2022/2037(INI) European Central Bank - annual report 2022
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
ANDRESEN Rasmus ( Verts/ALE)
|
MARTUSCIELLO Fulvio ( EPP),
MARQUES Margarida ( S&D),
NAGTEGAAL Caroline ( Renew),
ANNEMANS Gerolf ( ID),
VAN OVERTVELDT Johan ( ECR),
GUSMÃO José ( GUE/NGL)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Events
2023/02/16
EP - Results of vote in Parliament
Documents
2023/02/16
EP - Decision by Parliament
Details
The European Parliament adopted by 376 votes to 96, with 35 abstentions, a resolution on the report on the European Central Bank - Annual Report 2022.
General overview
Members are concerned about Russia's war of aggression against Ukraine and its severe, unpredictable and long-lasting repercussions on the European economy and society, especially for the most exposed and vulnerable groups such as small and medium-sized enterprises (SMEs) and low-income households. They stressed that unprecedented crises require unprecedented, innovative and bold monetary policy decisions .
Parliament recognised that the ECB could bring down prices by strongly reducing aggregate demand via its monetary policy tools, while acknowledging that this would increase the risk of a negative impact on growth and employment.
Members noted that fiscal and monetary policies reinforced each other during the pandemic, thus preventing a repeat of the 2008 financial crisis. They stressed that maintaining price stability now requires even closer coordination of fiscal and monetary policies . They shared President Lagarde's warning that it is essential that fiscal support used to shield households from the effects of rising prices is temporary and targeted, thus limiting the risk of fuelling inflationary pressures and ensuring price stability, while helping to preserve debt sustainability. Members welcomed President Lagarde's statement that the current geopolitical crisis obliges us to make progress in the EU's fiscal integration. They stressed the risks of significant delays in completing the banking union.
Monetary policy
Members are alarmed that euro area inflation has reached record levels with average inflation for 2022 at 8.4 % . Energy is by far the most significant driver of inflation (40.8 %), followed by food prices (11.8 %). Inflation, mainly driven by supply, is currently well above the ECB's target rate of 2% (core inflation is currently 5.2%). The ECB's main mandate is to ensure price stability.
The ECB's strategy review reconfirmed the medium-term orientation of the inflation targets, setting a symmetric inflation objective of 2% in the medium term . Members called on the ECB to respect this medium-term inflation target as far as possible, including in the current crisis.
Parliament noted President Lagarde's statement that the ECB intends to raise interest rates further at future meetings until inflation reaches its target level.
It asked the ECB to consider a more balanced and gradual adjustment of policies , given the high level of uncertainty, and called for more justification of any future policy rate decisions.
The Russian aggression in Ukraine and dependence on imported fossil fuels are largely responsible for the recent substantial increase in prices. The resolution pointed out that traditional monetary policy instruments have limited influence in combating inflation , which is mainly driven by energy and food prices. They noted that the ECB has repeatedly acknowledged that raising interest rates would not bring down energy prices and would not affect inflation in the short term.
Members are concerned about the risk of fragmentation given the divergences in inflation levels among euro-area countries, from 25.2 % in Estonia to 6.6 % in France in August 2022. They believe this imperils the singleness of the ECB’s monetary policy and its transmission.
The ECB is called upon to develop a credible communication strategy , backed up by swift and concrete measures to signal to European citizens that inflation will fall in the medium term.
Parliament noted that the IMF, in its World Economic Outlook for 2022, concluded that the risks of a wage spiral are limited. It notes that resilient labour markets and some degree of catching-up to compensate for the loss of purchasing power are likely to contribute to strong wage growth. The ECB is invited to monitor this risk very closely.
Tackling climate change
Stressing that price stability and a stable macroeconomic environment are necessary to encourage green investment, Parliament invited the ECB to assess the extent to which climate change affects its ability to maintain price stability. It noted the Governing Council's decision to take further steps to integrate climate change considerations into the Eurosystem's monetary policy framework.
Members welcomed the ECB's announcement to further enhance the Eurosystem's risk assessment tools and capabilities to better take into account climate and environmental risks, for example through its in-house credit assessment systems. They welcomed the ECB's action plan and its detailed roadmap of climate change actions to further incorporate climate-change considerations into its policy framework and models.
Members noted the ECB's announcement to decarbonise its corporate bond holdings by ‘titling’ its portfolio. They welcomed:
- the ECB’s announcement to further enhance the Eurosystem’s risk assessment tools and capabilities in order to better include climate- and environment-related risks, such as through their in-house credit assessment systems;
- the ECB’s action plan and its detailed road map of climate-change-related actions to further incorporate climate-change considerations into its policy framework and models;
- the ECB climate risk stress test developed to assess the resilience of banks and corporations in the face of climate transition risk.
Transparency, accountability, gender equality
Members reiterated their call for the ECB to be more accountable to the European Parliament and for current accountability practices between the ECB and the European Parliament to be formalised in writing.
The ECB is asked to:
- better report on the positions it adopts in the Basel Committee on Banking Supervision;
- pursue its new communication policy , which provides for more accessible ways of explaining and presenting ECB policy decisions to citizens and stakeholders;
- better monitor the development of crypto-currencies and the related risks of cybersecurity, money laundering, terrorist financing and other criminal activities linked to the anonymity provided by crypto-assets.
Members regretted that only two of the members of the ECB's Executive Board and Governing Council are women and that the gender imbalance also persists in the ECB's organisational structure. They welcome the ECB's new strategy to improve the gender balance, including the objective of increasing the share of women to between 40% and 51% by 2026. The ECB is invited to report on its progress in this area in its annual report.
Documents
2023/02/15
EP - Debate in Parliament
Documents
2023/02/06
EP - Committee report tabled for plenary
Details
The Committee on Economic and Monetary Affairs adopted the report by Rasmus ANDRESEN (Greens/EFA, DE) on the report on the European Central Bank - Annual Report 2022.
Members are concerned about Russia's war of aggression against Ukraine and its severe, unpredictable and long-lasting repercussions on the European economy and society, especially for the most exposed and vulnerable groups such as small and medium-sized enterprises (SMEs) and low-income households. They stressed that unprecedented crises require unprecedented, innovative and bold monetary policy decisions .
The report acknowledged that the ECB could lower prices by sharply reducing aggregate demand through its monetary policy instruments, while recognising that this would increase the risk of negative repercussions on growth and employment.
Members stressed that maintaining price stability now requires even closer coordination of fiscal and monetary policies . They shared President Lagarde's warning that it is essential that fiscal support used to shield households from the effects of rising prices is temporary and targeted, thus limiting the risk of fuelling inflationary pressures and ensuring price stability, while helping to preserve debt sustainability. Members welcomed President Lagarde's statement that the current geopolitical crisis obliges us to make progress in the EU's fiscal integration.
Monetary policy
Members are alarmed that euro area inflation has reached record levels with average inflation for 2022 at 8.4 % . Energy is by far the most significant driver of inflation (40.8 %), followed by food prices (11.8 %). Inflation, mainly driven by supply, is currently well above the ECB's target rate of 2% (core inflation is currently 5.2%). The ECB's main mandate is to ensure price stability.
The ECB's strategy review reconfirmed the medium-term orientation of the inflation targets, setting a symmetric inflation objective of 2% in the medium term. Members called on the ECB to respect this medium-term inflation target as far as possible, including in the current crisis.
The report noted President Lagarde's statement that the ECB intends to raise interest rates further at future meetings until inflation reaches its target level.
Russian aggression in Ukraine and dependence on imported fossil fuels are largely responsible for the recent substantial increase in prices. The report pointed out that traditional monetary policy instruments have limited influence in combating inflation , which is mainly driven by energy and food prices. They noted that the ECB has repeatedly acknowledged that raising interest rates would not bring down energy prices and would not affect inflation in the short term.
Members are concerned about the risk of fragmentation given the divergences in inflation levels among euro-area countries, from 25.2 % in Estonia to 6.6 % in France in August 2022. They believe this imperils the singleness of the ECB’s monetary policy and its transmission.
The ECB is called upon to develop a credible communication strategy, backed up by swift and concrete measures to signal to European citizens that inflation will fall in the medium term.
Secondary objectives
Members recalled that during the November 2021 Monetary Dialogue, the ECB President stated that secondary objectives include economic development, respect for the environment and the fight against climate change, etc., adding that these secondary objectives should be taken into account, especially if they are stated very clearly by the other institutions, and in particular by the European Parliament. The report proposed to use this resolution to provide input to the ECB on secondary objectives.
The ECB is invited to devote a specific chapter in its annual report to explaining how it has interpreted and applied its secondary objectives and to present the effects of its monetary policy on the general economic policies of the Union.
Tackling climate change
Stressing that price stability and a stable macroeconomic environment are necessary to encourage green investment, the report invited the ECB to assess the extent to which climate change affects its ability to maintain price stability. It noted the Governing Council's decision to take further steps to integrate climate change considerations into the Eurosystem's monetary policy framework.
Members welcomed the ECB's announcement to further enhance the Eurosystem's risk assessment tools and capabilities to better take into account climate and environmental risks, for example through its in-house credit assessment systems. They welcomed the ECB's action plan and its detailed roadmap of climate change actions to further incorporate climate-change considerations into its policy framework and models.
Transparency, accountability, gender equality
Members reiterated their call for the ECB to be more accountable to the European Parliament and for current accountability practices between the ECB and the European Parliament to be formalised in writing.
The ECB is asked to:
- better report on the positions it adopts in the Basel Committee on Banking Supervision;
- pursue its new communication policy, which provides for more accessible ways of explaining and presenting ECB policy decisions to citizens and stakeholders;
- better monitor the development of crypto-currencies and the related risks of cybersecurity, money laundering, terrorist financing and other criminal activities linked to the anonymity provided by crypto-assets.
Members regretted that only two of the members of the ECB's Executive Board and Governing Council are women and that the gender imbalance also persists in the ECB's organisational structure. They welcome the ECB's new strategy to improve the gender balance, including the objective of increasing the share of women to between 40% and 51% by 2026. The ECB is invited to report on its progress in this area in its annual report.
Documents
2023/01/31
EP - Vote in committee
2022/10/14
EP - Amendments tabled in committee
Documents
2022/09/19
EP - Committee draft report
Documents
2022/05/05
EP - Committee referral announced in Parliament
2022/03/03
EP - ANDRESEN Rasmus (Verts/ALE) appointed as rapporteur in ECON
Documents
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T9-0057/2023
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary: A9-0022/2023
- Amendments tabled in committee: PE737.181
- Committee draft report: PE735.816
- Committee draft report: PE735.816
- Amendments tabled in committee: PE737.181
Activities
- Ivan Vilibor SINČIĆ
Plenary Speeches (2)
- Fabio Massimo CASTALDO
Plenary Speeches (1)
- Caroline NAGTEGAAL
Plenary Speeches (1)
- João PIMENTA LOPES
Plenary Speeches (1)
- Paul TANG
Plenary Speeches (1)
- Ernest URTASUN
Plenary Speeches (1)
- Clare DALY
Plenary Speeches (1)
- Sira REGO
Plenary Speeches (1)
- Gunnar BECK
Plenary Speeches (1)
- José GUSMÃO
Plenary Speeches (1)
- Henrike HAHN
Plenary Speeches (1)
- Hervé JUVIN
Plenary Speeches (1)
- Mick WALLACE
Plenary Speeches (1)
- Margarida MARQUES
Plenary Speeches (1)
- Eugen JURZYCA
Plenary Speeches (1)
- Antonio Maria RINALDI
Plenary Speeches (1)
- Clara PONSATÍ OBIOLS
Plenary Speeches (1)
- Claude GRUFFAT
Plenary Speeches (1)
- Chris MACMANUS
Plenary Speeches (1)
- Dorien ROOKMAKER
Plenary Speeches (1)
- Michiel HOOGEVEEN
Plenary Speeches (1)
- Matteo GAZZINI
Plenary Speeches (1)
Votes
Banque centrale européenne - rapport annuel 2022 - A9-0022/2023 - Rasmus Andresen - Après le § 1 - Am 2 #
2023/02/16 Outcome: -: 292, +: 194, 0: 11
The Left
NI
PPEA9-0022/2023 - Rasmus Andresen - § 5 - Am 3 #
2023/02/16 Outcome: -: 350, +: 130, 0: 23
A9-0022/2023 - Rasmus Andresen - § 8 - Am 4 #
2023/02/16 Outcome: -: 430, 0: 40, +: 38
A9-0022/2023 - Rasmus Andresen - Après le § 9 - Am 10 #
2023/02/16 Outcome: -: 356, +: 133, 0: 17
A9-0022/2023 - Rasmus Andresen - Après le § 13 - Am 5 #
2023/02/16 Outcome: -: 358, 0: 87, +: 61
A9-0022/2023 - Rasmus Andresen - § 16 - Am 6 #
2023/02/16 Outcome: -: 363, 0: 74, +: 70
A9-0022/2023 - Rasmus Andresen - § 16/2 #
2023/02/16 Outcome: +: 441, -: 62, 0: 2
A9-0022/2023 - Rasmus Andresen - Après le § 16 - Am 7 #
2023/02/16 Outcome: -: 227, +: 213, 0: 66
A9-0022/2023 - Rasmus Andresen - Après le § 16 - Am 8 #
2023/02/16 Outcome: -: 347, +: 157, 0: 7
A9-0022/2023 - Rasmus Andresen - Après le § 19 - Am 9 #
2023/02/16 Outcome: -: 236, +: 234, 0: 35
A9-0022/2023 - Rasmus Andresen - Proposition de résolution (ensemble du texte) #
2023/02/16 Outcome: +: 376, -: 96, 0: 35
| Amendments | Dossier |
| 342 |
2022/2037(INI)
2022/10/14
ECON
342 amendments...
Amendment 1 #
Motion for a resolution Citation 1 a (new) — having regard the ECB Study on the payment attitudes of consumers in the euro area (SPACE) of December 2020,
Amendment 10 #
Motion for a resolution Citation 10 — having regard to Articles 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 100 #
Motion for a resolution Paragraph 5 d (new) 5 d. Calls on the ECB to explore ways of strengthening the international role of the euro; notes that making the euro more attractive as a reserve currency will further enhance its international use; stresses that the creation of a well- designed European safe asset could facilitate financial integration and help mitigate the negative feedback loops between sovereigns and the domestic banking sectors; Underlines that strengthening the role of the euro requires the deepening and completion of the European economic and monetary union, including the creation of instruments of the nature of Next Generation EU, which enhance the EU budget;
Amendment 101 #
Motion for a resolution Paragraph 6 Amendment 102 #
Motion for a resolution Paragraph 6 Amendment 103 #
Motion for a resolution Paragraph 6 Amendment 104 #
Motion for a resolution Paragraph 6 Amendment 105 #
Motion for a resolution Paragraph 6 6.
Amendment 106 #
Motion for a resolution Paragraph 6 6. Echoes President Lagarde’s call for a swift revision and simplification of the Stability and Growth Pact; Recalls that the upcoming revision of the economic governance framework has to provide the EU with stable, transparent, credible and flexible rules that could be implemented and respected by all Member States. Recalls that fiscal rules are essential for the proper functioning of the EU and should be respected. Recalls that rules should be applied in an intelligent way and within a flexible framework that adapts quickly to changes with the proper democratic accountability. The new framework should promote growth and ensure a better balance between sustainability and stabilisation. Notes that the new Transmission Protection Instrument (TPI) is now linked with the EU fiscal rules and its activation requires sustainable economic policies and compliance with the EU fiscal framework;
Amendment 107 #
Motion for a resolution Paragraph 6 6. Echoes President Lagarde’s call for a swift revision and simplification of the Stability and Growth Pact, making the most of the justified extension of the general escape clause as a window of opportunity for a lively, structured, in- depth debate about economic governance in the euro area;
Amendment 108 #
Motion for a resolution Paragraph 6 6. Echoes President Lagarde’s call for a swift revision and simplification of the Stability and Growth Pact; calls for the new framework to consider the extensive public investment needed for the energy transition, also to avoid the extreme price volatility deriving from Europe’s dependence on fossil fuels;
Amendment 109 #
Motion for a resolution Paragraph 6 a (new) 6a. Emphasises, regarding the necessary revision of the Growth and Stability Pact, the need to provide considerable flexibility for the adoption of economic policies appropriate for dealing with extraordinary situations – such as public health crises and conflicts in border areas – balanced with strict standards for meeting long-term economic objectives, such as the progressive and structural reduction of public debt based on a principle of intergenerational solidarity;
Amendment 11 #
Motion for a resolution Citation 10 — having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 110 #
Motion for a resolution Paragraph 6 a (new) 6 a. Welcomes Chief Economist Philip Lane's statement about taxing the wealthy and overprofits; recalls that both contributions would be temporary and would support households and consumers in this energy crisis;
Amendment 111 #
Motion for a resolution Paragraph 7 7. Is
Amendment 112 #
7. Is alarmed that euro area inflation has continued to rise and has reached
Amendment 113 #
Motion for a resolution Paragraph 7 7. Is alarmed that euro area inflation has continued to rise and has reached undesirably high levels; stresses that headline inflation rose to a record 9.1 % in August 2022; stresses that energy is by far the most significant driver of inflation (38.3 %), followed by food prices (10.6 %); Notes that ECB forecasts an headline inflation of 8% in 2022, 5,5% in 2023 and 2,8% in 2024, with risks on the upside due to disruptions in the supply of energy;
Amendment 114 #
Motion for a resolution Paragraph 7 7. Is alarmed that euro area inflation has continued to rise and has reached undesirably high levels; stresses that headline inflation rose to a record
Amendment 115 #
Motion for a resolution Paragraph 7 a (new) 7 a. Recalls that fossil fuels are responsible for much of the recent strong increase in prices, with headline inflation reflecting the sharp rise in oil and gas prices; emphasises that the current bout of inflation is widely recognised as a supply-side phenomenon, making monetary policy tools unsuited to drive down inflation; welcomes repeated acknowledgements by the ECB that raising interest rates will not bring down energy prices nor will it impact inflation in the short term;
Amendment 116 #
Motion for a resolution Paragraph 7 a (new) 7 a. is gravely concerned about the risk of fragmentation given the divergences in inflation levels among Euro-area countries, from Estonia´s 25,2% to France´s 6,6% in August 20221a; believes this imperils the singleness of the ECB´s monetary policy and its transmission system; reiterates the need for sound economic and fiscal policies and to deliver on structural reforms to foster convergence; _________________ 1a https://www.ecb.europa.eu/stats/macroeco nomic_and_sectoral/hicp/html/index.en.ht ml
Amendment 117 #
Motion for a resolution Paragraph 7 a (new) 7a. Believes that there is no longer any evidence that could support short- term, cyclical inflation; notes that the ECB’s desire to green its policy is structurally inflationary;
Amendment 118 #
Motion for a resolution Paragraph 7 a (new) 7a. Recalls that, in the context of imported inflation largely caused by rising energy prices, an increase in interest rates is ineffective in moderating inflation;
Amendment 119 #
Motion for a resolution Paragraph 7 a (new) 7 a. Notes that President Lagarde stated that the ECB's monetary policy will be set with one goal in mind: to deliver on the price stability mandate1a; _________________ 1a https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220920~c3afc1a441.en.h tml
Amendment 12 #
Motion for a resolution Citation 10 — having regard to Articles 123, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 120 #
Motion for a resolution Paragraph 7 b (new) 7 b. Is concerned that profits in the energy and food sectors have markedly risen as a key contributor to inflation, with the average quarterly contribution of profits to inflation standing at 15% in 2022, compared with 2.5% in 2018, 5% in 2019 and 4% in 2020; calls on the ECB to regularly publish the data on the contribution of profits to inflation, as is done with wages; questions whether any monetary policy response could address the market powers of such price-setters, unlike tax and competition policy;
Amendment 121 #
Motion for a resolution Paragraph 8 8.
Amendment 122 #
Motion for a resolution Paragraph 8 8.
Amendment 123 #
Motion for a resolution Paragraph 8 8.
Amendment 124 #
Motion for a resolution Paragraph 8 8.
Amendment 125 #
Motion for a resolution Paragraph 8 8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the
Amendment 126 #
Motion for a resolution Paragraph 8 8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned
Amendment 127 #
Motion for a resolution Paragraph 8 8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022
Amendment 128 #
Motion for a resolution Paragraph 8 8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employment; Calls for a reflection of a more balanced and gradual adjustment of policy instead of a large and fast upfront tightening. Notes that latest economic and financial indicators point that EU economy is likely heading towards a worse than expected recession with the risk of a wide negative social impact with only moderate effect on the inflation rate. Calls for a more insight update and justification of the future policy rate decisions, given the current situation and high level of uncertainty;
Amendment 129 #
Motion for a resolution Paragraph 8 8. Takes note of recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and
Amendment 13 #
— having regard to the monetary dialogues with the President of the ECB, Christine Lagarde, of 7 February, 20 June, 26 September 2022,
Amendment 130 #
Motion for a resolution Paragraph 8 a (new) 8 a. Welcomes President Lagarde's statement that the ECB intends "to raise interest rates further over the next several meetings to dampen demand and guard against the risk of a persistent upward shift in inflation expectations."1a _________________ 1a Introductory Remarks to the Monetary Dialogue of 26 September 2022 https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220926_1~0bd6fcc86c.en .html
Amendment 131 #
Motion for a resolution Paragraph 8 a (new) 8 a. Without prejudice of its independence, calls on the ECB to keep up the determination to raise interest rates as long as the ECB's forecasts remain unchanged while taking the proportionality assessment into account;
Amendment 132 #
Motion for a resolution Paragraph 8 a (new) 8a. Regrets the errors of judgement made by the ECB, which now force it to carry out cyclical measures and thus potentially exacerbate the recession;
Amendment 133 #
Motion for a resolution Paragraph 8 b (new) 8 b. Calls on the ECB to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 134 #
Motion for a resolution Paragraph 8 b (new) 8 b. Further calls on ECB has to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 135 #
Motion for a resolution Paragraph 8 c (new) 8 c. Is deeply concerned that consumers' inflation expectations over the next 12 months and the median expectation for inflation three years ahead are considerably above target level at 5.0% and 3.0% respectively.1a; notes with concern that this hints at inflation expectations becoming de-anchored; therefore calls on the ECB to step up its commitment to reassure markets and consumers alike; _________________ 1a ECB Consumer Expectations Survey results – August 2022 https://www.ecb.europa.eu/press/pr/date/2 022/html/ecb.pr221007~1399021100.en.ht ml
Amendment 136 #
Motion for a resolution Paragraph 8 c (new) 8 c. Is particularly concerned that the recent decline in the euro/dollar exchange rate has become a major contributor to energy price inflation. In order to prevent a further deterioration of the Euro’s external value, the ECB needs to act in lockstep with other large central banks, in particular the Federal Reserve;
Amendment 137 #
Motion for a resolution Paragraph 9 9. Observes that there is
Amendment 138 #
Motion for a resolution Paragraph 9 9.
Amendment 139 #
Motion for a resolution Paragraph 9 9.
Amendment 14 #
Motion for a resolution Citation 12 b (new) — having regard to the ECB Governing Council approval of the Transmission Protection Instrument (TPI) on 21 July 2022,
Amendment 140 #
Motion for a resolution Paragraph 9 9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; Notes that resilient labour markets and some catch-up to compensate for loss of purchasing power are likely to contribute to strong wage growth, risking spurring a wage-price spiral; calls on the ECB to monitor this risk very closely;
Amendment 141 #
Motion for a resolution Paragraph 9 9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; warns against the danger of a wage-price spiral if wages are to increase significantly;
Amendment 142 #
Motion for a resolution Paragraph 9 9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; Notes that the IMF, in its 2022 World Economic Outlook, concluded that, on average, the risks of a wage spiral are limited, so far. Notes that IMF underlines that three main drivers are containing the risks: the shocks to inflation are coming from outside the labor market, falling real wages are helping to reduce price pressures, and central banks are aggressively tightening monetary policy;
Amendment 143 #
Motion for a resolution Paragraph 9 9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years;
Amendment 144 #
Motion for a resolution Paragraph 9 9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint
Amendment 145 #
Motion for a resolution Paragraph 9 9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; notes that for the second quarter on 2022, the growth of negotiated wage settlements came in at only 2.1 per cent;
Amendment 146 #
Motion for a resolution Paragraph 9 a (new) 9 a. Notes the lack of empirical evidence for the role of inflation expectations in inflation outcomes, let alone self-fulfilling spiral; notes that influencing inflation expectations is given as one of the main reasons for the rate hikes by the ECB; calls on the ECB to further look into the role of inflation expectations and how they are influenced by ECB’s announcements and action;
Amendment 147 #
Motion for a resolution Paragraph 9 a (new) 9 a. Notes that the analysis4a carried out by the ECB itself has shown that the rise in profits, not wages, has beenone of the key factors in the current inflationary period; _________________ 4a Isabel Schnabel, “The Globalisation of Inflation”.https://www.ecb.europa.eu/pres s/key/date/2022/html/ecb.sp220511_1~e9b a02e127.en.html
Amendment 148 #
Motion for a resolution Paragraph 9 b (new) 9 b. Regrets that the ECB has justified its decision to raise interest rates with the argument that “many are worried that price increases are here to stay”5a,despite the fact that there is no supporting evidence on the role of expectations in influencing current inflation and there is no academic consensus on this issue; _________________ 5a ECB Explainer: https://www.ecb.europa.eu/ecb/educationa l/explainers/tell-me- more/html/interest_rates.en.html
Amendment 149 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting;
Amendment 15 #
Motion for a resolution Citation 12 c (new) — having regard to the ECB Governing Council monetary policy decisions to raise ECB interest rates on 21 July and 8 September 2022,
Amendment 150 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB
Amendment 151 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting
Amendment 152 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon;
Amendment 153 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon; believes that the absence of a definition of "medium-term" and the lack of an arithmetic reference complicate the interpretation of the deviations from the medium-term target; notes that the medium-term orientation of the monetary policy strategy allows for inevitable short- term deviations of inflation from the target;
Amendment 154 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon; Calls on the ECB to monitor attentively price developments and its consequences. Highlights the need to inform about where neutral interest rate is setting;
Amendment 155 #
Motion for a resolution Paragraph 10 10. Recalls that the ECB strategy review reconfirmed the medium-term orientation of inflation targeting; calls on the ECB to faithfully target this medium- term horizon; invites the ECB to define the concept of "medium term";
Amendment 156 #
Motion for a resolution Paragraph 10 a (new) 10 a. Is concerned about the ECB’s continued reliance on third party sovereign bond ratings in its collateral framework, in spite of repeated calls to end this risky practice; calls on the ECB to change collateral eligibility requirements so as to remove this power from private credit rating agencies;
Amendment 157 #
Motion for a resolution Paragraph 11 Amendment 158 #
Motion for a resolution Paragraph 11 11.
Amendment 159 #
Motion for a resolution Paragraph 11 11.
Amendment 16 #
Motion for a resolution Citation 12 d (new) — having regard to the ECB’s report on the progress made during the investigation phase of a digital euro published on 29 September 2022,
Amendment 160 #
Motion for a resolution Paragraph 11 11.
Amendment 161 #
Motion for a resolution Paragraph 11 11.
Amendment 162 #
Motion for a resolution Paragraph 11 11.
Amendment 163 #
Motion for a resolution Paragraph 11 11. Welcomes the ECB’s decision not to
Amendment 164 #
Motion for a resolution Paragraph 11 11. Welcomes the ECB’s decision not to engage in quantitative tightening; calls on the ECB to keep this line to avoid putting further pressure on sovereign bond markets;
Amendment 165 #
Motion for a resolution Paragraph 11 a (new) Amendment 166 #
Motion for a resolution Paragraph 11 a (new) 11 a. Call to discontinue reaming elements of the forward looking guidance of the monetary policy stance;
Amendment 167 #
Motion for a resolution Paragraph 12 12. Stresses that a
Amendment 168 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate;
Amendment 169 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under
Amendment 17 #
Motion for a resolution Citation 13 a (new) — having regard the European Parliament resolution of 19 May 2022 on the social and economic consequences for the EU of the Russian war in Ukraine – reinforcing the EU’s capacity to act (2022/2653(RSP)),
Amendment 170 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme;
Amendment 171 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on
Amendment 172 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme;
Amendment 173 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission
Amendment 174 #
Motion for a resolution Paragraph 12 12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate;
Amendment 175 #
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate;
Amendment 176 #
Motion for a resolution Paragraph 12 a (new) Amendment 177 #
Motion for a resolution Paragraph 12 a (new) 12 a. Regrets the launch of the Transmission Protection Instrument; calls on the ECB to respect the spirit of the prohibition of monetary financing; calls on the ECB to respect the capital key when executing its monetary operations in order to prevent uneven financial support to Member States;
Amendment 178 #
Motion for a resolution Paragraph 12 a (new) 12 a. Notes that, the concept of market neutrality is related to the principle of ‘an open market economy with free competition; notes that the ECB has already deviated from market neutrality in several instances;
Amendment 179 #
Motion for a resolution Paragraph 12 a (new) 12 a. Regrets the excessive reliance of the ECB on credit rating agencies for the conduct of its monetary policy, which is known to be a source of instability and could exacerbate the risk of fragmentation;
Amendment 18 #
Motion for a resolution Citation 13 b (new) — having regard the European Pillar of Social Rights,
Amendment 180 #
Motion for a resolution Paragraph 12 b (new) 12 b. Stresses that diverging interest rates in the eurozone are the result of increasing risk premia on government bonds in some Member States; stresses that the Transmission Protection Instrument would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct fiscally responsible fiscal policies and reduce their debt to sustainable levels;
Amendment 181 #
Motion for a resolution Paragraph 13 13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow European banks to earn billions in extra profit; regrets the fact that the ECB has not yet addressed this issue and urges the ECB to do so as a matter of urgency; stresses that it is unacceptable for the ECB to provide banks with a taxpayer-backed profit while it is raising borrowing costs for households and businesses and most commercial lenders are paying bonuses to staff and distributing dividends to investors;
Amendment 182 #
Motion for a resolution Paragraph 13 13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow European banks to earn billions in extra profit, which may amount to 24 billion until 20246a;
Amendment 183 #
Motion for a resolution Paragraph 13 13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow European banks to earn billions in extra profit
Amendment 184 #
Motion for a resolution Paragraph 13 13. Notes with concern that the combination of c
Amendment 185 #
Motion for a resolution Paragraph 13 13. Notes with concern that the combination of cheap targeted longer-term refinancing operations (TLTROs) and higher interest rates allow
Amendment 186 #
Motion for a resolution Paragraph 13 a (new) 13 a. Worries about lack of monetary policy coordination among central banks around the world and a resulting global over-reaction to inflation as simultaneous rate hikes add up to unprecedented tightening; warns that monetary tightening during a worldwide stagflation can result in a beggar-thy-neighbour policy, as it may export inflation to trade partners, pushing foreign central banks to further tighten; calls on the ECB to initiate international coordination with other central banks to prevent excessive aggregate tightening of global monetary conditions;
Amendment 187 #
Motion for a resolution Paragraph 13 a (new) 13a. Recalls that, in the absence of a European fiscal policy, the ECB, the EU’s only truly federal actor, is put in an untenable position, as it is called upon both to pursue its objectives of price stability and to act against inflation, while combating a widening of spreads and protecting the economy and employment; stresses the importance, in this context, of having, at European level, own resources and an ambitious fiscal policy in order to support the ECB in these tasks;
Amendment 188 #
Motion for a resolution Paragraph 13 a (new) 13 a. Calls on the lessons learned from the ongoing and previous crises to prepare for the upcoming assessment of monetary policy strategy in 2025. Calls for an earlier assessment, if possible, given the extraordinary impact of the current crisis on the future of monetary policy making and ECB mandate. Reflects on the commitment to symmetry, if price stability is best maintained by aiming for 2% inflation over the medium term and the challenges of monetary policy when disruptive supply side driven inflation is at stake;
Amendment 189 #
Motion for a resolution Paragraph 13 a (new) 13 a. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the end of 24-month investigation phase of a digital euro project and Governing Council reaching a decision on start process of launching the digital euro; recalls that cash payments are a very important means of payment for EU citizens and should not be endangered by a digital euro;
Amendment 19 #
Motion for a resolution Recital A A. whereas according to the ECB baseline projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas certain core assumptions of that forecast are already outdated; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 190 #
Motion for a resolution Paragraph 13 a (new) 13 a. Notes that, the concept of market neutrality is related to the principle of an open market economy with free competition; deplores that the ECB has already deviated from market neutrality in several instances; calls on the ECB to respect the principle of market neutrality going forward;
Amendment 191 #
Motion for a resolution Paragraph 13 a (new) 13a. Recalls the need to hold further debate about the digital euro and take real steps towards implementing a central bank digital currency, drawing on the opportunities offered by the smart, responsible use of new technologies;
Amendment 192 #
Motion for a resolution Paragraph 13 a (new) 13 a. Calls on the ECB to monitor the single currency’s external value and its interaction with other developed economies;
Amendment 196 #
Motion for a resolution Paragraph 14 14. Recalls that
Amendment 197 #
Motion for a resolution Paragraph 14 14. Recalls that
Amendment 198 #
Motion for a resolution Paragraph 14 14. Recalls that the Treaty on the Functioning of the European Union
Amendment 199 #
Motion for a resolution Paragraph 14 14. Recalls that, with respect to the statutory independence of the ECB, the Treaty on the Functioning of the European Union requires the ECB to support the general
Amendment 2 #
Motion for a resolution Citation 3 Amendment 20 #
Motion for a resolution Recital A A. whereas according to the ECB projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas the outlook for euro area activity is surrounded by a high degree of heterogeneity across countries and uncertainty, related to the development of the war in Ukraine and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 200 #
Motion for a resolution Paragraph 14 14. Recalls that the Treaty on the Functioning of the European Union requires the ECB to support the general economic policies of the Union as long as they do not undermine its primary mandate;
Amendment 201 #
Motion for a resolution Paragraph 14 14. Recalls that the Treaty on the Functioning of the European Union requires the ECB to support the general economic policies of the Union; which include balanced and sustainable economic growth, highly competitive social market economy aiming at full employment and social progress and convergences and a high level of protection and improvement of the quality of the environment, underlines that sustainable development, convergence, full employment and social progress are general objectives of the Union as defined in Article 3 of the TFEU;
Amendment 202 #
Motion for a resolution Paragraph 15 Amendment 203 #
Motion for a resolution Paragraph 15 Amendment 204 #
Motion for a resolution Paragraph 15 Amendment 205 #
Motion for a resolution Paragraph 15 Amendment 206 #
Motion for a resolution Paragraph 15 15. Calls on the ECB to
Amendment 207 #
Motion for a resolution Paragraph 15 15.
Amendment 208 #
Motion for a resolution Paragraph 15 15. Calls on the ECB to coordinate with the European Parliament to specify othe
Amendment 209 #
Motion for a resolution Paragraph 15 15.
Amendment 21 #
Motion for a resolution Recital A A. whereas according to the ECB projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to
Amendment 210 #
Motion for a resolution Paragraph 15 15. Calls on the ECB to coordinate with the European Parliament to specify
Amendment 211 #
Motion for a resolution Paragraph 15 15. Calls on the ECB to coordinate with the European Parliament to specify
Amendment 212 #
Motion for a resolution Paragraph 15 15. Calls on the ECB to coordinate with the European Parliament to specify the secondary objectives; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expected to deliver on its secondary objectives, as suggested by President Lagarde in November 2021;
Amendment 213 #
15. Calls on the ECB to coordinate with the European Parliament and the Council to specify the secondary objectives; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expected to deliver on its secondary objectives;
Amendment 214 #
Motion for a resolution Paragraph 15 a (new) 15 a. Calls on the ECB to clarify in its Annual Report how it interpreted and acted upon its secondary objectives, as well as presenting the side effects of its monetary policy on the EU general economic policies; proposes to refocus the quarterly “monetary dialogues” hearings with the ECB President to carry out regular checks on the delivery of the secondary objectives;
Amendment 215 #
Motion for a resolution Paragraph 16 Amendment 216 #
Motion for a resolution Paragraph 16 16. Considers high levels of sustainable growth and investment to be key economic goals;
Amendment 217 #
Motion for a resolution Paragraph 16 16. C
Amendment 218 #
Motion for a resolution Paragraph 16 16. Considers high levels of sustainable growth and investment to be key economic goals;
Amendment 219 #
Motion for a resolution Paragraph 16 16. Considers high levels of sustainable growth and investment to be key economic goals;
Amendment 22 #
Motion for a resolution Recital A A. whereas according to the ECB base line projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 220 #
Motion for a resolution Paragraph 16 16. Considers high levels of socially and environmentally sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact those objectives;
Amendment 221 #
Motion for a resolution Paragraph 16 a (new) 16 a. Highlights that investments needed to enhance EU´s autonomy in strategic sectors should be supported by the monetary policy and are key to protect EU from external shocks and reduce the risks for price stability from supply-side shocks;
Amendment 222 #
Motion for a resolution Paragraph 16 b (new) 16 b. Recalls for the important role of ECB in supporting the implementation of the European Pillar of Social Rights;
Amendment 223 #
Motion for a resolution Paragraph 17 17. Underlines the pivotal role of the private sector in general and small and medium-sized enterprises (SMEs) specifically in the EU’s economy
Amendment 224 #
Motion for a resolution Paragraph 17 17. Underlines the pivotal role of small and medium-sized enterprises (SMEs)
Amendment 225 #
Motion for a resolution Paragraph 17 17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment; points out the need to encourage public and private investments in the EU, and therefore calls on the ECB to continue its efforts to facilitate access to finance for SMEs;
Amendment 226 #
Motion for a resolution Paragraph 17 17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment; is especially concerned about the effect that the COVID-19 pandemic and the Russian war of aggression in Ukraine have on SMEs;
Amendment 227 #
Motion for a resolution Paragraph 17 17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment and for the implementation of the twin transitions (digital and climate);
Amendment 228 #
Motion for a resolution Paragraph 17 17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment, which has to be given particular attention in its proportionality assessment;
Amendment 229 #
Motion for a resolution Paragraph 18 Amendment 23 #
Motion for a resolution Recital A A. whereas according to the ECB projections of September 2022, economic growth will decline from 3.1 % in 2022 to 0.9 % in 2023, before recovering to 2.3 % in 2024; whereas the outlook for euro area activity is surrounded by a high degree of uncertainty, related to the development of the war in Ukraine, inflation and the energy crisis, with a number of independent forecasts predicting a recession;
Amendment 230 #
Motion for a resolution Paragraph 18 Amendment 231 #
Motion for a resolution Paragraph 18 Amendment 232 #
Motion for a resolution Paragraph 18 18. Reaffirms that
Amendment 233 #
Motion for a resolution Paragraph 18 18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are one of the top priorities of the EU’s general economic policies, which the ECB is expected to support through maintaining price stability and a stable macroeconomic environment that stimulates investment in clean technologies, as well as preventing distortions in the signalling function of prices that ensures an efficient allocation of resources;
Amendment 234 #
Motion for a resolution Paragraph 18 18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are the top priorities of the EU’s general economic policies, which the ECB is expected to support; welcomes that the ECB is committed to supporting the green transition; recalls that this requires massive investments, a goal the ECB is well placed to support;
Amendment 235 #
Motion for a resolution Paragraph 19 Amendment 236 #
Motion for a resolution Paragraph 19 Amendment 237 #
Motion for a resolution Paragraph 19 19. C
Amendment 238 #
Motion for a resolution Paragraph 19 19. C
Amendment 239 #
Motion for a resolution Paragraph 19 19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations are not disproportionately borne by lower income strata;
Amendment 24 #
Motion for a resolution Recital B B. whereas Russia’s unprovoked, immoral and unjustified aggression against Ukraine, which is illegal from the point of view of international law, has severely hit confidence, caused energy and food prices to soar and, in conjunction with other supply-side disruptions in China, compounded existing supply chain pressures that had been felt since mid- 2021;
Amendment 240 #
Motion for a resolution Paragraph 19 19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations are not disproportionately borne by lower income strata, also considering that wealth and income inequality negatively affect the effectiveness of monetary policy transmission; invites the ECB to assess the effects of its monetary policy decisions on employment;
Amendment 241 #
Motion for a resolution Paragraph 19 a (new) 19a. Considers that, in order to address the systemic risk posed by the climate crisis to financial assets and therefore, ultimately, to the banking and financial system and to the economy as a whole, the ECB should impose stricter prudential rules on systemic banks to ensure that they have the necessary capital to deal with a collapse in the value of their assets; proposes, therefore, that the risk weight for banks’ exposures to existing fossil fuel reserves be calibrated at 150 % and that the risk weight for banks’ exposures to new fossil fuel reserves be set at 1 250 %, so that they are financed solely from own funds;
Amendment 242 #
Motion for a resolution Paragraph 19 a (new) 19 a. Calls on the ECB to better integrate the secondary mandate considerations when implementing, executing and explaining its monetary policy, increasing transparency by reporting on its interpretation and incorporation of its secondary mandate during press conferences and in its annual report to Parliament; and by systematically offering proportionality analysis of the side effects on areas of economic policy that pertain to the ECB's secondary objective;
Amendment 243 #
Motion for a resolution Paragraph 19 a (new) 19 a. Is concerned about the implications of higher interest rates on debt sustainability in the Euro Area; notes that public debt spreads for the Euro Area Southern periphery are again on the rise; calls on the ECB to halt the current trajectory and keep low interest rates so as to avoid another euro crisis;
Amendment 244 #
Motion for a resolution Paragraph 20 Amendment 245 #
Motion for a resolution Paragraph 20 20. Stresses that
Amendment 246 #
Motion for a resolution Paragraph 20 20. Stresses that
Amendment 247 #
Motion for a resolution Paragraph 20 20.
Amendment 248 #
Motion for a resolution Paragraph 20 20.
Amendment 249 #
Motion for a resolution Paragraph 20 20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stability; underlines that high fossil fuel prices are the major responsible for the recent strong increase in euro area inflation, reflecting “the legacy cost of the dependency on fossil energy sources, which has not been reduced forcefully enough over the past decades”;
Amendment 25 #
Motion for a resolution Recital B B. whereas greenflation and Russia’s unprovoked aggression against Ukraine has severely hit confidence, caused energy and food prices to soar and, in conjunction with other supply-side disruptions in China, compounded existing supply chain pressures;
Amendment 250 #
Motion for a resolution Paragraph 20 20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stability; warns that fossil fuel energy represents by far the largest source of inflation since Q4 2021;
Amendment 251 #
Motion for a resolution Paragraph 20 20. Highlights the ECB role to finance the climate transition and green agendas. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose to price stability;
Amendment 252 #
Motion for a resolution Paragraph 20 a (new) 20 a. Recalls that the ECB, as an EU institution, is bound by the EU’s commitments under the Paris Agreement; emphasises that this requires an integrated approach reflected in all its policies, decisions and operations, in line with its mandate of supporting the general economic policies of the Union, in this case, the achievement of a climate-neutral economy by 2050, as outlined in the European Climate Law;
Amendment 253 #
Motion for a resolution Paragraph 21 Amendment 254 #
Motion for a resolution Paragraph 21 21.
Amendment 255 #
Motion for a resolution Paragraph 21 21.
Amendment 256 #
Motion for a resolution Paragraph 21 21.
Amendment 257 #
Motion for a resolution Paragraph 21 21.
Amendment 258 #
Motion for a resolution Paragraph 21 21. Welcomes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework, and specifically the decision to overcome the market neutrality principle while embracing carbon neutrality;
Amendment 259 #
Motion for a resolution Paragraph 21 21. Welcomes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework; Welcomes the launch of the scoreboard for green bonds;
Amendment 26 #
Motion for a resolution Recital B B. whereas Russia’s
Amendment 260 #
Motion for a resolution Paragraph 22 Amendment 261 #
Motion for a resolution Paragraph 22 22.
Amendment 262 #
Motion for a resolution Paragraph 22 22.
Amendment 263 #
Motion for a resolution Paragraph 22 22.
Amendment 264 #
Motion for a resolution Paragraph 22 22.
Amendment 265 #
Motion for a resolution Paragraph 22 22. Welcomes the ECB’s announcement to decarbonise its corporate bond holdings; calls
Amendment 266 #
Motion for a resolution Paragraph 22 22. Highlights the ECB’s acknowledgement of the carbon bias in its portfolio and the accumulation of climate risks in its balance sheet; underlines that according to available data, 62.7 % of ECB corporate bond purchases take place in the sectors that are responsible for 54.8 % of euro area greenhouse gas emissions; Welcomes the ECB’s announcement to decarbonise its corporate bond holdings; calls for the ‘tilting’ of the ECB’s portfolio to be swift rather than gradual, especially considering that it will apply only to reinvestment of maturing corporate bonds, accounting to around 10% of corporate bond holdings;
Amendment 267 #
Motion for a resolution Paragraph 23 Amendment 268 #
Motion for a resolution Paragraph 23 23.
Amendment 269 #
Motion for a resolution Paragraph 23 23.
Amendment 27 #
Motion for a resolution Recital C C. whereas according to the ECB projections of September 2022, headline inflation is expected to fall from 8.1 % in 2022 to 2.3 % in 2024;
Amendment 270 #
Motion for a resolution Paragraph 23 Amendment 271 #
Motion for a resolution Paragraph 23 23.
Amendment 272 #
Motion for a resolution Paragraph 23 23. Welcomes, furthermore, the announcement on the greening of the ECB’s collateral framework; regrets, however, that this will be limited to instruments issued by non-financial corporations, which represent only a small fraction of the instruments that banks pledge as collateral; stresses that the lack of climate disclosure requirements for covered bonds in EU legislation represents an obstacle for the ECB to further green its collateral framework; calls on the ECB to require climate disclosure for covered bonds in its eligibility framework pending legislative change;
Amendment 273 #
Motion for a resolution Paragraph 23 a (new) 23 a. Warns against the Eurosystem over-reliance on external credit rating agencies for climate and environmental risk assessment; Welcomes the ECB’s announcement to further enhance the Eurosystem’s risk assessment tools and capabilities to better include climate and environment related risks, such as through their in-house credit assessment systems; welcomes in particular the ECB’s engagement with rating agencies to increase transparency on how they incorporate climate risks into their ratings and their ambition on disclosure requirements on climate risks;
Amendment 274 #
Motion for a resolution Paragraph 23 a (new) 23 a. Calls on the ECB to make maximum use of the forthcoming European Green Bond Standard by prioritizing the purchasing of such green bonds;
Amendment 275 #
Motion for a resolution Paragraph 24 Amendment 276 #
Motion for a resolution Paragraph 24 Amendment 277 #
Motion for a resolution Paragraph 24 24.
Amendment 278 #
Motion for a resolution Paragraph 24 24.
Amendment 279 #
24.
Amendment 28 #
Motion for a resolution Recital C C. whereas according to the ECB projections of September 2022, headline inflation is expected to fall from 8.1 % in 2022 to 2.3 % in 2024; whereas 2,3% is still above the ECB target rate;
Amendment 280 #
Motion for a resolution Paragraph 24 24. Regrets that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institutions investing in brown activities works against the fight against inflation and is not consistent with the objectives of the Paris Agreement, while offering reduced rates to refinancing operations benefiting renewable energy and energy efficiency would contribute to price stability by reducing risks of a slow and disorderly transition;
Amendment 281 #
24. Regrets that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing
Amendment 282 #
Motion for a resolution Paragraph 25 Amendment 283 #
Motion for a resolution Paragraph 25 Amendment 284 #
Motion for a resolution Paragraph 25 Amendment 285 #
Motion for a resolution Paragraph 25 Amendment 286 #
Motion for a resolution Paragraph 25 Amendment 287 #
Motion for a resolution Paragraph 25 25.
Amendment 288 #
Motion for a resolution Paragraph 25 25. Is concerned about the implications of higher interest rates for green investments;
Amendment 289 #
Motion for a resolution Paragraph 25 25.
Amendment 29 #
Motion for a resolution Recital C C. whereas according to the ECB projections of September 2022, headline inflation is expected to fall from 8.1 % in 2022, 5,5% in 2023 to 2.3 % in 2024;
Amendment 290 #
Motion for a resolution Paragraph 25 25. Is concerned about the implications of higher interest rates for
Amendment 291 #
Motion for a resolution Paragraph 25 25. Is concerned about the implications of higher interest rates for green investments; calls on the ECB to assess the possibility of applying
Amendment 292 #
Motion for a resolution Paragraph 25 25. Is concerned about the implications of higher interest rates for green investments; calls on the ECB to
Amendment 293 #
Motion for a resolution Paragraph 25 25. Is concerned about the implications of higher interest rates for green investments; stresses that rate rises will likely dis-incentivise new green investments that have large upfront costs and thus face higher funding costs, when compared to fossil fuel alternatives with relatively low upfront costs; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investments;
Amendment 294 #
Motion for a resolution Paragraph 25 a (new) 25 a. Welcomes the inclusion of climate change and environmental degradation risks in the supervisory priorities for 2022-2024;
Amendment 295 #
Motion for a resolution Paragraph 26 26.
Amendment 296 #
Motion for a resolution Paragraph 26 26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector;
Amendment 297 #
Motion for a resolution Paragraph 26 26. Welcomes the ECB's supervisory climate risk stress test
Amendment 298 #
Motion for a resolution Paragraph 26 26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data; underlines that banks’ losses are lower in an orderly transition scenario than after delayed action; is worried that the estimated credit and market losses in a disorderly transition scenario dangerously underestimate the actual climate-related risk; underlines that two-thirds of banks’ income from non-financial corporate customers stems from greenhouse gas- intensive industries; stresses that risk concentration in the largest systemically essential banks means we could end up at the too-big-to-fail scenario once climate risks start materialising; calls on banks to urgently step up their efforts to measure and manage climate risk; calls on the ECB to use all its available tools to ensure that banks take climate risk seriously;
Amendment 299 #
26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data;
Amendment 3 #
Motion for a resolution Citation 5 — having regard to Eurostat’s
Amendment 30 #
Motion for a resolution Recital C C. whereas according to the ECB projections of September 2022,
Amendment 300 #
Motion for a resolution Paragraph 26 26. Welcome
Amendment 301 #
Motion for a resolution Paragraph 26 26. Welcome
Amendment 302 #
Motion for a resolution Paragraph 26 26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its
Amendment 303 #
Motion for a resolution Paragraph 27 27. Stresses the need to further enhance the ECB’s accountability and transparency arrangements; notes that while the ECB has enlarged its toolbox and objectives taken into account alongside inflation, its accountability practices have not evolved; insists on its call for the ECB to take swift action by codifying existing practices and strengthening its accountability framework vis-a-vis the European Parliament, thus ensuring that its independence goes hand in hand with its accountability; suggests that the new accountability framework includes (1) enhanced self-evaluation by the ECB through the conduct of Impact Assessments of different policy options in the annual report, as well as an independent evaluation office modelled after that of the IMF, (2) better involvement of the EP in Governing Council meetings through attendance of the ECON chair, (3) improve access of MEPs to non-public information that inform the decisions of the Governing Council;
Amendment 304 #
Motion for a resolution Paragraph 27 27. Stresses the need to further enhance the ECB’s accountability and transparency arrangements; is concerned about the ECB’s lack of responsiveness to the proposal adopted by the Conference of Presidents of the European Parliament for an interinstitutional agreement between Parliament and the ECB; insists on its call for the ECB to take swift action by launching negotiations on a formal interinstitutional agreement as soon as possible, thus ensuring that its independence goes hand in hand with its accountability;
Amendment 305 #
Motion for a resolution Paragraph 27 27. Stresses the need to further enhance the ECB’s accountability and transparency arrangements; Recognises the steps taken by the ECB; Calls for the relaunch of negotiations on a formal Inter- Institutional agreement, whilst ensuring the ECB’s independence which goes hand in hand with its accountability;
Amendment 306 #
Motion for a resolution Paragraph 27 a (new) 27 a. Welcomes the substantial and detailed feedback provided by the ECB to Parliament’s resolution on the 2020 ECB Annual Report; calls on the ECB to continue this commitment to accountability and to keep publishing its written feedback on Parliament’s resolutions on the ECB Annual Reports each year;
Amendment 307 #
Motion for a resolution Paragraph 27 a (new) 27 a. Calls on the ECB to publish all of its decisions, in particular decisions on Emergency Liquidity Assistance in distressed member states, as well as positions taken by the ECB in the Basel Committee of Banking Supervision;
Amendment 308 #
Motion for a resolution Paragraph 27 a (new) Amendment 309 #
Motion for a resolution Paragraph 27 a (new) 27 a. Invites the ECB to engage in a dialogue with national parliaments; believes that this would strengthen the legitimacy and the policies of the ECB;
Amendment 31 #
Motion for a resolution Recital C a (new) C a. whereas, according to Eurostat, the unemployment rate in July 2022 stood at 6% in the EU and 6.6% in the euro area, spread in an uneven way across the EU and within Member States and with unemployment rates among young people remaining much higher (14% in the EU and 14,2% in the euro area); whereas the high youth unemployment rate remains a serious issue to be tackled in the EU;
Amendment 310 #
Motion for a resolution Paragraph 27 b (new) 27 b. Acknowledges the ongoing efforts by the ECB and President Lagarde to improve communication and transparency with Parliament; agrees with President Lagarde, furthermore, that the ECB has to enhance its communication to citizens on the impact of its policies;
Amendment 311 #
27 b. Welcomes the attention the ECB pays to the risks of cyber attacks; encourages the ECB to maintain this attention, especially in light of the geopolitical context;
Amendment 312 #
Motion for a resolution Paragraph 27 c (new) 27 c. Is concerned about the divergence of TARGET2 balances within the European System of Central Banks;
Amendment 313 #
Motion for a resolution Paragraph 27 d (new) 27 d. Urges the ECB to be vigilant to an increase of the ratio of non performing loans on bank balance sheets, after a decade of very accommodative monetary policies and two important recent crises in a couple of years, with detrimental effect to the EU economy;
Amendment 314 #
Motion for a resolution Paragraph 28 28.
Amendment 315 #
Motion for a resolution Paragraph 28 28. Regrets that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender-balanced, with shortlists submitted to Parliament; recalls that Parliament is committed not to consider shortlists that do not respect the gender balance principle, in accordance with its resolution on gender balance in EU economic and monetary affairs nominations; calls on the euro area member states to do their part and fully incorporate the principle of gender equality in their appointment processes for the position of governor of national central banks;
Amendment 316 #
Motion for a resolution Paragraph 29 29. Regrets that the gender imbalance also persists across the organisational structure of the ECB, notably in the share of women in senior management positions, with the share of women in ECB management at 30,3% in 2019, welcomes, the ECB’s new strategy to improve gender balance, including the objective of increasing the share of women to between 40 % and 51 % by 2026;
Amendment 317 #
Motion for a resolution Paragraph 29 29. Regrets that the gender imbalance also persists across the organisational structure of the ECB, notably in the share of women in senior management positions; notes that the latest available statistics indicate that the share of women in all ECB management positions rose to 30.3 % and in its senior management positions to 30.8 %;
Amendment 318 #
Motion for a resolution Paragraph 30 30. Takes note of ECB staff rules on potential conflicts of interest and encourages the ambitious application thereof; underlines that the European Ombudsman has opened a case into “revolving doors” at the ECB, after a recent case of a senior economist’s move to an American investment bank; calls on the ECB to extend the cooling-off period foreseen for senior salary tiers also to employees in lower salary bands; calls on the ECB to develop a strategy on how to deal with lobbyists and increase transparency of staff level contacts beyond the Governing Council;
Amendment 319 #
Motion for a resolution Paragraph 30 a (new) 30 a. Calls on the ECB to explore ways to strengthen the international role of the euro; notes that making the euro more attractive as a reserve currency will further enhance its international use and increase the EU’s ability to frame its policy stance independently, a key element in safeguarding European economic sovereignty;
Amendment 32 #
Motion for a resolution Recital C a (new) Amendment 320 #
Motion for a resolution Paragraph 30 b (new) 30 b. Welcomes the fact that, in 2021, the number of counterfeit euro banknotes decreased to its lowest level since 2003 (12 parts per million);calls on the ECB to enhance the fight against counterfeiting and its cooperation with Europol, Interpol and the European Commission in pursuit of this goal; invites the ECB, without prejudice to the Member States’ prerogatives, to create a system to better monitor large transactions with a view to combating money laundering, tax evasion and the financing of terrorism and organised crime;
Amendment 321 #
Motion for a resolution Paragraph 31 Amendment 322 #
Motion for a resolution Paragraph 31 31.
Amendment 323 #
Motion for a resolution Paragraph 31 31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; is concerned that the ECB has selected Amazon to collaborate in the sensitive phase of developing a prototype and test its integration with the Amazon interface and infrastructure, a company subject to steep EU fines due to data protection violations; regrets that the ECB has not revised its decision despite the concerns expressed by the civil society as well as in the ECON committee during Mr Panetta’s appearance before it on 29 September 2022;
Amendment 324 #
Motion for a resolution Paragraph 31 31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; Calls on the ECB to effectively address the expectations and concerns on a digital euro which include concerns for privacy, security, usability, low cost and accessibility. Calls on the ECB to step up its monitoring of the development of crypto-currencies and the related risks in terms of cybersecurity, money laundering, terrorism financing and other criminal activities related with the anonymity provided by crypto-assets;
Amendment 325 #
Motion for a resolution Paragraph 31 31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; recalls that cash payments are a very important means of payment for EU citizens and should not be endangered by a digital euro;
Amendment 326 #
Motion for a resolution Paragraph 31 31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; insists that the digital Euro must not replace cash as means of payment;
Amendment 327 #
Motion for a resolution Paragraph 31 31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; highlights the expected benefits such as efficiency gains and increased financial inclusion;
Amendment 328 #
Motion for a resolution Paragraph 31 31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the end of the 24-month investigation phase of the digital euro project and to the Governing Council reaching a decision on the start of the process of launching the digital euro;
Amendment 329 #
Motion for a resolution Paragraph 31 a (new) 31 a. Agrees with the ECB that a digital Euro would have to satisfy a range of minimal requirements including robustness, safety, efficiency and protection of privacy; stresses that a potential digital Euro can complement, but must not replace cash as a means of payment;
Amendment 33 #
Motion for a resolution Recital C a (new) C a. whereas the Euro’s slide against the Dollar is particularly concerning, given that energy derivatives are traded in Dollar and becoming more and more expensive for European wholesale buyers;
Amendment 330 #
Motion for a resolution Paragraph 31 a (new) 31 a. Welcomes the ECB’s support to complete banking union with a European Deposit Insurance Scheme, as a necessary complement to a single monetary policy to ensure financial stability in the euro area;
Amendment 331 #
Motion for a resolution Paragraph 31 a (new) 31 a. Calls on the ECB to take duly into account privacy concerns around the digital euro and stresses that its development should be in line with EU privacy standards;
Amendment 332 #
Motion for a resolution Paragraph 31 a (new) 31 a. Expresses concern about the steadily increasing divergence of TARGET2 balances within the ESCB; notes that the interpretation of these divergences is contested;
Amendment 333 #
Motion for a resolution Paragraph 31 a (new) 31 a. Calls for Enhancement of the ECB’s internal whistleblowing framework;
Amendment 334 #
Motion for a resolution Paragraph 31 b (new) 31 b. Warns against the increased ability for the ECB to impose negative interest rates on digital euro accounts held at the central bank; insists that the digital euro will serve as complementary to physical cash and that it should not replace cash entirely;
Amendment 335 #
Motion for a resolution Paragraph 31 b (new) 31 b. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 336 #
31 b. Calls on the ECB to duly consider the risks for the banking sector and overall lending to the real economy when designing the digital euro;
Amendment 337 #
Motion for a resolution Paragraph 31 b (new) 31 b. Calls for ECB to create an internal evaluation office for ex post assessment of its policy decisions;
Amendment 338 #
Motion for a resolution Paragraph 31 c (new) Amendment 339 #
Motion for a resolution Paragraph 31 c (new) 31 c. Welcomes the new communications policy, with more accessible ways to explains and presents ECB policy decision to general public and stakeholders. Given the current negative impact of tightening of the monetary policy on household budgets and companies investment plans, suggests reinforcement of ECB´s communication on financial advices on how families and business could better manage and prepare for an higher interest rates environment;
Amendment 34 #
Motion for a resolution Recital C a (new) C a. whereas the primary objective of the ECB is to maintain price stability, which it has defined as 2% inflation over the medium term;
Amendment 340 #
Motion for a resolution Paragraph 31 c (new) 31 c. Strongly regrets the ECB’s decision to involve Amazon in testing prototype interfaces for a digital euro; stresses that Amazon is a potential competitor in this field and that it should therefore not be placed in such a position, especially since Amazon does not receive any monetary compensation for this assignment; stresses furthermore that outsourcing the digital euro infrastructure to a US tech company weakens the EU's strategic autonomy;
Amendment 341 #
Motion for a resolution Paragraph 31 d (new) 31 d. Welcomes the ECB’s achievement to lower its carbon emissions by 10.7% between 2020 and 2021; encourages the ECB to continue its steps to reduce its carbon emissions further by 46.2% (relative to 2019 levels) by 2030;
Amendment 342 #
Motion for a resolution Paragraph 31 e (new) 31 e. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship;
Amendment 35 #
Motion for a resolution Recital C b (new) C b. whereas inflation is expected to remain above the ECB’s 2% target in2024 due do the lagged effects of high energy prices on the non-energy components of inflation, the depreciation of the euro against the US Dollar, a strong labour market and some inflation compensation effects on wages;
Amendment 36 #
Motion for a resolution Recital C b (new) C b. whereas the analysis by the ECB has shown that the rise in profits, not wages, has been one of the key factors in explaining the current inflation2a; _________________ 2a Isabel Schnabel, “The Globalisation of Inflation”. https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220511_1~e9ba02e127.e n.html
Amendment 37 #
Motion for a resolution Recital C b (new) C b. whereas the ECB is politically independent, so that neither EU institutions and agencies, nor governments of the Members States, shall seek to influence the ECB;
Amendment 38 #
Motion for a resolution Recital D Amendment 39 #
Motion for a resolution Recital D Amendment 4 #
Motion for a resolution Citation 5 — having regard to Eurostat’s flash estimate f
Amendment 40 #
Motion for a resolution Recital D D. whereas
Amendment 41 #
Motion for a resolution Recital D D. whereas acting within its mandate, the ECB has committed to contributing to the objectives of the Paris Agreement; whereas climate change can hamper the effectiveness of monetary policy, affect growth, and increase price and macroeconomic instability; whereas, without strong measures, the negative impact on the EU GDP could be severe;
Amendment 42 #
Motion for a resolution Recital D D. whereas
Amendment 43 #
Motion for a resolution Recital E a (new) E a. whereas the Euro's external value in comparison to the Dollar has materially deteriorated over the past couple of months; whereas energy and energy derivatives are traded in Dollar and a slide of the Euro's exchange rate against the Dollar further contributes to inflation;
Amendment 44 #
Motion for a resolution Recital E a (new) E a. whereas small and medium-sized enterprises (SMEs) constitute the backbone of the EU economy and enhance economic and social cohesion; whereas SMEs have been severely hit by the economic crisis caused by the COVID- 19 pandemic; whereas SMEs therefore need further support;
Amendment 45 #
Motion for a resolution Recital E a (new) E a. whereas according to the June- July 2022 Eurobarometer survey, the public support for the European economic and monetary union with one single currency, the euro, is at its highest level ever: 80% in the euro area and 72% in the EU as a whole.
Amendment 46 #
Motion for a resolution Recital E a (new) Ea. whereas the Banking Union, in which the European Central Bank has an integral and leading role, will not be complete until the establishment of a European Deposit Insurance Scheme;
Amendment 47 #
Motion for a resolution Recital E a (new) Amendment 48 #
Motion for a resolution Recital E a (new) E a. whereas a monetary union can only exist with fiscal responsibility and efficient markets within the Member States;
Amendment 49 #
Motion for a resolution Recital E b (new) E b. whereas the European Central Bank is accountable to the European Parliament as the representation of EU citizens;
Amendment 5 #
Motion for a resolution Citation 5 — having regard to Eurostat’s flash estimate for
Amendment 50 #
Motion for a resolution Recital E b (new) E b. whereas the ECB's legitimacy is closely linked to its mandate of maintaining price stability;
Amendment 51 #
Motion for a resolution Recital E c (new) E c. whereas Article 123 TFEU and Article 21 of the Statute of the European System of Central Banks and of the European Central Bank prohibit the monetary financing of governments;
Amendment 52 #
Motion for a resolution Recital E c (new) E c. whereas Article 123 of the Treaty on the Functioning of the European Union prohibits monetary state financing;
Amendment 53 #
Motion for a resolution Recital E d (new) E d. whereas the euro system has been built on the principle of monetary dominance;
Amendment 54 #
Motion for a resolution Paragraph 1 1. Is deeply concerned by the record high levels of inflation, the flawed interpretation by the ECB of the evolution of the inflation and the pace at which the ECB takes action against it, as well as by the unprovoked Russian invasion of Ukraine and by its repercussions for the European economy;
Amendment 55 #
Motion for a resolution Paragraph 1 1. Is deeply concerned by the unprovoked, immoral and unjustified Russian invasion of Ukraine
Amendment 56 #
Motion for a resolution Paragraph 1 1. Is deeply concerned by the unprovoked Russian invasion of Ukraine and by its
Amendment 57 #
Motion for a resolution Paragraph 1 1. Is deeply concerned by the unprovoked Russian
Amendment 58 #
Motion for a resolution Paragraph 1 1. Is deeply concerned by
Amendment 59 #
Motion for a resolution Paragraph 1 a (new) 1 a. Understands the current challenges, uncertainty and complex environment to drive the monetary policy. Notes that ECB has limited tools or influence to address an high inflation trend that is mainly supply driven. Welcomes the assurance by the ECB and its members to be ready to take the actions needed to safeguard financial stability;
Amendment 6 #
Motion for a resolution Citation 6 Amendment 60 #
Motion for a resolution Paragraph 1 a (new) 1 a. Expresses its deep concern about the historically high and increasing levels of inflation throughout the eurozone; recalls that the ECB is the institution responsible for maintaining price stability;
Amendment 61 #
Motion for a resolution Paragraph 1 b (new) 1 b. Calls for ECB to make full use of the current policy tools at its disposal and consider all unconventional monetary policy instruments and flexibility within its mandate to ensure financial and macroeconomic stability and provide enough liquidity to serve the real economy and financial system;
Amendment 62 #
Motion for a resolution Paragraph 2 2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a
Amendment 63 #
2. Highlights
Amendment 64 #
Motion for a resolution Paragraph 2 2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate; stresses that this independence must remain untouched at all times; emphasises that this independence requires the ECB to refrain from taking political decisions;
Amendment 65 #
Motion for a resolution Paragraph 2 2. Highlights that the statutory independence of the ECB, as laid down in
Amendment 66 #
Motion for a resolution Paragraph 2 2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;
Amendment 67 #
Motion for a resolution Paragraph 2 a (new) Amendment 68 #
Motion for a resolution Paragraph 3 3.
Amendment 69 #
Motion for a resolution Paragraph 3 3. Welcomes the Republic of Croatia as the 20th member country of the euro area; Calls on ECB for an adequate reflection on how to apply the current euro accession criteria during extraordinary, disruptive and uncertain events, such as Ukraine conflict, in order to proceed with Economic and Monetary Union integration. Calls on the ECB to promote the benefits of adopting the euro as an incentive for other non-euro members to join or speed up their efforts for future accession;
Amendment 7 #
Motion for a resolution Citation 7 a (new) — having regard to the IMF´s 2022 World Economic Outlook,
Amendment 70 #
Motion for a resolution Paragraph 3 3. Welcomes the Republic of Croatia as the 20th member country of the euro area; stresses that participation in the monetary union comes with the responsibilities enshrined in the Stability and Growth Pact;
Amendment 71 #
Motion for a resolution Paragraph 3 3. Welcomes the Republic of Croatia
Amendment 72 #
Motion for a resolution Paragraph 3 3. Welcomes the Republic of Croatia as the 20th member country of the euro area as of 1 January 2023;
Amendment 73 #
Motion for a resolution Paragraph 3 3.
Amendment 74 #
Motion for a resolution Paragraph 3 a (new) 3 a. calls on the ECB to step up the speed and determination to raise interest rates as long as the ECB's forecasts remain unchanged;
Amendment 75 #
Motion for a resolution Paragraph 3 b (new) 3 b. calls on the ECB to develop a credible communication strategy backed up by swift and tangible action to convince European citizens that the ECB means business fighting inflation;
Amendment 76 #
Motion for a resolution Paragraph 3 c (new) 3 c. Calls on the ECB to monitor the single currency's external value and its interaction with other developed economies, while focusing on price stability, to avoid 'imported inflation'; notes that the Euro's slide against the Dollar gives particular rise to concern, given that energy derivatives are traded in Dollar; observes that the recent in decline in the Euro/Dollar exchange rate is therefore a contributor to energy price inflation; is convinced that more diversification in energy sources and a stronger European economy can reduce this risk in the future;
Amendment 77 #
Motion for a resolution Paragraph 4 4.
Amendment 78 #
Motion for a resolution Paragraph 4 4. Notes that the fiscal and monetary policies
Amendment 79 #
Motion for a resolution Paragraph 4 4.
Amendment 8 #
Motion for a resolution Citation 7 a (new) — having regard to the June-July 2022 Eurobarometer survey,
Amendment 80 #
Motion for a resolution Paragraph 4 4. Notes that fiscal, budgetary and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, budgetary, monetary and structural policies, as addressing supply-
Amendment 81 #
Motion for a resolution Paragraph 4 4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability and promoting full employment today requires even closer coordination between fiscal, monetary and structural policies, as addressing supply- side shocks requires significant public and private investments to address supply bottlenecks, promote greater supply-chain resilience and a shift away from fossil fuels;
Amendment 82 #
Motion for a resolution Paragraph 4 4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, monetary and structural policies
Amendment 83 #
Motion for a resolution Paragraph 4 4. Notes that fiscal and monetary policies have reinforced each other during the pandemic; stresses that maintaining price stability today requires even closer coordination between fiscal, monetary and structural policies, as addressing supply- side shocks requires greater supply-chain resilience and a
Amendment 84 #
Motion for a resolution Paragraph 4 a (new) 4 a. highlights President Lagarde's warning that "it is essential that fiscal support used to shield (…) households from the impact of higher prices is temporary and targeted. This limits the risk of fuelling inflationary pressures, thereby also facilitating the task of monetary policy to ensure price stability, and contributing to preserving debt sustainability."1a _________________ 1a Introductory Remarks to the Monetary Dialogue of 26 September 2022. https://www.ecb.europa.eu/press/key/date/ 2022/html/ecb.sp220926_1~0bd6fcc86c.en .html
Amendment 85 #
Motion for a resolution Paragraph 4 a (new) 4 a. Highlights that unprecedented crises demand unprecedented, innovative and bold decisions on monetary policy coupled with swift and broader coordination with the fiscal policy at EU and national level;
Amendment 86 #
Motion for a resolution Paragraph 4 b (new) 4 b. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary;
Amendment 87 #
Motion for a resolution Paragraph 5 Amendment 88 #
Motion for a resolution Paragraph 5 Amendment 89 #
Motion for a resolution Paragraph 5 Amendment 9 #
Motion for a resolution Citation 9 Amendment 90 #
Motion for a resolution Paragraph 5 5.
Amendment 91 #
Motion for a resolution Paragraph 5 5.
Amendment 92 #
Motion for a resolution Paragraph 5 5.
Amendment 93 #
Motion for a resolution Paragraph 5 5.
Amendment 94 #
Motion for a resolution Paragraph 5 5. Welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European level to respond to external shocks; stresses that completion of its institutional architecture is a prerequisite to strengthening the international role of the euro; recalls that a centralised fiscal capacity could help to address the imbalances in the current economic and monetary union, in which a single monetary policy coexists with a fiscal policy that is fragmented along national lines;
Amendment 95 #
Motion for a resolution Paragraph 5 5. Welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European level
Amendment 96 #
Motion for a resolution Paragraph 5 5. Welcomes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without
Amendment 97 #
Motion for a resolution Paragraph 5 a (new) 5 a. Highlights that monetary and fiscal policies should work together to help households and businesses most affected by the pandemic and the Russian war of aggression against Ukraine;
Amendment 98 #
Motion for a resolution Paragraph 5 b (new) 5 b. Recalls on the lessons learned and success of new EU instruments such as SURE and the design and operating model of the Recovery and Resilience Facility (RRF), that are currently on EU´s toolbox. Underlines the role of SURE model for short term and targeted interventions and the RRF as a long-term investment capacity to support structural strategic investments in Europe;
Amendment 99 #
Motion for a resolution Paragraph 5 c (new) 5 c. Calls for support to develop and complete the unfinished infrastructure for the common currency, namely to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU). Given the uncertain impact of a deeper economic downturn with spillovers to the banking system, is concerned about the risks caused by the serious delay in completing the third pillar of the banking union and repeats its calls for its swift completion; welcomes the ECB’s long- standing support of the establishment of a fully-fledged European Deposit Insurance Scheme (EDIS);
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