action in accordance with national law and practices.
Amendment 96 #
Proposal for a regulation Article 1 a (new) Article 1a Regulation (EU) No 1466/97 shall be amended as follows: In Article 2a, the second paragraph is replaced by the following: "Taking these factors into account, for participating Member States and for Member States that are participating in ERM2 the country-specific medium- term budgetary objectives shall be specified within a defined range between -0,5 % of GDP and balance or surplus, in cyclically adjusted terms, net of 2/5 of gross fixed capital formation as defined in the European System of Integrated Economic Accounts and net of one-off and temporary measures. For participating Member States, where the ratio of the general government rate to gross domestic product at market prices is below 60% and where risks in terms of long term sustainability of public finances are low, the country specific medium-term budgetary objectives shall be specified within a defined range between a lower limit of a structural deficit of -1% of GDP at market prices and balance or in surplus, in cyclically adjusted terms, net of 2/5 of gross fixed capital formation as defined in the European System of Integrated Economic Accounts and one- offs and temporary measures."
Amendment 97 #
Proposal for a regulation 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 98 #
Proposal for a regulation Article 1 a (new) Article 1a Coordination of sovereign debt issuance 1. With a view to better coordinating the planning and placement of their national debt issuance, Member States shall report ex ante on their public debt issuance plans to the Commission and to the Council. 2. Member States shall seek to improve the financing conditions of their national debt by agreeing, following a proposal by the Commission, an annual coordinated national debt issuance schedule. 3. Member States co-operating under paragraph 2 may further improve and stabilise their financing conditions by offering a coordinated interest rate on their national debt, on the basis of the country's economic fundamentals and the market conditions and following a methodology to be established by a regulation of the European Parliament and the Council. That regulation will also define the conditions for the buying by the ESM of any residual unsold amount from coordinated national debt issuances.
Amendment 99 #
Proposal for a regulation Article 2 – paragraph 1 1. The Commission
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