2015/2060(INI) | [ParlTrack]

Draft opinion
Paragraph 1

1. BWhile taking into account the specific nature of the EU as a supernational body, believes that the Union should play a more active and prominent role in the process of global economic governance, and stresses the need for coherent EU representation and a strong European voice in international financial, monetary and regulatory institutions and bodies;

Amendment 10 #

Draft opinion
Paragraph 2

2. Calls for the establishment of better- structured prior coordination mechanisms, so that a common EU position can be forged with a view to promoting EU goals and policies more effectively within existing international economic forums, given the significant degree of interdependence between the world economies dictated by the importance of international trade for the global economic order;

Amendment 11 #

Draft opinion
Paragraph 3

3. Emphasises that a concerted EU strategy should be developed within each of these financial, monetary, and regulatory institutions and bodies so as to allow the Union to establish a coordinated position and enhance its influence over the decision-making process;

Amendment 12 #

Draft opinion
Paragraph 3 a (new)

3a. Emphasizes the importance of a unified European voice in international institutions and bodies and calls on the Commission to propose a European code of conduct on transparency and accountability designed to guide the action of European representatives in international organisations, drawing upon existing best practices; in time this code of conduct could be used as an example by all international institutions and bodies when they create their own codes of conduct;

Amendment 13 #

Draft opinion
Paragraph 5

5. Advocates that the Union promote a ~~unified and inclusive European approach in order to ensure that~~European approach respectful of the interests and inputs of all those Member States, including those that are not represented within these institutions or bodies, and ensuring that these are taken into account when a common stance is defined;

Amendment 14 #

Draft opinion
Paragraph 5

5. Advocates that the Union promote a unified and inclusive European approach in order to ensure that its policies and measures are consistent, effective and sustained and that the interests and inputs of those Member States that are not represented within these institutions or bodies are taken into account when a common stance is defined;

Amendment 15 #

Draft opinion
Paragraph 5 a (new)

5a. Considers that this unified and inclusive European approach could be better realised through a regular and formal 'financial dialogue' organised in the European Parliament in order to establish guidelines regarding the adoption of European positions in the run-up to major international negotiations, making sure that these positions are known and ensuring follow- up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;

Amendment 16 #

Draft opinion
Paragraph 5 b (new)

5b. Considers that this dialogue would serve to define the negotiating remit for areas where the European Parliament is co-legislator with the Council, unifying European positions around the legislation adopted by majority vote or avoiding inconsistencies with legislation pending adoption;

Amendment 17 #

Fabio Massimo CASTALDO

Draft opinion
Paragraph 5 a (new)

5a. Urges the Union, through its institutions, to comply in full with its Charter of Fundamental Rights and respect the absolute limits laid down by it for action in all areas, including measures of an economic nature likely to have a major impact on the life of its citizens;

Amendment 18 #

Draft opinion
Paragraph 5 a (new)

5a. Emphasises how vital it is that the national parliaments should exercise democratic scrutiny over the activities of the European Union’s representatives in the international bodies and institutions, and that political accountability should be restored;

Amendment 19 #

Draft opinion
Paragraph 6

Amendment 2 #

Draft opinion
Paragraph 1

1. Believes that the Union should play a more active and prominent role in the process of global economic governance, and stresses the need for coherent EU representation and a strong European voice in international financial, monetary and regulatory institutions and bodies, given the current high level of interdependence between countries and the shift in the balance of power;

Amendment 20 #

Draft opinion
Paragraph 6

6. Recalls that the EU should seek full membership of such international economic and financial institutions, where this has not yet been granted and is appropriate (in the case of the Organisation for Economic Cooperation and Development and the International Monetary Fund (IMF), for instance)not undermine the sovereignty of the European countries which are members in their own right of such international economic and financial institutions, whether or not it has been granted membership itself;

Amendment 21 #

Draft opinion
Paragraph 6

6. Recalls that the EU should seek full membership of such international economic and financial institutions, where this has not yet been granted and is appropriate (in the case of the Organisation for Economic Cooperation and Development and the International Monetary Fund (IMF), for instance); calls for the relevant international economic and financial institutions to make all the necessary statutory changes in order to allow for the EUs full participation;

Amendment 22 #

Draft opinion
Paragraph 7

7. Believes that in the future, with due regard to the distribution of competences between the EU and its Member States and the progress made towards deepening economic and monetary union, consideration should be given to introducing unified external representation of the EU and the euro area within the IMF and other international economic forums, in order to allow the EU to exploit its potential fully and to increase its relevance and influence within the global economic and financial architecture;deleted

Amendment 23 #

Draft opinion
Paragraph 7

7. Believes that in the future, with due regard to the distribution of competences between the EU and its Member States and the progress made towards deepening economic and monetary union~~, consideration should be g~~ – which, however, has failed to delivenr t~~o introducing unified external representation~~he promised growth and prosperity and, ofn the ~~EU and the euro area within the IMF and other international economic forums, in order to all~~contrary, has made the euro area an island of economic stagnation in a sea of grow th~~e EU to exploit its potential fully and to increase its relevance and influence within the global economic and financial architecture~~ – it would be sensible to consider a thorough overhaul of the single currency and its geography, and of the European Central Bank’s aims;

Amendment 24 #

Fabio Massimo CASTALDO

Draft opinion
Paragraph 7

7. Believes that in the future, with due regard to the distribution of competences between the EU and its Member States ~~and the progress made towards deepening economic and monetary union~~, consideration should be given to introducing unified external representation of the EU and the euro area within the IMF and other international economic forums, in order to allow the EU to exploit its potential fully and to increase its relevance and influence within the global economic and financial architecture;

Amendment 25 #

Draft opinion
Paragraph 7

7. Believes that in the future, with due regard to the distribution of competences between the EU and its Member States and the progress made towards deepening economic and monetary union, consideration should be given to introducing unified external representation of the EU and the euro area within the IMF and other international economic forums, in order to allow the EU to exploit its potential fully, to facilitate achievement of its objectives, to protect its interests and those of all the Member States and to increase its relevance and influence within the global economic and financial architecture;

Amendment 26 #

Barbara SPINELLI, Kostas CHRYSOGONOS, Helmut SCHOLZ

Draft opinion
Paragraph 7

7. Believes that in the future, with due regard to the distribution of competences between the EU and its Member States and the progress made towards deepening economic and monetary union, ~~consideration should be given to introducing~~ unified external representation of the EU ~~and the euro area~~ within the IMF and other international economic forums should be ensured, in order to allow the EU to fully exploit its potential ~~fully~~ and to increase its relevance and influence within the global economic and financial architecture; considers it imperative that this unified representation begins with progress towards single representation of the euro area within the IMF, without prejudice to the creation of a single European Union constituency in the long term;

Amendment 27 #

Draft opinion
Paragraph 7

Amendment 28 #

Draft opinion
Paragraph 7 a (new)

7a. Regrets the fact that the international financial, monetary and regulatory institutions and bodies as well as EU's participation in these are lacking democratic accountability and transparency in their decision-making process

Amendment 29 #

Draft opinion
Paragraph 7 a (new)

7a. Calls for the provision of a single seat for the Council and Commission presidencies at G20 meetings, as the two current separate seats detract from Europe's external credibility;

Amendment 3 #

Draft opinion
Paragraph 1

1. Believes that the Union should play a more active and prominent role supporting its Member States in the process of global economic governance, and stresses the need for coherent EU representation and a strong European voice, relaying that of the sovereign nations, in international financial, monetary and regulatory institutions and bodies;

Amendment 30 #

Draft opinion
Paragraph 7 a (new)

7a. Points out that the International Monetary Fund’s expertise can usefully contribute to thinking about the future of the single currency and reforms in that regard, as illustrated by the most recent (April 2015) World Economic Report study – albeit covering only four countries (Germany, France, Italy and Spain) accounting for 80% of euro area GDP – which measured precisely how, since 2000, the euro has undermined macroeconomic policy to the detriment of growth, and charted, too, its negative impact on growth potential;

Amendment 31 #

Draft opinion
Paragraph 8

8. Stresses the need to ensure the transparency, democratic accountability and legitimacy of the Union’s participation in existing economic and financial institutions via a tight and effective system of scrutiny by the national parliaments, which should be able to ‘show a red cardֹ’, particularly when Commission representatives stray beyond their negotiating briefs in international institutions, as, regrettably, has systematically been the case in the context of GATT and subsequently the WTO;

Amendment 32 #

Draft opinion
Paragraph 8

8. Stresses the need to ensure the full transparency, democratic accountability and legitimacy of the Union’s participation in existing economic and financial institutions;

Amendment 33 #

Draft opinion
Paragraph 8 a (new)

8a. Stresses that representatives of the Union should be able to hold the rotating presidency of the G-20;

Amendment 34 #

Draft opinion
Paragraph 8 b (new)

8b. Takes the view that the Union’s representatives at the G-20 should be given an explicit democratic mandate by the EU institutions;

Amendment 35 #

Draft opinion
Paragraph 8 c (new)

8c. Advocates that the Union establish a system of full transparency for lobbyists in the process of negotiation between the European institutions and these international institutions;

Amendment 36 #

Draft opinion
Paragraph 9

9. Considers that Parliament should be duly informed of the Union’s activities within existing economic and financial institutions; Parliament will play a monitoring role as regards the work of Union representatives in these institutions;

Amendment 37 #

Draft opinion
Paragraph 9

9. Considers that Parliament should be ~~duly~~ informed duly and periodically of the Union’s activities within existing economic and financial institutions;

Amendment 38 #

Draft opinion
Paragraph 9

9. Considers that Parliament and the national parliaments should be duly informed of the Union’s activities within existing economic and financial institutions;

Amendment 39 #

Barbara SPINELLI, Kostas CHRYSOGONOS, Helmut SCHOLZ

Draft opinion
Paragraph 9

9. Considers that Parliament should be duly informed of the Union’s activities and positions within existing economic and financial institutions and should have the right to express its opinion;

Amendment 4 #

Draft opinion
Paragraph 1

1. Believes that the Union should play a more active and prominent role in the process of global economic governance, ~~and stresses the need for~~through its adhesion to international bodies. Stresses the need for institutional reforms in order to obtain coherent EU representation and a strong European voice in international financial, monetary and regulatory institutions and bodies;

Amendment 40 #

Draft opinion
Paragraph 9

9. Considers that Parliament should be duly informed of the Union’s activities within existing economic and financial institutions with the aim of ensuring accountability and strengthening democratic legitimacy;

Amendment 41 #

Draft opinion
Paragraph 9 a (new)

9a. Calls for the establishment of inter- institutional working groups that would convene before the official meetings of international financial, monetary and regulatory institutions and bodies and would grant the European Parliament the opportunity to express its opinion on the issues that would be discussed in the upcoming meetings; a mechanism should be created to take into account such opinion;

Amendment 42 #

Draft opinion
Paragraph 10

10. Stresses that Parliament should be granted access to the relevant documents issued by economic and financial institutions, that an appropriate, open, regular and efficient reporting mechanism should be developed, and that EU participants should systematically provide feedback to Parliament on the decisions taken in these forums;

Amendment 43 #

Draft opinion
Paragraph 10

10. Stresses that Parliament and the national parliaments should be granted access to the relevant documents issued by economic and financial institutions, that an appropriate, open and efficient reporting mechanism should be developed, and that EU participants should systematically provide feedback to Parliament on the decisions taken in these forums;

Amendment 44 #

Draft opinion
Paragraph 10 a (new)

10a. Takes the view that Parliament should encourage own-initiative reports setting out its findings regarding the participation of EU representatives in these financial and economic institutions, with the aim of promoting their reform on the basis of democratic criteria of general interest;

Amendment 45 #

Draft opinion
Paragraph 10 b (new)

10b. Affirms that the European Parliament and the national parliaments will exercise democratic scrutiny over the joint programmes of these institutions with the Union;

Amendment 46 #

Draft opinion
Paragraph 10 c (new)

10c. Urges the Member States to sign an interinstitutional agreement to give the European Parliament powers to supervise the action of the Union in respect of these institutions;

Amendment 47 #

Draft opinion
Paragraph 10 a (new)

10a. Considers it necessary to create strong information and transparency mechanisms with the national parliaments in relation to EU activities in existing economic and financial institutions;

Amendment 48 #

Draft opinion
Paragraph 11

11. Is of the opinion that the EU should, where and when necessary, and once it has set a good example itself in this regard, play a leading and more active role in promoting the reform of international economic and financial institutions with a view to making their functioning more democratic, transparent and accountable, via the close and effective involvement of national parliaments and scrupulous respect for national sovereignty, and thereby bringing them closer to citizens.

Amendment 49 #

Barbara SPINELLI, Kostas CHRYSOGONOS, Helmut SCHOLZ

Draft opinion
Paragraph 11

11. Is of the opinion that the EU should~~, where and when necessary,~~ play a leading and more active role in promoting the reform of international economic and financial institutions with a view to making their functioning more democratic, transparent and accountable and thereby bringing them closer to citizens.

Amendment 5 #

Draft opinion
Paragraph 1 a (new)

1a. Believes that the Union, as member of international fora, shall promote the reform of the process of the international and economic governance according to its principles as foreseen, in particular, in Articles 2, 3 and 6 of the Treaty on the European Union;

Amendment 50 #

Draft opinion
Paragraph 11 a (new)

11a. Calls for the careful scrutiny by the European Parliament of the procedures and methods deployed by the International Monetary Fund in the context of its participation in the hybrid institutions (formerly known as " troika") and welcomes, in this regard, the recent developments according to which the European Parliament has been asked to get involved in overseeing the Greek bailout programme and any other future bail-out programmes;

Amendment 51 #

Draft opinion
Paragraph 11 a (new)

11a. Stresses the need for some of these institutions to move beyond their informal nature with a view to being governed by international treaties;

Amendment 52 #

Barbara SPINELLI, Kostas CHRYSOGONOS, Helmut SCHOLZ

Draft opinion
Paragraph 11 a (new)

11a. Considers it advisable for the EU to defend, in all international economic fora, the coordination and strengthening of world economic governance, the European Social Model, tax cooperation and a culture of business sustainability;

Amendment 6 #

Draft opinion
Paragraph 1 b (new)

1b. Calls for an adhesion of the European Union to international fora regulating and influencing the international economy. However, believes that the EU should clarify the legal nature of the decisions taken by the informal bodies leading the monetary Union;

Amendment 7 #

Draft opinion
Paragraph 1 a (new)

1a. Points out that the economic and financial crisis which began in 2008 has highlighted the lack of economic governance in the world and the need to establish supranational bodies with the ability to intervene and operating rules for greater coordination of national economic policy decisions;

Amendment 8 #

Barbara SPINELLI, Kostas CHRYSOGONOS, Helmut SCHOLZ

Draft opinion
Paragraph 2

2. Calls for the establishment of a coherent and better- structured prior coordination mechanisms, ~~so that a common EU position can be forged with a view to~~in order to forge and deliver a common EU position that will promot~~ing~~e the EU's goals and policies more effectively within existing international economic forums;

Amendment 9 #

Draft opinion
Paragraph 2

2. Calls for the establishment of better- structured prior coordination mechanisms, so that a common EU position can be forged with a view to promoting effectively EU goals and policies ~~more effectively within exist~~as listed, in particular, in Articles 2, 3 and 6 TEU and in Articles 8, 9, 10, 11 and 12 TFEU, withing international economic forums;

source: 567.822

2015/10/15 ECON 177 amendments...

Amendment 1 #

Motion for a resolution
Citation 4

– having regard to its resolution of 20 October 2010 with recommendations to the Commission on improving the economic governance and stability framework of the Union, especially in the euro area1 , __________________ 1Texts adopted on that date, P7_TA(2010)0377.deleted

Amendment 10 #

Motion for a resolution
Recital A a (new)

Aa. whereas one of the main roles of the EU should be to act with a single voice in international fora to shape global governance towards the objectives and values of the EU treaties in a democratic framework in order to cope with global challenges;

Amendment 100 #

Motion for a resolution
Paragraph 9 – indent 2

- ~~Recommends, on the basis of the code, working~~Calls on the Commission to act in the international organisations towards ~~global~~highest standards of democratic legitimacy, transparency, integrity and accountability, as developed above; stresses in particular its concerns regarding the statute, financing and operation of those organisations (including their relations with the sector concerned and the public, their communication and access to their documents) as well as concerning their dialogue with ~~the~~ authorities and civil society organisations;

Amendment 101 #

Motion for a resolution
Paragraph 9 – indent 2

– ~~Recommend~~Suggests, on the basis of the code, working towards ~~global standards of~~recommendations relating to transparency and democratic accountability, regarding the statute, organisation charts, financing and operation of those organisations (including their relations with the sector concerned and the public, their communication and access to their documents) as well as their dialogue with the authorities;

Amendment 102 #

Motion for a resolution
Paragraph 9 – indent 2

- Recommends, on the basis of the code, working towards global standards of transparency and accountability, regarding the statute, financing and operation of those organisations ~~(including their rela~~, their interactions with ~~the sector concerned~~authorities, stakeholders and the public, their communication and access to their documents~~) as well as their dialogue with the authorities~~;

Amendment 103 #

Motion for a resolution
Paragraph 9 – indent 2

- Recommends, on the basis of the code, working towards global standards of transparency and accountability, regarding the statute, financing and operation of those organisations (including their relations with the sector concerned and the public, their communication and access to their documents) as well as their dialogue with the authorities; stresses that new ways of enhancing accountability, transparency and dialogue between the organisations and their member states, national parliaments, and wider civil society should be found, e.g. in the form of formal hearings; is of the opinion that the Commission could play a central role in facilitating these hearings;

Amendment 104 #

Motion for a resolution
Paragraph 9 – indent 2

Amendment 105 #

Motion for a resolution
Paragraph 9 – indent 2 a (new)

– Calls for the strengthening of transparency and democratic accountability in the areas in which the EU is present, in particular by providing public access to documents, details of the various positions adopted, of relations with lobbies and of any conflicts of interest;

Amendment 106 #

Motion for a resolution
Paragraph 9 – indent 2 a (new)

- Calls for the adoption of improved provisions on requirements governing transparency and accountability in international finance, monetary and regulatory institutions and facilities;

Amendment 107 #

Mady DELVAUX, Anneliese DODDS, Elisa FERREIRA, Pervenche BERÈS, Maria João RODRIGUES

Motion for a resolution
Paragraph 9 – indent 2 a (new)

- Calls on the Commission to report yearly on the progress it made towards the establishment of these rules in all concerned organisations and fora;

Amendment 108 #

Motion for a resolution
Paragraph 9 – indent 2 a (new)

- Requests that the transparency of international organisations is strengthened, notably by setting up mandatory transparency registers to monitor exchanges with stakeholders and civil society;

Amendment 109 #

Motion for a resolution
Paragraph 9 – indent 2 a (new)

- Calls for the establishment of a common EU policy towards all international financial institutions to ensure policy coherence; is of the opinion that, in order to ensure parliamentary oversight, the European Parliament should give its input to the formulation of this policy in a form of a ‘guidance’ report to the Commission once or twice a parliamentary term, spelling out the Parliament’s view on general policy orientations and goals without going into the details; is of the opinion that the Commission should, based on this guidance, also report back to the Parliament on how this guidance was applied in practice;

Amendment 11 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Recital A a (new)

Aa. whereas the financial system, having been shaped by a lengthy process of privatisation and deregulation, is impinging to an intolerable degree on politics and political institutions and hence on countries’ sovereign development;

Amendment 110 #

Mady DELVAUX, Pervenche BERÈS, Maria João RODRIGUES

Motion for a resolution
Paragraph 9 – indent 2 b (new)

- Recommends that the dialogue between international organisations and stakeholders needs to be diversified, notably by fostering the dialogue with the civil society and NGOs such as consumer organisations;

Amendment 111 #

Motion for a resolution
Paragraph 9 – indent 2 c (new)

- Calls on the Commission to set up or support an NGO with adequate technical expertise and financial means to strengthen the voice of civil society in herein mentioned organisations and to counter-balance one-sided influence by the private sector; endorses the creation of ‘Finance Watch’ as best practice;

Amendment 112 #

Mady DELVAUX, Anneliese DODDS, Elisa FERREIRA, Maria João RODRIGUES

Motion for a resolution
Paragraph 9 – indent 2 d (new)

- Calls on the European institutions and agencies as well as Member States to promote accountability of each and every international organisation towards democratically elected bodies;

Amendment 113 #

Mady DELVAUX, Anneliese DODDS, Maria João RODRIGUES

Motion for a resolution
Paragraph 9 – indent 2 e (new)

- Calls on the Commission to perform an impact assessment in the next 3 years determining if private organisations act in the public interest;

Amendment 114 #

Miguel VIEGAS, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 9 – indent 3

- Calls for a formalised and regular ‘financial dialogue’ to be organised in the European Parliament for the purpose of ~~establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up~~increasing transparency and accountability of European Union representatives on international bodies; the European institutions~~, the Member States~~ and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;

Amendment 115 #

Motion for a resolution
Paragraph 9 – indent 3

– Calls for a formalised and regular ‘financial dialogue’ to be organised in the European Parliament for the purpose of ~~establishing guidelines regarding the adoption of European positions~~providing an opportunity, in the run- up to major international negotiations, ~~making sure that these positions are known and ensuring follow-up~~to discuss the most pressing issues under negotiation; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;

Amendment 116 #

Motion for a resolution
Paragraph 9 – indent 3

- Calls for ~~a formalised and regular ‘~~the adoption of an interinstitutional agreement with the aim of formalizing an ‘international financial dialogue,’ to be organised infollowing a request from the European Parliament for the purpose of establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements; stress the importance of the international financial dialogue for the purpose of reporting back the outcome of the negotiations;

Amendment 117 #

Motion for a resolution
Paragraph 9 – indent 3

- Calls, in addition to this general policy guidance, for a formalised and regular ‘financial dialogue’ to be organised in the European Parliament for the purpose of establishing specific guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements; is of the opinion that in order to enhance the parliamentary oversight further it could be considered that the Parliament would be granted the right of scrutiny of the EUs positions in major international negotiations and initiatives;

Amendment 118 #

Motion for a resolution
Paragraph 9 – indent 3

– Calls for a formalised and regular ‘financial dialogue’ to be organised in the European Parliament for the purpose of establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements, while trying to focus on the public dimension, which is synonymous with transparency and democratic accountability;

Amendment 119 #

Motion for a resolution
Paragraph 9 – indent 3

- Calls for a formalised and regular ‘financial dialogue’ to be organised in the European Parliament for the purpose of establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are ~~known~~discussed and known ex-ante and ensuring a follow-up and scrutiny; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;

Amendment 12 #

Motion for a resolution
Recital A a (new)

Aa. whereas Member States are well represented in international economic fora;

Amendment 120 #

Motion for a resolution
Paragraph 9 – indent 3

- Calls for a formalised and regular ‘financial dialogue’ to be organised in - and with - the European Parliament for the purpose of establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;

Amendment 121 #

Motion for a resolution
Paragraph 9 – indent 3 a (new)

- Proposes in this context the introduction of transparency registers detailing who represents which interests under what name and what financial resources they have, particularly in private specialist and sectoral organisations;

Amendment 122 #

Esther DE LANGE

Motion for a resolution
Paragraph 9 – indent 3 a (new)

- Underlines that, given the division of competences between the European Union and its Member States, convergence towards truly European positions in international institutions can only be achieved if ownership is strengthened at both the national and the European level and full involvement is ensured through, amongst others, active involvement of national parliaments besides strong and sustained involvement of the European Parliament.

Amendment 123 #

Motion for a resolution
Paragraph 9 – indent 4

– Observes that, in areas where the European Parliament is co-legislator with the Council, the dialogue would serve, in certain cases, to define their negotiating remit, unifying European positions around the legislation adopted by majority vote or avoiding inconsistencies with legislation pending adoption; calls for particular attention to be paid to compliance by countries with the overall recommendations made by these organisations in order to create a level playing field at international leavoiding inconsistencies with legislation pending adoption; notes, however, that in other situations, it is not effective to have a single European voice, but rather a plurality of positions which can be more incisivel;

Amendment 124 #

Motion for a resolution
Paragraph 9 – indent 4

Amendment 125 #

Motion for a resolution
Paragraph 9 – indent 4

- Observes that, in areas where the European Parliament is co-legislator with the Council, the dialogue would serve to define their negotiating remit, unifying European positions around the legislation adopted by majority vote or avoiding inconsistencies with legislation pending adoption; underlines that European representatives in international negotiations are bound by the adopted EU legislation; calls upon the European representatives to aim for a maximum level of coherence and consistency between international requirements and adopted EU legislation and to prevent conflicts and inconsistencies between the EU legislative requirements and the international standards; calls for particular attention to be paid to compliance by countries with the overall recommendations made by these organisations in order to create a level playing field at international level;

Amendment 126 #

Motion for a resolution
Paragraph 9 – indent 4

Amendment 127 #

Motion for a resolution
Paragraph 9 – indent 4 a (new)

- Calls for the scrutiny right of the European Parliament on the decisions taken by international regulatory bodies to be made more effective through, for instance, improved access to documents or the establishment of ad hoc working groups;

Amendment 128 #

Motion for a resolution
Paragraph 9 – indent 4 a (new)

- Calls on the Member States to accept the representation of Banking Union at the Basel Committee on banking supervision through the Single Supervisory Mechanism;

Amendment 129 #

Ramon TREMOSA i BALCELLS

Motion for a resolution
Paragraph 9 – indent 4 a (new)

- Believes that, when needed, the European Parliament should adopt resolutions, even with urgent character, to give a democratic mandate to Eurozone representatives in International Financial Institutions, regarding issues of strategic importance for the Euro area and the EU;

Amendment 13 #

Motion for a resolution
Recital A b (new)

Ab. whereas the fiscal costs of financial failures are met nationally;

Amendment 130 #

Motion for a resolution
Paragraph 9 – indent 5

~~– Urges that the Member States take seriously the coordination provisions of the Treaties;~~deleted

Amendment 131 #

Motion for a resolution
Paragraph 9 – indent 5

~~– Urges that the Member States take seriously the coordination provisions of the Treaties;~~deleted

Amendment 132 #

Ivan JAKOVČIĆ

Motion for a resolution
Paragraph 9 – indent 5

– Urges that the Member States ~~take seriously the coordination provisions of~~, without delay, harmonise their obligations under the Treaties;

Amendment 133 #

Motion for a resolution
Paragraph 9 – indent 5

- Urges that the Member States ~~take seriously~~comply completely with the coordination provisions of the Treaties;

Amendment 134 #

Motion for a resolution
Paragraph 9 – indent 5

- Urges that the Member States take seriously the coordination and sincere cooperation provisions of the Treaties;

Amendment 135 #

Motion for a resolution
Paragraph 9 – indent 5

- Urges ~~that~~ the Member States to take seriously the coordination provisions of the Treaties;

Amendment 136 #

Motion for a resolution
Paragraph 9 – indent 5 a (new)

- Calls on the Commission to include in its work programme the external dimension of economic and financial regulation, that is, the work anticipated to take place in the international financial institutions; is of the opinion that the Commission should, in this respect, also ensure better policy coherence of EU regulation and the EU external commitments;

Amendment 137 #

Motion for a resolution
Paragraph 9 – indent 5 b (new)

- Urges the Commission, in order to enhance internal policy coherence, to set up a working group on global economic governance and financial institutions; is of the opinion that the longer term goal could be to task the Eurozone treasury- as outlined in the ‘five presidents report’ - with this coordination and to bring the relevant Council working group under the same coordination to ensure both institutions work coherently on the international arena;

Amendment 138 #

Motion for a resolution
Paragraph 9 – indent 6

Amendment 139 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 9 – indent 6

– Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial institutions and conferences; considers it imperative to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; points out that, under Protocol N° 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group;deleted

Amendment 14 #

Motion for a resolution
Recital B

B. whereas global cooperation can lead to a dilution of responsibilities, at the expense of democracy; whereas the role of the national parliaments and the European Parliament ~~can~~must not be reduced to mere rubberstamping but must be incorporated, actively and comprehensively, into the whole decision-making process;

Amendment 140 #

Motion for a resolution
Paragraph 9 – indent 6

– Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial institutions and conferences; considers it imperative to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; points out that, under Protocol No 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group;deleted

Amendment 141 #

Markus FERBER

Motion for a resolution
Paragraph 9 – indent 6

- Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure ~~unified representation~~that the presence of the Union within international financial institutions and conferences~~; considers it imperative to progress towards single representation of the euro area~~ is as coordinated as possible; (Voting rights at the IMF are determined in accordance within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; poinquota subscriptions paid by the member states. This should lead – without prejudice to the objective of working in close cooperation – neither to a merging of the voting rights outf th~~at, under Protocol N° 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group;~~e member states nor to unified representation, to ensure that political and fiscal responsibility are not uncoupled.)

Amendment 142 #

Elisa FERREIRA

Motion for a resolution
Paragraph 9 – indent 6

Amendment 143 #

Motion for a resolution
Paragraph 9 – indent 6

– Urges the Commission ~~to use~~, as things stand, to refrain from using its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial institutions and conferences; considers it ~~imperativ~~still premature to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; points out also that, under Protocol N° 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group, an informal body which does not, therefore, have any specific rules or decision-making power;

Amendment 144 #

Mady DELVAUX, Maria João RODRIGUES

Motion for a resolution
Paragraph 9 – indent 6

Amendment 145 #

Motion for a resolution
Paragraph 9 – indent 6

- Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial ~~institu~~organisations and conferences; considers it imperative to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; considers that both the ECB, on monetary issues, and the Euro Group, on fiscal matters, shall hold this role; points out that, under Protocol N° 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group; advocates that eventually a Euro finance minister, member of the European Commission and accountable to the European Parliament, should take on the role of the Euro Group;

Amendment 146 #

Motion for a resolution
Paragraph 9 – indent 6

Amendment 147 #

Motion for a resolution
Paragraph 9 – indent 6 a (new)

- underlines that it is the duty of the Commission, the Council, or where appropriate the Eurogroup, to strengthen the coordination through preparatory meetings; considers that new ad hoc working groups should be set up, if necessary, like the Economic and Financial Committee (EFC), the Eurogroup Working Group (EWG) and Economic Policy Committee (EPC);

Amendment 148 #

Motion for a resolution
Paragraph 9 – indent 6 b (new)

- Considers that beyond the sole case of the IMF progressive streamlining should be implemented over the next years through first enhanced coordination then through unification of the seats; believes that membership to these organisations and bodies should be made according to the respective competencies of the EU institutions and agencies, the Council/Eurogroup, and the national authorities; is of the opinion that in parallel the EU should work on the functioning of those organisations and bodies to move away from the consensus to a weighted majority voting system;

Amendment 149 #

Motion for a resolution
Paragraph 9 – indent 6 a (new)

- Urges the Commission, likewise, to make use of its right of initiative to propose, in accordance with Article 138(2) TFEU, appropriate measures to ensure unified representation for the European Union in the International Bank for Reconstruction and Development, the International Finance Cooperation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes, first by grouping Member States in a specific constituency no later than 1 January 2020;

Amendment 15 #

Motion for a resolution
Recital B

B. whereas global cooperation can lead to a dilution of responsibilities, and lack of accountability at the expense of democracy; whereas the role of the national parliaments and the European Parliament ~~can~~should not be reduced to mere rubberstamping;

Amendment 150 #

Motion for a resolution
Paragraph 9 – indent 6 b (new)

- Urges the Commission, finally, to make use of its right of initiative to propose, in accordance with Article 138(2) TFEU, appropriate measures to ensure unified representation for the euro area within the Bank for International Settlements, through the transfer of shares held by national central banks participating in the euro system to the European Central Bank no later than 1 January 2018;

Amendment 151 #

Motion for a resolution
Paragraph 9 – indent 6 c (new)

Amendment 152 #

Motion for a resolution
Paragraph 9 – indent 6 d (new)

Amendment 153 #

Motion for a resolution
Paragraph 9 – indent 6 e (new)

Amendment 154 #

Motion for a resolution
Paragraph 9 – indent 6 f (new)

Amendment 155 #

Motion for a resolution
Paragraph 9 – indent 7

- Calls for the provision of a single seat for the Council and Commission presidencies at G20 meetings, replacing the two separate seats currently allocated, something which detracts from Europe’s external credibility, particularly in view of the existence of a single market in financial services; considers that, to encourage the convergence of Member States represented individually, various improvements are possible, such as the designation of a single spokesperson on a rotating basis or leading spokespersons responsible for given subject areas;deleted

Amendment 156 #

Motion for a resolution
Paragraph 9 – indent 7

Amendment 157 #

Motion for a resolution
Paragraph 9 – indent 7

– Calls for the provision of a single seat for the Council and Commission presidencies at G20 meetings, replacing the two separate seats currently allocated, something which detracts from Europe’s external credibility, particularly in view of the existence of a single market in financial services; considers that, to encourage the convergence of Member States represented individually, various improvements are possible, such as the designation of a single spokesperson on a rotating basis or leading spokespersons responsible for given subject areasWelcomes the dual representation of the European Union by the presidency of the Council and the presidency of the Commission at G20 meetings, because the Council and the Commission have different tasks and areas of responsibility, and therefore each institution is able to represent the European Union most effectively in the area for which it is responsible;

Amendment 158 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 9 – indent 7

Amendment 159 #

Motion for a resolution
Paragraph 9 – indent 7

- Calls for the provision of a single seat for the Council and Commission presidencies at G20 meetings, replacing the two separate seats currently allocated, something which detracts from Europe’s external credibility, particularly in view of the existence of a single market in financial services; considers that, to encourage the convergence of Member States represented individually, various improvements are possible, ~~such as the designation of a single spokesperson on a rotating basis or leading spokespersons responsible for given subject area~~which should help to achieve an effective coordination ahead of the meetings and foster a strong European voice in the meetings;

Amendment 16 #

Motion for a resolution
Recital B

B. whereas global cooperation can lead to a dilution of responsibilities, at the expense of democracy; whereas the role of the national parliaments can~~d the European P~~not be reduced to mere rubberstamping and whereas those parliaments cannot be ~~reduced to mere rubberstamping~~deprived of their sovereignty;

Amendment 160 #

Motion for a resolution
Paragraph 9 – indent 7

- Calls for the provision of a single seat for the European Council and Commission presidencies at G20 meetings, replacing the two separate seats currently allocated, something which detracts from Europe’s external credibility, particularly in view of the existence of a single market in financial services; considers that, to encourage the convergence of Member States represented individually, various improvements are possible, such as the designation of a single spokesperson on a rotating basis or leading spokespersons responsible for given subject areas;

Amendment 161 #

Motion for a resolution
Paragraph 9 – indent 7 a (new)

- Calls for enhancing the accountability of the Commission in front of the European Parliament by streamlining the process for the definition of EU positions in the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption;

Amendment 162 #

Motion for a resolution
Paragraph 9 – indent 8

Amendment 163 #

Miguel VIEGAS, Matt CARTHY

Motion for a resolution
Paragraph 9 – indent 8

– Calls on the EU institutions and Member States to reflect on the practicalities of creating a global financial organisation with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panels;deleted

Amendment 164 #

Motion for a resolution
Paragraph 9 – indent 8

Amendment 165 #

Motion for a resolution
Paragraph 9 – indent 8

Amendment 166 #

Motion for a resolution
Paragraph 9 – indent 8

– Calls on the EU institutions and Member States to reflect on the practicalities of creating a global financial organisation ~~with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panels~~in the shape of an international forum for the exchange of experience and analysis, without imposing uniform standards on financial market participants, paving the way for the establishment of specific rules to suit different circumstances and different areas of the market;

Amendment 167 #

Tibor SZANYI

Motion for a resolution
Paragraph 9 – indent 8

- Considers that, to encourage the convergence of Member States represented individually, various improvements are possible, such as the designation of a single spokesperson on a rotating basis or leading spokespersons responsible for given subject areas; calls on the EU institutions and Member States to reflect on the practicalities of creating a global financial organisation with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panels;

Amendment 168 #

Motion for a resolution
Paragraph 9 – indent 8

- Calls on the EU institutions and Member States to reflect on the practicalities of creating a global financial organisation with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panels; believes that experiences built notably in the trade sector could be used to set up these arbitration and penalisation panels;

Amendment 169 #

Motion for a resolution
Paragraph 9 – indent 8

– Calls on the EU institutions and Member States to ~~reflect on the practicalities of~~give careful thought to the creatingon of a global financial organisation with wide-ranging powers of recommendation, arbitration and~~, where appropriate, penalisation through independent panels;~~ genuinely dissuasive sanctions, on condition that all the organisations and structures with which its tasks overlap are abolished and that its governance is such that it is managed and supervised by public authorities or governments, and not by private interests or their lobbies; insists that states should remain free to adopt more restrictive measures and retain their power to impose sanctions, as well as the right to leave such an organisation;

Amendment 17 #

Motion for a resolution
Recital B

B. whereas global cooperation ~~can~~must not lead to a dilution of responsibilities, at the expense of democracy; whereas the role of the national parliaments and the European Parliament cannot be reduced to mere rubberstamping;

Amendment 170 #

Mady DELVAUX, Anneliese DODDS, Maria João RODRIGUES

Motion for a resolution
Paragraph 9 – indent 8

- Calls on the EU institutions and Member States to ~~reflect on the practicalities of~~promote the establishment of roadmap towards the creatingon of a global financial organisation with wide-ranging powers of recommendation, ~~arbitration and, where appropriate, penalisation through independent panels~~negotiation of minimum binding standards and, where appropriate, public settlement mechanisms between countries protecting the right to regulate in the name of the public interest ;

Amendment 171 #

Motion for a resolution
Paragraph 9 – indent 8

- Calls on the EU institutions and Member States to reflect on the practicalities of creating a global financial organisation with wide-ranging powers of coordination, recommendation, arbitration and, where appropriate, penalisation through independent panels; highlights that powers of arbitration should not be delegated to private arbitrage such as ISDS; claims that the aim of this organisation should be to coordinate work and objectives of international organisations mentioned in this report in order to generate global consistency and to create a real level- playing field for all market actors and consumers; stresses that this organisation, as with all such national and international organisations, should be subject to the highest standards of transparency and accountability;

Amendment 172 #

Motion for a resolution
Paragraph 9 – indent 8

- Calls on the EU institutions and Member States to reflect on the practicalities of creating ~~a global financial organisation with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panels;~~ , on a longer term, a global treaty based financial organisation following the lines suggested in the De Larosiere - report, with wide-ranging powers of recommendation, arbitration and, where appropriate, penalisation through independent panels; is of the opinion that this task could also be given to an existing institution and that a modified IMF Board turned into a governing council could be the best suited for this; stresses, however, that in order to ensure better coordination in the interim, the role of the Financial Stability Board should be strengthened to coordinate different international initiatives, ensure follow-up and implementation of agreed-upon decisions, ensure overall transparency and take up the task of mapping out new, emerging risks to global economy and financial systems, such as the risk of stranded assets or the need to develop rules to govern new business models such as crowd funding;

Amendment 173 #

Motion for a resolution
Paragraph 9 – subparagraph 1 (new)

Calls on the Commission to ensure that any EU financial legislative proposals must be complimentary to actions at the global level;

Amendment 174 #

Motion for a resolution
Paragraph 9 – indent 8 a (new)

- Calls the EU Institutions to put in place mechanisms to enhance the cooperation amongst the three EU institutions (ECB, SSM, EBA) participating in the work of the BCBS, bearing in mind their respective functions, competences, and institutional prerogatives;

Amendment 175 #

Motion for a resolution
Paragraph 9 – indent 8 a (new)

- Highlights the increasing importance of the Asian Infrastructure Investment Bank and welcomes the efforts to unify the representation of the EU mainly through rotation between the Member States;

Amendment 176 #

Motion for a resolution
Paragraph 9 – indent 8 b (new)

- Recalls its position in the Troika report asking the Commission and the Council to bring the IMF to a common position in order to reignite the debate around an international sovereign debt restructuring mechanism (SDRM) with a view to adopting a fair and sustainable multilateral approach in this domain; underlines with that respect the recently adopted U.N principles for sovereign debt restructuring adopted by the General Assembly;

Amendment 177 #

Elisa FERREIRA

Motion for a resolution
Paragraph 9 a (new)

9a. Welcomes the role of international bodies in developing standards for the application of common principles and rules; stresses that, involving the ESAs as the relevant European Supervisory Bodies in the concerned discussions at international level, will have the added benefit of strengthening the contribution of European specific expertise when developing international standards;

Amendment 18 #

Motion for a resolution
Recital B a (new)

Ba. whereas the existing international institutions with their own distinct governance structures and remits of action have sprung up throughout the history as a response to each specific situation; whereas this has led to duplication of tasks in some cases, to opaqueness of the current system and lack of overall coordination;

Amendment 19 #

Motion for a resolution
Recital B a (new)

Ba. whereas the Treaties provide that any citizen of the Union, and any natural or legal person residing or incorporated in a Member State, has a right of access to documents of the institutions, bodies, offices and agencies of the Union, whatever their medium (Article 42 of the Charter of Fundamental Rights); whereas the same degree of transparency should apply to institutions and agencies of the Union participating in international organisations and fora, especially when setting rules affecting EU citizens;

Amendment 2 #

Pervenche BERÈS

Motion for a resolution
Citation 6 a (new)

- having regard to its resolution of 24 June 2015 on the review of the economic governance framework,

Amendment 20 #

Motion for a resolution
Recital B b (new)

Bb. whereas the Treaties provide for the obligation that the institutions, bodies, offices and agencies of the Union shall have the support of an open, efficient and independent European administration for carrying out their missions (article 298 (1)) requiring highest standards of integrity of those who represent the Union in organisations and fora referred to in this report;

Amendment 21 #

Motion for a resolution
Recital C

Amendment 22 #

Motion for a resolution
Recital C

Amendment 23 #

Motion for a resolution
Recital C

C. whereas the diversity of the legal structures and financial and operating procedures of international economic organisations make it difficult to undertake an overall monitoring; the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD) are international organisations with broad remits and composition, while the G20, the Financial Stability Board and the Basel Committee, for example, are among the informal public bodies with limited membership, some of which have enjoyed a new impetus following the crisis, and the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), the International Organisation of Pension Supervisors (IOPs) and the International Accounting Standards Board (IASB) are private specialist organisations of a sectoral nature with more or less involvement on the part of the sectors concerned; the Bank for International Settlements, the Financial Action Task Force (FATF) and the World Trade Organization (WTO) also have rule making function; the United Nations Conference on Trade and Development (UNCTAD) plays a significant role in global economic governance; the African Development Bank (ADB), the Asian Development Bank (ADB), the Caribbean Development Bank (CDB), the West African Development Bank (WADB), the Inter- American Development Bank (IDB), the Inter-American Investment Corporation (IIC), the European Bank for Reconstruction and Development (EBRD), the Council of Europe Development Bank (CEB), the World Bank Group, the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) support the financing of development cooperation;

Amendment 24 #

Motion for a resolution
Recital C a (new)

Ca. whereas private specialist organisations of a sectoral nature are politically independent, since they are mainly tasked with developing and approving technical standards, but also need to be held accountable to citizens; whereas these two objectives should be balanced against one another;

Amendment 25 #

Elisa FERREIRA

Motion for a resolution
Recital C a (new)

Ca. whereas recognising the important work being done by all the international bodies, consistency in financial and operating procedures is fundamental in ensuring an international level playing field. The participation of the ESAs on international fora will help to ensure such consistency;

Amendment 26 #

Motion for a resolution
Recital C a (new)

Ca. whereas there exists a perceived lack of transparency in all the major global economic and financial institutions that leads, among others, to opaqueness of policy formulations; whereas it should be a priority for the EU to work towards increasing the transparency of these institutions;

Amendment 27 #

Motion for a resolution
Recital D

D. whereas a number of informal exchanges are already taking place, albeit not on a systematic basis, between the European Parliament and certain of these organisations/bodies;

Amendment 28 #

Motion for a resolution
Recital D a (new)

Da. whereas a balance needs to be maintained between calling for greater transparency and ensuring the protection of market sensitive information;

Amendment 29 #

Mady DELVAUX, Elisa FERREIRA

Motion for a resolution
Recital E

E. whereas the crisis has prompted the ~~G20 to~~informal forum of the G20 to set a global agenda focusing on ~~effective action, while in the longer term making it more democratic is essential for its legitimacy~~a broad set of specific reforms, whereas in the longer term a genuine multilateral and democratic framework would be required for coordinating reforms and policies regarding the global financial system;

Amendment 3 #

Motion for a resolution
Citation 9 a (new)

- having regard to the 5 Presidents’ report of June 2015 calling for the consolidation of the external representation of the euro,

Amendment 30 #

Motion for a resolution
Recital E

E. whereas the crisis has prompted the G20 to focus on effective action, while in the longer term making it more democratic and not undermining the United Nations system is essential for its legitimacy;

Amendment 31 #

Motion for a resolution
Recital F

~~F. whereas the respective roles of banks and markets in financing the economy varies from one country to another;~~deleted

Amendment 32 #

Miguel VIEGAS, Matt CARTHY

Motion for a resolution
Recital F a (new)

Fa. whereas the IMF has refused systematically to come to public hearings of the European Parliament while it has accepted to participate to in camera briefings;

Amendment 33 #

Motion for a resolution
Recital G

~~G. whereas the EU could usefully contribute to the emergence of more balanced multilateral cooperation in economic and financial matters;~~deleted

Amendment 34 #

Miguel VIEGAS, Matt CARTHY

Motion for a resolution
Recital G a (new)

Ga. whereas the European social model, built on a series of public institutions such as social security, labour law, etc., deserves a higher international profile and concerted support as a system ensuring social protection and decent employment in the world;

Amendment 35 #

Motion for a resolution
Recital G a (new)

Ga. whereas, because it is a project comprising many countries, the EU encompasses economies which are economically variously advanced and culturally dissimilar and consequently do not hold out the same prospects for the development of society; whereas, therefore, neither the Commission President nor any other senior EU leader should ever speak for the Member States in international discussion forums;

Amendment 36 #

Motion for a resolution
Recital G a (new)

Ga. whereas the common goal of all stakeholders should be to design a comprehensive framework providing financial stability and to ensure consistency between the global and local levels;

Amendment 37 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital G b (new)

Gb. whereas the economic and financial crisis which began in 2008 has highlighted a striking lack of economic governance in the world, and the absence of supranational bodies with the ability to intervene and sufficient operating rules for greater regulation and better coordination of national economic policy decisions;

Amendment 38 #

Motion for a resolution
Recital G b (new)

Gb. whereas the EU has been showing itself to be not so much a project for cooperation among Member States as one in which the aims being pursued by the most powerful political and economic vested interests are one and the same;

Amendment 39 #

Motion for a resolution
Recital G b (new)

Gb. whereas the creation of new EU supervisory bodies should not automatically imply the increase of seats the EU holds in those organisations and bodies; warns that an increase of seats may lead to a situation which has undemocratic effects such as blocking minorities being more likely to occur and could create unease amongst the EU’s partners;

Amendment 4 #

Motion for a resolution
Recital A

A. ~~whereas the~~ having regard to the chronic instability of the global financial system, wh~~ich is essential for the effective~~ere short-term profit maximisation predominates at the expense of the fair allocation of resources for growth and ~~jobs, is now a global public good~~employment;

Amendment 40 #

Motion for a resolution
Recital G c (new)

Gc. whereas many macroeconomic and monetary matters require greater supranational coordination, particularly in relation to fiscal matters, where tasks such as combating tax havens, tax fraud and tax evasion to the detriment of national treasuries can be tackled only from an international angle, including coordination to introduce supranational forms of taxation;

Amendment 41 #

Motion for a resolution
Paragraph 1

1. Stresses the need for ~~international regulatory cooper~~global coordination on financial regulation;

Amendment 42 #

Motion for a resolution
Paragraph 1

1. Stresses the need for enhanced international regulatory cooperation;

Amendment 43 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 1

1. Stresses the need for international regulatory cooperation based on solidarity among peoples and not on defence of major economic and financial interests;

Amendment 44 #

Motion for a resolution
Paragraph 1

1. Stresses the need for international regulatory cooperation, with full parliamentary involvement;

Amendment 45 #

Motion for a resolution
Paragraph 1 a (new)

1a. Calls upon the European actors to have a stronger focus on the global competitiveness of the EU financial sectors, when making policy on the European and international level;

Amendment 46 #

Motion for a resolution
Paragraph 2

2. Expresses concern aton the lack of coherence caused by the fragmentation and diversity of the various organisations and aton the delays in ensuring a level playing field at international level while respecting the subsidiarity principle;

Amendment 47 #

Motion for a resolution
Paragraph 2

2. Expresses concern at the lack of coherence caused by the fragmentation and diversity of the various organisations/bodies and at the delays in ensuring a level playing field at international level;

Amendment 48 #

Motion for a resolution
Paragraph 3

3. ~~Calls for clarification as to the remit of each organisation and the legal nature of their decisions;~~ Stresses the need to move towards the introduction of comprehensive global standards to define principles of democratic legitimacy, transparency, integrity for actors and for the financing of international organisations, in particular in relation to: -The adoption of, whenever possible, a formal legal basis or at least a statutory formalisation in order to clarify the remit of each organisation and the legal nature of their decisions; -The adoption of effective principles of objectivity and impartiality and of procedural regularity; -The improvement of democratic legitimacy based on a balanced representation in terms of geographical and population criteria; -The access to information including: (i) public access to documents on strategy, objectives and priorities; (ii) minutes of high-level and technical meetings; (iii) documents and transparency standards on formal and informal relations with relevant stakeholders; including the access to further documents for European and national parliaments; the publication of periodic reports on the operational activities of the organisation; the provision of an explicit link between objectives and the internal line of responsibilities prior to engaging in operational activities; the production of ex-ante independent impact assessment studies; the explanation of decisions, alternative policy options and minority views, as well as a report on implementation progress and results; -The Transparency of all decision makers’ and policy staff contacts with stakeholders and lobbyists concerning the number, dates, length and topics of meetings as well as written inputs on policy issues discussed during such meetings or sent in other forms; -The inclusion of provisions aiming at ensuring an appropriate balance between different stakeholders; -The inclusion of provisions that ensure that key posts are selected democratically based on competence and after open tenders; -The inclusion of provisions aiming at ensuring high standard of efficiency, competence and integrity for representatives and staff; The inclusion of specific provisions for monitoring, managing and addressing conflict of interest, including powers to sanction and the definition of rules to limit revolving door practices; -The establishment of high standards and rules for acceptance of voluntary contribution, gifts and donation to ensure absence of vested interest; The inclusion of principles of sound and transparent financial management including participation of members to the budgetary process and the establishment of internal and external audits;

Amendment 49 #

Motion for a resolution
Paragraph 3

3. Calls for clarification as to the remit of each organisation, the ways in which they operate, and the legal nature of their decisions;

Amendment 5 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS, Paloma LÓPEZ BERMEJO

Motion for a resolution
Recital A

A. whereas the stability of the financial system~~, which~~ is essential for the effective allocation of resources for growth and jobs~~, is now a global public good~~; whereas in reality the financial system never has been stable, and that is what has caused the current crisis;

Amendment 50 #

Motion for a resolution
Paragraph 3

3. Calls for clarification as to the remit of each organisation ~~and~~, the legal nature of their decisions and, where applicable, the legal responsibility relating thereto, especially when binding recommendations, transposed in the form of rules, are imposed;

Amendment 51 #

Pervenche BERÈS

Motion for a resolution
Paragraph 3

3. Calls for clarification as to the remit of each organisation, their financing and the legal nature of their decisions;

Amendment 52 #

Motion for a resolution
Paragraph 3

3. Calls for clarification as to the remit of each organisation/body and the legal nature of their decisions;

Amendment 53 #

Motion for a resolution
Paragraph 3 a (new)

3a. Expresses concerns on the fact that the functioning and the working methods of most International Organisations appear to show scarce adherence to the above mentioned principles; underlines in particular that: - According to a study commissioned by the EU Parliament the G20 as an informal international body suffers from a serious gap in transparency, integrity and accountability; - According to a study commissioned by the European Parliaments it appears that the IASB enjoys substantial autonomy in developing standards applied worldwide– with the exception of the USA, and that its strong reliance on private donors has the potential to call into question the organisation’s independence.

Amendment 54 #

Motion for a resolution
Paragraph 3 a (new)

3a. Calls for better policy coherence and coordination amongst the global institutions and for a renewal of the established working culture and methods in order to increase the transparency and accountability; considers that this must include public access to key documents such as minutes and preparatory papers, open dialogue with all the stakeholders as well as the civil society and the establishment of transparency registers similar to the one used in the European Parliament and the Commission;

Amendment 55 #

Mady DELVAUX, Anneliese DODDS

Motion for a resolution
Paragraph 4

4. Considers that the under-representation of one part of the world i~~s creating an imbalance, with the result that issues relating to~~n most international financial, monetary and regulatory institutions and bodies leads to their limited legitimacy and as a consequence issues relating to the need to tackle global imbalances, inequalities or financing for the poorest countries tend to be avoided;

Amendment 56 #

Motion for a resolution
Paragraph 4 – point a (new)

(a) Considers that, as well as geographical disparity in representation, there are also certain sectors - notably civil society, consumer representatives and employee representatives - who are underrepresented in international discussions regarding financial, monetary and regulatory bodies; calls on the Commission to act to redress this balance as well;

Amendment 57 #

Motion for a resolution
Paragraph 5

5. Takes the view that ~~the EU could streamline its representation, with a view to increasing its influence and promoting the legislation it has adopted through a democratic process~~diversity in representation adds to Europe’s influence on international fora;

Amendment 58 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 5

5. Takes the view that the EU ~~could streamline its representation, with a view to increasing its influence and promoting the legislation it has adopted through a democratic proces~~is a project whose goal is cooperation among Member States and not a federal state, and therefore maintains that Member States should not discard their own representation in international forums for the sake of one-size-fits-all representation speaking with one voice for all EU countries;

Amendment 59 #

Motion for a resolution
Paragraph 5

5. Takes the view that the EU could streamline and codify its representation~~, with a view to increasing~~ in international financial, monetary and regulatory institutions and bodies on the basis of the above mentioned principles with a view to increasing the transparency, integrity and accountability of the Union involvement in these bodies, its influence and the promotingon of the legislation it has adopted through a democratic process;

Amendment 6 #

Motion for a resolution
Recital A

A. whereas the stability of the financial system, which is essential for the eff~~ective~~icient allocation of resources for growth and jobs, is now a global public good;

Amendment 60 #

Motion for a resolution
Paragraph 5

5. Takes the view that the EU could streamline its representation, with a view to increasing its influence ~~and~~, promoting the legislation it has adopted through a democratic process and protecting the interests of its citizens, taking account of the diversity and specific characteristics of the 28 Member States;

Amendment 61 #

Motion for a resolution
Paragraph 5

5. Takes the view that the EU cshould streamline its representation, with a view to increasing its influence and promoting the legislation it has adopted through a democratic process;

Amendment 62 #

Motion for a resolution
Paragraph 5

5. Takes the view that the EU could streamline its representation in multilateral organisations and fora, with a view to increasing its influence and promoting the legislation it has adopted through a democratic process;

Amendment 63 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 5 a (new)

5a. Is convinced that the EU should become a more proactive global actor in ensuring implementation of globally agreed regulation, especially the G20 commitments that are yet to be addressed, such as transforming shadow banking, and to ensure emerging risks to global economy are taken up on the agenda of the relevant global institution;

Amendment 64 #

Motion for a resolution
Paragraph 6

Amendment 65 #

Motion for a resolution
Paragraph 6

6. Regards as detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority votespects the right of Member State representatives to put forward their own views in international bodies;

Amendment 66 #

Motion for a resolution
Paragraph 6

6. Regards as ~~detrimental to the Union~~, in some cases, counterproductive to the Union, its strategic interests and its citizens situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted; points out, nevertheless, that not all Member States have adopted the euro and it is therefore normal for there to be positions which run counter to those adopted by majority vote at EU level;

Amendment 67 #

Motion for a resolution
Paragraph 6

6. ~~Regards as detrimental to the Union~~Where the Union is concerned, regards as natural situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority vote;

Amendment 68 #

Tibor SZANYI

Motion for a resolution
Paragraph 6

6. Regards as sometimes detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority vote;

Amendment 69 #

Motion for a resolution
Paragraph 6

6. Regards as detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority vote, but takes the view that this freedom must be maintained in order to uphold the principle of national government autonomy in matters relating to the economy;

Amendment 7 #

Motion for a resolution
Recital A

A. whereas the stability of the financial system, which is essential for the effective allocation of resources for growth and jobs, is ~~now~~ a global public good;

Amendment 70 #

Motion for a resolution
Paragraph 6

6. Regards as detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority vote; calls accordingly for the coordination between these representatives to be enhanced and made more effective, for instance through more binding mechanisms;

Amendment 71 #

Motion for a resolution
Paragraph 6

6. Regards as detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are incon~~trary to~~sistent with European legislativeon or regulatory decisions adopted by ~~majority vote~~European lawmakers;

Amendment 72 #

Motion for a resolution
Paragraph 6

6. Regards as detrimental to the Union situations in which representatives of a Member State or national ~~organisation~~authority assume positions in international organisations/bodies that are contrary to European legislative or regulatory decisions democratically adopted by majority vote;

Amendment 73 #

Motion for a resolution
Paragraph 6

6. Regards as highly detrimental to the Union situations in which representatives of a Member State or national organisation assume positions in international bodies that are contrary to European legislative or regulatory decisions adopted by majority vote;

Amendment 74 #

Mady DELVAUX

Motion for a resolution
Paragraph 6 – point a (new)

(a) Considers that if the Union is not able to speak through ‘one mouth’, it should at least speak with ‘one voice’ in international organisations;

Amendment 75 #

Motion for a resolution
Paragraph 6 – subparagraph a (new)

Proposes, therefore, that the Member State which intends to express its views in international organisations does so after consulting the opinion of the majority of the other Member States; in this regard, a special Council meeting should take place with a view to such an event;

Amendment 76 #

Motion for a resolution
Paragraph 6 a (new)

6a. Stresses the need for the Commission, where it is representing the Union in an international body or organisation or monitoring a private specialist body, to be held more directly accountable to citizens; stresses the importance of the role of the European Parliament in this process;

Amendment 77 #

Motion for a resolution
Paragraph 6 a (new)

6a. Points out that the internal division of competences between the EU and its Member States, provided for in the Treaty of Lisbon, does not limit the sovereign power of Member States internationally, even though the principle of sincere cooperation should be complied with, as provided for in Article 4 TEU;

Amendment 78 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY, Marisa MATIAS

Motion for a resolution
Paragraph 6 a (new)

6a. Considers that unified representation of the Member States within international financial institutions, including the proposal for single representation of the euro area countries within the IMF, poses serious problems in terms of financial sovereignty;

Amendment 79 #

Motion for a resolution
Paragraph 6 a (new)

6a. Considers that the EU should ensure the fair representation of large and small Member States in international institutions and bodies;

Amendment 8 #

Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital A a (new)

Aa. whereas the growing interdependence of the economies across the world makes it necessary to move towards increasingly global forms of governance;

Amendment 80 #

Motion for a resolution
Paragraph 6 b (new)

6b. Considers that Member States, given that they remain sovereign states, have the right to defend, at first hand, the interests of their people and their national interests in international forums; therefore vehemently rejects any code of conduct intended to inhibit individual action by Member States;

Amendment 81 #

Tibor SZANYI

Motion for a resolution
Paragraph 7

7. Considers that the priorities of organisations and related working groups should be clarified and formally set out; takes the view~~, that the principle of consensus risks not only slowing down deliberations but also diluting the substance of the recommendations and~~ that the composition of the organisations must reflect their diversity in financial, economic and supervisory terms; stresses the need to carry out ex ante impact assessments;

Amendment 82 #

Motion for a resolution
Paragraph 7

7. Considers that the priorities of organisations and related working groups should be clarified and formally set out; takes the view, that the principle of consensus risks not only slowing down deliberations but also diluting the substance of the recommendations and that the composition of the organisations must reflect their diversity in financial, economic and supervisory termsmust remain the norm in order to maintain full national sovereignty in matters relating to the economy; stresses the need to carry out ex ante impact assessments;

Amendment 83 #

Motion for a resolution
Paragraph 7

7. Considers that the priorities of organisations and related working groups should be clarified and formally set out; takes the view, that the principle of consensus risks not only slowing down deliberations but also diluting the substance of the recommendations and that the composition of the organisations must reflect their diversity in financial, economic and supervisory terms; stresses the need to carry out ex ante ~~impact assessment~~evaluations; considers that such evaluations are without prejudice to the political prerogatives of the co-legislators;

Amendment 84 #

Motion for a resolution
Paragraph 7

7. Considers that the priorities of organisations and related working groups should be clarified in particular as regards their relationship with the U.N. system and formally set out; takes the view, that the systematic recourse to the principle of consensus risks not only slowing down deliberations but also diluting the substance of the recommendations and that the composition of the organisations must reflect their diversity in financial, economic and supervisory terms; stresses the need to carry out ex ante impact assessments;

Amendment 85 #

Motion for a resolution
Paragraph 7 a (new)

7a. Is of the opinion that the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation;

Amendment 86 #

Motion for a resolution
Paragraph 7 a (new)

7a. Welcomes the work done by the OECD on tax issues, especially the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project; considers that the monitoring of the implementation is the new challenge ahead; underlines that the coordination between the Commission and the Member States that are members of the Financial Action Task Force (FATF) should be improved in order for the EU to make its voice heard;

Amendment 87 #

Motion for a resolution
Paragraph 8

8. Takes the view that ~~action taken to monitor compliance with~~the implementation of recommendations on the part of the various countries involved is still insufficient to ensure the creation of a level playing field ~~at international level~~globally;

Amendment 88 #

Miguel VIEGAS, Matt CARTHY, Paloma LÓPEZ BERMEJO

Motion for a resolution
Paragraph 8

8. Takes the view that action taken to monitor compliance with recommendations on the part of the various countries involved is still insufficient to ensure the creation of a level playing field at international level respecting the subsidiarity principle;

Amendment 89 #

Motion for a resolution
Paragraph 8 a (new)

8a. Considers it dangerous and anti- democratic to believe that peer review makes for greater accountability to the people than the traditional formal democratic accountability model based on the ‘agent and principal’ concept (in which elections are the means whereby ‘agents’ – elected representatives – are made accountable by the ‘principal’, in other words electors);

Amendment 9 #

Motion for a resolution
Recital A a (new)

Aa. whereas, with the crisis, the paradigms of economic and financial governance have collapsed;

Amendment 90 #

Motion for a resolution
Paragraph 8 a (new)

8a. Takes note that the FSB is now engaging to develop standards in the insurance sector; recognizes that the IAIS is playing an important role in global insurance policy, but stresses that involving EIOPA would have the benefit of strengthening the contribution of European insurance specific expertise and ensure that the standards developed at global level do not go against the logic the EU has been the first to develop;

Amendment 91 #

Motion for a resolution
Paragraph 9 – indent 1

– Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency and accountability designed to guide the action of European representatives in international organisations;deleted

Amendment 92 #

Motion for a resolution
Paragraph 9 – indent 1

– Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency and democratic accountability designed to guide – indicatively – the action of European representatives in international organisations;

Amendment 93 #

Motion for a resolution
Paragraph 9 – indent 1

- Calls on the Commission to draw on existing best practices at European and national levels to draft a European code of conduct on transparency and accountability designed to guide the action of European representatives in international organisations; requests that the European Parliament should be closely associated in the drafting process;

Amendment 94 #

Motion for a resolution
Paragraph 9 – indent 1

- Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency, integrity and accountability ~~designed to guide the action~~ of European representatives acting in international organisations;

Amendment 95 #

Motion for a resolution
Paragraph 9 – indent 1

- Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency and accountability designed to guide the action of European Union representatives in international organisations;

Amendment 96 #

Motion for a resolution
Paragraph 9 – indent 1

- Calls on the Commission to draw on existing best practices to draft a European code of conduct on transparency and accountability designed to guide the action of European representatives in international organisations/bodies;

Amendment 97 #

Motion for a resolution
Paragraph 9 – indent 1 a (new)

- Calls on the Commission to define its positions in international financial and macroeconomic fora in line with the following principles: 1. The need to step up fiscal collaboration among countries across the world in order to reduce and ultimately eliminate tax havens, and to coordinate and harmonise national tax policies so as to avoid tax evasion based on opaque systems and unfair tax competition; 2. The need to support the spread of the culture of corporate social responsibility (CSR), since sustainable undertakings are and will be the basis for cohesive and sustainable human development. To this end, the EU must support the development of the UN guiding principles and the spread of the culture of business responsibility for human rights. 3. The need to uphold the European social model and its expansion in the context of globalisation of the economy and production, not only as an ideal with regard to decent employment and social protection but as the sole means of preventing social dumping, which ultimately leads to the deterioration and devaluation of that model.

Amendment 98 #

Motion for a resolution
Paragraph 9 – indent 1 a (new)

Amendment 99 #