2020/2078(INI) Economic policies of the euro area 2020
Lead committee dossier:
Progress: Procedure rejected
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
SCHUSTER Joachim ( S&D)
|
IJABS Ivars ( Renew),
LAMBERTS Philippe ( Verts/ALE),
DONATO Francesca ( ID),
JURZYCA Eugen ( ECR),
AUBRY Manon ( GUE/NGL)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Subjects
Events
2020/10/22
EP - Decision by Parliament
2020/10/22
EP - End of procedure in Parliament
2020/10/21
EP - Results of vote in Parliament
Documents
2020/10/21
EP - Debate in Parliament
Documents
2020/10/16
EP - Committee report tabled for plenary, single reading
Documents
2020/10/16
EP - Committee report tabled for plenary
Documents
2020/10/15
EP - Vote in committee
2020/07/13
EP - Amendments tabled in committee
Documents
2020/06/15
EP - Committee draft report
Documents
2020/05/27
EP - Committee referral announced in Parliament
2020/04/23
EP - SCHUSTER Joachim (S&D) appointed as rapporteur in ECON
Documents
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, single reading: A9-0193/2020
- Committee report tabled for plenary: A9-0193/2020
- Amendments tabled in committee: PE655.649
- Committee draft report: PE652.447
- Committee draft report: PE652.447
- Amendments tabled in committee: PE655.649
- Committee report tabled for plenary, single reading: A9-0193/2020
Votes
A9-0193/2020 - Joachim Schuster - Am 2 #
2020/10/21 Outcome: -: 555, +: 119, 0: 17
NI
PPEA9-0193/2020 - Joachim Schuster - § 7/1 #
2020/10/21 Outcome: +: 628, -: 44, 0: 22
A9-0193/2020 - Joachim Schuster - § 7/2 #
2020/10/21 Outcome: +: 527, -: 164, 0: 3
A9-0193/2020 - Joachim Schuster - § 7/3 #
2020/10/21 Outcome: +: 560, -: 81, 0: 53
A9-0193/2020 - Joachim Schuster - Am 4 #
2020/10/21 Outcome: -: 364, +: 244, 0: 86
A9-0193/2020 - Joachim Schuster - § 8/1 #
2020/10/21 Outcome: +: 573, -: 66, 0: 55
A9-0193/2020 - Joachim Schuster - § 8/2 #
2020/10/21 Outcome: +: 535, -: 134, 0: 25
A9-0193/2020 - Joachim Schuster - § 8/3 #
2020/10/21 Outcome: +: 525, -: 113, 0: 56
A9-0193/2020 - Joachim Schuster - Am 1 #
2020/10/21 Outcome: -: 385, +: 279, 0: 30
A9-0193/2020 - Joachim Schuster - Am 5 #
2020/10/21 Outcome: -: 357, +: 269, 0: 67
A9-0193/2020 - Joachim Schuster - Am 6 #
2020/10/21 Outcome: -: 421, 0: 186, +: 87
A9-0193/2020 - Joachim Schuster - Am 7 #
2020/10/21 Outcome: -: 358, +: 262, 0: 74
A9-0193/2020 - Joachim Schuster - Am 8 #
2020/10/21 Outcome: -: 506, +: 156, 0: 32
A9-0193/2020 - Joachim Schuster - Am 9 #
2020/10/21 Outcome: -: 552, +: 129, 0: 13
A9-0193/2020 - Joachim Schuster - Am 12 #
2020/10/21 Outcome: -: 377, +: 298, 0: 18
A9-0193/2020 - Joachim Schuster - Am 10 #
2020/10/21 Outcome: -: 361, +: 274, 0: 59
A9-0193/2020 - Joachim Schuster - § 26/1 #
2020/10/21 Outcome: +: 498, -: 184, 0: 12
A9-0193/2020 - Joachim Schuster - § 26/2 #
2020/10/21 Outcome: -: 372, +: 305, 0: 17
A9-0193/2020 - Joachim Schuster - Am 11 #
2020/10/21 Outcome: -: 348, 0: 174, +: 172
A9-0193/2020 - Joachim Schuster - § 35/1 #
2020/10/21 Outcome: +: 550, 0: 97, -: 47
A9-0193/2020 - Joachim Schuster - § 35/2 #
2020/10/21 Outcome: +: 496, -: 171, 0: 27
A9-0193/2020 - Joachim Schuster - § 35/3 #
2020/10/21 Outcome: +: 496, -: 165, 0: 33
A9-0193/2020 - Joachim Schuster - § 35/4 #
2020/10/21 Outcome: +: 548, -: 122, 0: 24
A9-0193/2020 - Joachim Schuster - Am 3 #
2020/10/21 Outcome: -: 392, +: 287, 0: 15
A9-0193/2020 - Joachim Schuster - Résolution #
2020/10/22 Outcome: -: 435, +: 218, 0: 33
| Amendments | Dossier |
| 285 |
2020/2078(INI)
2020/07/13
ECON
285 amendments...
Amendment 1 #
Motion for a resolution Citation 1 — having regard to the Treaty on the Functioning of the European Union (TFEU), in particular Articles 122(2) facilitating financial assistance to Member States in difficulties or seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control, and Article 126 stipulating that Member States must avoid excessive government deficits,
Amendment 10 #
Motion for a resolution Citation 29 a (new) - having regard to the European Fiscal Boards’ Assessment of the fiscal stance appropriate for the euro area in 2021 of 1 July 2020
Amendment 100 #
5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; is concerned that the recovery element of the Next Generation plan amounts to only 0.56% of EU GDP each year for four years1a, an amount that is clearly insufficient to deal with the scale of the recession we face and is unlikely to be able to provide the assistance required by the worst-affected member states; urges the Commission and Council to seek a new and additional package that goes beyond this figure; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty-based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy- back schemes aimed at remunerating shareholders; _________________ 1aMünchau, Wolfgang. 'Why it is not 500 billion'. Eurointelligence, 30/05/20. http://www.eurointelligence.com/professio nal/briefings/2020-05- 29.html?cHash=a03f37f075470a52d93b1 a43be5102d9
Amendment 101 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level
Amendment 102 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully
Amendment 103 #
Motion for a resolution Paragraph 5 5.
Amendment 104 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty-based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy-back schemes aimed at remunerating shareholders as well as a prohibition to adopt predatory actions on other firms that find themselves in a week financial condition following the ongoing COVID- 19crisis;
Amendment 105 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy
Amendment 106 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty-based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy-back schemes aimed at remunerating shareholders; calls for the full separation of the recovery funds from the European Semester process;
Amendment 107 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy
Amendment 108 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that are legally required by the Commission to comply with our Treaty- based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy- back schemes aimed at remunerating shareholders and inflating stock prices;
Amendment 109 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the aim to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty-based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and that firms who are recipients of public money in the framework of the COVID 19 crisis refrain from paying out dividends or offering share buy-back schemes
Amendment 11 #
Motion for a resolution Citation 29 b (new) - having regard to the Parliament’s resolution of 6 February 2017 on improving the functioning of the European Union building on the potential of the Lisbon Treaty (P8_TA(2017)0049)
Amendment 110 #
Motion for a resolution Paragraph 5 5. Welcomes the swift and strong response to the crisis in the area of
Amendment 111 #
Motion for a resolution Paragraph 5 5.
Amendment 112 #
Motion for a resolution Paragraph 5 a (new) 5a. Notes that under the Next Generation plan, the Commission’s €750bn debt will be repaid using three possible options, with the Commission President stating her preference is for the EU to raise new own resources in future, such as a digital tax, a carbon border adjustment tax, the expansion of the emissions trading scheme, and a tax on large multinationals; is concerned that raising significant new own resources will be difficult without Treaty change ending unanimous voting on taxation in the Council, where many progressive proposals on taxation have failed or stalled due to the opposition of the EU’s tax haven member states, including the Netherlands, Luxembourg, Ireland, Belgium, Hungary, Malta and Cyprus; expresses serious concern that the other two options for repayment will add to member states' pubic debt levels, and are to pay back the funds through future EU budgets, either through increased member state contributions or reduced programmes, meaning that the recovery funds will either add to member states' national debt or reduce the level of funds and services their citizens benefit from;
Amendment 113 #
Motion for a resolution Paragraph 5 a (new) 5a. Underlines the need for the recovery plan to protect workers, employees, the self-employed and SMEs and ensure their income compensation; The recovery must be based on upward social economic convergence, social dialogue and improved social rights and working conditions with targeted measures for those in precarious forms of work; Calls on the EU institutions and the Member States to ensure that public financial support to corporations is provided under the condition to guarantee the jobs and the income of their employees, to commit to sustainability objectives upon adherence to international standards of responsible business;
Amendment 114 #
Motion for a resolution Paragraph 5 a (new) Amendment 115 #
Motion for a resolution Paragraph 5 a (new) 5a. Is of the view that the European Stability Mechanism (ESM) is an inadequate tool for responding effectively to economic crises in the euro area and considers it advisable to revise the TFEU so that the ECB can directly purchase Member States' government bonds on the primary market;
Amendment 116 #
Motion for a resolution Paragraph 6 6.
Amendment 117 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact
Amendment 118 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience
Amendment 119 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and
Amendment 12 #
Motion for a resolution Citation 29 b (new) - having regard to the Commission’s communication on Economic governance review of 5 February 2020 (COM(2020)55)
Amendment 120 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience; notes the European Fiscal Board (EFB) its concerns that the general escape clause does not contain a sunset provision, thereby urges the Member States to set a review date, which could be spring 2021;
Amendment 121 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and
Amendment 122 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of
Amendment 123 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 and until economic growth and stability has been restored in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience;
Amendment 124 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact
Amendment 125 #
Motion for a resolution Paragraph 6 6.
Amendment 126 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 and not before a complete upturn of all Member states in order to support their efforts
Amendment 127 #
Motion for a resolution Paragraph 6 6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated
Amendment 128 #
Motion for a resolution Paragraph 6 a (new) 6a. Highlights that the current EU fiscal and budgetary rules have proven to provide the needed flexibility in crisis times and have demonstrated extraordinary counter-cyclicality allowing all Member States to adopt necessary fiscal stance to protect the EU’s economies;
Amendment 129 #
Motion for a resolution Paragraph 6 a (new) Amendment 13 #
Motion for a resolution Citation 29 c (new) - having regard to the Commission’s Communication of 6December 2017 Further Steps Towards Completing Europe’s Economic and Monetary Union: A Roadmap (COM(2017) 821)
Amendment 130 #
Motion for a resolution Paragraph 6 a (new) 6a. Welcomes the recommendation of the European Fiscal Board1a that guidance on the timing of and conditions for an exit from the general escape clause should be provided by spring 2021 at the very latest; _________________ 1aEuropean Fiscal Board (2020): Assessment of the fiscal stance appropriate for the euro area in 2021.
Amendment 131 #
Motion for a resolution Paragraph 6 a (new) 6a. Urges Commission to present a roadmap to ensure a swift retraction of the general escape clause of the Stability and Growth Pact;
Amendment 132 #
Motion for a resolution Paragraph 7 7. Recalls the specific need to
Amendment 133 #
Motion for a resolution Paragraph 7 7. Recalls the specific need to foster convergence within the euro area; welcomes thereby the Commission's proposal for a Solvency Support Instrument aimed at enhancing the level playing field in the internal market;
Amendment 134 #
Motion for a resolution Paragraph 7 7. Recalls the specific urgent need to foster convergence within the EU and more specifically the euro area;
Amendment 135 #
Motion for a resolution Paragraph 7 7. Recalls the specific need to foster convergence within the euro area and EU as such;
Amendment 136 #
Motion for a resolution Paragraph 7 7. Recalls the specific need to foster growth convergence within the euro area;
Amendment 137 #
Motion for a resolution Paragraph 7 7. Recalls the
Amendment 138 #
Motion for a resolution Paragraph 7 a (new) 7a. Calls for the European institutions and the Member States to draw the right lessons from the COVID-19 crisis and engage in far stronger cooperation in the area of health; asks therefore for a number of measures to create a European health union; urges the Commission to integrate generous funding for the health- care system and well-being indicators and targets into the country-specific recommendations under the European Semester;
Amendment 139 #
Motion for a resolution Paragraph 7 a (new) 7a. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by completing the Banking Union and the Capital Markets Union, by creating a fiscal capacity for the euro area, a macroeconomic stabilisation and cohesion function for the euro area, and a European unemployment benefit reinsurance scheme; in order to respond to citizens’ expectations;
Amendment 14 #
Motion for a resolution Recital A A. whereas the national and regional lockdown measures in response to the COVID-19 pandemic
Amendment 140 #
Motion for a resolution Paragraph 7 a (new) 7a. Underlining the harmfulness of tax evasion and tax avoidance practices towards the national and European budgets, stresses that companies registered on the territories put on EU list of non- cooperative jurisdictions for tax purposes should not be eligible for state aid and other public support during the recovery phase and beyond unless they prove a legitimate economic activity there;
Amendment 141 #
Motion for a resolution Paragraph 7 a (new) 7a. Notes with concern that TARGET 2 imbalances are increasing, despite a narrowing in trade imbalances, indicating continued capital outflows from the euro area periphery; is especially worried about Italy´s TARGET 2 liabilities, which hit a new all-time high at € 537 billion;
Amendment 142 #
Motion for a resolution Paragraph 7 a (new) 7a. Calls on the Commission and the Council to apply Gender Mainstreaming to all budgets and investments under recovery package, allocating funds equally, fair and reflecting the actual needs of men and women;
Amendment 143 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)
Amendment 144 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised
Amendment 145 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised, and is convinced that the deep economic crisis triggered by the pandemic further exacerbates this need
Amendment 146 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revi
Amendment 147 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised, and is convinced that the deep economic crisis triggered by the pandemic further exacerbates this need; believes that the review and reform have to meet the above
Amendment 148 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised
Amendment 149 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised
Amendment 15 #
Motion for a resolution Recital B B. whereas the shock is symmetrical but the impact varies considerably among Member States, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including their available scope for discretionary fiscal policy responses; whereas this scope for action has been limited as a result of the surge in public debt levels in the “peripheral” member states after 2008 and the key factors behind this were: (1) the policies of the EU institutions and member states in organising a coordinated rescue of the financial sector, socialising massive levels of private debt; (2) the ECB’s actions in failing to intervene to provide credit to the crisis-affected states for an extended period of time, causing the market borrowing costs for these states to surge; and (3) the contractionary austerity programmes imposed by the Troika;
Amendment 150 #
Motion for a resolution Paragraph 8 8.
Amendment 151 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised, and is convinced that the deep economic crisis triggered by the pandemic further exacerbates this need; believes that the review and reform have to
Amendment 152 #
Motion for a resolution Paragraph 8 8. Welcomes the conclusion of the European Fiscal Board (EFB)9 that the fiscal framework has to be revised, and is convinced that the deep economic crisis triggered by the pandemic further exacerbates this need; believes that the review and reform have to meet the above requirements in terms of increasing investment relating to climate change and digitalisation and stabilising the new level of investment, while ensuring sound and sustainable budgetary management; _________________ 9EFB Annual report 2019, p. 71 - https:/ec.europa.eu/info/sites/infos/files/20 19-efb-annual-report_en.pdf
Amendment 153 #
Motion for a resolution Paragraph 8 a (new) 8 a. Notes that European Court of Auditors found that, in relation to the Macroeconomic Imbalances Procedure, the way in which the Commission classifies member states with imbalances “lacks transparency”; that the country- specific recommendations issued by the Commission under the Macroeconomic Imbalance Procedure do not actually stem from identified imbalances; and that, in general, there is a lack of public awareness, visibility and understanding of the procedure and its implications1a; calls for the review of the macroeconomic framework to improve transparency and accountability over the classification and recommendation processes; _________________ 1aEuropean Court of Auditors. 2018. Is the main objective of the preventive arm of the Stability and Growth Pact delivered? Special report no 18/2018. https://www.eca.europa.eu/en/Pages/DocI tem.aspx?did=46430
Amendment 154 #
Motion for a resolution Paragraph 8 a (new) 8 a. Regrets the poor enforcement of the EU fiscal rules before the COVID-19 pandemic;
Amendment 155 #
Motion for a resolution Paragraph 9 Amendment 156 #
Motion for a resolution Paragraph 9 9. Is concerned about the significant but uneven negative impact of the COVID- 19 crisis on government deficit and private debt, which further aggravates the situation of Member States that are particularly affected by the pandemic and/or pre- existing high levels of government debt; calls for a solution that guarantees the sustainability of public debt; believes that this requires the introduction on common bonds that would allow governments to spend in response to the health and economic crisis caused by coronavirus in a way that does not add to their national debt and keeps borrowing costs relatively low; or, preferably, for the cancellation of the public debt purchased by the ECB under the Pandemic Emergency Purchasing Programme, or the crediting of national government accounts by the ECB on a per capita basis to directly finance pandemic related spending;
Amendment 157 #
Motion for a resolution Paragraph 9 9. Is concerned about the significant but uneven negative impact of the COVID- 19 crisis on government deficit and private debt, which further aggravates the situation of Member States that are particularly affected by the pandemic and/or pre- existing high levels of government debt; calls for a solution that guarantees the sustainability of public debt and underlines that private debt, if excessive, can play a significant role in the stability of the euro area; recalls therefore the need for appropriate macro prudential supervision;
Amendment 158 #
Motion for a resolution Paragraph 9 9. Is concerned about the significant but uneven negative impact of the lockdown measures following the COVID- 19 crisis on government deficit and private debt, which further aggravates the situation of Member States that are particularly affected by the pandemic and/or pre- existing high levels of government debt; calls for a
Amendment 159 #
Motion for a resolution Paragraph 9 9. Is concerned about the significant but uneven negative impact of the COVID- 19 crisis on government deficit and private debt, which further aggravates the situation of Member States that are particularly affected by the pandemic and/or pre- existing high levels of government debt; calls for a solution that guarantees the sustainab
Amendment 16 #
Motion for a resolution Recital B B. whereas the shock is symmetrical but the impact varies considerably among Member States, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including their available scope for discretionary fiscal policy responses, emphasizing that those Member States which gradually have had built fiscal buffers were better placed to mobilise fiscal stimulus packages at much faster pace and without associated borrowing costs, which helped to mitigate negative socio-economic effects of the pandemic;
Amendment 160 #
Motion for a resolution Paragraph 9 9. Is concerned about the significant but uneven negative impact of the COVID- 19 crisis on government deficit and private debt, which further aggravates the situation of Member States that are particularly affected by the pandemic and/or pre- existing high levels of government debt accompanied by harsh austerity measures; calls for a flexible solution that guarantees the sustainability of public debt;
Amendment 161 #
9. Is concerned about the significant but uneven negative impact of the COVID- 19 crisis on government deficit and private debt throughout the euro area, which further aggravates the situation of Member States that are particularly affected by the pandemic and/or pre-
Amendment 162 #
Motion for a resolution Paragraph 9 a (new) 9 a. Recalls that many growth-friendly structural reforms do not require fiscal space but rather legislative and administrative efforts aimed at strengthening market forces and private sector initiatives;
Amendment 163 #
Motion for a resolution Paragraph 10 10. Considers it essential that the
Amendment 164 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value in the long term, while allowing a sufficient level of public investment, progressive tax policies and the repayment of loans in a cycle- comfortable manner, and the long-term modernisation of public commodities; Emphasizes, in this respect, the need for tailor-made solutions for Member States in the Stability and Growth Pact, which is based on strict rules, but without undermining the competitiveness of the countries and hitherto socioeconomic specifics;
Amendment 165 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value in the long term, while allowing a sufficient level of public investment, progressive tax policies and the repayment of loans in a cycle- comfortable manner, and the long-term modernisation of public commodities; welcomes the Commission's intention to draw up a proposal to revise the EU's economic governance framework in early 2021;
Amendment 166 #
Motion for a resolution Paragraph 10 10. Considers it essential that
Amendment 167 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should provide tailor-made solutions to respond to the different needs of the Member States. Calls for rules that enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value in the long term, while allowing a sufficient level of public investment, progressive tax policies and stable government revenues, the repayment of loans in a cycle-
Amendment 168 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and
Amendment 169 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revi
Amendment 17 #
B. whereas the shock is symmetrical but the impact varies considerably among Member States due to wide pre-existent socioeconomic divergences between EU regions, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including their available scope for discretionary fiscal policy responses; notes that the asymmetric impact of the shock is being strongly manifested through both the sanitary and the economic responses in the different EU countries;
Amendment 170 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to
Amendment 171 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revi
Amendment 172 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value in the long term, while allowing a sufficient level of public investment, progressive tax policies and the repayment of loans in a cycle- comfortable manner
Amendment 173 #
Motion for a resolution Paragraph 10 10. Considers it essential t
Amendment 174 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to reduce high public debt ratios to an agreed reference value in the long term, while allowing a sufficient level of public investment, progressive tax policies and the repayment of loans in a cycle- comfortable manner, and the long-term
Amendment 175 #
Motion for a resolution Paragraph 10 10. Considers it essential that the revision of the EU’s fiscal and economic policy framework should be completed by the time the escape clause is repealed and should enable fiscal policy to respond with discretion to shocks in the short term, and to gradually reduce high public debt ratios, by supporting growth, to an agreed reference value in the long term, while allowing a
Amendment 176 #
Motion for a resolution Paragraph 10 a (new) 10a. Urges the Commission and Council, in the process of reviewing the macroeconomic framework, to acknowledge that the prevailing economic conditions in the EU in the 1990s were significantly different to those that prevail today; notes that in 1997 interest rates were approximately 5 per cent for long- term government borrowing, the average public debt-to-GDP ratio in the EU was between 65 and 70 per cent of GDP, the median public debt among the 11 initial eurozone members was around 60 per cent of GDP, the forecast GDP growth rate was 3 per cent annually, and inflation was forecast at 2 per cent; notes that according to these economic conditions, maintaining the public debt to GDP ratio at or below 60 per cent would require governments to keep budget deficits limited to 3 per cent of GDP; insists that if any new goals are agreed in a future macroeconomic framework, they must reflect current economic realities and be directed towards climate and wellbeing indicators; notes that this will require a revision of the Treaty;
Amendment 177 #
Motion for a resolution Paragraph 10 a (new) 10a. Deplores the ‘double standards’ approach applied by the Commission to Member States in applying the procedures of the Stability and Growth Pact, depending on the political hues of the respective governments; notes, in this respect, the failure to take appropriate action against Germany and the Netherlands, which have been in breach of current-account surplus rules for years;
Amendment 178 #
Motion for a resolution Paragraph 10 a (new) 10a. Urges the Commission to review the methodology for calculating estimates of potential output and the output gap used for the assessment of the cyclical component of the structural balance; is of the view that this methodology has proven to be inadequate and, over the years, has been shown to produce excessive, distorting and damaging restrictions on the spending capacity of states;
Amendment 179 #
Motion for a resolution Paragraph 10 a (new) 10a. Declares that the general escape clause activation suggests to study a more flexible Stability and Growth Pact deficit target; considers that this target could vary according to the economic cycle, be used as a countercyclical measure while still be aligned with the public debt sustainability principle.
Amendment 18 #
Motion for a resolution Recital B B. whereas the
Amendment 180 #
Motion for a resolution Paragraph 10 a (new) 10a. Warns that boosting investment should not be seen as an alternative to productivity-enhancing reforms;
Amendment 181 #
Motion for a resolution Paragraph 10 b (new) Amendment 182 #
Motion for a resolution Paragraph 10 b (new) 10b. Stresses that principle of value for money should represent the cornerstone of all EU funded investments; points out that EU funding should be accompanied by measurable objectives and outputs including a quantifiable and comparable evaluation mechanism that will allow to compare and rank the efficiency of individual EU programmes; underlines the importance of accountability and transparency for bodies that receive EU funding;
Amendment 183 #
Amendment 184 #
Motion for a resolution Paragraph 11 11.
Amendment 185 #
Motion for a resolution Paragraph 11 11.
Amendment 186 #
Motion for a resolution Paragraph 11 11.
Amendment 187 #
Motion for a resolution Paragraph 11 11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment and investments in services of public interest, which is central to both; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more digital society; Highlights in this respect the European Fiscal Board's analysis that a government investment rule is needed to protect growth-enhancing government expenditure for the EU’s policy priorities and that low interest rates offer a unique opportunity for governments to invest in the future; 1f _________________ 1fEFB Report 2020: Assessment of the fiscal stance appropriate for the euro area https://ec.europa.eu/info/sites/info/files/20 20_06_25_efb_assessment_of_euro_area_ fiscal_stance_en.pdf
Amendment 188 #
Motion for a resolution Paragraph 11 11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to both; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more digital society; stresses the need for a change of course that signals the definitive abandonment of austerity policies and enables the adoption of sustainable and effective economic policies to combat unemployment, poverty and social exclusion;
Amendment 189 #
Motion for a resolution Paragraph 11 11.
Amendment 19 #
Motion for a resolution Recital B B. whereas the shock is symmetrical but the impact varies considerably among Member States, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including the vulnerability of particular sectors and their available scope for discretionary fiscal policy responses; Due to their strong interdependencies, an incomplete recovery in one country would spill over to all the other countries and dampen economic growth everywhere;
Amendment 190 #
Motion for a resolution Paragraph 11 11. Proposes
Amendment 191 #
Motion for a resolution Paragraph 11 11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to both; wishes to see a rapid recovery from the COVID-19 crisis and a tailor-made transition to a cleaner, s
Amendment 192 #
Motion for a resolution Paragraph 11 11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to both; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more
Amendment 193 #
Motion for a resolution Paragraph 11 11. Proposes a combination of expenditure rules for public non- investment expenditure and
Amendment 194 #
Motion for a resolution Paragraph 11 11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment
Amendment 195 #
Motion for a resolution Paragraph 11 11. Proposes
Amendment 196 #
Motion for a resolution Paragraph 11 a (new) 11a. Urges the Commission, in the possible revision of the Stability Pact, to ease the rules that have proven to be too restrictive and often punitive with regard to the public debt and deficit, by adapting the criteria and thresholds to the new economic and social context in Europe; stresses the negative impact excessive current-account surpluses in the balance of payments are having on the stability of the euro area economy;
Amendment 197 #
Motion for a resolution Paragraph 11 a (new) 11a. Calls on European Institutions to continue revising EU methodologies for the evaluation of the economic and social performance of EU Member States as well as the targets applied under the Stability and Growth Pact given the drastic changes in the socioeconomic conditions at both national and European levels;
Amendment 198 #
Motion for a resolution Paragraph 11 a (new) 11a. Notes that without sustainable fiscal policy and credible financial situation of Member States any future financing model of Green deal is endangered, therefore, demands that public "green investment" must be treated under Stability and Growth pact just like any other public spending;
Amendment 199 #
Motion for a resolution Paragraph 11 b (new) 11b. Recalls that growth-friendly structural reforms do not necessarily require fiscal space but rather legislative and administrative efforts aimed at strengthening market forces and private sector initiatives; notes especially that structural reforms aimed at fostering access to finance could enable a wider range of starters to benefit from innovations, thus boosting productivity growth;
Amendment 2 #
Motion for a resolution Citation 1 a (new) - having regard to the Treaty on the Functioning of the European Union (TFEU), in particular its Articles 121(2) and 136 and Protocols No 1 and 2 thereto,
Amendment 20 #
Motion for a resolution Recital B B. whereas the shock is symmetrical but the impact varies considerably among Member States and among their own regions, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including their available scope for discretionary fiscal policy responses;
Amendment 200 #
Motion for a resolution Paragraph 11 a (new) 11a. Recalls that the European Semester cycle is a framework for EU Member States to coordinate their budgetary and economic policies;
Amendment 201 #
Motion for a resolution Paragraph 11 a (new) 11a. recalls that the European Semester cycle is a framework for EU Member States to coordinate their budgetary and economic policies;
Amendment 202 #
Motion for a resolution Paragraph 11 b (new) 11b. Recommends the necessary respect for the principles of subsidiarity and proportionality; stresses that Member States must continue to have sufficient flexibility in implementing an appropriate social policy;
Amendment 203 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs; is convinced that this has to include the coordination of measures concerning
Amendment 204 #
Motion for a resolution Paragraph 12 12.
Amendment 205 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs; is convinced that this has to include the coordination of measures concerning state aid and tax policies; underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performance; urges the Commission and Council not to return to the austerity policies that were implemented in response to the global financial crisis and sovereign debt crisis; notes that these damaging policies are enshrined in the Stability and Growth Pact rules as well as the Six-Pack and Two-Pack, and that a break with this framework will require significant legislative change;
Amendment 206 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform
Amendment 207 #
Motion for a resolution Paragraph 12 12. Welcomes the
Amendment 208 #
Motion for a resolution Paragraph 12 Amendment 209 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures
Amendment 21 #
Motion for a resolution Recital B B. whereas the shock is symmetrical but the impact varies considerably among Member States and different sectors, reflecting the severity of the pandemic and the stringency of their containment measures, but also their specific economic exposures and initial conditions, including their available scope for discretionary fiscal policy responses;
Amendment 210 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs; is convinced that this has to include the coordination of measures concerning state aid and tax policies; underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performance; emphasises that this must not lead to the original purpose of the European Semester being disregarded;
Amendment 211 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures
Amendment 212 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs, especially in the context of the current crisis; is convinced that this has to include the coordination of measures concerning state aid and tax policies; underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performance;
Amendment 213 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs
Amendment 214 #
Motion for a resolution Paragraph 12 12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement
Amendment 215 #
Motion for a resolution Paragraph 12 a (new) 12a. Expresses concern that, despite strong criticism of the methodology and findings of the “expansionary austerity” theory, the Commission has heavily depended on this theory since 2009; notes that a wide body of counter-evidence shows that austerity routinely results in lower GDP growth, higher unemployment and depressed demand; acknowledges the findings of the IMF's then-chief economist in 2013 that for every dollar governments had cut from their budgets, economic output was reduced by $1.501a; calls on the EU institutions and decision- makers to acknowledge the evidence that cuts to public spending have a contractionary impact on the economy and to reject this approach in the recovery from the pandemic lockdowns; _________________ 1aBlanchard, Olivier, and D. Leigh. 2013. ‘Growth Forecast Errors and Fiscal Multipliers’. American Economic Review, Vol. 103, No. 3, pp. 117–20.
Amendment 216 #
Motion for a resolution Paragraph 12 a (new) 12a. Is concerned about the clear distortions of competition caused by the asymmetric volumes of state aid granted by Member States during economic crises, owing to different debt baselines; is of the view that the Commission's work on competition policy has been inadequate and damaging and has increased imbalances between EU economies; considers that it would be appropriate to conduct an in-depth assessment of the impact caused by the Commission's approach to competition and state aid;
Amendment 217 #
Motion for a resolution Paragraph 12 a (new) 12 a. Underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performance and calls for a new Sustainable Development Cycle, as one comprehensive surveillance procedure to address the EU’s economic, social and sustainability objectives under one governance framework, and to ensure a coherent approach to the EU’s long-term recovery and resilience strategy;
Amendment 218 #
Motion for a resolution Paragraph 12 a (new) 12a. Considers it of utmost importance that the recovery funds are directed towards investments that increase productivity, skills and innovation that increase our long-term growth potential; stresses that increasing productivity growth requires a systematic and forward- looking research and innovation strategy, with an emphasis on increasing both physical and human capital;
Amendment 219 #
Motion for a resolution Paragraph 12 a (new) 12a. Calls on the Commission urgently to start work on the creation of dedicated coordination mechanism in the EU to ensure that Europe is able to become the first climate-neutral continent by 2050;
Amendment 22 #
Motion for a resolution Recital B a (new) Ba. whereas the ongoing global pandemic has exacerbated the uneven economic recovery experienced in the last decade across the EU, a recovery that was marked by significant imbalances within the euro area and the EU as a whole;
Amendment 220 #
Motion for a resolution Paragraph 12 b (new) Amendment 221 #
Motion for a resolution Paragraph 13 Amendment 222 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the
Amendment 223 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the
Amendment 224 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan;
Amendment 225 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan;
Amendment 226 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan and its importance for policy coordination at EU level given the size and the unprecedented nature of the policy measures adopted at the Member State level; notes, however, that the effectiveness and success
Amendment 227 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; considers the receipt of EU funding to be conditional on Member States’ compliance with the national recovery plans submitted to and agreed upon by the EU institutions; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the progress of the Semester reform and
Amendment 228 #
13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the progress of the Semester reform
Amendment 229 #
Motion for a resolution Paragraph 13 13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the progress of the Semester reform and
Amendment 23 #
Motion for a resolution Recital B a (new) Amendment 230 #
Motion for a resolution Paragraph 13 a (new) 13a. Recognises the strong criticism from economists and academics1a of the Commission’s model to determine the output gap, used to calculate the structural deficit in the Stability and Growth Pact and European Semester process, where the Commission has linked the size of the output gap and the fiscal adjustment requirements it imposes; notes that the output gap is unobservable and can only amount to a guess based on the experience and data of the recent past; notes that according to this model, in a period of strong economic growth the potential output of an economy will increase, meaning that its fiscal stance will appear to be well-balanced, and the EU’s double-dip recession has led to the opposite effect, causing the gap between real output and potential output to shrink; is concerned that this method resulted in the bizarre situation in 2018-19 where the Commission demanded that Italy (then in a recession and with a GDP 8 per cent smaller than in 2007) cut public spending lest its economy overheat; _________________ 1aSee Heimberger, Phillipp, and JKapeller. ‘How economic policy drives European (dis)integration’. Article, September 22, 2016. https://www.ineteconomics.org/perspectiv es/blog/how-economic-policy-drives- european-disintegration; and Tooze, Adam. ‘Output gap nonsense’. Social Europe, April 30, 2019. https://www.socialeurope.eu/output-gap- nonsense.
Amendment 231 #
Motion for a resolution Paragraph 13 a (new) 13a. Is convinced that building a resilient economy calls for the reinforcing of the social dimension of European governance; emphasises the role of the EU Semester process to aim at adequate protection to all people, including setting EU minimum standards when needed, in order to boost upward convergence of living and working conditions; recalls that the implementation of the European Pillar of Social Rights via the EU Semester means providing Member States with direction on common social objectives and improving the social scoreboard;
Amendment 232 #
Motion for a resolution Paragraph 13 a (new) 13a. Welcomes the European Green Deal as our new growth strategy bringing together four dimensions: environment, productivity, stability and fairness, and where competitive sustainability is at the heart of Europe’s social market economy, enabled by digital and green technologies, an innovative industrial base and strategic autonomy, to make Europe a transformational frontrunner;
Amendment 233 #
Motion for a resolution Paragraph 13 a (new) 13a. Underlines the need to improve the functioning of the European Semester process and ensure sound fiscal policies, reduce public debt, and build up fiscal buffers to improve the euro area economic resilience against future shocks;
Amendment 234 #
Motion for a resolution Paragraph 13 b (new) 13b. Calls for the improvement of the social scoreboard, considering the UN Agenda 2030, to address and examine the actual social needs of the crisis and addresses lasting consequences with the aim to facilitate quality employment, quality health and social care services, education and training and social protection systems; Furthermore, calls for the completion of the imbalance procedure to monitor and identify social imbalances and to integrate a social imbalance procedure, that would lead to Country Specific Recommendations and the definition of Medium-Term Social Objectives in order to correct such imbalances;
Amendment 235 #
Motion for a resolution Paragraph 14 14.
Amendment 236 #
Motion for a resolution Paragraph 14 Amendment 237 #
Motion for a resolution Paragraph 14 14. Reiterates its call for the strengthening of Parliament’s democratic role in the economic governance framework, in
Amendment 238 #
Motion for a resolution Paragraph 14 14. Reiterates its call for the strengthening of Parliament’s democratic role in the economic governance framework in any upcoming Treaty change and, in the meantime, for an Interinstitutional Agreement on Sustainable European Governance granting Parliament a right of consent on the policy recommendations presented in the Annual Sustainable Growth S
Amendment 239 #
Motion for a resolution Paragraph 14 14. Reiterates its call for the strengthening of Parliament’s democratic role in the economic governance framework in any upcoming Treaty change and, in the meantime, for an Interinstitutional Agreement on Sustainable European Governance granting Parliament a right of consent on the policy recommendations presented in the Annual Sustainable Growth Survey, the euro area fiscal package and the Country Specific Recommendations; calls for the ending of the reverse-qualified majority voting procedure in the Excessive Deficit Procedure in the Council that was introduced as part of the Six-Pack;
Amendment 24 #
Motion for a resolution Recital B b (new) Bb. whereas the levels of poverty in Europe, particularly amongst pensioners and children, and those of unemployment especially in Southern euro countries, were already worrying before the commencement of the ongoing COVID-19 economic crisis;
Amendment 240 #
Motion for a resolution Paragraph 14 14.
Amendment 241 #
Motion for a resolution Paragraph 14 a (new) 14a. Takes the view that Member States' policies and reforms should be discussed and decided on only by the national parliaments, applying the principle of subsidiarity; notes that the European Semester procedure has proven to be totally unsuccessful and damaging, imposing reforms that have made countries' economies weaker and more vulnerable, exacerbated wage deflation and increased precarious employment and poverty;
Amendment 242 #
Motion for a resolution Paragraph 14 a (new) 14a. Reiterates the fact that still many Country Specific Recommendations (CSRs), related to the European Semester, are not being implemented of sometimes even taken into account by the Member States; Calls on, in this respect, the Commission to involve to a greater extend national parliament in order for them to have more ownership in the whole process and, hence, be stricter in implementing the CSRs;
Amendment 243 #
Motion for a resolution Paragraph 14 a (new) 14a. Recalls, in this context, its resolution of 26 February 2019 and the urgent need to strengthen and enforce the democratic accountability of the ESM by establishing a protocol for an interim Memorandum of Cooperation between the ESM and the European Parliament to improve interinstitutional dialogue and enhance the ESM’s transparency and accountability;
Amendment 244 #
Motion for a resolution Paragraph 14 a (new) 14a. Mandates the Committee on Economic and Monetary Affairs to take action to improve the accountability towards the European Parliament, as the experience gathered so far in applying the European Semester has shown that the current accountability set up could be enhanced in order to improve its legitimacy and effectiveness;
Amendment 245 #
Motion for a resolution Paragraph 14 a (new) 14a. considers appropriate to limit the interventions and recommendations to member countries to areas necessary to prevent or reduce the negative externalities produced by national policies, respecting the sovereignty of Member States in every other sector;
Amendment 246 #
Motion for a resolution Paragraph 14 a (new) 14a. Calls for an institutionalised economic and social dialogue with social partners and relevant stakeholders to strengthen democratic accountability, transparency and the scrutiny role of civil society;
Amendment 247 #
Motion for a resolution Paragraph 15 15. Underlines that public revenues are essential to finance the post-pandemic recovery and the just transition to a sustainable economy; recalls that tax evasion and tax avoidance at EU level amount to up to EUR 160-190 billion each year, constituting missing revenues for the treasuries; points out that in the recommendations adopted by the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3), precisely this Parliament identified more than one EU country with exactly the same characteristics as a so-called tax haven; urges the Council to continue its work on the introduction of new own resources, such as the financial transaction tax (FTT) and the web tax on profits made by the major digital companies, and calls on the Commission to submit a proposal on the establishment of a single market levy, in order to correct, once and for all, the current asymmetry regarding certain economic sectors which have actually managed to avoid contributing to the public coffers almost entirely;
Amendment 248 #
Motion for a resolution Paragraph 15 15. Underlines that public revenues are
Amendment 249 #
Motion for a resolution Paragraph 15 15. Underlines that public revenues are essential to finance the post-pandemic recovery and the just transition to a sustainable economy; recalls that tax evasion and tax avoidance at EU level amount to up to EUR 160-190 billion each year, constituting missing revenues for the treasuries; calls for the end to unanimous voting on taxation in the Council; urges the German Council Presidency to make rapid progress in finding an agreement on an EU Financial Transaction Tax, which should include derivatives; and to proceed immediately with an EU-level digital tax on technology giants now that the US has withdrawn from OECD-level talks;
Amendment 25 #
Motion for a resolution Recital B c (new) Bc. whereas the EU objective to close the economic and social gap between Northern and Southern countries is in the current economic context even harder to reach;
Amendment 250 #
Motion for a resolution Paragraph 15 15. Underlines that public revenues are essential to finance the post-pandemic recovery and the just transition to a sustainable economy; recalls that tax evasion and tax avoidance at EU level amount to up to EUR 160-190 billion each year, constituting missing revenues for the treasuries; more importantly, reiterates that the post-pandemic recovery and just transition to a sustainable economy will require sufficient mobilisation of private resources;
Amendment 251 #
Motion for a resolution Paragraph 15 15. Underlines that
Amendment 252 #
Motion for a resolution Paragraph 15 a (new) 15a. Welcomes the Commission’s Action plan for a comprehensive Union policy on preventing money laundering and terrorism financing and calls for an ambitious legislative proposal with enforced European level supervision, competences and resources, as detailed in Parliament’s resolution B9-0207/2020;
Amendment 253 #
Motion for a resolution Paragraph 16 Amendment 254 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances; calls for the new basket of resources to include income stemming from EU policies favouring both the implementation of environmental protection and the preservation of a fair single market; urges in this context, Members States to agree on including the auction revenues of the Emission Trading Scheme, a contribution on non-recycled plastic packaging and a 3% rate to the share of taxable profits of each Member State, based on the Common Consolidate Corporate Tax Base; calls for the additional inclusion of revenues emanating from the future Carbon Border Adjustment Mechanism, from a single market levy on very large multinationals, which benefit the most from the possibilities offered by the Single Market, from a fairer taxation of digital companies that are being less affected by lockdown measures as well as revenues generated by a Financial Transaction Tax;
Amendment 255 #
Motion for a resolution Paragraph 16 16. Invites the Commission to
Amendment 256 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances; calls for the new basket of resources to include income stemming from EU policies favouring both the implementation of environmental protection and the preservation of a fair single market; supports the Commission's proposals of introducing new sources of own tax revenues from, among others, corporate activities and the digital economy; reiterates its call for a financial transaction tax, a common consolidated corporate tax base (CCCTB) and public country-by-country reporting for multinationals;
Amendment 257 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances; calls
Amendment 258 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances;
Amendment 259 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances;
Amendment 26 #
Motion for a resolution Recital C C. whereas a
Amendment 260 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition
Amendment 261 #
Motion for a resolution Paragraph 16 16. Invites the Commission to explore new policies suggested by international institutions that support and contribute to financing a just transition and sustainable growth, as well as aiming to restore Member States’ public finances; calls for the new basket of resources to include income stemming from EU policies favouring both the implementation of environmental protection and the preservation of a
Amendment 262 #
Motion for a resolution Paragraph 16 a (new) 16a. Stresses the importance of a strategic EU industrial strategy to allow for a more competitive and resilient industry in the face of global shocks; reiterates the necessity to focus on the strategic relocation of value chains for economically viable and sustainable products, processes and business models aiming at achieving strategic sovereignty and climate-neutrality; thereby urges for the re-integration of supply chains inside the EU and the increase of European production of key products such as medicines, pharmaceutical ingredients, medical devices, equipment and materials;
Amendment 263 #
Motion for a resolution Paragraph 16 a (new) 16a. Calls on the Commission and the Council to cooperate more comprehensively with other European institutions such as the EIB or the ECB in developing, promoting and introducing new tools to address the socioeconomic and environmental challenges that the EU faces;
Amendment 264 #
Motion for a resolution Paragraph 16 b (new) 16b. Stresses that industrial competitiveness and climate policy are mutually reinforcing and that an innovative and climate neutral reindustrialisation will create local jobs and ensure competitiveness of the European economy;
Amendment 265 #
Motion for a resolution Subheading 7 Amendment 266 #
Motion for a resolution Paragraph 17 Amendment 267 #
Motion for a resolution Paragraph 17 Amendment 268 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to strengthen the Banking Union and complete and reinforce the EMU architectur
Amendment 269 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to complete
Amendment 27 #
Motion for a resolution Recital C C. whereas a determined, coordinated and solidarity-based European response is essential to mitigate the negative economic and social consequences of the crisis
Amendment 270 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by creating, inter alia, a fiscal capacity for public investment, a macroeconomic stabilisation and cohesion function for the euro area, the completion of the Banking Union and a European unemployment benefit reinsurance scheme; Insists on the principle of the community method to enhance the democratic and social dimension of the EMU;
Amendment 271 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances
Amendment 272 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens
Amendment 273 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to complete and reinforce the EMU architecture with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by c
Amendment 274 #
Motion for a resolution Paragraph 17 17. Recalls the urgent need to complete and reinforce the EMU architecture
Amendment 275 #
Motion for a resolution Paragraph 17 a (new) 17a. In order to deepen the Economic and Monetary Union and to reinforce its democratic responsibility the role of European Minister of Economy and Finance should be created, in line with the Commission Communication of 6 December 2017, Further Steps Towards Completing Europe’s Economic and Monetary Union: A Roadmap, concerning a European Minister of Economy and Finance, as well as the Parliament resolution of 16 February 2017 on improving the functioning of the European Union building on the potential of the Lisbon Treaty; the European Minister of Economy and Finance would be a member of the Commission and would be President of the Eurogroup and the Governing Council of the European Stability Mechanism, the Minister would be accountable in front of the European Parliament, in a Euro Area format and an enlarged format, the Minister would play an active role in establishing the strategic orientations of the Euro Area and would participate in the Economic Dialogue, as foreseen in the current regulation;
Amendment 276 #
Motion for a resolution Paragraph 17 a (new) 17a. Fully supports the European Fiscal Boards call for a permanent fiscal capacity as natural complement to a EU framework, empowered to borrow meaningful amounts of funds on the market, and which focusses on the protection of growth-enhancing government expenditure and allowing to respond to severe shocks in a timely fashion; Stresses that such a capacity has to be accountable to the European Parliament and based on strategic orientations defined under co-decision within a governance framework with the aim to bring value added for its citizens and the EU as a whole, e.g. through investments in the green, digital and social infrastructures;
Amendment 277 #
Motion for a resolution Paragraph 17 a (new) 17a. considers extremely important to change the mandate of the ECB, placing as its first objective the full employment and subordinately the price stability, as well as widening its scope through the introduction of instruments necessary to correct the economic asymmetries among the Eurozone member countries;
Amendment 278 #
17a. Points out that at times of crisis decentralised banking systems offer the whole economy, and SMEs in particular, stability; emphasises that these smaller banks must therefore be protected against over-regulation, because most regulatory costs are fixed costs;
Amendment 279 #
Motion for a resolution Paragraph 17 a (new) 17a. Calls for the capital requirements of European banks to be raised with a view to increasing the financial sector's resilience and capacity to lend to the real economy and for the possibility of establishing a public structure for eliminating bad debts to be explored;
Amendment 28 #
Motion for a resolution Recital C C. whereas a determined, coordinated and solidarity-based European response is essential to mitigate the negative economic and social consequences of the crisis, the fragmentation of the internal market and the further deepening of macroeconomic divergence and structural polarisation between regions and countries;
Amendment 280 #
Motion for a resolution Paragraph 17 a (new) Amendment 281 #
Motion for a resolution Paragraph 17 a (new) 17a. Stresses the need to further strengthen the financial sector through the completion of the Capital Markets Union;
Amendment 282 #
Motion for a resolution Paragraph 17 b (new) 17b. considers necessary to intervene in the banking regulation and supervision system, allowing greater flexibility in complying with the convergence criteria towards countries with low credit demand and applying the same criteria more rigorously in those with excess credit demand, also in order to avoid the excessive increase in inflation;
Amendment 283 #
Motion for a resolution Paragraph 17 b (new) 17b. Reminds that debt service costs remain low also because of ECB low interest rates policy; recommends to consider the impact of potentially rising interest rates and risks arising from further expansion of the ECB's balance sheet;
Amendment 284 #
Motion for a resolution Paragraph 17 c (new) 17c. Recalls the need to reduce the levels of public debt to help the European economies to be more resilient to shocks, especially in highly indebted countries; warns about higher financing costs in the future once monetary policy accommodation is reduced, especially in the euro area;
Amendment 285 #
Motion for a resolution Paragraph 18 18. Instructs its President to
Amendment 29 #
Motion for a resolution Recital C a (new) Ca. whereas most of the effects are likely to be temporary and the national and European policies in place to support incomes, jobs, liquidity and investment are effective, economic activity will rebound once restrictions are gradually eased; whereas, nevertheless, lasting negative consequences can be expected, such as continued subdued demand, market and income uncertainties, investment shortfalls and drops in employment, which reduce the productive potential of the economy and harm a return to the former trajectory of production and growth;
Amendment 3 #
Motion for a resolution Citation 1 b (new) - having regard to the Commission reports of 17 December 2019 entitled ‘Alert Mechanism Report 2020’ (COM(2019)0651) and to the Commission recommendation for a Council recommendation on the economic policy of the euro area (COM(2019)0652),
Amendment 30 #
Motion for a resolution Recital C a (new) Ca. whereas effective structural reforms, accompanied by well-targeted investments and responsible fiscal policies provide a successful compass for preparing the EU for its future and present challenges such as strengthening competitiveness while transitioning to a low carbon economy, the digitalization of our societies, the development of research & innovation, the growth of the labour market based on high quality jobs skills and continuing professional training;
Amendment 31 #
Motion for a resolution Recital C a (new) Ca. Whereas the COVID-19 pandemic has highlighted the importance of valuing the provision of care work, not just in the healthcare sector, but also in the context of childcare, care of persons with disabilities and care of older persons; stresses that euro area economic policies need to devote more investment towards high quality, affordable and accessible public and private care services;
Amendment 32 #
Ca. whereas COVID-19 has highlighted the fact that the European Union does not have strong enough tools to deal with a health emergency such as the spread of a novel infectious disease, which by its nature knows no borders;
Amendment 33 #
Motion for a resolution Recital C a (new) Ca. whereas the public debt to GDP in the euro area is projected to rise from 86% in 2019 to 103% in 2020; whereas such debt levels may be unsustainable if and when interest rates return to higher levels7a ; _________________ 7a https://ec.europa.eu/commission/presscor ner/detail/en/ip_20_799
Amendment 34 #
Motion for a resolution Recital C a (new) Ca. Whereas women are disproportionately hit as a result of the crisis, the recovery plan fails to address the challenges related to the Covid-19 crisis in the care sector and the specific challenges faced by women;
Amendment 35 #
Motion for a resolution Recital C a (new) Ca. whereas the Member States, also due to the support from the Commission and a coordination amongst each other, has been able to facilitate addressing and overcoming the difficulties caused by the current crisis;
Amendment 36 #
Motion for a resolution Recital C a (new) Ca. whereas solidarity-based European response also means responsibility which requires a credible repayment plan to be presented before the adoption of the MFF and NGEU;
Amendment 37 #
Motion for a resolution Recital C a (new) Ca. whereas COVID-19 should not be used as a pretext to turn the EU into a transfer Union;
Amendment 38 #
Motion for a resolution Recital C a (new) Ca. whereas the Union must respond to the current crisis in a way that increases its resilience against future crises;
Amendment 39 #
Motion for a resolution Recital C b (new) Amendment 4 #
Motion for a resolution Citation 1 c (new) - having regard to the Council recommendation of 10 February 2020 on the economic policy of the euro area, 1a _________________ 1a https://www.consilium.europa.eu/en/press /press-releases/2020/02/18/council- approves-its-recommendation-on-the- economic-policy-of-the-euro-area-for- 2020/
Amendment 40 #
Motion for a resolution Recital C b (new) Cb. whereas the Commission estimates total government financing needs at € 5.4trn over 2020 and 2021. This includes pre-crisis financing needs of € 3.7trn and additional financing needs due to the impact of the COVID-19 crisis of € 1.7trn for EU Member States over 2020 and 2021;1a _________________ 1a Commission Staff Working Document: Identifying Europe's recovery needs https://ec.europa.eu/info/sites/info/files/ec onomy- finance/assessment_of_economic_and_in vestment_needs.pdf
Amendment 41 #
Motion for a resolution Recital C b (new) Cb. whereas growth has to an important degree relied upon unconventional and, in the long term, unsustainable monetary policy; whereas this monetary policy has failed to create a momentum for productivity-enhancing reforms;
Amendment 42 #
Motion for a resolution Recital C b (new) Cb. whereas Council, Commission and Eurogroup accountability to the European Parliament throughout all the stages of the European Semester process is warranted for democratic legitimacy and transparency;
Amendment 43 #
Motion for a resolution Recital C c (new) Cc. whereas the COVID 19 crisis is affecting vulnerable groups in particular, resulting in increased inequalities, poverty, unemployment and social divergences, as well as undermining social and employment standards in Europe;
Amendment 44 #
Motion for a resolution Recital C c (new) Cc. whereas in 2019 only 5.7% of country specific recommendations have been fully implemented by Member States, 45.9 % have made at least some progress but 48.4% have not been implemented or only with limited progress;
Amendment 45 #
Motion for a resolution Recital C c (new) Cc. whereas monetary policy has not been neutral and has led to large redistribution effects between deficit and surplus countries and between savers and debtors;
Amendment 46 #
Motion for a resolution Recital C d (new) Amendment 47 #
Motion for a resolution Recital C d (new) Cd. whereas women are disproportionately hit as a result of the crisis;
Amendment 48 #
Motion for a resolution Recital C e (new) Ce. whereas the EU and its Member States have committed to the treaty-based values, implementation of the UN 2030 Agenda, the European Pillar of Social Rights and the Paris Climate Agreement;
Amendment 49 #
Motion for a resolution Recital C f (new) Cf. whereas the disruption is affecting the European economy as a whole, and whereas an equal debt issuance capacity and access to funding must be ensured in order to deal with the crisis, including for Member States not in the euro area;
Amendment 5 #
Motion for a resolution Citation 1 d (new) Amendment 50 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s Spring 2020 economic forecast, the EU is expected to suffer the deepest recession in its history in 2020
Amendment 51 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s S
Amendment 52 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s S
Amendment 53 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s S
Amendment 54 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s Spring 2020 economic forecast, the EU is
Amendment 55 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s S
Amendment 56 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s S
Amendment 57 #
Motion for a resolution Paragraph 1 1. Notes with great concern that, according to the Commission’s Spring 2020 economic forecast, the EU is expected to suffer the deepest recession in its history in 2020 and the euro area GDP will not return to the pre-crisis level before 2022;
Amendment 58 #
Motion for a resolution Paragraph 1 1. Notes with great concern that
Amendment 59 #
Motion for a resolution Paragraph 1 a (new) Amendment 6 #
Motion for a resolution Citation 3 Amendment 60 #
Motion for a resolution Paragraph 1 a (new) 1a. Points to the IMF World Economic Outlook Update, June 2020 which states that the COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and that the recovery is projected to be more gradual than previously forecast with the 2021 GDP being some 6.5 percentage points lower than in the pre-COVID-19 projections of January 2020;
Amendment 61 #
Motion for a resolution Paragraph 1 a (new) 1a. Takes note of the comment of Commission Executive Vice-President Valdis Dombrovskis following the publication of the Summer Economic Forecast of 2020, that "the economic impact of the lockdown is more severe than we initially expected", which only further illustrates the cluelessness of the Commission in economic matters, especially crisis management;
Amendment 62 #
Motion for a resolution Paragraph 2 2. Is concerned at the negative impact of the COVID-19 crisis on the global economy, trade, income inequalities and poverty
Amendment 63 #
Motion for a resolution Paragraph 2 2. Is concerned at the negative impact of the COVID-19 crisis on the global economy, trade, income inequalities and poverty; notes that fiscal policy is one of the most important ways a state has to redistribute wealth and contain or reduce income and wealth inequality1a, and that both investment-led growth and the social transfers made through government expenditure, which are vital for redistribution of wealth and preventing inequality from rising, have been reduced and constrained by the debt and deficit rules; notes that access to free or affordable, high-quality public services also plays a crucial role in addressing existing inequalities; _________________ 1aEuropean Economic and Social Committee, 2017. 'Wealth inequality in Europe: the profit-labour split between Member States'. Adopted on 06/12/2017. https://www.eesc.europa.eu/en/agenda/ou r-events/events/wealth-inequality-europe- profit-labour-split/opinions.
Amendment 64 #
Motion for a resolution Paragraph 2 2. Is concerned about the negative impact of the COVID-19 crisis on the
Amendment 65 #
Motion for a resolution Paragraph 2 2. Is concerned at the overwhelming negative impact of the COVID-19 crisis on the global economy, trade, employment, income inequalities and poverty; stresses that the EU and its member states must work towards the most ambitious recovery plan possible which focuses on the hardest hit sectors of society;
Amendment 66 #
Motion for a resolution Paragraph 2 2. Is concerned at the remarkably negative impact of the COVID-19
Amendment 67 #
Motion for a resolution Paragraph 2 2. Is concerned at the negative impact of the COVID-19 crisis on the global economy, trade, in
Amendment 68 #
Motion for a resolution Paragraph 2 2. Is concerned at the negative impact of the COVID-19 crisis on the global economy, trade, employment, income inequalities gender equality and poverty;
Amendment 69 #
Motion for a resolution Paragraph 2 a (new) 2a. Is concerned that from the introduction of the European Semester in 2011, the specific policy measures demanded by the Commission in the country-specific recommendations focus on limiting wage growth; increasing the threshold age for receiving a pension; privatising state-owned enterprises, cutting public spending on healthcare provision; promoting longer working hours; reducing job security; and cutting funds to social services - all of which have contributed to weakening states', institutions' and individuals' capacity to respond to the outbreak of the pandemic; notes that the Commission has engaged in significant overreach through the European Semester process when it comes to public policy areas that legally fall under the competence of the member states under the TFEU, such as pensions and the provision of healthcare;
Amendment 7 #
Motion for a resolution Citation 20 — having regard to the Commission’s Economic Forecast: S
Amendment 70 #
Motion for a resolution Paragraph 2 a (new) 2a. In this context emphasis the urgency to protect workers’ rights and conditions at a European level; requests further consideration on a wage increase at a European level that should take the following format: an increase of 5 per cent in the minimum wage of all countries that have a minimum wage, while the minimum wage system, always adapted to national circumstances, is introduced in those countries that do not have it;
Amendment 71 #
Motion for a resolution Paragraph 3 3. Points out that the Commission’s estimate of the investment needs of the EU
Amendment 72 #
Motion for a resolution Paragraph 3 3. Points out that the Commission’s estimate of the investment needs of the EU for
Amendment 73 #
Motion for a resolution Paragraph 3 3. Points out that the Commission’s estimate of the investment needs of the EU for delivering the green transition and digital transformation amounts to at least EUR 595 billion per year8 ; recognises that public investments are limited as they represent scarce resources mostly funded by the taxpayers; underlines the need to prioritise the public investments which enhance economic growth; _________________ 8 Commission Staff Working Document - Identifying Europe's recovery needs, p. 16: https://ec.europa.eu/info/sites/info/files/eco nomy- finance/assessment_of_economic_and_inv estment_needs.pdf
Amendment 74 #
Motion for a resolution Paragraph 3 3. Points out that the Commission’s estimate of the investment needs of the EU for delivering the green transition and digital transformation amounts to at least EUR 595 billion per year8 ; acknowledges that more than ever this transformation needs to keep at its core the objective of an upward transformation of the standard of living of all EU citizens across the Union; _________________ 8 Commission Staff Working Document - Identifying Europe's recovery needs, p. 16: https://ec.europa.eu/info/sites/info/files/eco nomy- finance/assessment_of_economic_and_inv estment_needs.pdf
Amendment 75 #
Motion for a resolution Paragraph 3 3. Points out that the Commission
Amendment 76 #
Motion for a resolution Paragraph 3 3. Points out that
Amendment 77 #
Motion for a resolution Paragraph 3 a (new) 3a. Notes that governments have adopted more than 4% of euro area GDP in discretionary fiscal measures in 2020 and is of the opinion that these measures will have to be continued also in 2021. Notes that the Next Generation EU initiative may provide an additional fiscal stimulus to European economies of around 1% of GDP over the period of next four years.
Amendment 78 #
Motion for a resolution Paragraph 3 a (new) Amendment 79 #
Motion for a resolution Paragraph 3 a (new) 3a. Is concerned with the insufficient progress in trade talks between the EU and UK; urges the Commission to prepare also for the no deal scenario, which would create serious barriers to trade between EU and UK since the beginning of 2021;
Amendment 8 #
Motion for a resolution Citation 21 a (new) - having regard to the Commission's proposal of 28 May 2020 for a regulation of the European Parliament and of the Council establishing a Recovery and Resilience Facility (COM(2020)0408),
Amendment 80 #
Motion for a resolution Paragraph 3 a (new) Amendment 81 #
Motion for a resolution Paragraph 4 4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a strengthening of the Single Market and SMEs, competitiveness, sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in p
Amendment 82 #
Motion for a resolution Paragraph 4 4. Recognises that the
Amendment 83 #
Motion for a resolution Paragraph 4 4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in
Amendment 84 #
Motion for a resolution Paragraph 4 4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in public and private investment compared to the 2010s is indispensable
Amendment 85 #
Motion for a resolution Paragraph 4 4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession accompanied with a global pandemic, and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in public and private investment compared to the 2010s is in the current juncture even more indispensable and that the increased level of investment must be stabilised for many years to come;
Amendment 86 #
4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in public and private investment compared to the 2010s is indispensable and that the increased level of investment
Amendment 87 #
Motion for a resolution Paragraph 4 4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant short-term increase in economically viable public and private investment
Amendment 88 #
Motion for a resolution Paragraph 4 4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery
Amendment 89 #
Motion for a resolution Paragraph 4 a (new) 4a. Notes that as a result of the pandemic, the ECB predicts public debt will reach 200 per cent of GDP in Greece, 160 per cent in Italy, 130 per cent in Portugal and 120 per cent in France and Spain, and that on average, eurozone debt will rise from its pre-pandemic level of 86 percent of GDP to above 100 per cent, while average deficits will be eight percent of GDP1a; expresses concern that several states including Italy, Spain, France and Portugal will have to refinance large proportions of their debt within the next year, which may put pressure on vulnerable sovereigns; notes that the Commission acknowledges that “Government finances may be permanently weakened”1b notes that this presents a unique problem in the eurozone due to the ‘no bailout clause’ in the Treaty that prohibits direct monetary financing of government debt by the central bank, and the Stability and Growth Pact rules that impose a deflationary dynamic in a downturn; calls for these self-imposed constraints to be ended as part of the review of the macroeconomic framework; _________________ 1aEuropean Central Bank, Financial Stability Review, May 2020. https://www.ecb.europa.eu/pub/financial- stability/fsr/html/ecb.fsr202005~1b75555f 66.en.html#toc1 1b European Commission. Identifying Europe's Recovery Needs. Staff Working Document, 27/05/20. https://ec.europa.eu/info/sites/info/files/ec onomy- finance/assessment_of_economic_and_in vestment_needs.pdf?fbclid=IwAR1kxXW wWAUV8FLV8OMTBidRqeKIiwNCthC4 xEdoHdBWpzCYIND04rsUIiU
Amendment 9 #
Motion for a resolution Citation 29 a (new) - having regard to the Parliament’s resolution on a comprehensive Union policy on preventing money laundering and terrorist financing – the Commission’s Action Plan and other recent developments (B9-0207/2020)
Amendment 90 #
Motion for a resolution Paragraph 4 a (new) 4a. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, with the ECB’s Pandemic Emergency Purchase Programme (PEPP), the activation of the European Stability Mechanism (ESM) and the launch of the EIB’s pan- European Guarantee Fund ensuring liquidity and stabilization of financial markets, the activation of the ‘general escape clause' by the European Commission, allowing the maximum flexibility to the fiscal framework and the adopted temporary state aid rules to allow national governments to financially support healthcare systems and businesses and the imminent European Support Scheme Mitigating Unemployment Risks in Emergency (SURE) to keep people in employment during the crisis;
Amendment 91 #
Motion for a resolution Paragraph 4 a (new) 4a. Commends the swift, strong and decisive response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, with the ECB’s Pandemic Emergency Purchase Programme (PEPP), the activation of the European Stability Mechanism (ESM) and the launch of the EIB’s pan- European Guarantee Fund, the activation of the ‘general escape clause' by the European Commission, the adoption of temporary state aid rules and the imminent European Support Scheme Mitigating Unemployment Risks in Emergency (SURE); Emphasizes that without such support, the economic, social and environmental downturn in the EU would be more severe and could have even more negative spill-over effects beyond the EU;
Amendment 92 #
Motion for a resolution Paragraph 4 a (new) 4a. Underlines that the backbone of the economic recovery lies in the growth- enhancing structural reforms; notes that in order to protect European taxpayer, any assistance from Recovery Plan to each Member State should be conditional on the implementation of the structural reforms recommended in the Country Specific Recommendations;
Amendment 93 #
Motion for a resolution Paragraph 4 b (new) Amendment 94 #
Motion for a resolution Paragraph 4 b (new) 4b. Welcomes the ambitious "Next Generation EU" approach of the Commission, aiming at establishing a European Recovery Plan, a revamped long-term EU budget, the issuance of common bonds by the European Commission and new own resources;
Amendment 95 #
Motion for a resolution Paragraph 4 b (new) 4b. Recalls that high levels of taxation in Europe are a hindrance to investments, jobs, productivity and competitiveness;
Amendment 96 #
Motion for a resolution Paragraph 4 c (new) 4c. Welcomes in principle the Commission’s proposal of a new Recovery and Resilience Facility to support Member States through non-repayable financial support and loans to implement investments and reforms that are essential for a sustainable recovery based on priorities identified in the framework of the European Semester of economic policy coordination, including the principles of the European Pillar of Social Rights, and in regard to contribute to the 2030 climate goal and to the digital agenda; (Article subject to adjustment due to the state of negotiations)
Amendment 97 #
Motion for a resolution Paragraph 4 c (new) 4c. Stresses that the sound public finances are necessary condition for the macro-financial stability of the Eurozone;
Amendment 98 #
Motion for a resolution Paragraph 4 d (new) 4d. Recalls the positive practice of transparency in several Member States in the form of mandatory disclosure of contracts concluded by the public sector which supports the efficiency of public finances and promotes economic growth;
Amendment 99 #
Motion for a resolution Paragraph 5 5.
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