2018/0212(COD) European Investment Stabilisation Function 2021–2027
Lead committee dossier:
Progress: Awaiting committee decision
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Joint Responsible Committee | ['BUDG', 'ECON'] | ||
| Former Joint Committee Responsible | ['BUDG', 'BUDG', 'ECON', 'ECON'] |
MUREŞAN Siegfried ( EPP),
SILVA PEREIRA Pedro ( S&D)
|
|
| Committee Opinion | EMPL | ||
| Former Committee Opinion | EMPL |
SEMEDO Monica ( Renew)
|
|
| Former Committee Opinion | EMPL |
Lead committee dossier:
Legal Basis:
RoP 59, TFEU 175-p3
Legal Basis:
RoP 59, TFEU 175-p3Events
2019/11/06
EP - SEMEDO Monica (Renew) appointed as rapporteur in EMPL
2019/10/21
EP - Committee referral announced in Parliament, 1st reading
2019/07/18
EP - MUREŞAN Siegfried (EPP) appointed as rapporteur in ['BUDG', 'BUDG', 'ECON', 'ECON']
2019/07/18
EP - SILVA PEREIRA Pedro (S&D) appointed as rapporteur in ['BUDG', 'BUDG', 'ECON', 'ECON']
2018/12/06
CofR - Committee of the Regions: opinion
Documents
2018/11/09
ECB - European Central Bank: opinion, guideline, report
Details
OPINION of the European Central Bank (ECB) on a proposal for a regulation on the establishment of a European Investment Stabilisation Function.
The establishment of the European Investment Stabilisation Function (EISF) aims to protect national public investment in the presence of large asymmetric macroeconomic shocks in Member States whose currency is the euro and in non-euro area Member States participating in the exchange rate mechanism (ERM II).
General observations
The ECB highlights the following points:
- when it is created, the EISF should ensure that it provides effective macroeconomic stabilisation, particularly in the presence of deep euro area-wide recessions. To that end, a fiscal stabilisation function should be sufficient in size;
- effective stabilisation also requires that EISF support is triggered and implemented in a timely manner. The EISF trigger that is envisaged is related to average unemployment over a 60-quarter period. This long period of time appears unwarranted, given that the current unemployment could be far from the 60-quarter average for countries that have experienced a strong upward or downward trend in unemployment over the preceding 15 years;
- EISF support should complement incentives for sound national fiscal and economic policies and, in particular, for reforms aimed at addressing national structural challenges and strengthening compliance with the Union's fiscal and macroeconomic surveillance framework. EISF support should be linked to the participating Member State's past track record of full respect for the Union's fiscal and macroeconomic surveillance framework. Against this background, the envisaged eligibility criteria appear weak;
- a prospective stabilisation function should provide incentives for Member States to build fiscal buffers in good economic times, which may suffer depletion in recessions;
Lastly, clarity would be required regarding: (i) the interaction between the proposed regulation and the use of flexibility within the SGP, notably as regards the provisions of the so-called ‘investment clause’, which has a similar objective to the EISF, i.e. to maintain investment in difficult economic times; (ii) a provision to ensure that the level of EISF support is commensurate with the level required to maintain debt sustainability.
Specific observations
The ECB stresses the following:
- the principle of institutional independence expressly referred to in Article 130 of the Treaty and Article 7 of the Statute of the ESCB. These two articles prohibit the NCBs in the ESCB and the members of their decision making bodies from seeking or taking instructions from Union institutions, bodies, offices or agencies, from any government of a Member State or from any other body. In addition, the Union institutions, bodies, offices or agencies, and the governments of the Member States undertake to respect this principle and not to seek to influence the members of the NCBs' decision-making bodies in the performance of their ESCB-related tasks;
- the principle of financial independence requires that NCBs have sufficient means to perform their ESCB-related and national tasks;
- the readiness of the ECB to establish with the Commission the necessary arrangements for the administration of the loans, and to receive from the Member State concerned the principal and interest due under an EISF loan into an account held with the ECB, as envisaged by the proposed regulation.
Documents
2018/10/26
CZ_SENATE - Contribution
Documents
2018/10/22
RO_SENATE - Contribution
Documents
2018/10/17
ESC - Economic and Social Committee: opinion, report
Documents
2018/09/27
ES_PARLIAMENT - Contribution
Documents
2018/07/13
FR_ASSEMBLY - Contribution
Documents
2018/07/05
EP - Referral to joint committee announced in Parliament
2018/06/11
EP - Committee referral announced in Parliament, 1st reading
2018/05/31
EC - Document attached to the procedure
Documents
2018/05/31
EC - Document attached to the procedure
Documents
2018/05/31
EC - Legislative proposal published
Details
PURPOSE: to establish a European investment stabilisation function (EISF) for the period 2021-2027.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: d eepening the Economic and Monetary Union (EMU) and modernising EU public finances are key strands in the debate on the future of Europe initiated by the Commission's White Paper of 1 March 2017.
The financial crisis has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks. However, due to the architecture of the EMU with a centralised single monetary policy but a decentralised fiscal policy at national level, euro area Member States are insufficiently capable to absorb large asymmetric shocks in isolation .
By complementing the role of the existing national automatic stabilisers, the European investment stabilisation mechanism proposed by the Commission should help stabilise levels of public investment and facilitate rapid economic recovery in the event of major economic shocks in euro area Member States and in those participating in the European Exchange Rate Mechanism (ERM II).
The package builds, in particular, on the Five Presidents' Report on completing Europe's Economic and Monetary Union of 22 June 2015 and on the Commission's reflection paper on the deepening of the Economic and Monetary Union of 31 May 2017.
CONTENT: the proposed Regulation seeks to establish a European investment stabilisation function (EISF).
The EISF shall provide financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock in order to enhance cohesion.
EISF support shall be available for Member States whose currency is the euro and for other Member States that participate in the exchange rate mechanism (ERM II).
Eligibility and activation criteria : the decision-making procedure allows for a lean and swift mobilisation and disbursement of support by the Commission following the fulfilment of clearly defined eligibility and activation criteria as well as a criterion determining the public investment that should be supported.
The Commission's decision to provide support under the instrument shall be subject to strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and macro-economic surveillance framework .
Activation criteria for support shall be determined by a double unemployment trigger which is based on both the national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold in the last year.
In addition, Member States shall invest the support under the EISF in eligible public investment and maintain the level of public investment in general compared to the average public investment over the last five years . They shall also give priority to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development..
Stabilisation Support Fund : the proposal provides for the establishment of the Stabilisation Support Fund and its use. The Fund shall be endowed with contributions by Member States in accordance with an intergovernmental agreement which determines the method for calculating them and the rules regarding their transfer. For euro area Member States, national contributions shall be calculated as a percentage of the monetary income allocated to the euro area Member States’ national central banks.
The Fund shall only be used to pay the interest rate subsidy and shall be administered by the Commission on the basis of a prudent and safe investment strategy.
The proposed Regulation also provides for a potential involvement by the European Stability Mechanism (ESM) or its legal successor in case the latter would autonomously decide in the future to also provide financial assistance in support of public investment to cater for macro-economic stabilisation purposes.
BUDGETARY IMPLICATIONS:
the loans that the proposed instrument allows the Commission to grant to Member States would be subject to a fixed ceiling of EUR 30 billion . Such loans constitute contingent liabilities for the EU budget in the event of a default on a loan repayment by a Member State granted under the scheme; the interest rate subsidy shall be financed by a Stabilisation Support Fund endowed with annual national contributions based on the share of the Eurosystem’s monetary income allocated to the national central bank of each euro area Member State. These national contributions constitute externally assigned revenue and have no impact on the EU budget.
Documents
Documents
- Committee of the Regions: opinion: CDR3764/2018
- European Central Bank: opinion, guideline, report: CON/2018/0051
- European Central Bank: opinion, guideline, report: OJ C 444 10.12.2018, p. 0011
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Economic and Social Committee: opinion, report: CES3003/2018
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2018)0297
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2018)0298
- Legislative proposal published: COM(2018)0387
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2018)0297
- Document attached to the procedure: EUR-Lex SWD(2018)0298
- Economic and Social Committee: opinion, report: CES3003/2018
- European Central Bank: opinion, guideline, report: CON/2018/0051 OJ C 444 10.12.2018, p. 0011
- Committee of the Regions: opinion: CDR3764/2018
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
- Contribution: COM(2018)0387
| Amendments | Dossier |
| 503 |
2018/0212(COD)
2018/10/16
EMPL
78 amendments...
Amendment 100 #
Proposal for a regulation Article 4 – paragraph 1 – point b b) the quarterly national unemployment and long-term unemployment rate increased above one percentage point in comparison to the unemployment and long-term unemployment rate observed in same quarter of the previous year.
Amendment 101 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) b a) The potential impact of significant changes in the underemployment and the potential additional labour force rates shall be considered in the calculation of the unemployment, when those rates are above the EU average rates.
Amendment 102 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) b a) the percentage of people at risk of poverty and social exclusion in the Member State exceeds the EU average over a period of 12 quarters preceding the quarter during which the request is made;
Amendment 103 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) b a) the material deprivation rate increased above one percentage point in comparison to the material deprivation rate observed in the previous year;
Amendment 104 #
Proposal for a regulation Article 4 – paragraph 1 – point b b (new) b b) the percentage of general government expenditure on social aspects in terms of GDP in the Member States concerned have been decreasing over a period of 12 quarters preceding the quarter during which the request is made;
Amendment 105 #
Proposal for a regulation Article 4 – paragraph 1 a (new) 1 a. The activation criteria described in subparagraphs (a) and (b) must be simultaneously fulfilled by the requesting Member State.
Amendment 106 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point –a (new) (-a) maintain at least the same level of its priority public social investment compared to the average level of its public social investment in the five previous years
Amendment 107 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain, at least, the same level of its public investment compared to the average level of its public investment in the five previous years.
Amendment 108 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain at least the same level of its public investment compared to the average level of its public investment in the five previous years.
Amendment 109 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 110 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 The Commission may nevertheless conclude
Amendment 111 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 1 The year following the disbursement of the EISF loan, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1. In particular, the Commission shall also verify the extent to which the Member State concerned has maintained (a) eligible public social investment in programmes supported by the Union under the European Social Fund Plus, (b) the share dedicated to social inclusion measures within the European Social Fund Plus, and (c) eligible public investment in programmes supported under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.
Amendment 112 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 2 – introductory part If the Commission, after having heard the Member State concerned, concludes that the conditions referred to in paragraph 1 have not been complied with, it shall examine the underlying reasons and adopt a decision:
Amendment 113 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be limited to EUR
Amendment 114 #
Proposal for a regulation Article 16 – paragraph 2 2. The Commission, including the European Anti-Fraud Office and the European Parliament, shall in particular have the right to send
Amendment 115 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point b (b) the contribution by EISF to the conduct of the economic and social policies of Member States in such a way as to strengthen economic, social and territorial cohesion in the Union;
Amendment 116 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point c (c) the contribution of this Regulation to the achievement of the Union's
Amendment 117 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c (c) employment, unemployment rate, participation rates, indicators of part time employment,
Amendment 118 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c (c) employment, unemployment rate, underemployment rate, potential additional labour force rate, participation rates, indicators of part time employment, hours worked, ;
Amendment 119 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c (c) employment, unemployment rate, youth unemployment rate, participation rates, indicators of part time employment, hours worked;
Amendment 120 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point c a (new) (c a) Inequalities, poverty and material depravation
Amendment 121 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point e (e) gross fixed capital formation financed by programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development;
Amendment 44 #
Proposal for a regulation Recital 1 (1) The promotion of economic, social and territorial cohesion, solidarity among Member States, social justice and protection and the establishment of an economic and monetary union (EMU) are key objectives under the Treaties. The Union shall work for the sustainable development of Europe, aiming at full employment and social progress.
Amendment 45 #
Proposal for a regulation Recital 1 a (new) (1a) The European Union should not be turned into a transfer union.
Amendment 46 #
Proposal for a regulation Recital 1 b (new) (1b) It is essential that EISF does not serve as a gateway to an EU unemployment insurance scheme or other all-embracing EU insurance mechanisms.
Amendment 47 #
Proposal for a regulation Recital 2 (2) Strenghtening economic cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole. The goal of economic convergence has proven to be unrealistic in the Euro system. Economic convergence is actually deteriorating with regards to a multitude of economic parameters.
Amendment 48 #
Proposal for a regulation Recital 2 (2) Strenghtening economic, social and territorial cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole.
Amendment 49 #
Proposal for a regulation Recital 2 (2) Streng
Amendment 50 #
Proposal for a regulation Recital 2 a (new) (2 a) A common currency area will lead to increased specialization and its countries and regions will be more susceptible to asymmetric shocks. An asymmetric shock is a negative economic development that affects one region or one country within a currency area more than other regions or countries in the same currency area. An asymmetric schock will usually affect the economic structure of a country and can not simply be overcome by temporarily increased fiscal spending. It can be overcome by a focus on education and entrepreneurship and by becoming competitive in order to attract new private investment and new industries.
Amendment 51 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic and employment policies and should coordinate them in such a way as to attain the objective of social inclusion, strengthening economic, social, and territorial cohesion and to deliver on the European Pillar of Social Rights.
Amendment 52 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic and social policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion, social justice and protection.
Amendment 53 #
Proposal for a regulation Recital 3 (3) Member States should
Amendment 54 #
Proposal for a regulation Recital 3 a (new) (3 a) In defining and implementing its policies and actions, the Union shall take into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of education, training and protection of human health.
Amendment 55 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks, often worsening social imbalances and inequalities. Deep and sustained recessions have considerable negative effects – both as the long-term unemployed workers lose their skills, as well as the economy losing productive capacity due to prolonged under- investment caused by insufficient aggregate demand.
Amendment 56 #
Proposal for a regulation Recital 4 (4) The unprecedented financial and social crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to
Amendment 57 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient in multiple countries to absorb large asymmetric shocks.
Amendment 58 #
Proposal for a regulation Recital 4 a (new) (4 a) Climate change should be considered as a potential asymmetric shock for the EU economy. Climate change impacts EU regions differently and if no further action is taken, the EU's Joint Research Centre estimates that climate damages to the EU economy could amount to at least €190 billion, a net welfare loss of 1.8% of its current GDP. Sustainable and responsible economic, employment, social and climate policies would contribute to the prevention of further asymetric shocks.
Amendment 59 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States
Amendment 60 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall, and especially for the most vulnerable. The sequence of the crisis in euro area also suggests strong reliance on the single monetary policy to provide for macro-economic stabilisation in severe macro-economic circumstances.
Amendment 61 #
Proposal for a regulation Recital 6 (6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public investment. Much of this can be attributed to a lack of fiscal leeway due to huge debt levels at the outbreak of the crisis or even at the time of the entry into the Euro area. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 62 #
Proposal for a regulation Recital 6 (6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public social investment. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 63 #
Proposal for a regulation Recital 7 Amendment 64 #
Proposal for a regulation Recital 7 (7) Additional instruments are therefore necessary to avoid in the future that large asymmetric shocks result into deeper and broader situations of stress and weaken
Amendment 65 #
Proposal for a regulation Recital 7 (7) Additional instruments are therefore necessary to avoid the possibility in the future that large asymmetric shocks will result in
Amendment 66 #
Proposal for a regulation Recital 8 (8) In particular, in order to support Member States
Amendment 67 #
Proposal for a regulation Recital 8 a (new) (8 a) However, financial instruments such as loans or guarantees cannot adequately replace investments in social and sustainability projects. In the context of a highly volatile political climate, more flexibility to allow for productive public spending coupled with a more ambitious reform of the eurozone are both urgently required.
Amendment 68 #
Proposal for a regulation Recital 9 (9) EISF should
Amendment 69 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies. It should be recalled that Member States should pursue
Amendment 70 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic and social policy coordination is the framework to identify national reform priorities and monitor their implementation, including the implementation of the principles of the European Pillar of Social Rights. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,, the EISF and Invest EU, where relevant.
Amendment 71 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic, employment and social policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,
Amendment 72 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States
Amendment 73 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates and material deprivation are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates or material deprivation above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States.
Amendment 74 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. However, having unemployment as the sole criterion to activate support may lead to some deficiencies with regard to the timeliness of the stabilisation function. Other complementary indicators which normally precede unemployment in terms of predicting an impending large shock could be considered in a way that an initial level of support can be triggered before the "large" shock is fully transmitted to the unemployment.
Amendment 75 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment and long-term unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. The activation of EISF support should be determined also by the level of population at-risk-of-poverty or social exclusion and the level of general government expenditure in social aspects in terms of GDP compared with the past levels;
Amendment 76 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold. The formula for calculating the amount of EISF loan support should also take into account the trend in the youth unemployment rate in the Member State requesting support.
Amendment 77 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a
Amendment 78 #
Proposal for a regulation Recital 14 a (new) (14 a) It is important to have an instrument in place that can be activated before there is a negative impact on the labour market. It is necessary to complement the unemployment criterion with a set of early warning indictors that can help to assess the risks of an economic shock well in advance to ensure the timelines and effectiveness of the proposed stabilisation function. In this way, the proposed stabilisation function would be much more timely and effective. Supplementary indicators that complement the unemployment rate are needed to provide for a more complete picture of the impacts in the labour market. Underemployed part-time workers, persons seeking work but not immediately available and persons available to work but not seeking are indicators that supplement the unemployment rate, thus providing an enhanced and richer picture than the traditional labour status framework and a more accurate information about the real impact of unemployment in the macroeconomic stability of the Member State.
Amendment 79 #
Proposal for a regulation Recital 14 b (new) (14 b) In 2017, there were 8.973 million underemployed part-time workers in the EU-28. In addition to this, 8.127 million persons were available to work, but did not look for a job, and another 2.289 million persons were looking for jobs, without being able to start working within a short time period. These two last groups are normally jointly referred to as the potential additional labour force. In total this means that in 2017 in the EU-28, 19.389 million persons had some resemblance to being unemployed, without fulfilling all the ILO criteria for being so. This is almost the same amount of persons who were unemployed according to the ILO criteria (18.776 million).
Amendment 80 #
Proposal for a regulation Recital 14 c (new) (14 c) The 15 year average unemployment rate which has to be exceeded for a Member State to qualify for support may work against countries that have been successful in reducing structural unemployment. A shorter time frame would be more suitable.
Amendment 81 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework over a period of two years before the request for EISF support should be fulfilled by the Member State requesting EISF support in order not to diminish the incentive for that Member State to pursue
Amendment 82 #
Proposal for a regulation Recital 16 Amendment 83 #
Proposal for a regulation Recital 16 (16) Member States
Amendment 84 #
Proposal for a regulation Recital 20 (20) With a view to swiftly provide EISF support, the competence for granting the loans when the eligibility and activation criteria are fulfilled and deciding on granting interest rate subsidies should be entrusted to
Amendment 85 #
Proposal for a regulation Recital 21 (21) (21) Member States should invest the support received under EISF in eligible public investment and also maintain the level of public investment in general compared to the average level of public investment over the five last years in order to ensure that the objective pursued by this Regulation is achieved. In that respect, there is the expectation that Member States should give priority, amongst others, to maintaining eligible investment in programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development.
Amendment 86 #
Proposal for a regulation Recital 21 (21) Member States should invest the support received under EISF in eligible public investment
Amendment 87 #
Proposal for a regulation Recital 33 Amendment 88 #
Proposal for a regulation Recital 33 Amendment 89 #
Proposal for a regulation Recital 33 Amendment 90 #
Proposal for a regulation Recital 33 (33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on loans and granting of interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor would be involved in the future by providing financial assistance to Member States
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock. An asymmetric shock is a negative economic development that affects one region or one country within a currency area more than other regions or countries in the same currency area. An asymmetric schock will usually affect the economic structure of a country and can not simply be overcome by temporarily increased fiscal spending. It can be overcome by a focus on education and entrepreneurship and by becoming competitive in order to attract new private investment and new industries. A common currency area will lead to increased specialization and its countries and regions will be more susceptible to asymmetric shocks.
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 3 Amendment 93 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 Amendment 94 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) (3 a) ‘eligible priority public social investment’ means: the public investment in support of policy objectives as defined in Regulation (EU) No [XX] of [XX] [insert reference to new European Social Fund Plus]
Amendment 95 #
Proposal for a regulation Article 3 – paragraph 1 – point e Amendment 96 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a large asymmetric shock if
Amendment 97 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a large asymmetric shock if at least three of the following activation criteria are
Amendment 98 #
Proposal for a regulation Article 4 – paragraph 1 – point a a) the quarterly national unemployment
Amendment 99 #
Proposal for a regulation Article 4 – paragraph 1 – point b b) the quarterly national unemployment rate increased above
source: 629.408
2018/11/08
BUDG, ECON
219 amendments...
Amendment 245 #
Proposal for a regulation Article 3 – paragraph 1 – point b Amendment 246 #
Proposal for a regulation Article 3 – paragraph 1 – point b Amendment 247 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) a decision of the Council in accordance with Article 6(2) or Article 10 of Council Regulation (EU) No 1466/9719 establishing that no effective action has been taken to address the observed significant deviation in the t
Amendment 248 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) a decision of the Council in accordance with Article 6(2) or Article 10 of Council Regulation (EU) No 1466/9719 establishing that no effective action has been taken to address the observed significant deviation in the
Amendment 249 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) a decision of the Council in accordance with Article 6(2) or Article 10 of Council Regulation (EU) No 1466/9719 establishing that no effective action has been taken to address the observed significant deviation in the
Amendment 250 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) a decision of the Council in accordance with Article 6(2) or Article 10 of Council Regulation (EU) No 1466/9719
Amendment 251 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) a decision of the Council in accordance with Article 6(2) or Article 10 of Council Regulation (EU) No 1466/9719 establishing that no effective action has been taken to address the observed significant deviation in the two years prior to requesting support from the E
Amendment 252 #
Proposal for a regulation Article 3 – paragraph 1 – point c Amendment 253 #
Proposal for a regulation Article 3 – paragraph 1 – point c (c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council20 on grounds that the Member State concerned has submitted an insufficient corrective action plan in the t
Amendment 254 #
Proposal for a regulation Article 3 – paragraph 1 – point c (c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council20 on grounds that the Member State concerned has submitted an insufficient corrective action plan in the
Amendment 255 #
Proposal for a regulation Article 3 – paragraph 1 – point c (c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3)
Amendment 256 #
Proposal for a regulation Article 3 – paragraph 1 – point c (c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council20 on grounds that the Member State concerned has submitted an insufficient corrective action plan in the
Amendment 257 #
Proposal for a regulation Article 3 – paragraph 1 – point c (c) two successive recommendations of the Council in the same imbalance procedure in accordance with Article 8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council20 on grounds that the Member State concerned has submitted an insufficient corrective action plan in the two years prior to requesting support from the E
Amendment 258 #
Proposal for a regulation Article 3 – paragraph 1 – point d Amendment 259 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d) two successive decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non-compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the t
Amendment 260 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d) two successive decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non-compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the
Amendment 261 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d) two successive decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non-compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the
Amendment 262 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d) two successive decisions of the Council in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council having established non-compliance by the Member State concerned on grounds that it has not taken the recommended corrective action in the two years prior to requesting support from the E
Amendment 263 #
(d)
Amendment 264 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d)
Amendment 265 #
Proposal for a regulation Article 3 – paragraph 1 – point e Amendment 266 #
Proposal for a regulation Article 3 – paragraph 1 – point e Amendment 267 #
Proposal for a regulation Article 3 – paragraph 1 – point f Amendment 268 #
Proposal for a regulation Article 3 – paragraph 1 – point f Amendment 269 #
Proposal for a regulation Article 3 – paragraph 1 – point f a (new) (fa) a pending procedure under article 7 Treaty on the European Union.
Amendment 270 #
Proposal for a regulation Article 3 – paragraph 1 a (new) 1a. If the Commission concludes that the conditions referred to in paragraph 1 or 1a have not been complied with in the five years after requesting the EISF support, it shall adopt a decision: (a) requesting the early repayment of whole or part of the EISF loan, as appropriate; and (b) deciding that upon repayment of EISF loan the Member State concerned shall not be entitled to receive the interest rate subsidy.
Amendment 271 #
Proposal for a regulation Article 3 – paragraph 1 b (new) 1b. If repayment of the loan as referred to in paragraph 1b has not taken place in a timely manner, the Council may, on a proposal from the Commission, decide to take or intensify one or more of the following measures: - to require the Member State concerned to publish additional information, to be specified by the Council, before issuing bonds and securities; - to invite the European Investment Bank to reconsider its lending policy towards the Member State concerned; - to require the Member State concerned to make a non-interest-bearing deposit of an appropriate size with the Union until the loan has been fully repaid; - to impose fines of an appropriate size. The President of the Council shall inform the European Parliament of the decisions taken.
Amendment 272 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 273 #
Proposal for a regulation Article 3 – paragraph 2 2.
Amendment 274 #
Proposal for a regulation Article 3 – paragraph 2 2. When the agreement has entered into force, a Member State shall only be eligible for receiving an interest rate subsidy if it complies with its obligations
Amendment 275 #
Proposal for a regulation Article 3 – paragraph 2 a (new) 2a. A Member State, not meeting any the criteria of paragraph 1 shall be eligible for a grant with a cumulative discount of 20% of the total amount of support provided by the EISF for each of the items referred to under points a) to d) of paragraph 1 and a discount of 20% of the total amount of support provided by the EISF if the Member State does not meet its annual intermediate targets in the context of the Union strategy for smart, sustainable and inclusive growth.
Amendment 276 #
Proposal for a regulation Article 3 – paragraph 2 a (new) 2a. Where national budgetary or economic policies are no longer compatible with EU requirements (i.e. the conditions constituting eligibility criteria for access to the facility), the EISF loan should be repaid in part or in full.
Amendment 277 #
Proposal for a regulation Article 3 – paragraph 2 b (new) 2b. The amount of support not covered by a grant shall be eligible to a loan with an interest rate subsidy to be determined in accordance with the provisions of Article 9, if within one year of the decisions and recommendations referred to under points a) to d) of paragraph 1 the Member State is not anymore subject to them or if the intermediate targets referred to in paragraph 1 is met for the subsequent two years. Absent such conditions, the interest rate subsidy as referred to in Article 9 shall be equal to zero.
Amendment 278 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a large asymmetric shock if the Commission and the Council concur that a clearly identified macroeconomic event (‘the shock’) was beyond the control of the Member State and the following activation criteria are simultaneously fulfilled:
Amendment 279 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State experiencing an unemployment rate below the average unemployment rate in Member States referred to under Article 1, paragraph 3 shall be considered to experience a large asymmetric shock if the
Amendment 280 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a
Amendment 281 #
Proposal for a regulation Article 4 – paragraph 1 – introductory part 1. A Member State shall be considered to experience a large asymmetric shock if one of the following block of activation criteria
Amendment 282 #
Proposal for a regulation Article 4 – paragraph 1 – point a (a)
Amendment 283 #
Proposal for a regulation Article 4 – paragraph 1 – point a (a)
Amendment 284 #
Proposal for a regulation Article 4 – paragraph 1 – point a (a) the quarterly national unemployment rate in the Member State concerned exceeded the average unemployment rate in the
Amendment 285 #
Proposal for a regulation Article 4 – paragraph 1 – point a (a) the quarterly national unemployment rate exceeded the average unemployment rate in the Member State concerned over a period of
Amendment 286 #
Proposal for a regulation Article 4 – paragraph 1 – point a (a) the quarterly national unemployment rate exceeded by more than one percentage point the average unemployment rate in the Member State concerned over a period of 60 quarters preceding the quarter during which the request is made;
Amendment 287 #
Proposal for a regulation Article 4 – paragraph 1 – point a – point i (new) (i) the quarterly national unemployment rate exceeded the average unemployment rate in the Member State concerned over a period of 60 quarters preceding the quarter during which the request is made;
Amendment 288 #
Proposal for a regulation Article 4 – paragraph 1 – point a – point ii (new) (ii) the quarterly national unemployment rate increased above one percentage point in comparison to the unemployment rate observed in same quarter of the previous year.
Amendment 289 #
Proposal for a regulation Article 4 – paragraph 1 – point b (b)
Amendment 290 #
Proposal for a regulation Article 4 – paragraph 1 – point b (b)
Amendment 291 #
Proposal for a regulation Article 4 – paragraph 1 – point b (b) the quarterly national unemployment rate increased above
Amendment 292 #
Proposal for a regulation Article 4 – paragraph 1 – point b (b) the quarterly national unemployment rate increased above
Amendment 293 #
Proposal for a regulation Article 4 – paragraph 1 – point b (b) the quarterly national unemployment rate increased above
Amendment 294 #
Proposal for a regulation Article 4 – paragraph 1 – point b – point i (new) (i) the quarterly national growth rate of gross fixed capital formation is bellow three percentage points in comparison to the average growth rate of gross fixed capital formation observed in the previous four quarters.
Amendment 295 #
Proposal for a regulation Article 4 – paragraph 1 – point b a (new) (ba) a leading indicator designed to anticipate turning points in economic activity based on existing indicators such as the OECD leading composite indicator or other similar indicators published by an international institution or the independent body set in the Council Directive 2011/85/EU of 8 November2011 on requirements for budgetary frameworks of the Member States
Amendment 296 #
(ba) not more than a third of eligible Member States that fulfil the activation criteria of paragraph 1 (a) and (b) may simultaneously request support within a period of 12 months in line with Article 6(1) following the last decision to grant support in line with Article 6(2) of this Regulation.
Amendment 297 #
Proposal for a regulation Article 4 – paragraph 2 Amendment 298 #
2a. A Member State, whose unemployment rate is above the average unemployment rate in the Member States covered under Article 1, paragraph 3 shall be considered to experience a large asymmetric shock if any of the following activation criteria is fulfilled: (a) the quarterly national unemployment rate exceeded the average unemployment rate in the Member State concerned over a period of 60 quarters preceding the quarter during which the request is made; (b) the quarterly national unemployment rate increased above one percentage point in comparison to the unemployment rate observed in same quarter of the previous year.
Amendment 299 #
Proposal for a regulation Article 4 – paragraph 3 Amendment 300 #
Proposal for a regulation Article 4 – paragraph 3 a (new) 3a. The Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21, to specify the indicator referred to under point (ba), paragraph 1.
Amendment 301 #
Proposal for a regulation Article 4 a (new) Article 4a A Member State can also be considered to experience a large asymmetric shock if its growth potential and capacity to create jobs are affected by a prolonged reduction of its public investment rate above 20% for more than 3 years.
Amendment 302 #
Proposal for a regulation Article 5 Amendment 303 #
Proposal for a regulation Article 5 – title 5
Amendment 304 #
Proposal for a regulation Article 5 – title Supported investment and reinsurance unemployment mechanism
Amendment 305 #
Proposal for a regulation Article 5 – title Supported investment and reinsurance unemployment scheme
Amendment 306 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – introductory part A Member State benefitting from E
Amendment 307 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point a (a)
Amendment 308 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point a (a)
Amendment 309 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point a (a)
Amendment 310 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b Amendment 311 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b Amendment 312 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain the same level of its support for public investment and national unemployment scheme compared to the average level of its
Amendment 313 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain the same level of its support for public investment and national unemployment scheme compared to the average level of its
Amendment 314 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain the same level of its
Amendment 315 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 1 – point b (b) maintain at least the same level of its public investment compared to the average level of its public investment in the five previous years.
Amendment 316 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 317 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 318 #
Proposal for a regulation Article 5 – paragraph 1 – subparagraph 2 Amendment 319 #
Proposal for a regulation Article 5 – paragraph 1 a (new) 1a. A Member State benefiting from EPS support and that faces an asymmetric shock may, in any given year in which it receives EPS support use part of it to support its national unemployment system. The percentage of the EPS support a Member State can use under this paragraph shall be determined by the Commission in accordance with Article 6 of this regulation and upon request by the Member State.
Amendment 320 #
Proposal for a regulation Article 5 – paragraph 2 Amendment 321 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 1 The year following the disbursement of the EISF loan, the Commission shall examine whether the Member State concerned has respected the criteria referred to in paragraph 1.
Amendment 322 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 1 The year following the disbursement of the EISF
Amendment 323 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 1 The year following the disbursement of the E
Amendment 324 #
If the Commission, after having heard the Member State concerned, concludes that the condition
Amendment 325 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 2 – point a (a) requesting the early repayment of whole or part of the E
Amendment 326 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 2 – point b Amendment 327 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 2 – point b (b) deciding that upon repayment of E
Amendment 328 #
Proposal for a regulation Article 5 – paragraph 2 – subparagraph 2 – point b a (new) (ba) suspending the eligibility of the Member State to additional grants for a period of two years.
Amendment 329 #
Proposal for a regulation Article 6 – title 6 Procedure for granting or withdrawing EISF support
Amendment 331 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 Where a Member State
Amendment 332 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 Where a Member State
Amendment 333 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 Amendment 334 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 Where a Member State fulfils the eligibility criteria referred to in Article 3 and is experiencing the large asymmetric shock referred to in Article 4, it may request the Commission once a year to receive EISF support. The Member State shall indicate its needs for support. The Commission shall inform the European Parliament and the Council without undue delay of any request for support.
Amendment 335 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 Where a Member State fulfils the eligibility criteria referred to in Article 3 and is experiencing
Amendment 336 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 1 a (new) The Member State shall nevertheless also be entitled to request the EISF support in case the activation criteria referred to in Article 4 are not triggered, where an asymmetric shock is detected by the following criteria: (a) large increase in youth unemployment; (b) significant increase of companies’ bankruptcies; (c) sharp decline in economic output, including by industry sector; (d) sharp drop in exports of goods and services, except where the moving average of the current account balance expressed in percent of GDP in the Member State concerned exceeded 4 % in the previous three years;
Amendment 337 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 2 The Commission shall a
Amendment 338 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 2 The Commission shall assess and answer the requests in the order it receives them. It shall act without undue delay. At the request of the parliament of the Member State concerned or of the European Parliament, the Commission shall present its assessment to the parliament making the request.
Amendment 339 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 2 The Commission shall assess and answer the requests in the order it receives them. It shall act without undue delay. The Commission shall appear in front of the committee responsible and inform the European Parliament and the Council without undue delay about the outcome of its assessment.
Amendment 340 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 2 The Commission shall assess and answer the requests in the order it receives them. It shall act without undue delay. The Commission shall inform the European Parliament and the Council without undue delay about the outcome of its assessment.
Amendment 341 #
Proposal for a regulation Article 6 – paragraph 1 – subparagraph 2 a (new) Amendment 342 #
Proposal for a regulation Article 6 – paragraph 2 2. The Commission shall decide the terms of the EISF support. The decision shall contain the amount, the average maturity, the pricing formula, and the availability period of EISF loan
Amendment 343 #
Proposal for a regulation Article 6 – paragraph 2 2. The Commission shall decide the terms of the EISF support. The decision shall contain the amount, the average maturity, the pricing formula, and the availability period of EISF loan and the amount of the interest rate subsidy, and the other detailed rules needed for the implementation of the support.
Amendment 344 #
Proposal for a regulation Article 6 – paragraph 2 2. The Commission shall decide the terms of the EISF support. The decision shall contain the amount, the average maturity, the pricing formula, and the availability period of EISF loan and the amount of the interest rate subsidy, and the
Amendment 345 #
Proposal for a regulation Article 6 – paragraph 2 2. The Commission shall decide the terms of the EISF support in accordance with the provisions of Article 3(2a), 3(2b) and 8. The decision shall contain the amount, and as appropriate, the average maturity, the pricing formula, and the availability period of EISF loan and the amount of the interest rate subsidy, and the other detailed rules needed for the implementation of the support. When deciding on the terms of the EISF support, the Commission shall take into account the amount deemed to be sustainable within the meaning of Article [210(3)] of Regulation (EU, Euratom) No XX (the ‘Financial Regulation’) under the own resources ceiling for payment appropriations.
Amendment 346 #
Proposal for a regulation Article 6 – paragraph 2 2. The Commission shall decide the terms of the E
Amendment 347 #
Proposal for a regulation Article 6 – paragraph 2 a (new) Amendment 348 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be
Amendment 349 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of grants and loans granted to Member States under this Regulation shall
Amendment 350 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be limited to EUR
Amendment 351 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall
Amendment 352 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be limited to EUR
Amendment 353 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall
Amendment 354 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be
Amendment 355 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be limited to EUR
Amendment 356 #
Proposal for a regulation Article 7 – paragraph 1 The outstanding amount of loans granted to Member States under this Regulation shall be limited to EUR
Amendment 357 #
Proposal for a regulation Article 7 – paragraph 1 a (new) The maximum EISF contribution shall represent 70% of the costs of eligible public investment, while co-financing by the beneficiary shall represent at least 30%.
Amendment 359 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1.
Amendment 360 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1.
Amendment 361 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1.
Amendment 362 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 1 Amendment 363 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 1 Amendment 364 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 1 Amendment 365 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 1 a (new) S= β X S max X (Increase in unemploymentMS-threshold level)
Amendment 369 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 2 a (new) S = β x Smax x (Increase in unemploymentMS – threshold level) subject to S ≤ Smax
Amendment 370 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 2 a (new) subject to S ≤ S max
Amendment 371 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 3 Amendment 372 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 3 – point b (b)
Amendment 373 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 3 – point b (b)
Amendment 374 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 3 – point b (b) «Is» means the maximum level of
Amendment 375 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 4 Amendment 376 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 4 Amendment 377 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 4 Amendment 378 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 4 The Commission may nevertheless increase the amount of an EISF loan up to the amount of IS in case of particular severity of the
Amendment 379 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 4 The Commission may nevertheless increase the amount of an E
Amendment 380 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 4 The Commission may nevertheless increase the amount of an EISF loan up to the amount of
Amendment 381 #
Proposal for a regulation Article 8 – paragraph 2 – introductory part 2. The maximum level of eligible public investment or national unemployment scheme that the EISF may support in a Member State (
Amendment 382 #
Proposal for a regulation Article 8 – paragraph 2 – introductory part 2. The maximum level of
Amendment 385 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 1 a (new) Smax = α x ((Average Public InvestmentEU+ Average unemployment financing) / GDPEU) x GDPMS
Amendment 386 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 1 a (new) Is = α X [(Average Public InvestmentEU + Average Unemployment Financing) / GDPEU ] X GDPMS
Amendment 387 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 2 – point a (a) ‘α’ is
Amendment 388 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 2 – point b – introductory part (b) (Average public investment EU+ Average unemployment financing) / GDPEU means the ratio of eligible public investment and national unemployment scheme financing to GDP in the Union, in current prices and on average over a period of five full years before the request for EISF support in accordance with Article 6(1);
Amendment 389 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 2 – point b – introductory part (b) “Average Public InvestmentEU + Average Unemployment Financing) / GDPEU” means the ratio of eligible public investment to GDP in the Union, in current prices and on average over a period of five full years before the request for EISF support in accordance with Article 6)(1);
Amendment 390 #
Proposal for a regulation Article 8 – paragraph 3 Amendment 391 #
Proposal for a regulation Article 8 – paragraph 3 Amendment 392 #
Proposal for a regulation Article 8 – paragraph 3 Amendment 393 #
Proposal for a regulation Article 8 – paragraph 3 3. An EISF loan shall not exceed
Amendment 394 #
Proposal for a regulation Article 8 – paragraph 3 3. An EISF
Amendment 395 #
Proposal for a regulation Article 8 – paragraph 3 3. An E
Amendment 396 #
Proposal for a regulation Article 9 A
Amendment 397 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. An interest rate subsidy (IRS) shall contribute to the interest costs of the E
Amendment 398 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 399 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 400 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 401 #
Proposal for a regulation Article 9 – paragraph 2 2. The Commission shall be empowered to adopt delegated acts in accordance with the procedure laid down in Article 21, to amend this Regulation by determining the percentage referred to in paragraph 1 if this appears necessary in view of the
Amendment 402 #
Proposal for a regulation Article 10 Amendment 403 #
Proposal for a regulation Article 10 Amendment 404 #
Proposal for a regulation Article 10 Amendment 405 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1. In case the ESM or its legal successor provides financial assistance to Member States in support of eligible public investment under modalities and conditions consistent with this Regulation,
Amendment 406 #
Proposal for a regulation Article 10 – paragraph 1 – introductory part 1. In case the ESM or its legal successor provides financial
Amendment 407 #
Proposal for a regulation Article 10 – paragraph 1 – point a Amendment 408 #
Proposal for a regulation Article 10 – paragraph 1 – point b Amendment 409 #
Proposal for a regulation Article 10 – paragraph 1 – point b (b) supplement this Regulation by determining rules of complementarity between the financial assistance from the ESM or its legal successor and amounts of E
Amendment 410 #
Proposal for a regulation Article 10 – paragraph 1 – point c Amendment 411 #
Proposal for a regulation Article 10 – paragraph 1 – point c (c) amend or supplement Articles 9 and 18 to allow for providing grant
Amendment 414 #
Proposal for a regulation Article 11 – paragraph 1 1. The EISF grant or loan shall, in principle, be disbursed in one instalment.
Amendment 415 #
Proposal for a regulation Article 11 – paragraph 1 1. The E
Amendment 416 #
Proposal for a regulation Article 12 – paragraph 1 1. The borrowing and lending operations of the EISF shall be carried out in euro.
Amendment 417 #
2.
Amendment 418 #
Proposal for a regulation Article 12 – paragraph 3 3. Where a Member State receives an E
Amendment 419 #
Proposal for a regulation Article 12 – paragraph 4 4. At the request of the Member State or at the initiative of the Commission and where circumstances permit an improvement in the interest rate on the E
Amendment 420 #
Proposal for a regulation Article 13 – paragraph 1 Without prejudice to Articles 4 and 9, the costs incurred by the Union in concluding and carrying out each operation shall be borne by the Member State receiving the EISF loan or by the Stabilisation support fund in case of grants.
Amendment 421 #
Proposal for a regulation Article 13 – paragraph 1 Without prejudice to Article 9, the costs incurred by the Union in concluding and carrying out each operation shall be borne by the Member State receiving the E
Amendment 422 #
Proposal for a regulation Article 14 – paragraph 2 2. The Member State concerned shall open a special account with its national central bank for the management of E
Amendment 423 #
Proposal for a regulation Part 5 – title 2 Amendment 424 #
Proposal for a regulation Article 15 – paragraph 1 Without prejudice to Article 5(2) and Article 16, the interest rate subsidy shall be paid to the Member State concerned at the moment when the Member State repays the E
Amendment 425 #
Proposal for a regulation Article 16 – paragraph 1 1. Without prejudice to Article 27 of the Statute of the System of European Central Banks and of the European Central Bank, the European Court of Auditors shall have the right to carry out in the Member State concerned any financial controls or audits that it considers necessary in relation to the management of the E
Amendment 426 #
Proposal for a regulation Article 16 – paragraph 2 2. The Commission, including the European Anti-Fraud Office, shall in particular have the right to send its officials or duly authorised representatives to carry out in the Member State concerned any technical or financial controls or audits that
Amendment 428 #
Proposal for a regulation Article 17 – paragraph 1 1. The Stabilisation Support Fund is hereby established. It shall be filled in accordance with the rules on national compartment and contributions towards the Fund as laid down in the agreement.
Amendment 429 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a)
Amendment 430 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) contributions from Member States in accordance with the agreement
Amendment 431 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) contributions from Member States in accordance with the agreement
Amendment 432 #
Proposal for a regulation Article 17 – paragraph 2 – point c a (new) (ca) contributions from Member States recording a current account in excess of the maximum threshold as set out in the scoreboard established to in Regulation (EU) 1176/2011 for a third year in a row. The amount of the contribution shall be equivalent to the difference between the current account experienced by the Member States in the third year and the maximum threshold for that year.
Amendment 433 #
Proposal for a regulation Article 17 – paragraph 2 a (new) 2a. For the purpose of paragraph 2a, the financial envelope for the implementation of the Stabilisation Support Fund is set at EUR 120000 million in current prices.
Amendment 434 #
Proposal for a regulation Article 17 – paragraph 3 3. Revenues of the Stabilisation Support Fund as provided for in point (
Amendment 435 #
Proposal for a regulation Article 17 – paragraph 4 Amendment 436 #
Proposal for a regulation Article 18 – paragraph 1 1. The resources of the Stabilisation Support Fund may
Amendment 437 #
Proposal for a regulation Article 18 – paragraph 1 1. The resources of the Stabilisation Support Fund may
Amendment 438 #
Proposal for a regulation Article 18 – paragraph 1 1. The resources of the Stabilisation Support Fund may only be used for the purpose of
Amendment 439 #
Proposal for a regulation Article 18 – paragraph 2 Amendment 440 #
Proposal for a regulation Article 18 – paragraph 2 Amendment 441 #
Proposal for a regulation Article 18 – paragraph 2 2. Payment of an interest rate subsidy shall not exceed
Amendment 442 #
Proposal for a regulation Article 18 – paragraph 2 2. Payment of grants together with an interest rate subsidy shall not exceed 30 percent of the available means in the Stabilisation Support Fund at the moment when such payment to the Member State concerned is due. Any further payment shall be deferred. Any new contributions to the Stabilisation Support Fund referred to in Article 17(2) shall be firstly used for honouring deferred payments to the Member States concerned. In case of more than one deferred payment, the order in which such payments shall be honoured shall be determined by the length of time of the deferral starting with the longest time.
Amendment 443 #
Proposal for a regulation Article 19 a (new) Article 19a Within five years, at most, of the date of entry into force of this Treaty, on the basis of an assessment of the experience with its implementation, the necessary steps shall be taken, in accordance with the Treaty on the European Union and the Treaty on the Functioning of the European Union, with the aim of incorporating the substance of this Treaty into the legal framework of the European Union.
Amendment 444 #
Proposal for a regulation Article 20 – paragraph 1 1. In order to increase the impact of public investment and potential E
Amendment 445 #
Proposal for a regulation Article 20 – paragraph 2 2. By [DATE two years after the entry into force of this Regulation] at the latest, and every five years after,
Amendment 446 #
Proposal for a regulation Article 20 – paragraph 2 2. By [DATE two years after the entry into force of this Regulation] at the latest, and every
Amendment 447 #
Proposal for a regulation Article 21 – paragraph 2 2. The delegation of power referred to in
Amendment 448 #
Proposal for a regulation Article 21 – paragraph 3 3. The delegation of power referred to in
Amendment 449 #
Proposal for a regulation Article 21 – paragraph 6 6. A delegated act adopted pursuant to
Amendment 450 #
Proposal for a regulation Article 22 – paragraph 3 3. The performance reporting system shall ensure that data for monitoring implementation and results are collected efficiently, effectively, and in a timely manner. To that end, proportionate reporting requirements shall be imposed on recipients of E
Amendment 451 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 1 An interim evaluation of the EISF shall be performed once there is sufficient information available about the implementation of the EISF and at the latest within two years of the EISF entry into force. A final evaluation of the EISF shall be carried out by the Commission four years after the entry into force of this Regulation,
Amendment 452 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 1 An interim evaluation of the E
Amendment 453 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point b (b) the contribution by E
Amendment 454 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point c (c) the contribution of this Regulation to the achievement of the Union’s strategy for sustainable growth and jobs;
Amendment 455 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d Amendment 456 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d Amendment 457 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d (d) the appropriateness of developing a
Amendment 458 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d (d)
Amendment 459 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d (d) the
Amendment 460 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d a (new) (da) the appropriateness of endowing the Stabilisation Support Fund with national contributions from Member States calculated based on a share of the national current account surplus in excess of 4% of the country’s GDP, for the purpose of achieving an automatic current account adjustment mechanism to cater for macroeconomic stabilisation within the Euro area.
Amendment 461 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 – point d b (new) (db) the appropriateness to provide for a permanent exemption for eligible net public investment as defined in this Regulation from the relevant budgetary targets under both the preventive and the corrective arm of the Stability and Growth Pact.
Amendment 462 #
Proposal for a regulation Annex I – point 1 – paragraph 2 The indictors are based on the principles established by this Regulation with regard to the aim and scope of E
Amendment 463 #
Proposal for a regulation Annex II – point 2 – paragraph 1 – point a (a) GDP, GNI, internal demand, current account and subnational imbalances;
source: 630.444
2018/11/09
BUDG, ECON
206 amendments...
Amendment 100 #
Proposal for a regulation Recital 12 (12) The European Stability Mechanism (ESM) or its legal successor
Amendment 101 #
Proposal for a regulation Recital 13 (13) E
Amendment 102 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates above their long-term averages are a clear indicator of a large shock in a specific Member State. Asymmetric shocks affect one or several Member States significantly more strongly than the average of Member States. It should be noted that the asymmetric shocks are caused by the Eurozone’s own economic architecture. Therefore, the stabilisation mechanism must operate in a compensatory manner to counteract the economic divergence and the tendency to deepen the unequal relationship between the centre and the periphery it causes, for example as regards the balance of payments or the intensity of the economic cycle.
Amendment 103 #
Proposal for a regulation Recital 13 (13) EISF support should be given in
Amendment 104 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States
Amendment 105 #
Proposal for a regulation Recital 13 (13) E
Amendment 106 #
Proposal for a regulation Recital 13 (13) EISF support should be given in case one or several Member States whose currency is the euro or other Member States that participate in the exchange rate mechanism (ERM II) are confronted with a large asymmetric shock. Changes in unemployment rates are highly correlated with business cycle fluctuations in such Member States. Strong increases in national unemployment rates
Amendment 107 #
Proposal for a regulation Recital 14 Amendment 108 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a non- automatic and conditional double activation trigger based on both the level of national unemployment rate compared to its past average and the change in unemployment compared to a certain threshold.
Amendment 109 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a
Amendment 110 #
Proposal for a regulation Recital 14 (14) The activation of E
Amendment 111 #
Proposal for a regulation Recital 14 (14) The activation of EISF support should therefore be determined by a double activation trigger based on both the level of national unemployment rate compared to
Amendment 112 #
Proposal for a regulation Recital 15 Amendment 113 #
Proposal for a regulation Recital 15 Amendment 114 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework over a period of t
Amendment 115 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework, including the Communication on flexibility, over a period of two years before the request for
Amendment 116 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework over a period of two years before the request for E
Amendment 117 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with
Amendment 118 #
Proposal for a regulation Recital 15 (15)
Amendment 119 #
Proposal for a regulation Recital 15 (15) Strict eligibility criteria based on compliance with decisions and recommendations under the Union's fiscal and economic surveillance framework over a period of
Amendment 120 #
Proposal for a regulation Recital 15 a (new) Amendment 121 #
Proposal for a regulation Recital 16 Amendment 122 #
Proposal for a regulation Recital 16 Amendment 123 #
Proposal for a regulation Recital 16 Amendment 124 #
Proposal for a regulation Recital 16 (16) Member States whose currency is the euro which benefit from financial assistance by the ESM, the European Financial Stabilisation Mechanism (EFSM) or the International Monetary Fund (IMF) and which
Amendment 125 #
Proposal for a regulation Recital 16 (16) Member States whose currency is the euro which benefit from financial assistance by the ESM, the European Financial Stabilisation Mechanism (EFSM) or the International Monetary Fund (IMF) and which are under a macro-economic adjustment programme within the meaning of Article 7(2) of Regulation (EU) No 472/2013 of the European Parliament and of the Council12 should not benefit from E
Amendment 126 #
Proposal for a regulation Recital 16 (16) Member States
Amendment 127 #
Proposal for a regulation Recital 17 Amendment 128 #
Proposal for a regulation Recital 17 Amendment 129 #
Proposal for a regulation Recital 17 Amendment 130 #
Proposal for a regulation Recital 17 (17) Member States with a derogation
Amendment 131 #
Proposal for a regulation Recital 18 (18) EISF support should take the form of loans to the Member States concerned
Amendment 132 #
Proposal for a regulation Recital 18 (18) EISF support should take the form of grants o
Amendment 133 #
Proposal for a regulation Recital 18 (18) E
Amendment 134 #
Proposal for a regulation Recital 19 (19) In addition to loans, no interest rate subsidies should be granted to the Member States
Amendment 135 #
Proposal for a regulation Recital 19 (19) In addition to loans, interest rate subsidies should be granted to the Member States concerned to cover the interest costs incurred on such loans, as a specific type of financial assistance under Article 220 of the Financial Regulation. Such an interest rate subsidy would provide additional support in parallel to the loan for Member States undergoing an asymmetric shock and facing tight financing conditions on the financial markets. Payment of interest rate subsidies should be strictly conditional upon the availability of sufficient means in the Stabilisation Support Fund.
Amendment 136 #
Proposal for a regulation Recital 19 (19) In addition to grants and loans, interest rate subsidies should be granted to the Member States concerned to cover the interest costs incurred on such loans, as a specific type of financial assistance under Article 220 of the Financial Regulation. Such an interest
Amendment 137 #
Proposal for a regulation Recital 20 (20) With a view to
Amendment 138 #
Proposal for a regulation Recital 20 (20) With a view to swiftly provide EISF support, the competence for granting the loans
Amendment 139 #
Proposal for a regulation Recital 20 (20) With a view to swiftly provide EISF support, the competence for granting the loans when the eligibility and activation criteria
Amendment 140 #
Proposal for a regulation Recital 20 (20) With a view to swiftly provide E
Amendment 141 #
Proposal for a regulation Recital 21 (21) Member States should invest the support received under EISF in eligible public investment
Amendment 142 #
Proposal for a regulation Recital 21 (21) Member States should invest the support received under E
Amendment 143 #
Proposal for a regulation Recital 21 (21) Member States should invest the support received under EISF in eligible public investment and also maintain the level of public investment in general compared to the
Amendment 144 #
Proposal for a regulation Recital 21 (21) Member States should invest the support received under E
Amendment 145 #
Proposal for a regulation Recital 22 (22) To that effect, the Commission should examine whether the Member State concerned has respected those conditions. In case of non-compliance the Member State concerned should be subject to exclusion of additional grants for a period of two years or repay part or the entire loan given and should not be entitled to receiving an interest rate subsidy.
Amendment 146 #
Proposal for a regulation Recital 22 (22) To that effect, the Commission should examine whether the Member State concerned has respected th
Amendment 147 #
Proposal for a regulation Recital 22 (22) To that effect, the Commission should examine whether the Member State concerned has respected those conditions. In case of non-compliance the Member State concerned should repay
Amendment 148 #
Proposal for a regulation Recital 22 a (new) (22a) Furthermore, a Member State is only eligible to receive EISF support if during the five years preceding and five years following the support given, it is not under the Excessive Deficit Procedure and is running a budget in line with the rules set out in the Stability and Growth Pact, including the Medium-Term Budgetary Objectives.
Amendment 149 #
Proposal for a regulation Recital 22 a (new) (22a) In addition, where national budgetary or economic policies are no longer compatible with EU requirements, the EISF loan should be repaid in part or in full.
Amendment 150 #
Proposal for a regulation Recital 23 (23)
Amendment 151 #
Proposal for a regulation Recital 23 (23) The
Amendment 152 #
Proposal for a regulation Recital 23 (23) The maximum level of eligible public investment that could be supported by E
Amendment 153 #
Proposal for a regulation Recital 24 Amendment 154 #
Proposal for a regulation Recital 24 (24) The amount of EISF loan should also be automatically determined on the basis of a formula which firstly takes into account the maximum level of eligible public investment that can be supported under EISF and secondly the severity of the large asymmetric shock. The support
Amendment 155 #
Proposal for a regulation Recital 24 (24) The amount of EISF loan should also be automatically determined on the basis of a formula which firstly takes into account the maximum level of eligible public investment that can be supported under EISF and secondly the severity of the large asymmetric shock. The support determined on the basis of that formula should also be scaled in function of the severity of the shock by means of a factor (β). That factor is determined such that for
Amendment 156 #
Proposal for a regulation Recital 24 (24) The amount of E
Amendment 157 #
Proposal for a regulation Recital 24 (24) The amount of EISF loan should also be automatically determined on the basis of a formula which firstly takes into account the maximum level of eligible public investment that can be supported under EISF and secondly the severity of the large asymmetric shock. The support determined on the basis of that formula should also be scaled in function of the severity of the shock by means of a factor (β). That factor is determined such that for a shock that increases unemployment by more than 2.5 percentage points, the maximum support is made available to the Member State concerned. An EISF loan could be increased up to the maximum level of eligible public investment in case the asymmetric shock is particularly severe as reflected by other indicators of the
Amendment 158 #
Proposal for a regulation Recital 24 a (new) (24a) In the case of asymmetric shocks, Member States shall have the possibility to use a percentage of the EPS support to financing national unemployment schemes.
Amendment 159 #
Amendment 160 #
Proposal for a regulation Recital 25 (25) The amount of E
Amendment 161 #
Proposal for a regulation Recital 26 Amendment 162 #
Proposal for a regulation Recital 26 (26) A Stabilisation Support Fund should be established to
Amendment 163 #
Proposal for a regulation Recital 26 (26) A Stabilisation Support Fund should be established to finance the interest rate subsidy. The Stabilisation Support Fund should be endowed with national contributions from Member States whose currency is the euro
Amendment 164 #
Proposal for a regulation Recital 26 (26) A Stabilisation Support Fund should be established to finance the interest rate subsidy and to support national unemployment. The Stabilisation Support Fund should be endowed with national contributions from Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II).
Amendment 165 #
Proposal for a regulation Recital 27 Amendment 166 #
Proposal for a regulation Recital 27 (27)
Amendment 167 #
Proposal for a regulation Recital 27 (27) Both the determination of the amount of the national contributions to the Stabilisation Support Fund and their transfer should be governed by an intergovernmental agreement to be concluded between Member States whose currency is the euro
Amendment 168 #
Proposal for a regulation Recital 27 (27) Both the determination of the amount of the national contributions to the Stabilisation Support Fund and their transfer should be governed by an intergovernmental agreement to be concluded between Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II). That agreement should provide that the national contributions for all the Member States are calculated based on the share of the national central banks of those Member States whose currency is the euro in the monetary income of the Eurosystem without any fixed or minimum share of monetary income allocated to the national central banks of the Eurosystem. For Member States which participate in ERM II a specific key should be foreseen to determine the national contributions. The Commission should assist the Member States for the calculation of those contributions. To that end, the European Central Bank (ECB) should communicate to the Commission the amount of monetary income the national central banks of the
Amendment 169 #
Proposal for a regulation Recital 27 (27) Both the determination of the amount of the national compartment and contributions to the Stabilisation Support Fund and their transfer should be governed by an intergovernmental agreement to be concluded between Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II). That agreement should provide that national compartment function as a Rainy day fund and that the national contributions for all the Member States are calculated based on
Amendment 170 #
Proposal for a regulation Recital 27 (27) Both the determination of the amount of the national compartment and contributions to the Stabilisation Support Fund and their transfer should be governed by an intergovernmental agreement to be concluded between Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II). That agreement should provide that national compartment function as a contingency fund and that the national contributions for all the Member States are calculated based on the
Amendment 171 #
Proposal for a regulation Recital 27 (27) Both the determination of the amount of the national contributions to the Stabilisation Support Fund and their
Amendment 172 #
Proposal for a regulation Recital 27 a (new) (27a) Within five years, at most, of the date of entry into force of this Treaty, on the basis of an assessment of the experience with its implementation, the necessary steps should be taken, in accordance with the Treaty on the European Union and the Treaty on the Functioning of the European Union, with the aim of incorporating the substance of this Treaty into the legal framework of the European Union.
Amendment 173 #
Proposal for a regulation Recital 28 Amendment 174 #
Proposal for a regulation Recital 28 (28) After that intergovernmental agreement has entered into force, payment of the interest rate subsidy to the Member State concerned should be conditional upon the Member State transferring its yearly contribution to the Stabilisation Support Fund, without exceptions, as the risk of moral hazard and permanent transfers should remain limited. Payment of interest rate subsidies should be strictly conditional upon the availability
Amendment 175 #
Proposal for a regulation Recital 28 (28)
Amendment 176 #
Proposal for a regulation Recital 29 (29)
Amendment 177 #
Proposal for a regulation Recital 30 (30)
Amendment 178 #
(30) In order to increase the impact of public investment and potential EISF support the quality of Member States' public investment systems and practices should be ensured and where appropriate strengthened. An assessment by the Commission should be carried out regularly and take the form of a report and if warranted contain recommendations to improve the quality of public investment systems and practices in Member States. A Member State could request technical assistance from Commission. The latter could undertake technical missions. At any rate, within the macroeconomic parameters consistent with boosting investments, ensuring coherence and complementarity between them in programmes with a holistic approach and a medium-term perspective, technical assistance may only put forward suggestions since the economic sovereignty of the requesting country must be respected.
Amendment 179 #
Proposal for a regulation Recital 30 (30) In order to increase the impact of public investment and potential E
Amendment 180 #
Proposal for a regulation Recital 30 a (new) (30a) In order to give the automatic stabilisation programme coherence, it would appear necessary to operate both in countries affected negatively by asymmetric shocks and in those that benefit. Thus, along with setting criteria for boosting public investment in peripheral countries experiencing asymmetric shocks, which are the result of a balance of payments deficit, it will be necessary to establish ways to ensure that the countries with surpluses carry out measures to correct their surpluses, such as establishing an indicator for automatically increasing real wages.
Amendment 181 #
Proposal for a regulation Recital 31 Amendment 182 #
Proposal for a regulation Recital 31 Amendment 183 #
Proposal for a regulation Recital 31 Amendment 184 #
Proposal for a regulation Recital 31 (31) In order to determine the rules for the involvement of the ESM or its legal successor in providing financial assistance in parallel to the Commission in support of public investment, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the exchange of relevant information as regards the EISF
Amendment 185 #
Proposal for a regulation Recital 32 Amendment 186 #
Proposal for a regulation Recital 32 (32) Pursuant to paragraph 22 and 23 of the Inter-institutional agreement for Better Law-Making of 13 April 2016, there is a need to evaluate this Regulation in order in particular to assess its effectiveness, its contribution to the conduct of economic policies in Member States and the Union's strategy for jobs and growth, and to determine
Amendment 187 #
Proposal for a regulation Recital 33 Amendment 188 #
Proposal for a regulation Recital 33 Amendment 189 #
Proposal for a regulation Recital 33 Amendment 190 #
Proposal for a regulation Recital 33 (33) EISF should be considered as a first step in the development over time of a fully-fledged
Amendment 191 #
Proposal for a regulation Recital 33 (33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on loans and granting of interest rate subsidies. In parallel, it is not excluded that the ESM or its legal successor would be involved in the future by providing financial assistance to Member States whose currency is the euro facing adverse economic conditions in support of public investment.
Amendment 192 #
Proposal for a regulation Recital 33 (33) E
Amendment 193 #
Proposal for a regulation Recital 33 (33) EISF should be considered as a first step in the development over time of a fully-fledged insurance mechanism to cater for macro-economic stabilisation. Currently, EISF would be based on
Amendment 194 #
Proposal for a regulation Recital 33 a (new) (33a) Financial assistance should also be provided in order to support automatic stabilisers by means of an unemployment insurance scheme. In addition, a Euro area macro-economic rebalancing mechanism, based on contributions by Member States with current account surpluses in excess of 4% of national GDP, should be established to provide for a powerful instrument for the purpose of offsetting losses in competitiveness through public investments and addressing asymmetric shocks arising from macroeconomic imbalances.
Amendment 195 #
Proposal for a regulation Recital 35 Amendment 196 #
Proposal for a regulation Recital 36 Amendment 197 #
Proposal for a regulation Recital 36 (36) Since the objective of this Regulation, namely setting up a European Investment and Employment Stabilisation Function to absorb large symmetric and asymmetric shocks which risk
Amendment 198 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation establishes a European Investment and Employment Stabilisation Function
Amendment 199 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation establishes a European Investment Stabilisation
Amendment 200 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide financial assistance in the form of automatic transfers of funds, loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock.
Amendment 201 #
Proposal for a regulation Article 1 – paragraph 2 2. The E
Amendment 202 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide financial assistance in the form of loans
Amendment 203 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide swift financial assistance in the form of loans and interest rate subsidies for public investment and a reinsurance unemployment scheme to a Member State which is experiencing a large asymmetric shock.
Amendment 204 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide swift financial
Amendment 205 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide, based on strict conditionality, financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock.
Amendment 206 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide financial assistance in the form of loans and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock, based on conditionality.
Amendment 207 #
Proposal for a regulation Article 1 – paragraph 2 2. The E
Amendment 208 #
Proposal for a regulation Article 1 – paragraph 2 2. The EISF shall provide financial assistance in the form of loans, grants and interest rate subsidies for public investment to a Member State which is experiencing a large asymmetric shock.
Amendment 209 #
Proposal for a regulation Article 1 – paragraph 3 3. EISF support shall be available for
Amendment 210 #
Proposal for a regulation Article 1 – paragraph 3 3. EISF support shall be available for all Member States
Amendment 211 #
Proposal for a regulation Article 1 – paragraph 3 3. EISF support shall be available for Member States whose currency is the euro
Amendment 212 #
Proposal for a regulation Article 1 – paragraph 3 3. E
Amendment 213 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 Amendment 214 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) 'agreement' means the intergovernmental agreement concluded between
Amendment 215 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) 'agreement' means the intergovernmental agreement concluded between all Member States whose currency is the euro
Amendment 216 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) 'agreement' means the intergovernmental agreement concluded between all Member States whose currency is the euro and other Member States that
Amendment 217 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) 'eligible public investment' means:
Amendment 218 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) 'eligible public investment' means: (a) the public investment in support of policy objectives as defined in Regulation (EU) No [XX] of [XX] [insert reference to
Amendment 219 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) 'eligible public investment' means: (a) the public investment in support of policy objectives as defined in Regulation (EU) No [XX] of [XX] [insert reference to new Common Provisions Regulation]16 and (b) any expenditure in areas of research and development, public health, education and training as defined in Annex A to Regulation (EU) No 549/2013 and not covered in point (a); _________________ 16 [Insert correct reference to new version [Insert correct reference to new version of Common Provisions Regulation]
Amendment 220 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) 'eligible public investment' means: (a) the public investment in support of policy objectives as defined in Regulation (EU) No [XX] of [XX] [insert reference to new Common Provisions Regulation]16 and (b) any expenditure in areas of education, research and development, and training as defined in Annex A to Regulation (EU) No 549/2013 and not covered in point (a); _________________ 16 [Insert correct reference to new version of Common Provisions Regulation]
Amendment 221 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) (3a) ‘unemployment financing’ means: financing for national unemployment scheme for unemployment benefits paid to unemployed persons.
Amendment 222 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) (3a) ‘national unemployment financing mechanism’ means: financing for unemployment benefits paid to persons in situation of unemployment
Amendment 223 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) (3a) ‘national unemployment financing scheme’ means: financing for unemployment benefits paid to unemployed persons
Amendment 224 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) 'EISF support' means Union financial assistance within the meaning of Article [220] of the Financial Regulation in the form of loans and interest rate subsidies under the EISF in support of eligible public investment
Amendment 225 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) 'EISF support' means Union financial assistance within the meaning of Article [220] of the Financial Regulation in the form of loans and interest rate subsidies under the EISF in support of eligible public investment
Amendment 226 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) 'EISF support' means Union financial assistance within the meaning of Article [220] of the Financial Regulation in the form of loans
Amendment 227 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) 'EISF support' means Union financial assistance within the meaning of Article [220] of the Financial Regulation in the form of loans, grants and interest rate subsidies under the EISF in support of eligible public investment;
Amendment 228 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) 'E
Amendment 229 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) 'Union strategy for smart, sustainable and inclusive growth' means the targets and shared objectives guiding the action of Member States and the Union set out in the Conclusions adopted by the European Council of 17 June 2010 as Annex I (New European Strategy for Jobs
Amendment 230 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 a (new) (6a) ‘Development code’ means the commitment of a Member State regarding socio-economic convergence in matters of balanced and participative economic growth including current account balances, just taxation, labour market participation, investment, productivity, social cohesion and social inclusion and public administrative and good governance capacities within the reformed Treaties.
Amendment 231 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 a (new) (6a) 'asymmetric shock' means a macroeconomic event, beyond the control of a certain Group of Member States (‘Member States concerned’), having large negative impact on the Member States concerned while having no significant negative impact on other Member States.
Amendment 232 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 b (new) (6b) 'large negative impact of a shock' means a difference of more than three percentage points between two IMF forecasts for the real GDP of the calendar year which follows the year in which the shock took place, the difference being calculated between the last IMF forecast preceding the shock and the first IMF forecast after the shock.
Amendment 233 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 c (new) (6c) 'no significant negative impact of a shock' means a difference of less than half a percentage point between two IMF forecasts for the real GDP of the calendar year which follows the year in which the shock took place, the difference being calculated between the last IMF forecast preceding the shock and the first IMF forecast after the shock.
Amendment 234 #
Proposal for a regulation Article 3 Amendment 235 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part 1. A Member State shall be eligible for EISF support where
Amendment 236 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part 1. A Member State shall be fully eligible for EISF support
Amendment 237 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part 1. A Member State shall be eligible for EISF support where it is
Amendment 238 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part 1. A Member State shall be eligible for E
Amendment 239 #
Proposal for a regulation Article 3 – paragraph 1 – point a Amendment 240 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) a decision of the Council establishing that no effective action has been taken to correct its excessive deficit under Article 126(8) or Article 126(11) of the Treaty on the Functioning of the European Union in the t
Amendment 241 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) a decision of the Council establishing that no effective action has been taken to correct its excessive deficit under Article 126(8) or Article 126(11) of the Treaty on the Functioning of the European Union in the
Amendment 242 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a)
Amendment 243 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) a decision of the Council establishing that no effective action has been taken to correct its excessive deficit under Article 126(8) or Article 126(11) of the Treaty on the Functioning of the European Union in the two years prior to requesting support from the E
Amendment 244 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) a decision of the Council establishing that no effective action has been taken to correct its excessive deficit under Article 126(8) or Article 126(11) of the Treaty on the Functioning of the European Union in the
Amendment 40 #
Proposal for a regulation Title 1 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the establishment of a European
Amendment 41 #
Proposal for a regulation Recital 1 (1) The promotion of economic, social and territorial cohesion, full employment and economic stability, and the establishment of an economic and monetary union (EMU) are key objectives under the Treaties.
Amendment 42 #
Proposal for a regulation Recital 2 (2) Strengthening economic cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union and to the harmonious development of the Union as a whole in the interests of full employment and social cohesion.
Amendment 43 #
Proposal for a regulation Recital 2 (2) Strengthening economic cohesion amongst Member States whose currency is the euro would contribute to the stability of the monetary union
Amendment 44 #
Proposal for a regulation Recital 2 a (new) (2a) In addition, in line with the principle of openness towards countries outside the euro area, new projects should be open to voluntary participation by all EU Member States, in particular when they involve the provision of financial support from the general budget of the EU.
Amendment 45 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic policies
Amendment 46 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion. Shocks may put at risk this objective while a stabilisation instrument would allow Members States to contribute to it.
Amendment 47 #
Proposal for a regulation Recital 3 (3) Member States should conduct their economic policies and should coordinate them in such a way as to attain the objective of strengthening economic, social, and territorial cohesion and to increase the competitiveness and resilience against economic shocks of their economies.
Amendment 48 #
Proposal for a regulation Recital 3 a (new) (3a) Furthermore, Member States should comply with the existing EU economic governance rules.
Amendment 49 #
Proposal for a regulation Recital 4 Amendment 50 #
Proposal for a regulation Recital 4 (4) The
Amendment 51 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has exposed economic weaknesses in Member States, lacking resilience due to the postponement of structural reforms and thus their limited fiscal capacity to react, and has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks.
Amendment 52 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis
Amendment 53 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to
Amendment 54 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area, among others, has shown that in the euro area, for example, available instruments such as the single monetary policy, automatic fiscal
Amendment 55 #
Proposal for a regulation Recital 4 (4) The unprecedented financial crisis and economic downturn that hit the world and the euro area has shown that in the euro area available instruments such as the single monetary policy, the EU fiscal framework, automatic fiscal stabilisers and discretionary fiscal policy measures at national level are insufficient to absorb large asymmetric shocks.
Amendment 56 #
Proposal for a regulation Recital 4 a (new) (4a) An asymmetric shock is a shock which harms some countries while other countries benefit from the shock or are not affected at all. As such, the financial crisis was clearly not an asymmetric shock. The Commission is encouraged to invest in capacity building by brushing up basic economic knowledge of its staff.
Amendment 57 #
Proposal for a regulation Recital 5 (5) In
Amendment 58 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of
Amendment 59 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall.
Amendment 60 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely more heavily on remaining instruments of economic policy, such as automatic fiscal stabilisers and other discretionary fiscal measures, making the adjustment more difficult overall, which highlights the need for adherence to the Stability and Growth Pact in the framework of the EU’s fiscal rules in order to create fiscal space and thus be able to address economic shocks. The sequence of the crisis in euro area also suggests strong reliance on the single monetary policy to provide for macro- economic stabilisation in severe macro- economic circumstances.
Amendment 61 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States
Amendment 62 #
Proposal for a regulation Recital 5 (5) In order to facilitate macroeconomic adjustment and cushion large asymmetric shocks in the current institutional set-up, Member States whose currency is the euro and other Member States that participate in the exchange rate mechanism (ERM II) have to rely
Amendment 63 #
Proposal for a regulation Recital 6 (6)
Amendment 64 #
Proposal for a regulation Recital 6 (6) The financial crisis has resulted in a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for public investment and national unemployment schemes. In turn, that shortcoming has contributed to widespread differences in macroeconomic performance between Member States, imperilling cohesion.
Amendment 65 #
Proposal for a regulation Recital 6 (6) The financial crisis has resulted in and has been aggravated by a pro-cyclical pattern for fiscal policies, which has been detrimental to the quality of public finances and in particular for
Amendment 66 #
Proposal for a regulation Recital 6 a (new) (6a) The attempt to strengthen the Stability and Growth Pact with regards to its credibility and macro-economic coherence by means of the Six Pack, the Two Pack and the Fiscal Compact have added more complexity and less credibility than needed, proving to be a poor substitute for a more fundamental overhaul of euro area governance that will be required in order to achieve a sustainable balance between responsibility and solidarity within the Union;
Amendment 67 #
Proposal for a regulation Recital 7 (7)
Amendment 68 #
Proposal for a regulation Recital 7 (7) Additional instruments are therefore necessary to avoid in the future that large asymmetric shocks result into deeper and broader situations of stress and weaken cohesion. Together with the gradual establishment such additional instruments and in order to facilitate macroeconomic adjustment, the revision of the EU fiscal framework should also be a priority as the current framework rules contributed to excessive fiscal austerity during the crisis, thus helping to aggravate and prolong its economic, social and political consequences. Moreover, either because countries did not abide by the rules or because the rules were not sufficiently strictly applied during good years, there was insufficient debt reduction in many countries in the 2000s, which reduced their fiscal capacity during bad years. In addition, the rules suffered from large measurement problems as they are based on the non- observable structural budget balance, the estimation of which is subject to massive errors.
Amendment 69 #
Proposal for a regulation Recital 7 (7)
Amendment 70 #
Proposal for a regulation Recital 7 (7)
Amendment 71 #
Proposal for a regulation Recital 7 a (new) (7a) A stabilisation instrument would avoid negative impacts on potential growth as a shock on public investment or employment can easily turn into structural. This would affect primarily the hit Member State but, as the euro area is very integrated, it would damage growth prospects of other Members States. The most efficient channel to produce this spill over effect is trade. Therefore, a stabilisation tool is not only a matter of solidarity but also of economic policy.
Amendment 72 #
Proposal for a regulation Recital 8 (8) In particular,
Amendment 73 #
Proposal for a regulation Recital 8 (8)
Amendment 74 #
Proposal for a regulation Recital 8 (8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investment and financing national unemployment schemes in the event of large asymmetric or symmetric shocks, a European
Amendment 75 #
Proposal for a regulation Recital 8 (8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investments in line with the Sustainable Development Goals and the Paris Climate agreement, in the event of large asymmetric shocks, a European Investment Stabilisation Function (EISF) should be established as a first step towards a fully-fledged capacity to address asymmetric shocks in the EMU.
Amendment 76 #
Proposal for a regulation Recital 8 (8) In particular, in order to support Member States whose currency is the euro to respond better to rapidly changing economic circumstances and stabilise their economy by preserving public investment in the event of large asymmetric shocks, a European Investment Stabilisation Function (EISF) should be established based on conditionality and the principle to exclude any type of moral hazard.
Amendment 77 #
Proposal for a regulation Recital 8 (8) In particular, in order to support Member States
Amendment 78 #
Proposal for a regulation Recital 8 a (new) (8a) The EISF should be bound by the same objectives than the one included in the Article 4.1 of the regulation laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the European Maritime and Fisheries Fund and financial rules for those and for the Asylum and Migration Fund, the Internal Security Fund and the Border Management and Visa Instrument.
Amendment 79 #
Proposal for a regulation Recital 8 a (new) (8a) This Regulation does not affect terms and conditions of Member States' unemployment schemes nor does it affect relations between social partners, including the right to negotiate and conclude collective agreements in accordance with national law.
Amendment 80 #
Proposal for a regulation Recital 9 Amendment 81 #
Proposal for a regulation Recital 9 (9) In its initial implementation, EISF should
Amendment 82 #
Proposal for a regulation Recital 9 (9) Participation in the EISF should be open not only
Amendment 83 #
Proposal for a regulation Recital 9 (9) E
Amendment 84 #
Proposal for a regulation Recital 10 (10)
Amendment 85 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies.
Amendment 86 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies in clearly defined emergency situations. It should be recalled that it is essential that Member States
Amendment 87 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies. It should be recalled that Member States should pursue sound fiscal policies and build up fiscal buffers in favourable economic times. This is vital in order to implement rapid measures combating asymmetric shocks effectively, while safeguarding sufficient financial flexibility promoting counter cyclical policies that foster sustainable growth in accordance with the Paris agreement;
Amendment 88 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies. It should be recalled that Member
Amendment 89 #
Proposal for a regulation Recital 10 (10) E
Amendment 90 #
Proposal for a regulation Recital 10 (10) EISF should be a Union instrument which complements national fiscal policies.
Amendment 91 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund, the European Maritime and Fisheries Fund and the European Agricultural Fund for Rural Development,
Amendment 92 #
Proposal for a regulation Recital 11 (11)
Amendment 93 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform
Amendment 94 #
Proposal for a regulation Recital 11 (11) At Union level, the European Semester of economic and social policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. Those strategies should be presented alongside the yearly National Reform Programmes as a way to outline and coordinate priority investment projects to be supported by national and/or Union funding. They should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the programmes supported by the Union under the European Regional Development Fund, the Cohesion fund, the European Social Fund Plus, the European Maritime and Fisheries
Amendment 95 #
Proposal for a regulation Recital 12 Amendment 96 #
Proposal for a regulation Recital 12 Amendment 97 #
Proposal for a regulation Recital 12 Amendment 98 #
Proposal for a regulation Recital 12 Amendment 99 #
Proposal for a regulation Recital 12 (12) The European Stability Mechanism (ESM) or its legal successor could provide further support in addition to support under E
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Old
Committee referral announced in Parliament, 1st reading/single readingNew
Committee referral announced in Parliament, 1st reading |
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Old
Committee referral announced in Parliament, 1st reading/single readingNew
Committee referral announced in Parliament, 1st reading |
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2021-03-03Show (6) Changes | Timetravel
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2021-02-24Show (8) Changes | Timetravel
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2020-07-06Show (2) Changes | Timetravel
| docs/2/docs/0/url |
https://dmsearch.eesc.europa.eu/search/public?k=(documenttype:AC)(documentnumber:3003)(documentyear:2018)(documentlanguage:EN)
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| docs/4/docs/0/url |
https://dmsearch.cor.europa.eu/search/public?k=(documenttype:AC)(documentnumber:3764)(documentyear:2018)(documentlanguage:EN)
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2020-01-09Show (2) Changes | Timetravel
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2020-01-07Show (1) Changes | Timetravel
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2019-11-07Show (1) Changes | Timetravel
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2019-11-06Show (4) Changes | Timetravel
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2019-11-01Show (2) Changes | Timetravel
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2019-08-07Show (9) Changes | Timetravel
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2019-07-08Show (2) Changes | Timetravel
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2019-07-06Show (24) Changes | Timetravel
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| links/Research document |
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| other |
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| otherinst |
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| procedure/Legislative priorities |
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| procedure/Mandatory consultation of other institutions |
European Economic and Social Committee European Committee of the Regions
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| procedure/dossier_of_the_committee |
Old
CJ16/8/14002New
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| procedure/legal_basis/0 |
Rules of Procedure EP 58
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| procedure/legal_basis/0 |
Rules of Procedure EP 55
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| procedure/legislative_priorities |
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| procedure/other_consulted_institutions |
European Economic and Social Committee European Committee of the Regions
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| procedure/subject |
Old
New
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2018-12-05Show (1) Changes | Timetravel
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2018-10-30Show (8) Changes | Timetravel
| activities/1/committees/0/shadows/1 |
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| committees/1/shadows/5 |
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2018-10-16Show (4) Changes | Timetravel
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2018-10-13Show (4) Changes | Timetravel
| activities/1/committees/0/shadows/5 |
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2018-09-25Show (4) Changes | Timetravel
| activities/1/committees/0/shadows/5 |
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2018-09-19Show (4) Changes | Timetravel
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2018-09-13Show (5) Changes | Timetravel
| activities/1/committees/2/date |
2018-08-29T00:00:00
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| activities/3 |
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| committees/2/date |
2018-08-29T00:00:00
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| committees/2/rapporteur |
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2018-07-20Show (4) Changes | Timetravel
| activities/1/committees/0/shadows/3 |
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2018-07-19Show (12) Changes | Timetravel
| activities/1/committees/0/date |
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| committees/1/rapporteur |
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| committees/1/shadows |
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2018-07-11Show (1) Changes | Timetravel
| activities/2 |
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2018-07-06Show (4) Changes | Timetravel
| activities/1/committees/0/responsible |
Old
New
True |
| committees/0/responsible |
Old
New
True |
| procedure/dossier_of_the_committee |
Old
ECON/8/13511New
CJ16/8/14002 |
| procedure/legal_basis/0 |
Rules of Procedure EP 55
|
2018-06-28Show (1) Changes | Timetravel
| procedure/legislative_priorities |
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2018-06-16Show (2) Changes | Timetravel
| activities/0/commission/0 |
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2018-06-15Show (1) Changes | Timetravel
| activities/0/docs/0/text |
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2018-06-13Show (3) Changes | Timetravel
| activities/1 |
|
| procedure/dossier_of_the_committee |
ECON/8/13511
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2018-06-09Show (1) Changes | Timetravel
| procedure/Mandatory consultation of other institutions |
European Economic and Social Committee European Committee of the Regions
|
2018-06-07Show (5) Changes
| activities |
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| links |
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| other |
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| procedure |
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