2023/0138(COD) | [ParlTrack]

Proposal for a regulation
Article 2 – paragraph 1 – point 10 b (new)

(10 b) ‘do no significant harm’ means not supporting or carrying out economic activities that do significant harm to any environmental objective. within the meaning of Article 17 of Regulation (EU) 2020/852.

Amendment 101 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 3 – paragraph 1

1. In order to ensure closer coordination of economic policies and sustained convergence of the economic ~~and social~~ performance of the Member States, the Council ~~and the Commission~~ shall conduct multilateral surveillance ~~within~~as an integral part of the European Semester for economic policy coordination in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Councilreaty on the Functioning of the European Union (TFEU).

Amendment 102 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic and employment policies and sustaineable upward convergence of the economic and social performance of the Member States as well as the implementation of the Union's common priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 103 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained upward convergence of the economic ~~and soci~~, social and environmental performance of the Member States in line with the common Union priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 104 #

Proposal for a regulation
Article 3 – paragraph 2 – introductory part

2. The European Semester shall include:

Amendment 105 #

Proposal for a regulation
Article 3 – paragraph 2 – point a

(a) the formulation, and the surveillance of the implementation, of the broad guidelines for the economic, social and sustainability policies of the Member States and of the Union in accordance with Article 121(2) TFEU, Article 148 TFEU, and Article 191 TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area;

Amendment 106 #

Proposal for a regulation
Article 3 – paragraph 2 – point a

(a) the formulation, and the surveillance of the implementation, of the broad guidelines ofor the economic policies of the Member States and of the Union (broad economic policy guidelines) in accordance with Article 121(2) TFEU~~, of country-specific recommendations and of the recommendation on the economic policy of the euro area~~;

Amendment 107 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, ~~including~~the surveillance of the implementation of the European Pillar of Social Rights and its headline targets, and of the related country-specific recommendations, related analysis in country reports as well as social convergence reports under the Social Convergence Framework;

Amendment 108 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the European Pillar of Social Rights, the Social Scoreboard and its headline and secondary indicators, and of the related country-specific recommendations;

Amendment 109 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) the formulation, and the ~~surveillance~~examination of the implementation, of the employment guidelines that ~~are to~~must be taken into account by Member States in accordance with Article 148(2) TFEU~~, including the European Pillar of Social Rights, and of the related country-specific recommendations~~ (employment guidelines);

Amendment 110 #

Gabriele BISCHOFF

Proposal for a regulation
Article 3 – paragraph 2 – point d

(d) the surveillance to prevent and correct ~~macroeconomic imbalances pursuant to Regulation (EU) No 1176/2011~~social divergence via a common mechanism;

Amendment 111 #

Proposal for a regulation
Article 3 – paragraph 2 – point d a (new)

(d a) a early warning system for social imbalances, pursuant to Article 148 TFEU;

Amendment 112 #

Proposal for a regulation
Article 4 – paragraph 1

Amendment 113 #

Proposal for a regulation
Article 4 – paragraph 3 – point a a (new)

(a a) a recommendation by the Council pursuant to Article 9 or 148 TFEU, the implementation of the principles of the European Pillar of Social Rights, or reflecting the outcomes of the Social Convergence Framework;

Amendment 114 #

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) at the end of the adjustment period, the public debt ratio is pubrought or remains on a plausibly downward path, or stays at prudent levels;

Amendment 115 #

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) ~~the government deficit is brought and maintained below~~(b) at the end of the adjustment period, the government deficit is brought or remains on a plausibly downward path towards the 3% of GDP reference value the medium term, or stays at prudent levels;

Amendment 116 #

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 117 #

Proposal for a regulation
Article 6 – paragraph 1 – point e a (new)

(e a) maintaining the headline deficit below the 3% of GDP reference value does not come at the expense of the need for the Member State concerned to fill their investment gaps to achieve the EU common priorities as set out in Article 1, also accounting for the possibility of spreading the cost of eligible investment over its lifetime in line with article 11;

Amendment 118 #

Proposal for a regulation
Article 7 – paragraph 2

2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan, without compromising the need to fill the investment gaps for the Member State concerned to achieve the common priorities as set out in article 1.

Amendment 119 #

Proposal for a regulation
Article 9 – paragraph 2 a (new)

Each Member State shall ensure that the social partners, civil society organisations and other relevant stakeholders are given early and effective opportunities to participate in the preparation of the national medium-term fiscal structural plans. Each Member State shall attach to the submission of such documents to the Commission a summary of these consultations and how they were held.

Amendment 120 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure ~~trajectory~~path covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.

Amendment 121 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1 – point 1 (new)

(1) When presenting the net expenditure path, the cost of public investment expenditure that addresses the common priorities of the Union as referred to in Article 1 shall be spread over the life-cycle of the investment or in any case over 20 years, thereby accounting for one twentieth of the total investment cost in each yearly budget over this timespan.

Amendment 122 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, challenges identified in country reports and social convergence reports under the Social Convergence Framework, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 9 TFEU, 121(4) TFEU, Article 148 TFEU, and the implementation of the European Pillar of Social Rights.

Amendment 123 #

Elżbieta RAFALSKA

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the relevant country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU.

Amendment 124 #

Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)

(a a) assess the national public and private investment gaps that need to be filled to achieve the common priorities listed in article 1;

Amendment 125 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, country reports and social convergence reports under the Social Convergence Framework, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Article 1 Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights, including the EU and national targets on employment, education and poverty reduction by 2030, and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 126 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, correct the identified social imbalances under the early warning system for social imbalances if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 127 #

Elżbieta RAFALSKA

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) ~~explain how it will ensure the delivery of~~include investment and reforms responding to the main challenges identified within the European Semester, in the relevant country-specific recommendations, ~~correct the identified m~~including those relevant for the Macroeconomic iImbalances ~~under the Macroeconomic~~Procedure or under the Excessive Imbalances Procedure ~~if applicable~~, and address the common priorities of the Union referred to in Annex VI of this Regulation~~, including~~: the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps and the Strategic Compass for Security and Defence;

Amendment 128 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union ~~referred to in Annex VI of this Regulation~~, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 129 #

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

(b a) explain how it will ensure the reduction of the investment gaps referred to in paragraph (aa) within the timeframe of the plan;

Amendment 130 #

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

(d a) contain a chapter summarising the quality and quantity of consultations of national parliaments, social partners, civil society organisations and other stakeholders and how their input is reflected in the plan and in the implementation process;

Amendment 131 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with national investment gaps as identified in the national fiscal- structural plans as per Article 12 (aa), the degree of public debt challenges and challenges to medium- term sustainable and inclusive growth in the Member State concerned and the distance from the achievement of the common Union priorities as identified in Article 1.

Amendment 132 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) be growth or resilience enhancing;

Amendment 133 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii

(iii) address the common priorities of the Union referred to in A~~nnex VI~~rticle 1;

Amendment 134 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

(iv) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure and Social Convergence Framework under article 148 TFEU;

Amendment 135 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v a (new)

(v a) comply with the ‘Do no significant harm' principle.

Amendment 136 #

Proposal for a regulation
Article 15 – paragraph 2 – point b

(b) whether the government deficit is maintained below the 3% of GDP reference value throughout the duration of the plan or whether the government deficit returns ~~swiftly below~~on a plausible downward path towards the 3% of GDP reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal- structural plan, or stays at prudent levels;

Amendment 137 #

Proposal for a regulation
Article 15 – paragraph 2 – point c

(c) whether the government deficit is ~~maintained below~~brought or remains on a plausibly downward path towards the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years;

Amendment 138 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; andeleted

Amendment 139 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is ~~below the public debt ratio in the year before the start of the technical trajectory~~set on a declining path or maintained at prudent levels.

Amendment 140 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 20 – paragraph 2

2. The annual progress report referred to in paragraph 1 shall contain in particular information about the progress in the implementation of the net expenditure path, the implementation of broader reform and investment commitments in the European Semester context ~~and, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period~~including the progress on the implementation of the European Pillar of Social Rights as well as how they will contribute to closing investment gaps reported on in national- fiscal structural plans and, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period. The report shall also contain information on how the national medium-term-fiscal- structural plan has been contributing to achieving climate and environmental national and international commitments and the methodology used. The report shall also include information on how Member States are involving social partners, civil society organisations and other relevant stakeholders in the implementation of the commitments.

Amendment 141 #

Proposal for a regulation
Article 20 – paragraph 2

Amendment 142 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 26 – paragraph 1

The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic ~~dialogue~~and employment dialogue as well as for setting macroeconomic and social policy priorities. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee ~~and~~, the Social Protection Committee, the European Economic and Social Committee and the European Committee of the Regions shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners and civil society organisations, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.

Amendment 143 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Article 26 – paragraph 1

The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic and social dialogue. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee and the Working Party on the Environment shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners~~, shall be involved~~ and civil society organisations, both at EU and national levels, shall be involved in a regular, structured way within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.

Amendment 144 #

Proposal for a regulation
Article 26 – paragraph 2

In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure transparency and accountability, the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before it to discuss the policy guidance to Member States issued by the Commission, conclusions drawn by the European Council and the results of multilateral surveillance carried out under this Regulation, including early warning systems established pursuant to Articles 121(4) and 148 TFEU.

Amendment 145 #

Proposal for a regulation
Article 33 – paragraph 4

4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. It shall also consult social partners, civil society organisations and other relevant stakeholders.

Amendment 146 #

Proposal for a regulation
Article 34 – paragraph 1

The Commission shall ensure a permanent dialogue with Member States in accordance with the objectives of this Regulation. To that end, the Commission shall, in particular, carry out missions for the purpose of the assessment of the socio- economic situation in the Member State and the identification of any risks or difficulties in complying with the objectives of this Regulation. It shall also consult social partners, civil society organisations and other relevant stakeholders.

Amendment 147 #

Proposal for a regulation
Article 35 – paragraph 2 a (new)

2 a. The European Commission will publish guidance to the Member States on stakeholder involvement, providing advice on how to meaningfully and structurally involve social partners, civil society organisations and other relevant stakeholders in development, implementation, monitoring and evaluation of national fiscal-structural plans.

Amendment 148 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Annex II – paragraph 1 – point i a (new)

(i a) a detailed plan to enact a socially just and time-bound reduction of fossil fuel and other environmentally harmful subsidies.

Amendment 149 #

Proposal for a regulation
Annex II – paragraph 1 – point j

(j) Total public investment expenditure, as well as reforms and public investment expenditure addressing each of the common priorities of the Union referred to in Annex VI.

Amendment 150 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Annex II – paragraph 1 – point l

(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, ~~growth~~sustainable and inclusive growth, competitiveness and employment, where applicable in line with commonly agreed methodologies.

Amendment 151 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS

Proposal for a regulation
Annex II – paragraph 1 – point n a (new)

(n a) If applicable, reforms and investments to correct the identified social imbalances under the early warning system for social imbalances.

Amendment 152 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Annex III – paragraph 1 – point n

(n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030, and if applicable the expected impact of measures to correct identified social imbalances under the early warning system for social imbalances.

Amendment 153 #

Proposal for a regulation
Annex III – paragraph 1 – point n

(n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU and the Social Convergence Framework. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030.

Amendment 154 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Annex III – paragraph 1 – point n a (new)

(n a) Information on how expenditures and revenues reflect the need to ensure that the “polluter-pays” principle is enacted. Information on how the planned government expenditure contributes to achieving climate and environmental national and international commitments and the methodology used. Data and descriptive information shall be provided separately for expenditure, tax expenditure and revenue items. Information on the distributional impact of budgetary policies, taking into account employment, social and distributional aspects in the development of green budgeting.

Amendment 155 #

Proposal for a regulation
Annex III – paragraph 1 – point o a (new)

(o a) Information on the consultations of social partners, civil society organisations and other relevant stakeholders in view of the preparation of the report.

Amendment 156 #

Proposal for a regulation
Annex VI

~~Common priorities of the Union The common priorities of the Union referred to in Article 12, point (b) are: (a) including the transition to climate neutrality by 205035 an~~deleted tThe translation at national level through the National Energy and Climate Plans; (b) Rights36 including the related targets on employment, skills and poverty reduction by 2030; (c) Programme 203037 , and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.38 __________________ 34 Communication COM(2019) 640 final of 11 December 2019 from the Commission ‘The European Green Deal’ and Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030 (OJ L 114, 12.4.2022, p.22). 35 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’). 36 (2017/C 428/09) Interinstitutional Proclamation on the European Pillar of Social Rights (OJ C 428, 13.12.2017, p. 10). 37 Decision (EU) 2022/2481 of the European Parliament and of the Council of 14 December 2022 establishing the Digital Decade Policy Programme 2030 (OJ L 323, 19.12.2022, p. 4). 38 Council of the European Union, COPS 130.European Green Deal34 , The European Pillar of Social The Digital Decade Policy A Strategic Compass for Security

Amendment 157 #

Proposal for a regulation
Annex VI

Amendment 158 #

Proposal for a regulation
Annex VI – paragraph 1

The common priorities of the Union referred to in Article 12, point (b) are: (a) The European Green Deal34 , including the transition to climate neutrality by 205035 and the translation at national level through the National Energy and Climate Plans; (b) The European Pillar of Social 36 Rights including the related targets on employment, skills and poverty reduction by 2030; (c) Programme 203037 , and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.38 __________________ 34 Communication COM(2019) 640 final of 11 December 2019 from the Commission ‘The European Green Deal’ and Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030 (OJ L 114, 12.4.2022, p.22). 35 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’). 36 (2017/C 428/09) Interinstitutional Proclamation on the European Pillar of Social Rights (OJ C 428, 13.12.2017, p. 10). 37 Decision (EU) 2022/2481 of the European Parliament and of the Council of 14 December 2022 establishing the Digital Decade Policy Programme 2030 (OJ L 323, 19.12.2022, p. 4). 38 Council of the European Union, COPS 130.deleted The Digital Decade Policy A Strategic Compass for Security

Amendment 159 #

Proposal for a regulation
Annex VI – paragraph 1 – point a

(a) The European Green Deal34 , including the transition to climate neutrality by 205035 and the translation at national level through the National Energy and Climate Plans; __________________ 34 Communication COM(2019) 640 final of 11 December 2019 from the Commission ‘The European Green Deal’ and Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030 (OJ L 114, 12.4.2022, p.22). 35 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’).deleted

Amendment 160 #

Proposal for a regulation
Annex VI – paragraph 1 – point b

(b) The European Pillar of Social Rights36 including the related targets on employment, skills and poverty reduction by 2030; __________________ 36 (2017/C 428/09) Interinstitutional Proclamation on the European Pillar of Social Rights (OJ C 428, 13.12.2017, p. 10).deleted

Amendment 161 #

Proposal for a regulation
Annex VI – paragraph 1 – point c

(c) The Digital Decade Policy Programme 203037 , and reflected at national level through the National Digital Decade Strategic Roadmaps; __________________ 37 Decision (EU) 2022/2481 of the European Parliament and of the Council of 14 December 2022 establishing the Digital Decade Policy Programme 2030 (OJ L 323, 19.12.2022, p. 4).deleted

Amendment 162 #

Proposal for a regulation
Annex VI – paragraph 1 – point d

(d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.38 __________________ 38 Council of the European Union, COPS 130.deleted

Amendment 163 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.5 a (new)

2.5 a The set of reform and investment commitments enacts a socially just and time-bound reduction of fossil fuel and other environmentally harmful subsidies.

Amendment 74 #

Sandra PEREIRA

Proposal for a regulation
–

The Committee on Employment and Social Affairs, as associated Committee under Rule 57, proposes the rejection of the Commission proposal; Urges the European Commission to present a new proposal in which it repeals the Stability and Growth Pact and the related instruments of economic governance and replace it with a Pact for Social Progress and Employment which: (i) Respects the sovereignty of each state, ensuring the conditions for its economic and social development, for overcoming structural deficits, for restoring productive capacity; (ii) Promotes economic growth and the realisation of the principles of economic, social and territorial cohesion; (iii) Fights unemployment and aims for full employment, promotes the defence and strengthening of workers' rights and other social rights, the defence and promotion of collective bargaining as well as the eradication of precariousness; (iv) Promotes the defence and strengthening of public services and the social functions of states, namely access to the right to health, education, housing and social security.

Amendment 75 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Citation 1

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) and article 148 thereof,

Amendment 76 #

Proposal for a regulation
Recital 2

(2) The Stability and Growth Pact (SGP), which initially consisted of Council Regulation (EC) No 1466/9719 , Council Regulation (EC) No 1467/97 of 7 July 199720 and the Resolution of the European Council of 17 June 1997 on the Stability and Growth Pact21 , is based on the objective of sound and sustainable government finances as a means of strengthening the conditions for price stability and for strong sustainable growth conducive to employment creation underpinned by financial stability, thereby supporting the achievement of the Union’s objectives for sustainable and inclusive growth a~~nd employment~~iming at full employment and social progress. __________________ 19 Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (OJ L 209, 2.8.1997, p. 1). 20 Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (OJ L 209, 2.8.1997, p. 6). 21 Resolution of the European Council on the Stability and Growth Pact Amsterdam, 17 June 1997 (OJ C 236, 2.8.1997, p. 1).

Amendment 77 #

Proposal for a regulation
Recital 3

(3) The fiscal governance framework, which is the subject matter of this Regulation, is a part of the European Semester, which also comprises the coordination and surveillance of broader economic ~~and~~policies and the coordination and examination of employment policies of the Member States, in accordance with Articles 121 and 148 TFEU.

Amendment 78 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 5

~~(5)~~ The economic governance ~~(5)~~ framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges, social considerations, green investment needs, and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained ~~and~~, growth-friendly and inclusive manner and addressing macroeconomic and social imbalances, while paying due attention to quality employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , and including the implementation of the European Pillar of Social Rights, ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social, environmental, and economic resilience, and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. The economic governance framework of the Union should take into account the severe fiscal consequences of climate inaction and the high ecological, social and economic risks caused by under-investment, including infrastructure deficiencies as well as a lack of progress in reaching the Paris Agreement targets and in implementing the European Pillar of Social Rights. __________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 79 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights and the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. __________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 80 #

Lívia JÁRÓKA

Proposal for a regulation
Recital 5 a (new)

(5 a) The economic goverenance framework of the Union should adhere to the objective of economically and socially sustainable, just, inclusive and non- discriminatory recovery and equal access to EU resources for all Member States; social investment and funding should be made solely dependent on socio-economic circumstances and not on political positions and ideologies, it is essential that equal access to funding is also ensured for education, training and employment, housing, health care, agricultural and other agricultural development, utilities and related infrastructure, digital development and alternative development in the face of the climate crisis, SME and individual entrepreneurship opportunities, in order to ensure equal access to funding and consequently that each region has access to funding based on its own specific needs; the framework should enable to address the various exclusions and social inequalities through compensatory measures that take into account the specificities of local and regional contexts by involving the communities concerned in development, both at local and policy level;

Amendment 81 #

Lívia JÁRÓKA

Proposal for a regulation
Recital 7 a (new)

(7 a) The economic governance framework of the Union should enable to promote financially supported tenders for its Member States which, through regional aid, provide the poorest with opportunities for various agricultural and other forms of farming, livestock farming, plant production and the production of 'artisanal-organic' food products; it should also enable to provide opportunities for sharing good practices between Member States which, by taking advantage of their geographical situation, provide opportunities for supporting agricultural and rural projects within the various integration programmes;

Amendment 82 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 9

(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic and social governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ensure sustained and gradual debt reduction and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 20301a. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. __________________ 1a COM(2021) 102 final 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).

Amendment 83 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 10

(10) Cohesion policy funds are also synchronised with the European Semester process. As the long-term investment policy of the EU budget strengthening economic, social and territorial cohesion, cohesion policy investments and reforms should also be duly taken into account in the drawing of the national medium-term fiscal-structural plans. Each Member State should also explain how its national medium-term fiscal-structural plan will ensure consistency with the expenditure on EU programmes fully matched by EU funds revenue and the relevant national co- financing.

Amendment 84 #

Proposal for a regulation
Recital 11 a (new)

(11 a) Within the net expenditure path developed by Member States as part of the medium term fiscal structural plan, amortisation of investments that address EU priorities should contribute to the creation of the required fiscal space for key investments. This includes the implementation of the EU Green Deal and of the European Pillar of Social Rights. The amortisation of investments should enable the front-loading of green investments, accelerating the green transition and enabling a smoother adjustment with reference to the overall carbon budget on the path to the Paris Agreement goals. Likewise, frontloading of investments in the implementation of the European Pillar of Social Rights and its action plan will contribute to the timely achievement of its goals, not least with regard to training, employment and reduction of poverty. To achieve this, investments in line with Article 1 shall be spread over the life-cycle of the investment or in any case over 20 years, thereby accounting for one twentieth of the total investment cost in each yearly budget over this time span, as set out in Article 11.

Amendment 85 #

Gabriele BISCHOFF

Proposal for a regulation
Recital 13

(13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level, while also taking into account the investment needs of Member States to achieve the common priorities of the Union. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies, trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies, which do no significant harm to the achievement of the common priorities of the Union according to Article 1.

Amendment 86 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 13

(13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level, while also taking into account the investment needs of Member States to achieve the common priorities of the Union. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policies. The sustainability of that debt reduction should result from forward- looking fiscal policies, which do no significant harm to the achievement of the common priorities of the Union.

Amendment 87 #

Lívia JÁRÓKA

Proposal for a regulation
Recital 16 a (new)

(16 a) The economic governance framework of the Union should not hamper building on the anti- discrimination, Roma and social inclusion and equal opportunities strategies that have been prepared so far, in particular with a view to providing Member States with a framework package that seeks to ensure equal access to opportunities for Roma in practice in all respects and to promote social inclusion and participation of Roma, ('2020-2030 EU Roma Strategic Framework') to provide guidelines for the implementation of national inclusion strategies, and the re-establishment of the Roma Task Force;

Amendment 88 #

Proposal for a regulation
Recital 21

(21) In order to ensure the implementation of the medium-term fiscal- structural plans, the Commission and the Council should monitor the reform and investment commitments made in these plans under the European Semester, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue ~~with~~closely involving the European Parliament.

Amendment 89 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 21

(21) In order to ensure the implementation of the medium-term fiscal- structural plans, the ~~Commission and the~~ Council should monitor the reform and investment commitments made in these plans under the European Semester, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue with the European Parliament.

Amendment 90 #

Proposal for a regulation
Recital 22

(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: ~~are growth-enhancing~~enhance sustainable and inclusive growth, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.

Amendment 91 #

Gabriele BISCHOFF

Proposal for a regulation
Recital 23

(23) With a view to ensuring an equitable and transparent process, the reform and investment commitments should be assessed using a common Union framework. During the lifetime of the Recovery and Resilience Facility, commitments in the national Recovery and Resilience Plans can be considered in the assessment of the request for an extension of the adjustment period, where applicable. The set of reforms and investments underpinning an extension of the fiscal adjustment path period should be commensurate with the degree of public debt challenges as established in the most recent update of the Debt Sustainability Monitor ~~and challenges to medium-term growth in the Member State~~in combination with the social divergence risks as established in the most recent updated form of their monitoring. For Member States where public debt challenges are linked to significant challenges to medium- term growth, the set of reforms and investments is expected to also address bottlenecks to medium-term growth.

Amendment 92 #

Max ORVILLE, Marie-Pierre VEDRENNE, Dragoş PÎSLARU, Jordi CAÑAS, Lucia ĎURIŠ NICHOLSONOVÁ

Proposal for a regulation
Recital 29 a (new)

(29 a) In order to promote upward social convergence, the multilateral surveillance procedure set out in Article 148(4) TFEU is complemented with an early warning system within the European Semester, whereby the Commission pursuant to Article 148 TFEU alerts a Member State at an early stage about the need to take the necessary corrective measures to prevent a social imbalance. To detect, prevent and address a social imbalance, the Commission draws on situations identified as critical in the Social Scoreboard, and on clear deviations from the trajectory of the European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030.

Amendment 93 #

Proposal for a regulation
Article 1 – paragraph 1

This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for ~~growth and~~sustainable and inclusive growth, resilience, and quality employment.

Amendment 94 #

Proposal for a regulation
Article 1 – paragraph 2

It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans in line with the economic, social and sustainability objectives of the EU as part of multilateral budgetary surveillance by the Council and the Commission so as to promote debt sustainability and sustainable and inclusive growth and resilience in the Member States and prevent the occurrence of excessive government deficits, by medium- term planning, while ensuring the necessary economic, green and social investments that bring progress towards EU common priorities, as defined in this article.

Amendment 95 #

Proposal for a regulation
Article 1 – paragraph 2 a (new)

The common priorities of the Union are: (a) The European Green Deal, including the reduction of greenhouse gas emissions by 55% by 2023, the transition to climate neutrality by 2050, and the translation at national level through the National Energy and Climate Plans; (b) The European Pillar of Social Rights including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 2030, and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.

Amendment 96 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, national co-financing for EU programmes and expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a);

Amendment 97 #

Proposal for a regulation
Article 2 – paragraph 1 – point 5

(5) ‘'national medium-term fiscal- structural plan’ means the document containing the fiscal, reform, upwards social convergence, sustainability and investment commitments of a Member State;

Amendment 98 #

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path, ~~and of~~ the reforms and investment commitments and advancements in achieving social progress and sustainability objectives, included in its national medium-term fiscal-structural plan;

Amendment 99 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 10 a (new)

(10 a) ‘resilience’ means the ability to face economic, social and environmental shocks or persistent structural changes in a fair, sustainable and inclusive way;

source: 753.574

2023/10/26 ECON 1045 amendments...

Amendment 1000 #

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, accompanied by an opinion from the European Fiscal Board, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.

Amendment 1001 #

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, complemented by an assessment carried out by an independent fiscal institution, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.

Amendment 1002 #

Proposal for a regulation
Article 25 – paragraph 1 a (new)

Before drafting the recommendation, the European Fiscal Board shall submit an opinion to the Commission assessing whether exceptional circumstances outside the control of the Member State leading to a major impact on the public finances of the Member State concerned exist. The opinion shall also assess whether the deviation endangers fiscal sustainability and shall propose a time- limit for the deviation. The opinion shall be made available to the Council and shall be made public.

Amendment 1003 #

Proposal for a regulation
Article 25 – paragraph 2

Amendment 1004 #

Proposal for a regulation
Article 25 – paragraph 2

The Council, on a recommendation from the Commission, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances ~~persist. An extension may be granted more than once. However, each extension shall be for an~~or cyclical conditions persist. The Commission recommendation under this paragraph shall be deemed to be adopted unless the Council decides by qualified majority to reject the recommendation within 7 days from the addioption~~al period of one year at most~~ of such a recommendation by the Commission. An extension may be granted more than once.

Amendment 1005 #

Proposal for a regulation
Article 25 – paragraph 2

The Council, on a recommendation from the Commission, or based on the request of a Member State subjected to the Commission opinion, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.

Amendment 1006 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 25 – paragraph 2

The Council, on a recommendation from the Commission, complemented by an assessment carried out by an independent fiscal institution, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. The existence of the exceptional circumstances referred to in this Article will be subject to regular reviews carried out at least once a year. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.

Amendment 1007 #

Proposal for a regulation
Article 25 – paragraph 2

The Council, on a recommendation from the Commission and the independent evaluation of the respective national IFI and the EFB, may extend the period during which the Member State may deviate from the net expenditure path, provided that the exceptional circumstances persist. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.

Amendment 1008 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 25 – paragraph 2 a (new)

Where Member States face a negative GDP growth or must implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12, with a combined size of at least (X)% of GDP, shall be considered as exceptional circumstances and shall allow Member States to deviate from its net expenditure path.

Amendment 1009 #

Proposal for a regulation
Article 25 – paragraph 2 a (new)

Before an extension of the period is recommended, the Commission shall gather the opinion of the European Fiscal Board. The opinion shall be made available to the Council and shall be made public.

Amendment 1010 #

Proposal for a regulation
Article 25 a (new)

Article25a Role of the European Parliament 1. The European Parliament shall be duly involved in a regular and structured way in the European Semester in order to increase the transparency, democratic accountability and ownership for the decisions taken, in particular by means of an economic dialogue. 2. The Commission shall transmit to the European Parliament the national medium-term fiscal-structural plans officially submitted by the Member States. The Commission shall inform the European Parliament of its overall assessment of those medium-term fiscal- structural plans. The competent committees of the European Parliament may request the Commission and relevant stakeholders, including social partners, to appear before it on which occasion the Commission shall be invited to present its assessment of medium-term fiscal- structural plans and the relevant stakeholders to comment thereon. 3. The Council and the Commission shall regularly inform the European Parliament of the application of this Regulation. 4. The Council and the Commission shall include in their report to the European Parliament the results of the multilateral surveillance carried out pursuant to this Regulation. 5. The Eurogroup shall annually report to the European Parliament on the outcome of its work on the specific responsibilities related to the single currency in the area of multilateral surveillance. 6. Information shall be prepared and transmitted by the Commission to the Council and any of its preparatory bodies in the context of this Regulation or its application and shall be made available to the European Parliament simultaneously and on equal terms without undue delay, subject to confidentiality arrangements if they are necessary. Such information shall include, but shall not be limited to: (a) the debt sustainability assessments and its methodological framework; (b) the reference trajectories; (c) the national medium-term fiscal- structural plans submitted by the Member States and the proposed net expenditure path; (d) an overview of the Commission’s preliminary findings concerning general progress in implementation of national medium-term fiscal-structural plan, including the balance of the control account; (e) an overview of the Commission’s preliminary findings concerning the satisfactory fulfilment of the set of reform and investment commitments underpinning the extension of the adjustment period; (f) the revisions of national medium-term fiscal-structural plans; (g) the outcome of missions to Member States under Articles 34 and 35 of this Regulation; (h) the Commission’s warning under Article 23 of this Regulation; (i) the risk of non-compliance with the net expenditure paths; (j) the Commission's quantitative analysis that, in case of activation of the escape clauses pursuant to Article 24 and Article 25, medium-term sustainability shall not be endangered; (k) any other relevant information and documentation provided by the Commission to the competent committees of the European Parliament in relation to the implementation of coordination of economic policies and multilateral budgetary surveillance. 7. Relevant outcomes of discussions held in Council preparatory bodies shall be shared with the competent committees of the European Parliament. 8. The competent committees of the European Parliament may invite the Commission to provide information on the state of play of the national medium-term fiscal-structural plans in the context of the Medium-term Fiscal-Structural Plan Dialogues referred to in Article 26a. 9. The Commission shall take into account in its policy guidance any elements arising from the views expressed through European Semester and Medium-term Fiscal-Structural Plan Dialogues as referred to in Articles 26 and 26a, including the resolutions from the European Parliament, if provided.

Amendment 1011 #

Proposal for a regulation
Article 25 a (new)

Article25a European Central Bank support The ECB shall do everything in its power to support the sustainability of public debt of Member States and prevent a significant divergence of the spreads of Member State’s sovereign debts.

Amendment 1012 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 26

European Semester Dialogue The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements. In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure transparency and accountability, the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before it to discuss the policy guidance to Member States issued by the Commission, conclusions drawn by the European Council and the results of multilateral surveillance carried out under this Regulation. The President of the Council, and the Commission in accordance with Article 121 TFEU, and, where appropriate, the President of the Eurogroup, shall report annually to the European Parliament and to the European Council on the results of the multilateral surveillance.Article 26 deleted

Amendment 1013 #

Proposal for a regulation
Article 26 – paragraph 1

The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue as well as for setting macroeconomic and social policy priorities . The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.

Amendment 1014 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 26 – paragraph 1

The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue, as well as for setting macroeconomic and social policy priorities. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.

Amendment 1015 #

Proposal for a regulation
Article 26 – paragraph 1

The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders~~, in particular the social partners,~~ shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.

Amendment 1016 #

Proposal for a regulation
Article 26 – paragraph 2

In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council and the Commission, and to ensure transparency and accountability, the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before it to discuss the policy guidance to Member States issued by the Commission, conclusions drawn by the European Council and the results of multilateral surveillance carried out under this Regulation. The European Parliament shall discuss and approve, if appropriate, the European medium-term fiscal-structural plan adopted by the Commission no later than 30 days after its publication or revision.

Amendment 1017 #

Proposal for a regulation
Article 26 – paragraph 2 a (new)

The President of the Eurogroup shall attend a quarterly Economic Dialogue, four times per year, to be held in the competent committee of the European Parliament.

Amendment 1018 #

Proposal for a regulation
Article 26 – paragraph 3

The President of the Council, and the Commission in accordance with Article 121 TFEU, and, where appropriate, the President of the Eurogroup, shall report annually to the European Parliament and to the European Council on the results of the ~~multilateral~~budgetary surveillance.

Amendment 1019 #

Proposal for a regulation
Article 26 a (new)

Article 26a Medium-term structural-fiscal plan dialogue 1. In order to enhance the dialogue between the European Parliament and the Commission, and to ensure greater transparency and accountability, the Commission shall appear before the competent committees of the European Parliament every two months to discuss the content, submission, assessment and monitoring of its medium-term fiscal- structural plans as part of multilateral budgetary surveillance, including the information listed in Article 25a(7). 2. In order to enhance the dialogue between the Union institutions, in particular the European Parliament and the Council, and to ensure greater transparency and accountability, the competent committees of the European Parliament may invite the President of the Council and, where appropriate, the President of the European Council or the President of the Eurogroup to appear [at least twice a year] before its competent committees to discuss the matters referred to in paragraph 1.

Amendment 1020 #

Proposal for a regulation
Article 27

~~The Council is expected to, as a rule, follow the recommendations and proposals of the Commission or explain its position publicly.~~Article 27 deleted Comply or explain rule

Amendment 1021 #

Proposal for a regulation
Article 28 – paragraph 1

Where the Council addresses a recommendation to a Member State pursuant to Article 23(2) in the event of a significant risk of deviation from the net expenditure path, the European Parliament may offer the opportunity to thatThe European Parliament may invite Member State,s to participate in an exchange of views when it deems relevant to do so.

Amendment 1022 #

Proposal for a regulation
Article 28 – paragraph 1

Where the Council addresses a recommendation to a Member State pursuant to Article 23(2) in the event of a significant ~~risk of~~ deviation from the net expenditure path, the European Parliament may offer the opportunity to that Member State, to participate in an exchange of views.

Amendment 1023 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 28 a (new)

Article28a European Parliament and the European Semester An agreement shall be concluded between the European Parliament and Commission on the detailed arrangements for organising the Parliamentary scrutiny of the European Semester and the involvement of the European Parliament in the drafting and approval of the Annual Sustainability Growth Survey, of the broad economic policy and employment guidelines, of the reference trajectory, of the medium-term fiscal- structural plans, of the country-specific recommendations, and for organising the accountability of the Commission and the responsible Commissioner for their activities in implementing this Regulation.

Amendment 1024 #

Proposal for a regulation
Article 29 – paragraph 1

1. The ~~Council and the~~ Commission shall regularly inform the European Parliament of the application of this Regulation.

Amendment 1025 #

Proposal for a regulation
Article 29 – paragraph 2

~~2. The Council and the Commission shall include in their report to the European Parliament the results of the multilateral surveillance carried out pursuant to this Regulation.~~deleted

Amendment 1026 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 29 – paragraph 2

2. The Council and the Commission shall include in their report to the European Parliament the results of the ~~multilateral~~budgetary surveillance carried out pursuant to this Regulation.

Amendment 1027 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Article 29 – paragraph 2 a (new)

2 a. Information shall be prepared and transmitted by the Commission to the Council and any of its preparatory bodies in the context of this Regulation or its implementation and shall be made available to the European Parliament simultaneously and on equal terms without undue delay, subject to confidentiality arrangements if necessary.Such information should include, but shall not be limited to: (a) the debt sustainability assessments and its methodological framework; (b) the reference trajectories; (c) the national medium-term fiscal- structural plans submitted by the Member States and the proposed net expenditure path; (d) an overview of the Commission’s preliminary findings concerning general progress in implementation of national medium-term fiscal-structural plan, including the balance of the control account; (e) an overview of the Commission’s preliminary findings concerning the satisfactory fulfilment of the set of reform and investment commitments underpinning the extension of the adjustment period; (f) the revisions of national medium-term fiscal-structural plans; (g) the outcome of missions to Member States under Articles 34 and 35 of this Regulation; (h) the Commission’s warning under Article 23 of this Regulation; (i) the risk of non-compliance with the net expenditure paths; (j) the Commission's quantitative analysis that, in case of activation of the escape clauses pursuant to Article 24 and Article 25, medium-term sustainability shall not be endangered; (k) any other relevant information and documentation provided by the Commission to the competent committee of the European Parliament in relation to the implementation of coordination of economic policies and multilateral budgetary surveillance.

Amendment 1028 #

Proposal for a regulation
Article 29 – paragraph 2 a (new)

Amendment 1029 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 30

Interaction with the Macro-Economic 1. Where a Member State fails to implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and where the Commission considers that the Member State concerned is affected by excessive imbalances in accordance with Article 7(1) of that Regulation, the procedure laid down in Article 7(2) of Regulation (EU) No 1176/2011 shall apply. 2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. 3. Where a Member State submits a revised medium-term fiscal-structural plan pursuant to paragraph 2, that revised plan shall serve as the corrective action plan required under Article 8(1) of Regulation (EU) No 1176/2011 and shall set out the specific policy actions the Member State concerned has implemented or intends to implement and shall include a timetable for those actions. In that case, in accordance with Article 8(2) of Regulation (EU) No 1176/2011, the Council, on the basis of a Commission assessment, shall assess the revised plan within 2 months of its submission. The monitoring and assessment of the implementation of the revised plan shall be made in accordance with Article 21 of this Regulation and Articles 9 and 10 of Regulation (EU) No 1176/2011.Article 30 deleted Imbalance Procedure

Amendment 1030 #

Proposal for a regulation
Article 30 – paragraph 1

1. Where a Member State fails to implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and wheren this leads the Commission to considers that the Member State concerned is affected by excessive imbalances in accordance with Article 7(1) of that Regulation, the procedure laid down in Article 7(2) of Regulation (EU) No 1176/2011 shall apply.

Amendment 1031 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 30 – paragraph 1

1. Where a Member State fails to 1. implement the reform and investment commitments included in its national medium-term fiscal-structural plan to address the country-specific recommendations that are relevant for the Macroeconomic Imbalance Procedure established by Regulation (EU) No 1176/2011, and wheren this leads the Commission to considers that the Member State concerned is affected by excessive imbalances in accordance with Article 7(1) of that Regulation, the procedure laid down in Article 7(2) of Regulation (EU) No 1176/2011 shall apply.

Amendment 1032 #

Proposal for a regulation
Article 30 – paragraph 2

2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria and in line with the model referred to in Article 5, paragraph 1.

Amendment 1033 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 30 – paragraph 2

Amendment 1034 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 30 – paragraph 2

2. In that case, the Member State for which an excessive imbalance procedure is opened in accordance with Article 7(2) of Regulation (EU) No 1176/2011, it shall submit a revised plan in accordance with Article 14 of this Regulation. The revised plan shall follow the Council recommendation adopted in accordance with Article 7(2) of Regulation (EU) No 1176/2011. The submission of the revised plan shall be subject to the endorsement by the Council in accordance with Articles 16 to 19 of this Regulation. The revised plan shall be assessed in accordance with Article 15 of this Regulation. When the Commission decides against opening an excessive imbalance procedure under Article 7(2) of Regulation (EU) No 1176/2011 in cases where it considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall clearly, duly and publicly explain its position and reasoning based on codified criteria.

Amendment 1035 #

Proposal for a regulation
Article 30 – paragraph 2

Amendment 1036 #

Billy KELLEHER, Caroline NAGTEGAAL, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 30 – paragraph 2 a (new)

2 a. Where the Council decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where the Commission considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall publicly explain its position.

Amendment 1037 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 31

A Member State subject to enhanced surveillance under Article 2 of Regulation (EU) No 472/2013 of the European Parliament and of the Council33 shall take into account any recommendations addressed to it under Article 23 of this Regulation when adopting measures aimed at addressing the sources or potential sources of difficulties pursuant to Article 3(1) of that Regulation. Where a Member State is subject to a macroeconomic adjustment programme and the changes thereto in accordance with Article 7 of Regulation (EU) No 472/2013, it shall not be required to submit a medium-term fiscal-structural plan pursuant to Article 9 of this Regulation and an annual progress report pursuant to Article 20 of this Regulation. _________________ 33 Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (OJ L 140, 27.5.2013, p. 1).rticle 31 deleted Interaction with the enhanced surveillance procedure

Amendment 1038 #

Proposal for a regulation
Article 31 – paragraph 2 a (new)

Where a Member State becomes subject to a macroeconomic adjustment programme in accordance with Article 7 of Regulation (EU) No 472/2013, the medium-term fiscal-structural plan shall be taken into account in the design of the macroeconomic adjustment programme.

Amendment 1039 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 32 – paragraph 1

~~The Commission is empowered to adopt~~ delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), regarding the functioning of the control account (Annex IV), regarding the methodology for the assessment of plausibility (Annex V), regarding the common priorities of the Union (Annex VI) or regarding the assessment framework (Annex VII).

Amendment 1040 #

Proposal for a regulation
Article 32 – paragraph 1

The Commission is empowered to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), ~~regarding the functioning of the control account (Annex IV),~~ regarding the methodology for the assessment of plausibility (Annex V), regarding the common priorities of the Union (Annex VI) ~~or regarding the assessment framework (Annex VII)~~.

Amendment 1041 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 32 – paragraph 1

The Commission is empowered - after duly consulting the Member States - to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), regarding the functioning of the control account (Annex IV), ~~regarding the methodology for the assessment of plausibility (Annex V),~~ regarding the common priorities of the Union (Annex VI) or regarding the assessment framework (Annex VII).

Amendment 1042 #

Proposal for a regulation
Article 32 – paragraph 1

The Commission is empowered to adopt delegated acts in accordance with Article 33 to amend Annexes II to VII to adapt them to take due account of further developments or needs regarding the information in the national medium-term fiscal-structural plan (Annex II) or in the annual progress reports (Annex III), regarding the functioning of the control account (Annex IV), regarding the methodology for the assessment of plausibility (Annex V)~~, regarding the common priorities of the Union (Annex VI)~~ or regarding the assessment framework (Annex VII).

Amendment 1043 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 33

1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The power to adopt delegated acts referred to in Article 32 shall be conferred for an indeterminate period of time from XXX. 3. The delegations of power referred to in Article 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. 5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 6. A delegated act adopted pursuant to Article 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.Article 33 deleted Exercise of the delegation

Amendment 1044 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 33 – paragraph 2

2. The power to adopt delegated acts referred to in Articles 3, 8, 11(1a) and 32 shall be conferred for an indeterminate period of time from XXX.

Amendment 1045 #

Proposal for a regulation
Article 33 – paragraph 2

2. The power to adopt delegated acts referred to in Article 8 and Article 32 shall be conferred for an indeterminate period of time from ~~XXX~~the entry into force of this Regulation .

Amendment 1046 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 33 – paragraph 3

3. The delegations of power referred to in Articles 3, 8, 11(1a) and 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

Amendment 1047 #

Proposal for a regulation
Article 33 – paragraph 3

3. The delegations of power referred to in Article 8 and Article 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

Amendment 1048 #

Proposal for a regulation
Article 33 – paragraph 4

4. Before adopting a delegated act, the Commission shall conduct a public consultation and consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.

Amendment 1049 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 33 – paragraph 6

6. A delegated act adopted pursuant to Articles 3, 13, 11(1a) and 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.

Amendment 1050 #

Proposal for a regulation
Article 33 – paragraph 6

6. A delegated act adopted pursuant to Article 8 and Article 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.

Amendment 1051 #

Proposal for a regulation
Article 33 – paragraph 6 a (new)

6 a. When modifying Annexes I, II and VI the European Commission will ask for the opinion of European workers' associations.

Amendment 1052 #

Proposal for a regulation
Article 34 – paragraph 1

The Commission ~~shall~~may ensure a permanent dialogue with Member States in accordance with the objectives of this Regulation. T~~o that end, the Commission shall, in particular, carry out missions for the purpose of the assessment~~he European Commission may invite representatives of workers' associations and civil society organizations to offer their views ofn the socio- economic situation in the Member State and the identification of any risks or difficulties in complying with the objectives of this Regulation.

Amendment 1053 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 35

In-depth surveillance missions 1. The Commission may undertake in- depth surveillance missions in Member States which are the subject of recommendations issued pursuant to Article 23 for the purposes of on-site monitoring. 2. When the Member State concerned is a Member State whose currency is the euro or a Member State that is participating in ERM2, the Commission may invite representatives of the European Central Bank, if appropriate, to participate in surveillance missions.Article 35 deleted

Amendment 1054 #

Proposal for a regulation
Article 35

Amendment 1055 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA

Proposal for a regulation
Article 35 – paragraph 1

1. The Commission may undertake ~~in- depth surveillance~~monitoring missions in Member States which are the subject of recommendations issued pursuant to Article 23 for the purposes of ~~on-site~~ monitoring.

Amendment 1056 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 35 – paragraph 2

2. When the Member State concerned is a Member State whose currency is the euro or a Member State that is participating in ERM2, the Commission may invite representatives of the European Central Bank, if appropriate, to participate in surveillance missions.deleted

Amendment 1057 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 35 – paragraph 2 a (new)

2 a. European Commission may invite social partners or other relevant stakeholders to offer their views on the socio-economic situation in the Member State and the identification of any risks or difficulties in complying with the objectives of this Regulation.

Amendment 1058 #

Niels FUGLSANG

Proposal for a regulation
Article 35 a (new)

Article 35a The Commission shall develop a "Green GDP"-concept which can be used for the purpose of economic governance rules in the Union. This new Green GDP should, in time, replace the conventional GDP- concept. The Green GDP shall take into account both environmental and climate degradation when calculating each Member States' gross domestic production1a. _________________ 1a https://www.econ.ku.dk/nyheder/alle_nyh eder/groent-gennembrud-nye- regnemaskiner-saetter-tal-paa-vores- natur--og-klimaaftryk/

Amendment 1059 #

Proposal for a regulation
Article 36 – paragraph 1

1. By [31 December 203029] and every 5 years thereafter, the Commission shall submit to the European Parliament and to the Council a report on the application of this Regulation accompanied, where appropriate, by a proposal to amend this Regulation. The Commission shall make that report public.

Amendment 1060 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 36 – paragraph 2

2. The report referred to in paragraph 1 shall review: (a) the effectiveness of this Regulation, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for public debt ratios or maintaining them at prudent levels in accordance with the relevant Council recommendations; (b) the progress in ensuring closer coordination of economic policies and sustained convergence of economic performances of the Member States.deleted

Amendment 1061 #

Proposal for a regulation
Article 36 – paragraph 2 – introductory part

2. The report referred to in paragraph 1 shall assess and review:

Amendment 1062 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 36 – paragraph 2 – introductory part

2. The report referred to in paragraph 1 shall assess and review:

Amendment 1063 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 36 – paragraph 2 – point a

(a) the effectiveness of this Regulation~~, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for public debt ratios or maintaining them at~~ to promote debt sustainability and sustainable and inclusive growth in the Member States and prudevent ~~levels in accordance with the relevant Council recommendation~~the occurrence of excessive government deficits;

Amendment 1064 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 36 – paragraph 2 – point a

(a) the effectiveness of this Regulation~~, particularly whether the provisions governing decision-making have proved sufficiently efficient~~ in ensuring a downward path for public debt ratios or maintaining them at prudent levels in accordance with the relevant Council recommendations, in promoting debt sustainability and sustainable and inclusive growth in the Member States and in preventing the occurrence of excessive government deficits;

Amendment 1065 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

(a) the effectiveness of this Regulation, particularly whether the provisions governing decision-making have proved sufficiently efficient in ensuring a downward path for ~~public debt ratios~~the interest rate burden of public debt measured as percentage of GDP, or maintaining them at prudent levels in accordance with the relevant Council recommendations;

Amendment 1066 #

Proposal for a regulation
Article 36 – paragraph 2 – point a a (new)

(a a) the use of the delegated powers as stated in Article 33;

Amendment 1067 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 36 – paragraph 2 – point b

(b) the progress in ensuring closer coordination of economic policies and sustaineable upward convergence of economic and social performances of the Member States.

Amendment 1068 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 36 – paragraph 2 – point b

(b) the progress in ensuring closer coordination of economic policies and sustained upward convergence of economic and social performances of the Member States.

Amendment 1069 #

Proposal for a regulation
Article 36 – paragraph 2 – point b a (new)

(b a) the progress in closing the investment gap in the pursuit of the EU policy priorities set out in Annex VI.

Amendment 1070 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 36 – paragraph 2 a (new)

2 a. The Commission shall submit the report to the European Parliament and to the Council, together with, where appropriate, a legislative proposal for an EU investment instrument to ensure that the central objective of the reform of this framework - to strengthen public debt sustainability while promoting sustainable and inclusive growth and upward social convergence in all Member States and respond fully to the sustained high levels of investment needed to address the current and future strategic priorities of the EU - can be met, or if the framework needs to be complemented by the establishment of a central and permanent investment instrument

Amendment 1071 #

Proposal for a regulation
Article 36 a (new)

Article 36a EU Investment Instrument With the view to incorporate it into the new Multiannual Financial Framework (MFF), the Commission shall propose the establishment of a permanent EU investment instrument that addresses the EU common priorities, boosts investment in new strategic and political priorities, and provides a stabilisation function to the European economy.

Amendment 1072 #

Proposal for a regulation
Article 38 – paragraph 2

This Regulation shall be binding in its entirety and directly applicable in all Member States following the entry into force of a legal framework that establishes a European Investment Capacity that supports Member States in responding to the climate emergency and fulfilling the European Green Deal objectives by addressing related investment gaps. Such capacity shall be of a size of at least 1% of EU GDP and empowered to provide non repayable financial support to Member States through recourse to financial markets. During the period between the entry into force and the date of application of this Regulation, the general escape clause allowing for an orderly deviation from the requirements for all Member States as set out in Articles 5(1), 6(3), 9(1) and 10(3) of Regulation (EC) 1466/97 and Articles 3(5) and 5(2) of Regulation (EC) 1467/97 shall remain applicable.

Amendment 1073 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Annex I

Criteria for setting the technical trajectory for Member States having a public debt above 60% of GDP reference value or government deficit above 3% of GDP reference value For Member States having public debt above the 60% of GDP reference value or government deficit above the 3% of GDP reference value, the technical trajectory shall ensure that: (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period; (c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; (d) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period; (e) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and (f) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.deleted

Amendment 1074 #

Proposal for a regulation
Annex I

Amendment 1075 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Annex I

Amendment 1076 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex I

Amendment 1077 #

Proposal for a regulation
Annex I

Amendment 1078 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Annex I

Amendment 1079 #

Proposal for a regulation
Annex I

Amendment 1080 #

Proposal for a regulation
Annex I – paragraph 1 – point a

(a) by the ~~end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels~~public debt is reduced annually by 25 % of national growth;

Amendment 1081 #

Proposal for a regulation
Annex I – paragraph 1 – point a

(a) ~~by the~~after end of the adjustment period, at the latest, the 10-year debt trajectory ~~in the absence of further budgetary measures~~ is on a plausibly downward path or stays at prudent levels;

Amendment 1082 #

Proposal for a regulation
Annex I – paragraph 1 – point a

(a) by the end of the adjustment period, ~~at the latest,~~ the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or ~~stays at prudent~~on sustainable levels;

Amendment 1083 #

Proposal for a regulation
Annex I – paragraph 1 – point a

(a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels based on a commonly agreed methodology;

Amendment 1084 #

Proposal for a regulation
Annex I – paragraph 1 – point a

(a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward sustainable path or stays at prudent levels;

Amendment 1085 #

Proposal for a regulation
Annex I – paragraph 1 – point b

(b) ~~the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period~~at the end of the adjustment period, the government deficit is put or remains on a plausibly downward path or stays at prudent levels;

Amendment 1086 #

Proposal for a regulation
Annex I – paragraph 1 – point b

(b) by the end of the adjustment period, the government deficit is brought ~~and maintained~~ below the 3% of GDP reference value ~~in the absence of further budgetary measures over the same 10- year period~~or on a plausibly downward path towards the reference value;

Amendment 1087 #

Proposal for a regulation
Annex I – paragraph 1 – point c

(c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X];deleted

Amendment 1088 #

Proposal for a regulation
Annex I – paragraph 1 – point c

Amendment 1089 #

Proposal for a regulation
Annex I – paragraph 1 – point c

Amendment 1090 #

Proposal for a regulation
Annex I – paragraph 1 – point c

Amendment 1091 #

Proposal for a regulation
Annex I – paragraph 1 – point d

(d) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;deleted

Amendment 1092 #

Proposal for a regulation
Annex I – paragraph 1 – point d

(d) the adjustment effort is not postponed towards the final years of the adjustment ~~period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment~~ period;

Amendment 1093 #

Proposal for a regulation
Annex I – paragraph 1 – point d

(d) the annual debt reduction starts at the latest 2 years after the adoption of the national medium-term fiscal-structural plan depending on the economic situation of the Member State and the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;

Amendment 1094 #

Proposal for a regulation
Annex I – paragraph 1 – point d

(d) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan calculated based on a commonly agreed methodology is at least proportional to the total effort over the entire adjustment period;

Amendment 1095 #

Proposal for a regulation
Annex I – paragraph 1 – point e

~~(e) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; an~~deleted

Amendment 1096 #

Proposal for a regulation
Annex I – paragraph 1 – point e

~~(e) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; an~~deleted

Amendment 1097 #

Proposal for a regulation
Annex I – paragraph 1 – point e

(e) ~~the~~For Member States having public debt ~~ratio at~~above the ~~end~~60% of ~~the planning horizon is below the public debt ratio~~GDP reference value in the year before the start of the technical trajectory, the technical trajectory shall ensure that the public debt ratio at the end of the planning horizon is lower; and

Amendment 1098 #

Proposal for a regulation
Annex I – paragraph 1 – point f

~~(f) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 1099 #

Proposal for a regulation
Annex I – paragraph 1 – point f

~~(f) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 1100 #

Proposal for a regulation
Annex I – paragraph 1 – point f

~~(f) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 1101 #

Proposal for a regulation
Annex I – paragraph 1 – point f

(f) national financed net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.

Amendment 1102 #

Proposal for a regulation
Annex II – paragraph 1 – point a

(a) The ~~national net expenditure path~~reference trajectory referred to in Article ~~11. The other~~5, including all budgetary variables outside the control of the government that are part of the definition of net expenditure referred to in Article 2 consist in expenditure on programmes of the Union fully matched by Union funds revenue and cyclical eldeemed relevant by the government, namely expenditure related public pension scheme and expenditure for investments that contribute to the achievements of ~~unemployment benefit expenditure.~~EU common objectives;

Amendment 1103 #

Proposal for a regulation
Annex II – paragraph 1 – point a

(a) The national financed net expenditure path referred to in Article 11. The other budgetary variables outside the control of the government that are part of the definition of net expenditure referred to in Article 2 consist in expenditure on programmes of the Union fully matched by Union funds revenue and cyclical elements of unemployment benefit expenditure.

Amendment 1104 #

Proposal for a regulation
Annex II – paragraph 1 – point a a (new)

(a a) on how to address the social and environmental guidelines laid down in article 3 of the present Regulation;

Amendment 1105 #

Proposal for a regulation
Annex II – paragraph 1 – point c

(c) The projected path of the public debt ratio as well as of the development of the interest rate burden from the public debt measured as a percentage of GDP and the structure of the bondholders with particular attention to the percentage of bondholders outside of the euro area.

Amendment 1106 #

Proposal for a regulation
Annex II – paragraph 1 – point c

Amendment 1107 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex II – paragraph 1 – point c a (new)

(c a) Progress in addressing national public investment gaps in alignment with each of the priorities of the Union as stated in Article 12;

Amendment 1108 #

Proposal for a regulation
Annex II – paragraph 1 – point d

(d) Information on implicit liabilities related to ageing, and contingent liabilities with a potentially large impact on government budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof, potential expenses and obligations arising from court cases and, to the extent possible, information on disaster and climate contingent liabilities. It shall also include risks correlated to ineffective taxation systems, tax evasion and avoidance, and the correspondent impact on inequalities;

Amendment 1109 #

Proposal for a regulation
Annex II – paragraph 1 – point e

(e) The main assumptions about expected economic developments and main economic variables which are relevant for ensuring consistency with a ~~convergence of public debt towards prudent levels and maintaining the government deficit below the 3% of GDP reference value.~~sustainable level of public debt and primary deficit;

Amendment 1110 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex II – paragraph 1 – point f

(f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, due explanations and justifications based on sound economic arguments of these differences.deleted

Amendment 1111 #

Proposal for a regulation
Annex II – paragraph 1 – point f

(f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, or if the proposed technical trajectory deviates from the one put forward by the Commission, due explanations and justifications based on sound economic arguments of these differences.

Amendment 1112 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Annex II – paragraph 1 – point f

(f) In case the Member State makes use of assumptions referred to under point (e) that differ from the Commission’s assumptions over the adjustment period of the national medium-term fiscal-structural plan and the subsequent10-year period in the absence of further budgetary measures, du~~e explanations and justifications based on sound economic arguments of these differences.~~ly justified

Amendment 1113 #

Proposal for a regulation
Annex II – paragraph 1 – point f a (new)

(f a) An overview of all direct and indirect subsidies, benefiting economic activities under Annex VIa as well as a plan to phase out such subsidies at the latest by the end of the adjustment period.

Amendment 1114 #

Proposal for a regulation
Annex II – paragraph 1 – point g

(g) An analysis of how changes in the main economic assumptions would affect the budgetary and debt position of the Member State., namely fiscal multipliers;

Amendment 1115 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex II – paragraph 1 – point h

~~(h) If applicable, the duly substantiated reasons (with relevant sound and verifiable economic arguments) for deviating from the technical trajectory put forward by the Commission.~~deleted

Amendment 1116 #

Proposal for a regulation
Annex II – paragraph 1 – point h

~~(h) If applicable, the duly substantiated reasons (with relevant sound and verifiable economic arguments) for deviating from the technical trajectory put forward by the Commission.~~deleted

Amendment 1117 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Annex II – paragraph 1 – point h

(h) If applicable, the duly substantiated reasons ~~(with relevant sound and verifiable economic arguments)~~ for deviating from the technical trajectory put forward by the Commission.

Amendment 1118 #

Proposal for a regulation
Annex II – paragraph 1 – point i

(i) ~~Reform and i~~Investment priorities to respond to the main challenges as identified ~~in the country-specific recommendations, taking into account the state of play of implementation of~~, namely on the national investment gaps that need to be filled to achieve those co~~untry-specific recommendations.~~mmon priorities listed in Annex VI;

Amendment 1119 #

Proposal for a regulation
Annex II – paragraph 1 – point i a (new)

(ia) Measures in place or planned to enhance the Member State levels of productivity;

Amendment 1120 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Annex II – paragraph 1 – point j

(j) Total public investment expenditure, as well as reforms and public investment expenditure addressing the common priorities of the Union referred to in Annex VI, as well as the public and private investment gap for the implementation of these common priorities.

Amendment 1121 #

Proposal for a regulation
Annex II – paragraph 1 – point j

(j) ~~Total public investment expenditure, as well as r~~Reforms and public investment expenditure addressing ~~the~~ common priorities of the Union referred to in A~~nnex VI.~~rticle 12 (ba)

Amendment 1122 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex II – paragraph 1 – point j

(j) ~~Total public investment expenditure, as well as r~~Reforms and public investment expenditure addressing the common priorities of the Union referred to in Annex VI.

Amendment 1123 #

Proposal for a regulation
Annex II – paragraph 1 – point k

(k) If applicable, information on a specific, time-bound and verifiable set of ~~reform and~~ investment commitments underpinning an extension of the ~~adjustment~~implementation period pursuant to Article 13, a timeline for its implementation, as well as sound economic arguments that this set of reform and investment commitments fulfil the criteria under Article 13 taking into account the assessment criteria in Annex VII.

Amendment 1124 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Annex II – paragraph 1 – point l

(l) A quantification, as much as possible, of the expected impacts of ~~reforms and~~ investment referred to under point (kj) on f~~iscal sustainability, growth and employment,~~ull employment, achieving of the environmental goals in the Paris Agreement, sustainable and inclusive growth where applicable in line with commonly agreed methodologies.

Amendment 1125 #

Proposal for a regulation
Annex II – paragraph 1 – point l

(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, ~~growth and employment, where applicable in line with commonly agreed methodologies.~~sustainable and inclusive growth, competitiveness and quality employment as well as upward social convergence;

Amendment 1126 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex II – paragraph 1 – point l

(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, ~~growth and~~sustainable and inclusive growth, competitiveness and quality employment, where applicable in line with commonly agreed methodologies.

Amendment 1127 #

Proposal for a regulation
Annex II – paragraph 1 – point l

(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) and, if possible, the impact of their absence on fiscal sustainability, growth and employment, where applicable in line with commonly agreed methodologies.

Amendment 1128 #

Proposal for a regulation
Annex II – paragraph 1 – point m

(m) The medium-term budgetary and potential medium-term growth impact of those ~~reform and~~ investment commitments referred to under point (k) where possible.

Amendment 1129 #

Proposal for a regulation
Annex II – paragraph 1 – point n

~~(n) If applicable, reforms and investment to correct the identified macroeconomic imbalances under the Macroeconomic Imbalance Procedure.~~deleted

Amendment 1130 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex II – paragraph 1 – point n

(n) If applicable, reforms and investment to correct the identified macroeconomic imbalances under the Macroeconomic Imbalance Procedure or under the Excessive Imbalance Procedure.

Amendment 1131 #

Proposal for a regulation
Annex II – paragraph 1 – point o

~~(o) The planned overall level of nationally financed public investment covering the period of the national medium-term fiscal-structural plan.~~deleted

Amendment 1132 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Annex II – paragraph 1 – point o

~~(o) The planned overall level of nationally financed public investment covering the period of the national medium-term fiscal-structural plan.~~deleted

Amendment 1133 #

Proposal for a regulation
Annex II – paragraph 1 – point p

(p) For Member States with low public debt challenges but large implicit liabilities due to population ageing, the national net expenditure trajectory and the reforms in the national medium-term fiscal-structural plans should take due consideration of long-term fiscal sustainability challenges of public finances.deleted

Amendment 1134 #

Proposal for a regulation
Annex II – paragraph 1 – point q

(q) ~~Information on the consultations of social partner~~A chapter on the quantity and quality of consultations held with national parliaments, representatives of workers' associations, civil society organisations and other relevant stakeholders in view of the preparation of the plan.

Amendment 1135 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex II – paragraph 1 – point q

(q) Information on the public consultations of social partners, civil society organisations and other relevant stakeholders in view of the preparation of the plan and a summary of their contributions to the plan.

Amendment 1136 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex II – paragraph 1 – point q a (new)

(q a) Challenges identified in the social convergence reports under the Social Convergence Framework and the implementation of the European Pillar of Social Rights.

Amendment 1137 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex II – paragraph 1 – point q b (new)

(q b) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, sustainable and inclusive growth and quality employment as well as upward social convergence, where applicable in line with commonly agreed methodologies;

Amendment 1138 #

Proposal for a regulation
Annex III – paragraph 1 – point a

(a) ~~A comparison between the planned net expenditure based on the net expenditure path set by the Council and the net expenditure based on outturn data.~~ progress achieved in the sustainability framework as in point (b) of Annex II and materialisation or avoidance of spill-over effects on other EU objectives and effectiveness of remedies or mitigation measures addressing social and sustainability risks;

Amendment 1139 #

Proposal for a regulation
Annex III – paragraph 1 – point a

(a) A comparison between the planned net expenditure based on the nationally financed net expenditure path set by the Council and the net expenditure based on outturn data.

Amendment 1140 #

Proposal for a regulation
Annex III – paragraph 1 – point b

(b) A comparison from the beginning of the national medium-term fiscal- structural plan between the projections of the main economic variables submitted in that plan and the outturn data for these variables, as well as the implications for compliance with the net expenditure path set by the Council and the implications on the projected path of the public debt ratio reported in that plan.analysis of government revenue paths with regard to progress made in addressing social and sustainability challenges identified in the Plan, specifying how such paths fulfil requirements of sufficiency, fairness and progressivity of taxation systems. Information shall include measures adopted to mitigate or remove risks correlated to ineffective taxation systems, evasion and tax elusion and impact on inequalities on sustainability of taxation systems;

Amendment 1141 #

Proposal for a regulation
Annex III – paragraph 1 – point d

(d) Progress and the planned implementation for the following year of the commitments to ~~reforms and~~ investment given in the national medium- term fiscal-structural plan under the information to be provided in accordance with Annex II~~, points (i) and (j), as well as, if applicable, (k) and (n)~~ detailing how investments planned will contribute to closing gaps reported in national-fiscal structural plans.

Amendment 1142 #

Proposal for a regulation
Annex III – paragraph 1 – point d a (new)

(d a) Detailed information on how representatives of workers' associations, civil society organizations and other relevant stakeholders are being involved in the implementation of the commitments;

Amendment 1143 #

Proposal for a regulation
Annex III – paragraph 1 – point e

(e) Information for the following year on how the Member State intends to address the country-specific recommendations of the previous year, including, where applicable, the recommendation on the economic policy of the euro area.deleted

Amendment 1144 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex III – paragraph 1 – point f

(f) During the lifetime of the Recovery and Resilience Facility, information on the progress of implementation of the Recovery and Resilience Plan~~, to comply with the bi-annual reporting requirements in the context of the European Semester set out in Article 27 of Regulation (EU) 2021/241.~~;

Amendment 1145 #

Proposal for a regulation
Annex III – paragraph 1 – point f

(f) During the lifetime of the Recovery and Resilience Facility, any EU investment instrument that would serve a similar purpose, information on the progress of implementation of the Recovery and Resilience Plan, to comply with the bi-annual reporting requirements in the context of the European Semester set out in Article 27 of Regulation (EU) 2021/241.

Amendment 1146 #

Proposal for a regulation
Annex III – paragraph 1 – point g a (new)

(g a) Progress on the phase out of all direct and indirect subsidies, benefiting economic activities under Annex VIa.

Amendment 1147 #

Proposal for a regulation
Annex III – paragraph 1 – point h

(h) The main assumptions about expected economic developments and main economic variables for the following years of the ~~adjustment~~implementation period, including the public debt ratio.;

Amendment 1148 #

Proposal for a regulation
Annex III – paragraph 1 – point i

(i) The projections at unchanged policies for the following years of the ~~adjustment~~implementation period for government expenditure and revenue and their main components, including public investment expenditure.;

Amendment 1149 #

Proposal for a regulation
Annex III – paragraph 1 – point j

(j) The planned government expenditure and revenue as a percentage of GDP and their main components for the following years of the ~~adjustment period, taking into account the net expenditure path set by the Council.~~implementation period

Amendment 1150 #

Proposal for a regulation
Annex III – paragraph 1 – point l

(l) An analysis of the evolution of the macroeconomic imbalances identified under the Macroeconomic Imbalance Procedure and of the impact on them of the implementation of the relevant reforms and investment reported in the national medium-term fiscal-structural plan in accordance with Annex II, point (n), where applicable.deleted

Amendment 1151 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex III – paragraph 1 – point m a (new)

(m a) Progress in addressing national public investment gaps in alignment with each of the priorities of the Union as stated in Article 12;

Amendment 1152 #

Proposal for a regulation
Annex III – paragraph 1 – point n

(n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030, and if applicable the expected impact of measures to address the challenges identified under the Social Convergence Framework.

Amendment 1153 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex III – paragraph 1 – point n

(n) Information on labour market, skills and social policy developments, and on the implementation of policy measures taken that foster upward social convergence among Member States towards better working and living conditions, in line with the principles of the European Pillar of Social Rights and the Employment Guidelines under Article 148 TFEU. That includes the expected impact of measures, in relation to progress on the national targets on employment, skills and poverty reduction by 2030 and if applicable the expected impact of measures to address the challenges identified under the Social Convergence Framework.

Amendment 1154 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Annex III – paragraph 1 – point n a (new)

(n a) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, sustainable and inclusive growth and quality employment as well as upward social convergence, where applicable in line with commonly agreed methodologies

Amendment 1155 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Annex IV

Functioning of the Control Account The control account for each Member State referred to in Article 21 will record a debit when the actual net expenditure in the Member State in a given year is above the net expenditure path set by the Council. The control account will record a credit when the actual net expenditure in the Member State in a given year is below the net expenditure path set by the Council. The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period.deleted

Amendment 1156 #

Proposal for a regulation
Annex IV

Amendment 1157 #

Proposal for a regulation
Annex IV – paragraph 1

The control account for each Member State referred to in Article 21 will record a debit when the actual net expenditure in the Member State in a given year is above the nationally financed net expenditure path set by the Council.

Amendment 1158 #

Billy KELLEHER, Caroline NAGTEGAAL, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Annex IV – paragraph 1 a (new)

This debit shall be halved by 50 % for all the additional expenditure which arises due to public investment in line with the priorities set out in Annex VI.

Amendment 1159 #

Proposal for a regulation
Annex IV – paragraph 3

The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member State will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.

Amendment 1160 #

Proposal for a regulation
Annex V

Methodology to assess plausibility by the Commission The methodology for the assessment of plausibility pursuant to Article 8 is based on the following conditions: — public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework described in the Debt Sustainability Monitor 2022; — the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium-term fiscal-structural plan is sufficiently low. The risk is assessed with the help of the Commission’s stochastic analysis.deleted

Amendment 1161 #

Proposal for a regulation
Annex V – subheading 1

Methodology to assess ~~plausi~~sustainability by the ~~Commission~~Member State

Amendment 1162 #

Billy KELLEHER, Caroline NAGTEGAAL, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Annex V – paragraph 1 – introductory part

~~The methodology fo~~Besides the debt stock (debt-to-GDP), Member States shall take into account other twhen assess~~ment of plausibility pursuant to Article 8 is based~~ing the sustainability of public debt of Member States, such as: (a) affordability; (b) composition; (c) dynamic; (d) origin; (e) government financial assets; (f) fiscal risks; (g) support onf the ~~following conditions:~~ European Central Bank.

Amendment 1163 #

Proposal for a regulation
Annex V – paragraph 1 – introductory part

The methodology for the assessment of plausibility pursuant to Article 8 is replicable, predictable and transparent and based on the following conditions:

Amendment 1164 #

Proposal for a regulation
Annex V – paragraph 1 – indent 1

– public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework ~~described in the Debt Sustainability Monitor 2022~~as established based on a commonly agreed methodology;

Amendment 1165 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Annex V – paragraph 1 – indent 2

– the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium- term fiscal-structural plan is sufficiently low. The risk is assessed with the help of the Commission’s stochastic analysis that is based on a commonly agreed methodology.

Amendment 1166 #

Proposal for a regulation
Annex V a (new)

Annex Va Methodology used by the Commission to assess economic and social sustainability The methodology for the assessment of sustainability pursuant to Article 8 is based on the following conditions: the roadmap used to reduce the public debt ratio should be based on GDP growth and take into account the specific situation of each country; the roadmap used to reduce the public debt ratio should in no way jeopardise the public investments necessary for attaining the objectives of the European Pillar of Social Rights, including its targets for employment, skills and poverty reduction, by 2030.

Amendment 1167 #

Proposal for a regulation
Annex VI

Common priorities of the Union The common priorities of the Union referred to in Article 12, point (b) are: (a) The European Green Deal34 , including the transition to climate neutrality by 205035 and the translation at national level through the National Energy and Climate Plans; (b) The European Pillar of Social Rights36 including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 203037 , and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.38 _________________ 34 Communication COM(2019) 640 final of 11 December 2019 from the Commission ‘The European Green Deal’ and Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030 (OJ L 114, 12.4.2022, p.22). 35 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’). 36 (2017/C 428/09) Interinstitutional Proclamation on the European Pillar of Social Rights (OJ C 428, 13.12.2017, p. 10). 37 Decision (EU) 2022/2481 of the European Parliament and of the Council of 14 December 2022 establishing the Digital Decade Policy Programme 2030 (OJ L 323, 19.12.2022, p. 4). 38 Council of the European Union, COPS 130.deleted

Amendment 1168 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Annex VI

Amendment 1169 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Annex VI – paragraph 1 – point a

(a) The European Green Deal34 , including the reduction of greenhouse gas emissions by 55% by 2030, the transition to climate neutrality by 205035 and the translation at national level through the National Energy and Climate Plans; _________________ 34 Communication COM(2019) 640 final of 11 December 2019 from the Commission ‘The European Green Deal’ and Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030 (OJ L 114, 12.4.2022, p.22). 35 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’).

Amendment 1170 #

Proposal for a regulation
Annex VI – paragraph 1 – point c

(c) Tinvestment in security and defence in implementing the Strategic Compass for Security and Defence - 'For a European Union that protects its citizens, values and interests and contributes to international peace and security' as well as the Digital Decade Policy Programme 203037, and reflected at national level through the National Digital Decade Strategic Roadmaps; _________________ 37 Decision (EU) 2022/2481 of the European Parliament and of the Council of 14 December 2022 establishing the Digital Decade Policy Programme 2030, (OJ L 323, 19.12.2022, p. 4)–26.

Amendment 1171 #

Proposal for a regulation
Annex VI – paragraph 1 – point c a (new)

(c a) The UN 2030 Agenda for sustainable development, including its Sustainable Development Goals.

Amendment 1172 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Annex VI – paragraph 1 – point d

(d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.38 _________________ 38 Council of the European Union, COPS 130.deleted

Amendment 1173 #

Proposal for a regulation
Annex VI – paragraph 1 – point d a (new)

(da) promoting the EU's development by means of the economic, social and territorial cohesion instruments;

Amendment 1174 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Annex VI – paragraph 1 – point d b (new)

(db) where applicable, essential investments made up to 2026, to achieve the targets and reforms set out in the national recovery and resilience plans, as well as the cost of borrowing, including principal and interest, up to the year of full repayment.

Amendment 1175 #

Proposal for a regulation
Annex VI a (new)

Annex VIa Investments and reforms leading to an extension of the adjustment period under Article 13 or qualifying for the treatment under Article 11(1b) shall not relate to any of the following: (a) the exploration, production, processing, distribution, storage or combustion of fossil fuels; (b) the disposal of waste in landfill; (c) installations for the combustion of waste; (d) the decommissioning, operation, adaptation or lifetime extension of nuclear power stations, or the management or storage of nuclear waste; (e) airport infrastructure, except for outermost regions; (f) vehicles equipped with internal combustion engines.

Amendment 1176 #

Proposal for a regulation
Annex VII

~~[...]~~deleted

Amendment 1177 #

Proposal for a regulation
Annex VII – point 2 – paragraph 1

In accordance with Article 13(2), the set of reforms and investment commitments included in the national medium term fiscal structural plans underpinning an extension of the adjustment period shall be commensurate with the degree of public debt challenges as established ~~in the most recent update of the Debt Sustainability Monitor~~based on a commonly agreed methodology and challenges to medium-term growth in the Member State. For Member States where public debt challenges are linked to significant challenges to medium- term growth, the set of reforms and investments is expected to also address bottlenecks to medium-term growth.

Amendment 1178 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.1 – introductory part

2.1 The set of reform and investment commitments are ~~growth-~~resilience enhancing;

Amendment 1179 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.1 – indent 1

– The set of reform and investment commitments are expected to en~~tail~~able the Member State, based on credible, well documented and prudent assumptions, ~~a significant boost to the growth potential of the economy of the Member State concerned in a sustainable manner~~to withstand economic, social and environmental shocks or persistent structural changes;

Amendment 1180 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.2 – introductory part

2.2 The set of reform and investment commitments, taken alltogether, support fiscal sustainability;

Amendment 1181 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.3 – introductory part

2.3 The set of reform and investment commitments address ~~priorities~~at least one of the Union priorities referred to in Annex VI;

Amendment 1182 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.3 a (new)

2.3 a The set of reform and investment commitments do not cause significant harm to any of the environmental objectives under the Taxonomy Regulation; - The set of reform and investments do not cause significant harm to any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 in accordance with Article 17 and the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of that Regulation and do not relate to economic activities listed in Annex VIa;

Amendment 1183 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.4 – introductory part

2.4 The set of reform and investment commitments, taken altogether, addresses relevant country-specific recommendations, including, where applicable, recommendations issued under the Macroeconomic Imbalance Procedure or under the Excessive Imbalance Procedure;

Amendment 1184 #

Proposal for a regulation
Annex VII – point 2 – paragraph 2 – point 2.5

2.5 The set of reform and investment commitments ensure that the overall level of nationally financed public investment over the lifetime of the national medium- term fiscal-structural plan is higher than the medium-term level before to the period of that plan — Whether the planned level of nationally financed public investment over the lifetime of the plan is higher than the medium-term level before to the period of the plan. In addition, each of the reform and investment commitments made by Member States underpinning an extension of the adjustment period should be sufficiently detailed, frontloaded, time- bound, and verifiable. — the description of the reform and investment commitments is clear and sets out the detailed elements of each reform and investment, that allows the Commission to assess the criteria in points 2.1-2.5, including regarding their implementation, and monitoring; — the reforms will be implemented within the plan period; — the investments will be implemented at the latest by the end of the adjustment period; — the national medium-term fiscal- structural plan includes clear and realistic, relevant, and robust indicators allowing to verify progress with effective implementation of the reform and investment commitments.deleted

Amendment 1185 #

João PIMENTA LOPES, Mick WALLACE, Clare DALY

Proposal for a regulation
Annex VII a (new)

Annex VIIa Non-exhaustive list of examples of public investment which are growth oriented and conducive to quality job creation 1) Social investments (related to SDG): - Modernisation of labour market, including investments in education, upskilling and re-skilling of the workforce - Social protection, including social services and integration of vulnerable groups 2) Investment aiming to achieve the EU Green Deal objectives: - Decarbonising industry - Research, development and innovation - Renovation of buildings - Greening of transport

Amendment 141 #

Proposal for a regulation
–

The European Parliament rejects the Commission proposal; Urges the European Commission to present a new proposal in which it repeals the Stability and Growth Pact and the related instruments of economic governance and replace it with a Pact for Social Progress and Employment which: (i) Respects the sovereignty of each state, ensuring the conditions for its economic and social development, for overcoming structural deficits, for improving productive capacity; (ii) Promotes the realisation of the principles of economic, social and territorial cohesion; (iii) Fights unemployment and aims for full employment, promotes the defence and strengthening of workers' rights and other social rights, the defence and promotion of collective bargaining as well as the eradication of precariousness; (iv) Promotes the defence and strengthening of public services and the social functions of states, namely access to the right to health, education, housing and social security.

Amendment 142 #

José GUSMÃO, Martin SCHIRDEWAN, Manon AUBRY

Proposal for a regulation
–

The European Parliament rejects the Commission proposal.

Amendment 143 #

Proposal for a regulation
Recital 1

(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty on the Functioning of the European Union (TFEU), entails compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. This framework constrains the sovereignty of Member States.

Amendment 144 #

Proposal for a regulation
Recital 1

(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty on the Functioning of the European Union (TFEU), entails compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. The coordination is a necessity while a complete Fiscal Union still does not exist.

Amendment 145 #

Proposal for a regulation
Recital 1 a (new)

(1 a) The review of economic governance should not lead to a set of transitionary band-aid measures that perpetuate the flaws of the current model while being unable to cope with the challenges ahead. It should instead give birth to a framework that enhances social progress and convergence and fosters the ecological transition. The EU economic governance should aim at eradicating poverty and inequalities, provide a high- level of social protection, qualitative public services, individual and collective well-being through the fulfillment of essential needs of all citizens; and ecological planification.

Amendment 146 #

Proposal for a regulation
Recital 1 a (new)

(1 a) The Global Financial Crisis and the following Sovereign Debts Crisis revealed the economic and political risks of EU lacking a lender-of-last-resort that can support Member States in times of crisis and impede a further fragmentation of the Euro Area.

Amendment 147 #

Proposal for a regulation
Recital 1 b (new)

(1 b) The Intergovernmental Panel on Climate Change warns that the window of opportunity to secure a liveable and sustainable future for all is rapidly closing and calls for urgent near-term integrated climate action 1a; the transgression of six out of nine planetary boundaries suggests that Earth is now well outside of the safe operating space for humanity ; all EU and Member States' efforts should be directed towards the radical transformation of production and consumption patterns to secure a liveable future for all. Any revised EU economic governance framework that may result in hindering, lowering the ambition of, or delaying investments in a fair and ecological transition by putting a cap on investments or conditioning them to the achievement of arbitrary and misguided fiscal targets or macroeconomic stability would be disconnected from scientific reality and completely unfit to address the challenges ahead. _________________ 1a IPCC, 2023: Summary for Policymakers. In: Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [Core Writing Team, H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland, pp. 1-34, doi: 10.59327/IPCC/AR6-9789291691647.001 https://www.ipcc.ch/report/ar6/syr/downlo ads/report/IPCC_AR6_SYR_SPM.pdf

Amendment 148 #

Proposal for a regulation
Recital 2

(2) The Stability and Growth Pact (SGP), which initially consisted of Council Regulation (EC) No 1466/9719 , Council Regulation (EC) No 1467/97 of 7 July 199720 and the Resolution of the European Council of 17 June 1997 on the Stability and Growth Pact21 , is based on the objective of sound and sustainable government finances as a means of strengthening the conditions for price stability and for strong sustainable growth underpinned by financial stability~~, thereby supporting the achievement of the Union’s objectives for~~. Such framework failed in promoting full employment sustainable and inclusive growth, and employment. _________________ 19 Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (OJ L 209, 2.8.1997, p. 1). 20 Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (OJ L 209, 2.8.1997, p. 6). 21 Resolution of the European Council on the Stability and Growth Pact Amsterdam, 17 June 1997 (OJ C 236, 2.8.1997, p. 1)overall macroeconomic convergence between Member States.

Amendment 149 #

Proposal for a regulation
Recital 2 a (new)

(2 a) The limits of 3% and 60% of GDP for government deficit and public debt, respectively, lack a sound economic justification. Evidence shows the compliance by Member States with such rules is unrealistic, this is especially clear regarding the public debt threshold.

Amendment 150 #

Proposal for a regulation
Recital 2 b (new)

(2 b) The Commission recognizes the large amount of public and private investment to accomplish the EU’s climate goals and the even higher when referring to the climate goals set in the Paris Agreement. However, evidence shows that EU net public investment as a proportion of GDP has not fully recovered since its sharp fall after the financial crisis, especially serious in Southern Europe, due to fiscal consolidation pressure under the former EU economic governance rules. Moreover, recent independent studies show that the current Commission’s proposal fails to guarantee sufficient fiscal capacity to Member States to promote the investment needed to promote climate transition and conversion.

Amendment 151 #

Proposal for a regulation
Recital 2 c (new)

(2 c) EU's past experience showed the limits of fiscal consolidation in promoting sustainable public finances and promoting full-employment. Recently, the IMF published evidence that, on average, fiscal consolidation does not reduce debt- to-GDP ratio. Moreover, the so-called Troika programs failed to accomplish their own economic goals and accentuated the economic downturn.

Amendment 152 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Recital 4

~~(4) The involvement of social partners, civil society organisations and other relevant stakeholders in the European Semester is key to ensure ownership and transparent and inclusive policy-making.~~deleted

Amendment 153 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 4

(4) ~~The involvement of~~In order to increase the democratic accountability of the fiscal governance framework, the effective involvement of the European Parliament is key as well as the structured involvement of national parliaments, local and regional authorities, social partners, civil society organisations and other relevant stakeholders in the European Semester ~~is key~~and in the economic governance process as a whole to ensure ownership and transparent and inclusive policy-making.

Amendment 154 #

Proposal for a regulation
Recital 4

(4) The involvement of ~~social partner~~national parliaments, representatives of workers' associations, civil society organisations and other relevant stakeholders in the ~~European Semester~~Social and Environmental Guidelines is key to ensure ownership ~~and~~, transparent and inclusive policy-making.

Amendment 155 #

Proposal for a regulation
Recital 4

(4) The involvement of the European Parliament, national parliaments, social partners, civil society organisations and other relevant stakeholders in the European Semester is key to ensure ownership and transparent and inclusive policy-making.

Amendment 156 #

Proposal for a regulation
Recital 4

(4) The involvement of ~~social partners, civil society organisation~~national parliaments and, where relevant, regional parliaments and regional authorities and other relevant stakeholders in the European Semester is key to ensure ownership and transparent and inclusive policy-making.

Amendment 157 #

Proposal for a regulation
Recital 4

(4) The involvement of social partners, civil society organisations and other relevant stakeholders in the European Semester is key to ensure ownership and transparent, accountable and inclusive policy-making.

Amendment 158 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity and challenges of fiscal positions, and public debt ~~challenges and other vulnerabilities across~~across the Member States, national public investment gaps and needs to achieve the priorities of the Union, together with other vulnerabilities. The framework should also provide enough flexibility and be capable of quickly adapt to unexpected and structural shocks with asymmetric impact on Member States. The strong and coordinated policy response to the COVID-19 pandemic, supported by bold, innovative and common instruments at EU level, proved highly effective in mitigating the economic and social damage of the crisis, ~~but t~~turning the EU economy more resilient and credible to financial markets. The crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained, and growth-friendly and inclusive manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives and upward social convergence. At the same time, the economic governance framework of the Union should be adapted, to ~~help~~provide, with a level playing field, the necessary fiscal space - at EU and Member State level to address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainabilitystrengthening social and economic resilience, including the implementation of the Pillar of Social Rights, ensuring energy security, open strategic autonomy, addressing demographic.

Amendment 159 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges, social considerations, green investment needs and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of ~~reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while~~public debt sustainability while supporting sustained levels of public investments enabling economic resilience, addressing macroeconomic imbalances as well as promoting upward social convergence, by paying due attention to quality employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 and the European Pillar of Social Rights, ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social, environmental and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate changThe economic governance framework of the Union should take into account the severe fiscal risks associated with climate inaction and the high ecological, social and economic risks that are expected to materialise oin the ~~EU and its Member States, including negative impacts on grow~~event of insufficient or delayed investment in the a~~nd fiscal sustainabilit~~chievement of a net-zero economy.

Amendment 160 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other economic vulnerabilities across Member States. The ~~strong~~ policy response to the COVID-19 pandemic ~~proved highly effective in~~ mitigat~~ing~~ed the economic and social damage of the crisis, ~~but t~~although at a significantly different level across Member States. The crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change and the importance of intergenerational solidarity, strengthening social and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 161 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the macroeconomic divergences and disparities in production capacities, growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private- sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience ~~and implementing the strategic compass for security and defence,~~ all of which requires ~~reforms and~~ sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 162 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights, as well as the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. In this context, the integration of a Social Convergence Framework in the European Semester should foster upward social convergence and should improve the assessment and monitoring of employment and social developments in the Member States and the Union. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 163 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt and massive investment challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic, especially through the RRF instrument, proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including ~~achieving a~~the massive investment needs to achieve a socially-just and fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of public and private investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 164 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights1a, as well as the the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 1a COM(2021) 102 final 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 165 #

Proposal for a regulation
Recital 5

(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, ~~including the Climate Law22 ,~~ ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.

Amendment 166 #

Proposal for a regulation
Recital 5 a (new)

(5 a) Fiscal rules have incentivized governments of the Member States to carry out fiscal adjustments detrimental to long-term investments, contributing to a drop of total public investment as share of GDP during the decade 2011-2020 following the financial crisis. Public investment is crucial to guarantee a high level of citizens’ well-being, address existing and new social needs and foster the transition to a fair and sustainable economy. At the scale of the EU the additional investments needed in the decarbonation of the economy, in social infrastructures such as health, education, social housing and in the maintenance of public infrastructures amount to at least 520 billion euros, 142 billion euros, and 190 billion euros per year respectively, the majority of which should come from public sources to support a fair a democratic transition.

Amendment 167 #

Proposal for a regulation
Recital 5 a (new)

(5 a) The economic governance framework of the Union should in future be complemented by a permanent investment facility, to enhance macroeconomic stabilisation and convergence in the euro area, including providing investment support for Member States with restricted fiscal space to achieve the Union's priorities. The capacity should have a volume of around 1% of the European GDP and allocate grants fro investment analogue to the RRF, financed by EU bonds and new own resources. A political agreement should be reached in a manner that allows the new capacity to succeed seamlessly to the Recovery and Resilience Facility to ensure continuity in funding.

Amendment 168 #

Proposal for a regulation
Recital 5 a (new)

(5 a) Country-specific recommendations, as the cornerstone of the European Semester, are still not sufficiently implemented by the Member States. Member States have implemented on average just 53 percent of the country- specific recommendations between 2012 and 201821a, and on average just 68 percent of the country-specific recommendations stemming from 2019 and 202021b. _________________ 21a Briefing - Country-specific recommendations: An overview - September 2020 https://www.europarl.europa.eu/RegData/ etudes/BRIE/2018/624404/IPOL_BRI(20 18)624404_EN.pdf 21b 2023 European Semester - Spring Package, COM(2023) 600 final https://commission.europa.eu/system/files/ 2023-05/COM_2023_600_1_EN.pdf

Amendment 169 #

Proposal for a regulation
Recital 5 b (new)

(5 b) Backloading of investments and failure to mitigate and adapt to climate change fast enough will not only have catastrophic human consequences but will also be much more costly in sheer economic terms, hence contradicting the very purpose of the fiscal rules to support sound public finances.

Amendment 170 #

Proposal for a regulation
Recital 5 c (new)

(5 c) The proposed fiscal rules would result in practice in a cap on investments ; analyses show that only four countries in the EU would be able to comply with the fiscal framework while at the same time making enough investments to achieve their Paris Agreement targets1a and that, absent any new investment in climate, expenses due to demographic ageing and the tightening of financing conditions will already cause most countries to be over the required debt and deficit ratios.2a _________________ 1a New Economics Foundation, New EU fiscal rules jeopardise investments needed to combat climate crisis, 31 August 2023 https://neweconomics.org/2023/08/new- eu-fiscal-rules-jeopardise-investment- needed-to-combat-climate-change 2a Dezernat Zukunft, Introductory statement at the Committee on Economic and Monetary Affairs of the European Parliament Public Hearing, 30 November 2022 https://www.dezernatzukunft.org/wp- content/uploads/2022/12/Introductory- statement-PSG-SENT-2.pdf

Amendment 171 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put debt sustainability, investment and reforms, the common priorities of the Union and sustainable and inclusive growth at its core on equal footing and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories, and ensure consistency among the Union as a whole, including the euro area.

Amendment 172 #

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put debt sustainability and sustainable and inclusive growth at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectorifull- employment and the achievement of the climate goals set in the Paris Agreement as well as in the European Pillar of Social Rights at its core and therefore differentiate between Member States by taking into account their country-specific challenges. This framework should allow a true ownership and democratic scrutiny of such choices.

Amendment 173 #

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put ~~debt sustainability and sustainable and inclusive growth at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific~~the transformation towards a fair, democratic, need-based, and ecologically sustainable economic system at its core and therefore get rid of its emphasis on public debt and fiscal trajector~~ies~~y.

Amendment 174 #

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put debt sustainability ~~and~~, sustainable and inclusive growth, investment and productivity challenges, reforms and intergenerational fairness at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories.

Amendment 175 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put debt sustainability, debt reduction and sustainable and inclusive growth at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories, while safeguarding equal treatment.

Amendment 176 #

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put debt sustainability and sustainable and inclusive growth, through both reforms and investments, at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories.

Amendment 177 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Recital 6

(6) The economic governance framework of the Union should put debt sustainability ~~and~~, sustainable and inclusive growth and resilience at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country- specific fiscal trajectories.

Amendment 178 #

Proposal for a regulation
Recital 6 a (new)

(6a) It is therefore appropriate to review, for the purposes of calculating the public debt ratio, the method for calculating government deficit, which should be computed net of government expenditure on priority investments for the Union. The reference values for calculating the government deficit ratio, as well as the public debt ratio, should also be reviewed. The reference values set out in the Protocol to the Treaty on the Functioning of the European Union on the excessive deficit procedure have proved unsustainable over the years of their application. The inadequacy of the reference values chosen was revealed in particular during the severe economic crises experienced by the Union from 2009 onwards, especially the crisis following the spread of the COVID-19 pandemic. In fact, only the triggering of the safeguard clause made it possible to support economic recovery by injecting significant sums of public money into the economy to support businesses and the most vulnerable sectors of the population.

Amendment 179 #

Proposal for a regulation
Recital 6 a (new)

(6 a) The concept of sustainable growth relies on the assumption that it is possible to achieve absolute decoupling of economic growth on the one hand from GHG emissions, environmental pressures and use of natural resources on the other hand. There is no empirical evidence that this is being nor can be achieved at a global scale and at the pace necessary to meet the Paris agreement targets. The persistence of poverty and inequalities shows that economic growth cannot be equated with collective and individual well being nor should be deemed a prerequisite for this wellbeing in the future; a review of the EU Economic governance frawemork that would reenact growth of GDP as a primary objective would therefore be totally misguided, lack scientific credibility and lock in the EU in ecologically and socially unsustainable patterns of production and consumption for many more years. The EU Economic Governance framework should instead promote and coordinate the implementation of post-growth policies that aim at fulfilling essential needs of all citizens without fostering economic growth nor relying on economic growth.

Amendment 180 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 6 a (new)

(6 a) To achieve the central objective of the reform of this framework - to strengthen public debt sustainability while promoting sustainable and inclusive growth in all Member States and respond fully to the sustained high levels of investment needed to finance EU public goods to address the current and future strategic priorities of the EU - , this framework would be better equipped, if supported by a central and permanent investment instrument. The lessons learned from the implementation of EU instruments, such as SURE or NextGenerationEU, could serve as constructive models for forthcoming investment and macroeconomic stabilisation mechanisms aimed at strengthening the fiscal governance framework.

Amendment 181 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 6 b (new)

(6 b) In order to increase the legitimacy of the European semester, in order to account for the far-reaching consequences of measures adopted in the context of the European semester on the economic and fiscal course of action and the social fabric of the Member States and in order to ensure appropriate public scrutiny, the European semester should only be launched by a legislative act in the form of a decision on a proposal made by the Commission, based on Article 121(6) TFEU, and promptly adopted jointly by the European Parliament and the Council. In this decision, the European Parliament and the Council define, in the recitals, their benchmarks for the outcome of the European semester that is to be launched. The European Commission has to take due account of this decision and its recitals when adopting its communication on the Annual Sustainability Growth Survey. By the same token, the Commission takes due account of the Annual Sustainability Growth Survey, the Council’s conclusions and the European Parliament’s resolutions thereon when drafting the recommendations for the draft broad guidelines of the economic policies of the Member States and the Union pursuant to Article 121(2) TFEU and the proposal for the guidelines for employment pursuant to Article 148(2) TFEU. The European Parliament evaluates the Commission's role in the previous European semester against the benchmark of launching decision, the Annual Sustainability Growth Survey and the Parliament’s resolution thereon when adopting the decision to launch the subsequent European semester.

Amendment 182 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Aurore LALUCQ

Proposal for a regulation
Recital 6 c (new)

(6 c) In order to set out the detailed arrangements of the interinstitutional relationship between the European Parliament and the European Commission in the context of the European semester, both institutions should conclude an interninstitutional agreement between each other on the involvement of the European Parliament in the drafting and approval of the Annual Sustainability Growth Survey, of the broad economic policy and employment guidelines, of the reference trajectory, of the medium-term fiscal- structural plans, of the country-specific recommendations. In order to increase the personal accountability of the Commissioner responsible for the implementation of the European semester, the President of the Commission should commit itself, as a rule, to request that Commissioner to resign, in accordance with Article 17(6) TEU and Point 5 of the Framework Agreement on relations between the European Parliament and the Commission, if Parliament asks the President of the Commission to withdraw confidence in that Commissioner on the basis of a negative assessment of the outcome of the European semester. If the President refuses exceptionally to require resignation, she/he explains his/her refusal to do so before Parliament in the following part-session.

Amendment 183 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 6 d (new)

(6 d) In order to promote upward social convergence, the multilateral surveillance procedure set out in Article 148(4) TFEU is complemented with an early warning system within the European Semester (Social Convergence Framework). Within the Social Convergence Framework, the Commission - pursuant to Article 148 TFEU - first identifies risks to upward convergence for Member States in the Joint Employment Report based on the Social Scoreboard headline indicators. In the second stage, the Commission identifies Member States requiring further examination and publishes the ‘Social Convergence Reports’ for those Member States identified as facing risks to upward social convergence. The country-specific conclusions of the multilateral surveillance activities under the new framework should provide input to the Commission’s reflection on CSR proposals.

Amendment 184 #

Proposal for a regulation
Recital 7

(7) The multilateral surveillance procedure set out in Article 121(2), (3) and (4) and Article 148(4) TFEU should monitor in accordance with more detailed rules the full range of economic and employment developments in each of the Member States and in the Union. That includes the detection of macroeconomic imbalances and the prevention and correction of excessive imbalances as set out in Regulations (EU) No 1174/201123 and (EU) No 1176/201124 of the European Parliament and of the Council. For the monitoring of such economic and employment developments, Member States should present information in the form of medium-term fiscal-structural plans. _________________ 23 Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area (OJ L 306, 23.11.2011, p. 8). 24 Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (OJ L 306, 23.11.2011, p. 25).deleted

Amendment 185 #

Proposal for a regulation
Recital 7 a (new)

(7 a) In order to promote upward social convergence, the multilateral surveillance procedure set out in Article 148(4) TFEU should be complemented with an early warning system within the European Semester through a Social Convergence Framework. Within the Social Convergence Framework the Commission, pursuant to Article 148 TFEU, first identifies risks to upward convergence for Member States in the Joint Employment Report based on the Social Scoreboard headline indicators. In the second stage, the Commission identifies Member States requiring further examination and publishes the ‘Social Convergence Reports’ for those Member States identified as facing risks to upward social convergence. The country-specific conclusions of the multilateral surveillance activities under the new framework should provide input to the Commission’s reflection on CSR proposals.

Amendment 186 #

Proposal for a regulation
Recital 7 a (new)

(7 a) The potential positive spill-over effects of better coordination of fiscal policy and sustainability of public finances represent around €49 billion per year21c. The lack of transparency, consistency and involvement of the European Parliament in the way the country specific recommendations are chosen, and the lack of priorities in the recommendations, are key reasons for the current unsatisfactory results of country- specific recommendation implementation as well as lost opportunities of better coordination of fiscal policy and sustainability of public finances. _________________ 21c EPRS, Study Increasing European added value in an age of global challenges - Mapping the cost of non- Europe (2022-2032) https://www.europarl.europa.eu/RegData/ etudes/STUD/2023/734690/EPRS_STU(2 023)734690_EN.pdf

Amendment 187 #

Manon AUBRY, José GUSMÃO

Proposal for a regulation
Recital 8

(8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term ~~fiscal-structural~~ plans, in order to promote ~~debt sustainability and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficits through medium-term planning~~the fullfilment of citizens' essentiel needs, reduction of inequalities and democratic ecological planification.

Amendment 188 #

Proposal for a regulation
Recital 8

(8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote such goals, while guaranteeing debt sustainability and sustainable and inclusive growth in the Member States ~~and prevent the occurrence of excessive government deficits through medium-term planning~~.

Amendment 189 #

Proposal for a regulation
Recital 8

(8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability ~~and sustainable and inclusive growth in the Member Stat~~, investments and reforms, the common priorities of the Union, and sustainable and inclusive growth in the Member States, as well as to ensure the adequacy of the Union’s fiscal policies and prevent the occurrence of excessive government deficits through medium-term planning.

Amendment 190 #

Proposal for a regulation
Recital 8

(8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability and sustainable and inclusive growth in the Member States, ensure an appopriate fiscal stance, and prevent the occurrence of excessive government deficits through medium-term planning.

Amendment 191 #

Proposal for a regulation
Recital 8

(8) Detailed rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability ~~and~~, sustainable and inclusive growth and resilience in the Member States ands well as prevent the occurrence of excessive government deficits through medium-term planning.

Amendment 192 #

Proposal for a regulation
Recital 8

(8) Detailed, clear and transparent rules should therefore be laid down regarding the content, submission, assessment and monitoring of the national medium-term fiscal-structural plans, in order to promote debt sustainability ~~and~~, sustainable and inclusive growth, investment and productivity objectives, reforms and intergenerational fairness in the Member States and prevent the occurrence of excessive government deficits through medium-term planning.

Amendment 193 #

Proposal for a regulation
Recital 9

(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State, following close and structured cooperation with regional authorities and other relevant stakeholders, and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ensure sustained and gradual debt reduction and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).

Amendment 194 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Recital 9

(9) National medium-term fiscal- structural plans should bring together the fiscal~~, structural reforms~~ and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium- term plan that sets out its fiscal trajectory as well as priority public investment ~~and reform commitments~~ that together ensure sustained ~~and gradual debt reduction~~public debt and sustainable and inclusive growth, avoiding a pro-cyclical fiscal policy, as well as broader ~~reform and~~ investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. ~~_________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).~~

Amendment 195 #

Proposal for a regulation
Recital 9

(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority strategic public investment and reform commitments that together ~~ensure~~should contribute to sustained and gradual debt reduction and sustainable and inclusive growth and resilience, avoiding a pro- cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).

Amendment 196 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 9

(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ~~ensur~~should contribute sustained and gradual debt reduction and sustainable and inclusive growth and resilience, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).

Amendment 197 #

Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Max ORVILLE, Stéphanie YON-COURTIN

Proposal for a regulation
Recital 9 a (new)

(9 a) Instead of promoting budgetary cuts and harmful structural reforms in the name of debt reduction, the EU economic governance should establish a framework that favours and facilitates the collection by Member States and at EU level of additional resources through fair taxation, in particular taxes on the wealthiest and multinational companies, in particular on windfall profits; taxes on ecologically harmful products and services; the cancellation of ineffective and unfair tax and social contributions exemptions; the fight against tax dodging and tax evasion of rich individuals and multinational companies.

Amendment 198 #

Paul TANG, Aurore LALUCQ, Joachim SCHUSTER, Evelyn REGNER

Proposal for a regulation
Recital 9 a (new)

(9 a) A Member State's debt level is only sustainable if this Member State is sufficiently protected from the risk of climate change. As such green debt in the form of European Green Bonds issued in accordance with the Regulation on European Green Bonds should be encouraged by excluding such debt from net expenditure calculation in the control account.

Amendment 199 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 10

(10) Cohesion policy funds are also synchronised with the European Semester process. As the long-term investment policy of the EU budget, strengthening economic, social and territorial cohesion, cohesion policy investments and reforms should also be duly taken into account in the drawing of the national medium-term fiscal-structural plans. Each Member State should also explain how its national medium-term fiscal-structural plan will ensure consistency with the expenditure on EU programmes fully matched by EU funds revenue and the relevant national co- financing.

Amendment 200 #

Proposal for a regulation
Recital 10

Amendment 201 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Recital 10 a (new)

(10 a) Investments have proven to be an essential part of the economic and social recovery after the pandemic, as well as following inflation and the rise of the energy prices, In addition to investments in infrastructure, multiannual social investment in human capital, in particular in education, health and labour market integration could harness the opportunities for societal and individual growth and consequently should be subject to favourable treatment in the macro-economic governance procedure and taken into consideration in the fiscal path of a Member State.

Amendment 202 #

Proposal for a regulation
Recital 10 a (new)

(10 a) Investments have proven to be an essential part of the economic and social recovery after the pandemic, and in response to inflation and the rise of the energy prices. In addition to investments in infrastructure, multiannual social investment in human capital, in particular in education, health and labour market integration, could harness the opportunities for societal and individual growth.

Amendment 203 #

Billy KELLEHER, Caroline NAGTEGAAL, Dragoş PÎSLARU, Olivier CHASTEL

Proposal for a regulation
Recital 11

(11) The presentation of the national medium-term fiscal-structural plan ~~should b~~and the preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriateference trajectory should be approved in the national parliament of the Member State concerned, in line with its national rules and traditions. These plans and trajectories may be revised in case a new government takes power.

Amendment 204 #

Proposal for a regulation
Recital 11

(11) The presentation of the national medium-term fiscal-structural plan should be accompanied by an opinion of the independent fiscal institutions of the Member State and should be preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, accompanied by a report from the European Fiscal Board, the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriate.

Amendment 205 #

Proposal for a regulation
Recital 11

(11) The presentation of the national medium-term fiscal-structural plan should be preceded by a technical dialogue with the Commission to ensure compliance with the provisions of this Regulation. On the basis of a recommendation from the Commission, the European Parliament and the Council should set the net expenditure path and endorse the reform and investment commitments, including those taken for the possible extension of the adjustment period, as appropriate.

Amendment 206 #

Proposal for a regulation
Recital 11

Amendment 207 #

Proposal for a regulation
Recital 11 a (new)

(11 a) Within the net expenditure path developed by Member States as part of the medium term fiscal structural plan, investment expenditures that address EU priorities and national co-financing under EU programmes that do not cause significant harm to any of the environmental objectives under the Taxonomy Regulation should be spread over the life cycle of the acquired assets. Such treatment enables the front-loading of green investments, accelerating the green transition and a smoother adjustment with reference to the overall carbon budget on the path to the Paris Agreement goals. Likewise, frontloading investments in the implementation of the European Pillar of Social Rights and its action plan will contribute to the timely achievement of its goals, not least with regard to upskilling, employment and reduction of poverty.

Amendment 208 #

Proposal for a regulation
Recital 12

(12) In order to ~~simplify the Union fiscal framework and increase transparency, a single operational indica~~promote national ownership, Member States should be responsible for presenting their own reference trajectory an~~chored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fisc~~d the correspondent national medium-term fiscal-structural plan. Such trajectory should treat on an equal footing the goals of achieving full-employment and the climate goals surveillance for each Member State. That single operational indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure as well as cyclical unemployment expenditure and expenditure on Union programmes fully matched by revenue from Union funds. This indicator allows for macro-economic et in the Paris Agreement, as well as promoting the sustainability of public debt and primary deficit. Moreover, due to the recognized public investment needs, as well as other urgent expenditures to promote energy transition, a safeguard should be estabilis~~ation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government~~hed to guarantee that this type of expenditure does not account for the primary deficit of each Member State.

Amendment 209 #

Proposal for a regulation
Recital 12

(12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single operational indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure ~~as well as cyclical unemployment expenditure and~~, expenditure on Union programmes fully matched by revenue from Union funds~~. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of~~, national expenditure on co-financing of programmes funded by the Union and national expenditure on projects related to Recovery and Resilience Facility loans, both capped with a limit of 0.5% of GDP, cyclical elements of unemployment benefit expenditure and costs related to the borrowing of funds for the loans related to the National Plans in accordance with the gRecover~~nment~~y and Resilience Facility and with Regulation (EU) 2021/241.

Amendment 210 #

Billy KELLEHER, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK

Proposal for a regulation
Recital 12

(12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single operational indicator should be based on nationally financed net primary expenditure, that is to say government expenditure net of interest expenditure, discretionary revenue measures ~~and excluding interest expenditure as well as cyclical~~, expenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on investment co-financing of programmes funded by the Union, or aimed at addressing country-specific recommendations, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure, cyclical elements of unemployment benefit expenditure ~~and expenditure on Union programmes fully matched by revenue from Union funds~~, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241, and national expenditure incurred in projects related to the loans Recovery and Resilience Facility loans under Regulation (EU) 2021/241. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government.

Amendment 211 #

Proposal for a regulation
Recital 12

Amendment 212 #

Pascal CANFIN, Gilles BOYER, Stéphanie YON-COURTIN, Valérie HAYER

Proposal for a regulation
Recital 12 a (new)

(12 a) The governance framework should account for the potential high variability of public investment. On 6th December 2016, the Council endorsed an opinion of the Economic and Financial Committee precising the implementation rules of the then in force regulation 1466/97. To assess the expenditure benchmark this provides for that nationally financed government gross fixed capital formation is smoothed over a 4-year period. This provision should be laid down in the legislation while the smooth period being extended to 7 years to account for longer priority investment programs1a. _________________ 1a Cover note: Improving the predictability and transparency of the SGP: A stronger focus on the expenditure benchmark in the preventive arm (Opinion of the Economic and Financial Committee), 29 November 2016 https://data.consilium.europa.eu/doc/docu ment/ST-14814-2016-INIT/en/pdf

Amendment 213 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Recital 12 a (new)

(12 a) Any potential exclusion from the net expenditure definition of certain expenditure on co-financing of programmes funded by the Union and of costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility should not apply to calculations regarding the benchmark referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]

Amendment 214 #

Proposal for a regulation
Recital 12 a (new)

(12 a) The sustainability of public debt endorsed by each Member State should take into account a diverse set of factors besides debt stock. Moreover, the underlying data, models and assumptions used should be made public, namely the fiscal multipliers used.

Amendment 215 #

Proposal for a regulation
Recital 13

Amendment 216 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Pedro SILVA PEREIRA

Proposal for a regulation
Recital 13

(13) To ~~provide guidance to the Member States in~~initiate the drafting of ~~their~~its national medium-term fiscal-structural plan, ~~the Commission should put forward a technical~~each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, should put forward a proposal for a reference trajectory to the Commission. The trajectory should be based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectoryleading to sustainable debt reduction or maintains debt at a prudent level. The public debt ratio should be reduced in proportion of the real economic growth. Public debt issued in the form of European Green Bonds according to [the Green Bonds Regulation] should not be counted in the calculation of the public debt ratio. The sustainability of that debt reduction should result from appropriate fiscal policies.

Amendment 217 #

Proposal for a regulation
Recital 13

(13) To ~~provide guidance to the Member States in~~initiate the drafting of ~~their~~its national medium-term fiscal-structural plan, ~~the Commission should put forward a technical~~each Member State, having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, should put forward a proposal for a reference trajectory to the Commission. The trajectory should be based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path leading to sustainable debt reduction or maintains debt at a prudent level. It should also ensure that the public debt ratio ~~at the end of the planning horizon declines below its level in the year before the start of the technical trajectory~~is reduced by at least [0,1] p.p of debt to GDP on average over the adjustment period plus 10 years. The sustainability of that debt reduction should result from appropriate fiscal policies.

Amendment 218 #

Proposal for a regulation
Recital 13

(13) To ~~provide guidance to the Member States in~~initiate the drafting of ~~their~~its national medium-term fiscal-structural plan, ~~the Commission~~each Member State should put forward a proposal for a technical trajectory to the Commission. The trajectory should be based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. ~~It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory.~~ The sustainability of that debt reduction should result from appropriate fiscal policies.

Amendment 219 #

Proposal for a regulation
Recital 13

(13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainability of that debt reduction should result from appropriate fiscal policiesis reduced annually by 25 % of national growth. The sustainability of that debt reduction should result from appropriate fiscal policies, starting at the latest 2 years after the adoption of the national medium-term fiscal-structural plan depending on the economic situation of the Member State.

Amendment 220 #

Proposal for a regulation
Recital 13

(13) To provide guidance to the Member States in the drafting of their medium-term fiscal-structural plan, the Commission should put forward a technical trajectory based on the minimum fiscal adjustment that brings the debt trajectory of the Member State on a plausibly downward path or maintains debt at a prudent level. It should also ensure that the public debt ratio at the end of the planning horizon declines below its level in the year before the start of the technical trajectory. The sustainabion a sustainable level while also taking into account the investment needs of Member States to achieve the common priorities of the Union. It is crucial to determine existing investment gaps that keep Member States from achieving the EU common priorities to ensure that fiscal politcy ~~of that debt reduction should result from appropriate fiscal polici~~is made in a way that is commensurate with existing challenges.

Amendment 221 #

Proposal for a regulation
Recital 13

Amendment 222 #

Proposal for a regulation
Recital 13 a (new)

(13 a) Following the submission of Members States' reference trajectory, a dialogue with the Commission should take place to assess compliance of its reference trajectory with the provisions of this Regulation. If as a result of the dialogue, the Commission and the Member State disagree, the reference trajectory put forward by the Commission should apply. The reference trajectory should be made public only after the the submission of the national medium-term fiscal-structural plan.

Amendment 223 #

Proposal for a regulation
Recital 13 a (new)

(13a) Following the submission of a Members State’s technical trajectory, a dialogue with the Commission should be initiated to assess compliance of its reference trajectory with the provisions of this Regulation.

Amendment 224 #

Manon AUBRY, Martin SCHIRDEWAN, José GUSMÃO

Proposal for a regulation
Recital 13 a (new)

(13 a) The IMF, long-time supporter of austerity and structural adjustments, acknowledges that fiscal consolidation is not effective, on average, at lowering debt-to-GDPs ratios.

Amendment 225 #

Proposal for a regulation
Recital 13 b (new)

(13 b) In addition to being dependent on arbitrary assumptions over 14 to 17 years in the future, including policy-based assumptions, the Debt Sustainability Analysis underpinning the technical trajectory relies on an outdated macroeconomic model that does not acknowledge the embeddedness of economic activities in the biosphere, and therefore does not take into account their increasing exposure to climate change, resource scarcity, environmental degradation and natural disasters in the future. This highly problematic feature of the DSA will lead to misguided perceptions of economic risks and misguided economic projections that will in turn influence the whole economic governance.

Amendment 226 #

Proposal for a regulation
Recital 14

~~(14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought and maintained below the 3% of gross domestic product (GDP) reference value.~~deleted

Amendment 227 #

Proposal for a regulation
Recital 14

Amendment 228 #

Proposal for a regulation
Recital 14

(14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought ~~and maintained~~ below the 3% of gross domestic product (GDP) reference value or is put on a plausibly downward path towards the reference value at the end of the adjustment period.

Amendment 229 #

Proposal for a regulation
Recital 14

(14) The technical trajectory put forward by the Commission should also ensure that the government deficit is brought and maintained well below the 3% of gross domestic product (GDP) reference value.

Amendment 230 #

Proposal for a regulation
Recital 14 a (new)

(14 a) Prior guidance should also be provided by the independent fiscal institutions. To this end, Member States should make a draft plan available one month before the submission of the plan. The national independent fiscal institution should assess the plan and provide an opinion addressing in particular the feasibility of complying with the net expenditure path considering the forecasts, the compliance of the plan with the requirements set out in Article 12 and the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory. This opinion should be made public. Member States should take this opinion into account and should include relevant modifications to their national medium-term fiscal-structural plan before its submission to the Commission. During the technical dialogue, the Commission should ensure that the opinion of the independent fiscal institutions is duly taken into account.

Amendment 231 #

Proposal for a regulation
Recital 15

Amendment 232 #

Proposal for a regulation
Recital 15

Amendment 233 #

Proposal for a regulation
Recital 15

(15) In order to assess whether further adjustments are required towards the end of the four-year implementation period of the national medium-term fiscal-structural plan, the Commission and the Member State should reassess the situation, and the Member State should put forward a new technical trajectory if ~~the public debt of the Member State is still above 60% of GDP reference value or~~ its government deficit is higher than 3% of GDP reference value.

Amendment 234 #

Proposal for a regulation
Recital 15

(15) All Member States should submit a new medium-term fiscal-structural plan before end-April of the year before the end of the period covered by the previous plan. In order to assess whether further adjustments are required towards the end of the four-year or seven-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if the public debt of the Member State is still above 60% of GDP reference value or its government deficit is higher than 3% of GDP reference value. A new opinion by the national independent fiscal institution should also be provided.

Amendment 235 #

Proposal for a regulation
Recital 15

(15) In order to assess whether further adjustments are required towards the end of the four-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if the public debt of the Member State is still above 60% of GDP reference value or its government deficit is higher than 3% of GDP reference value. The European Parliament and the Council commit themselves to adapt those reference values, even at Treaty level, in a manner to reflect the actual economic situation of the Union as a whole and to reach a fairer fiscal surveillance.

Amendment 236 #

Proposal for a regulation
Recital 15 a (new)

(15 a) Debt sustainability depends on many factors beyond the mere quantitative debt-to-GDP ratio and financial markets are less concerned by the debt stock than the overall resilience and strength of a country’s economy. Anticipation of negative reactions from markets to high debt ratios should not be used to legitimate the perpetuation of arbitrary debt targets and their usual corollary : budget cuts, under-financing of public services and unfair structural and reforms weakening social protection and workers' rights.

Amendment 237 #

Proposal for a regulation
Recital 15 b (new)

(15 b) The 3% deficit-to-GDP and 60% debt-to-GDP ceilings are arbitrary numbers invented in the early eighties without sound economic rationale. The overall level of compliance with the fiscal rules meant to guarantee that Member States abide by these ceilings has been as low as 50% on average since the implementation of the Stability and Growth Pact in 1998, with significant disparities across Member States 4a; respectively 11 and 13 EU Member States are currently above the deficit and debt- to-GDP ratios. In view of their many shortcomings, the 3% deficit-to-GDP and 60% debt-to-GDP ceilings are no appropriate references to guide the revised economic governance of the European Union. _________________ 4a Martin Larch, Janis Malzubris and Stefano Santacroce, "Numerical Compliance with EU Fiscal Rules: Facts and Figures from a New Database", Intereconomics 58(1):32-42, January 2023 https://www.researchgate.net/publication/ 367542392_Numerical_compliance_with_ EU_fiscal_rules_facts_and_figures_from _a_new_database

Amendment 238 #

Proposal for a regulation
Recital 16

(16) ~~Each~~The national medium-term fiscal- structural plan should mention its status in the context of national procedures, notably whether the plan was presented to the national parliament and whether there has been parliamentary approval of the plan. Tparliament of the Member State concerned should approve the reference trajectory presented and the national medium-term fiscal- structural plan should also indicate whether the national parliament had the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warningin accordance with its national rules and traditions. Moreover, further exchanges should also require parliamentary approval.

Amendment 239 #

Proposal for a regulation
Recital 16

(16) Each national medium-term fiscal- structural plan should ~~mention its status in the context of national~~ be presented to and approcvedures, notably whether the plan was presented to the national parliament and whether there has been parliamentary approval of the plan. The national medium-term fiscal- structural plan should also indicate whether the national parliament had by the respective national parliament, in accordance with their constitutional requirements. The national parliaments should also have the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.

Amendment 240 #

René REPASI

Proposal for a regulation
Recital 16

(16) Each national medium-term fiscal- structural plan should mention its status in the context of national procedures, notably whether the plan was presented to the national parliament and whether there has been parliamentary approval of the plan. Given the predetermining effect of national medium-term fiscal structural plans on national economic and fiscal policies and the national laws implementing them, national Parliaments should, as a rule, adopt national medium- term fiscal-structural plans where the respective national constitutional rules allow for such an adoption. The adoption of national medium-term fiscal-structural plans by national Parliaments will increase the national ownership of these plans. The national medium-term fiscal- structural plan should also indicate whether the national parliament had the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.

Amendment 241 #

Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Max ORVILLE

Proposal for a regulation
Recital 16

(16) Each national medium-term fiscal- structural plan should mention its status in the context of national procedures, notably whether the plan was presented to the national parliament and, where relevant, to regional parliaments, depending on the division of competences in the Member State concerned, and whether there has been parliamentary approval of the plan. The national medium-term fiscal-structural plan should also indicate whether the national parliaments had the opportunity to discuss the Council recommendation on the previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning.

Amendment 242 #

Proposal for a regulation
Recital 16 a (new)

(16 a) Each national medium-term fiscal- structural plan should be drafted following a consultation process, conducted in accordance with the national legal framework, of local and regional authorities, social partners, civil society organisations, youth organisations and other relevant stakeholders. The national medium-term fiscal-structural plan should include an explanation the implementation of the consultation process and how the input of the stakeholders is reflected in the plan;

Amendment 243 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Recital 16 a (new)

(16 a) In the development process of the medium-term fiscal-structural plan, Member States should also consider consulting relevant stakeholders, including local and regional authorities, social partners, civil society organisations, youth organisations.

Amendment 244 #

Billy KELLEHER, Caroline NAGTEGAAL, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Recital 17

Amendment 245 #

Proposal for a regulation
Recital 17

(17) When Member States use assumptions in their medium-term fiscal- structural plan that differ from the Commission’s standard medium-term debt projection framework, they should explain and duly justify the differences in a transparent manner and based on sound economic arguments. The independent fiscal institutions of the Member State should also opine on the justifications for deviating from the technical trajectory.

Amendment 246 #

Proposal for a regulation
Recital 18

(18) Since Member States could face additional costs at the end of their medium-term fiscal-structural plan such as ageing costs or an unfavourable interest-growth differential, they should ensure that the headline balance at the end of the adjustment period will be sufficient to ensure that the deficit durably stays below the 3% of GDP reference value.deleted

Amendment 247 #

Proposal for a regulation
Recital 18

(18) Since Member States could face additional costs at the end of their medium- term fiscal-structural plan such as ageing costs or an unfavourable interest-growth differential, they should ensure that the headline balance at the end of the adjustment period will be sufficient to ensure that the deficit ~~durably stays below the 3% of GDP reference valu~~is sustainable in light of the quality of government expenditure.

Amendment 248 #

Proposal for a regulation
Recital 18 a (new)

(18 a) Key interest rates have reached unprecedented levels since the creation of the euro zone and are foreseen to remain at a high level, increasing debt servicing while having no effect on jugulating an inflation that originates primarily from the rise in companies’ profit margins, as acknowledged by the ECB and the IMF.

Amendment 249 #

Proposal for a regulation
Recital 19

(19) In order to allow for a proper interaction between the common Union framework and national budgetary frameworks, the Commission should base its assessment only on nationally financed net primary expenditure developments. Member States should be able to set their national budgetary objectives in terms of a different indicator, such as the structural balance if this is required by their national budgetary framework.deleted

Amendment 250 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Recital 20

Amendment 251 #

Proposal for a regulation
Recital 20

Amendment 252 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Recital 20

(20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and EFB should be duly taken into account. In case the EFB’s assessment is that the plan does not fulfil the criteria of this Regulation, the Council can only recommend the proposed net expenditure path with a 4/5th majority of Member States in favour, excluding the Member State in question.

Amendment 253 #

Proposal for a regulation
Recital 20

(20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and European Fiscal Board should be duly taken into account by the Commission.

Amendment 254 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Recital 21

(21) In order to ensure the implementation of the medium-term fiscal-structural plans, the Commission and the Council should monitor the reform and investment commitments made in these plans under the European Semester, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue with the European Parliament.deleted

Amendment 255 #

Proposal for a regulation
Recital 21

Amendment 256 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Recital 21

Amendment 257 #

Proposal for a regulation
Recital 21

(21) In order to ensure the implementation of the medium-term fiscal- structural plans, the Commission and the Council should monitor the reform and investment commitments made in these plans under the European Semester and the Social Scoreboard, based on the annual progress reports submitted by the Member States, and in accordance with the provisions of Articles 121 and 148 TFEU. To that effect, they should engage in a European Semester dialogue with the European Parliament.

Amendment 258 #

Proposal for a regulation
Recital 22

(22) T~~o ensure a more gradual debt reduction, the adjustment~~he implementation period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound ~~reforms and~~ investment that, taken altogether: ~~are growth-enhancing, support fiscal~~promote full-employment and reduce poverty; help to achieve the climate goals set in the Paris Agreement and the necessary green energy transition; promote debt and deficit sustainability,; address the common priorities of the Union,; address ~~relevant country-specific recommendations addre~~the social and environmental guidelines issued toby the ~~Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in o~~Commission; ensure that the overall level of nationally financed public investment over the lifetime of ther national~~ly financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities~~ medium-term fiscal-structural plan, as a share of GDP, is higher than the medium-term level before the period of that plan; comply with the do no significant harm principle; guarantee universal access to basic public services; guarantee added value to the national economy.

Amendment 259 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Recital 22

(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that~~, taken altogether: are growth~~ are resilience-enhancing, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.

Amendment 260 #

Proposal for a regulation
Recital 22

(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: are ~~growth~~resilience-enhancing, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.

Amendment 261 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL

Proposal for a regulation
Recital 22

(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: are growth-enhancing, improve the resilience of the economy, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.

Amendment 262 #

Proposal for a regulation
Recital 23

(23) With a view to ensuring an equitable and transparent process, the reform and investment commitments should be assessed using a common Union framework. During the lifetime of the Recovery and Resilience Facility, commitments in the national Recovery and Resilience Plans can be considered in the assessment of the request for an extension of the adjustment period, where applicable. The set of reforms and investments underpinning an extension of the fiscal adjustment path period should be commensurate with the degree of public debt challenges as established in the most recent update of the Debt Sustainability Monitor and challenges to medium-term growth in the Member State. For Member States where public debt challenges are linked to significant challenges to medium-term growth, the set of reforms and investments is expected to also address bottlenecks to medium- term growth.deleted

Amendment 263 #

Proposal for a regulation
Recital 23

(23) With a view to ensuring an equitable and transparent process, the reform and investment commitments should be assessed using a common Union framework. During the lifetime of the Recovery and Resilience Facility, commitments in the national Recovery and Resilience Plans can be considered in the assessment of the request for an extension of the adjustment period, where applicable. The set of reforms and investments underpinning an extension of the fiscal adjustment path period should be commensurate with identified national investment gaps, the degree of public debt challenges as established in the most recent update of the Debt Sustainability Monitor and challenges to medium-term growth in the Member State. For Member States where public debt challenges are linked to significant challenges to medium- term growth, the set of reforms and investments is expected to also address bottlenecks to medium-term growth and resilience.

Amendment 264 #

Proposal for a regulation
Recital 23 a (new)

(23 a) High inflation is hitting people head on, with half of Europeans in deprivation from health, heating, and/or food over the last six months; the reintroduction of the fiscal rules and the subsequent return of austerity would only make this situation worse. The required fiscal adjustment would amount on average to more than 2% of GDP in the medium-term and be equivalent to 30 billion euros per year over 4 years.3a Not only is this debt reduction path totally irrealistic but would it also have terrible social consequences due to excessive and brutal contraction of the economy, decline in social spending, deterioration of public services and structural reforms weakening workers' rights and social protection in line with the general orientation of the EU economic governance so far. _________________ 3a Darvas, Z., L. Welslau and J. Zettelmeyer (2023) ‘A quantitative evaluation of the European Commission´s fiscal governance proposal’, Working Paper 16/2023, Bruegel https://www.bruegel.org/sites/default/files/ 2023-09/WP%2016_3.pdf

Amendment 265 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Recital 24

(24) The set of ~~reform and~~ investment commitments put forward in the national medium-term fiscal-structural plans should be aligned with common priorities of the Union. That set of ~~reform and~~ investment commitments should also be consistent with the implementation of the national strategies put forward by the Member State concerned to address the relevant Union priorities. Where relevant, during the lifetime of the Recovery and Resilience Facility, cross-references to the Recovery and Resilience Plans should be made to ensure policy consistency.

Amendment 266 #

Proposal for a regulation
Recital 24 a (new)

(24 a) The investments required to ensure the Union is able to meet the challenges it faces in the short-term, including meeting its climate change commitments, are enormous. Private sector involvement will be required to fulfil the need for investment and to contribute to efficiency gains and economies of scale. In this context, Member States should be encouraged to commit to investments that crowd in private investment and, in turn, may account for this debt evenly until its maturity, in line with standard practice in the private sector.

Amendment 267 #

Paul TANG, Aurore LALUCQ, Joachim SCHUSTER, Pedro SILVA PEREIRA, Evelyn REGNER

Proposal for a regulation
Recital 24 a (new)

(24 a) Government budgets can be brought in line either by spending reductions or revenue increases. As such this regulation should be neutral in the way governments seek to reduce their levels of debt and deficit, and should not prioritise cuts in public expenditures over increases in tax revenue;

Amendment 268 #

Billy KELLEHER, Caroline NAGTEGAAL, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Recital 25

Amendment 269 #

Proposal for a regulation
Recital 25

(25) Where the verifiable and time- bound set of reform and investment commitments underpinning the more gradual net expenditure path is not met within the specified deadline, the Council, on a recommendation from the Commission, can recommend that adjustment be steepened, that is to say by shortening the extension of the net expenditure path. Both net expenditure significantly exceeding the net expenditure path and a significant cumulated debit balance should be considered as not in compliance with the net expenditure path. Such a measure should ensure that Member States undertake necessary consolidation even in times of economic growth.

Amendment 270 #

Proposal for a regulation
Recital 26

Amendment 271 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Pedro SILVA PEREIRA

Proposal for a regulation
Recital 26

(26) To inform enforcement actions, in particular a report under Article 126(3) TFEU, the Commission should set up a control account for each Member State to keep track of annual deviations of the net expenditure observed in the Member State from the net expenditure path set by the Council, summing those deviations over time. A Member state will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth. Deviations from the net expenditure determined by justifiable and strategically significant investments addressing common priorities of the Union, or by exceptional circumstances outside the control of the Member States that lead to a major impact on the public finances should not be included in the control account. If in the reference period the Member State achieves an average primary balance that is lower than expected but still satisfactory, the deviations should not be considered in the control account.

Amendment 272 #

Proposal for a regulation
Recital 26

(26) To inform enforcement actions, in particular a report under Article 126(3) TFEU, the Commission should set up a control account for each Member State to keep track of annual deviations of the net expenditure observed in the Member State from the net expenditure path set by the Council, summing those deviations over time. A Member State will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth. It should be netted out from the control account, the years where Member States implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union, the years where Member States suffer exceptional circumstances outside its control that lead to a major impact on the public finances, the years where the structural primary balance remains above X% during the adjustment period.

Amendment 273 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Recital 27

(27) Independent fiscal institutions should have a p~~roven their capacity to foster fiscal discipline and strengthen th~~luralistic and multidisciplinary board, where minority views have cre~~dibility of Member States’ public finances. I~~presentation as well as workers' associations, in order to truly enhance national ownership~~, the role of~~. Moreover, when requested by the Member State concerned, such independent ~~fiscal~~ institutions~~, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union~~ should be responsible to produce the forecasts and the impact assessments needed to the budgetary practices.

Amendment 274 #

Proposal for a regulation
Recital 27

Amendment 275 #

Billy KELLEHER, Caroline NAGTEGAAL, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO

Proposal for a regulation
Recital 27

(27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union. In particular, they should provide prior guidance before the submission of the national medium-term fiscal- structural plan. They should also elaborate an annual report providing an assessment of compliance of the budgetary outturns data with the net expenditure path, the factors underlying a potential deviation from the net expenditure path, if applicable, and the progress in delivering investments and reforms.

Amendment 276 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Recital 27

Amendment 277 #

Proposal for a regulation
Recital 27

(27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership and the accountability of the national governments, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union.

Amendment 278 #

Proposal for a regulation
Recital 27 a (new)

(27 a) The role of the European Fiscal Board should also be enhanced and its independence should be ensured. While national independent fiscal institutions should have a role in assessing and monitoring national medium-term fiscal- structural plans, as they might be better suited to assess national circumstances, the European Fiscal Board should provide assessment at the Union level to ensure that technical and depoliticised opinions are given and to ensure homogeneity in the interpretation and implementation of the rules.

Amendment 279 #

Proposal for a regulation
Recital 27 b (new)

(27 b) The European Fiscal Board should, in particular, have a role in assessing whether the reforms and investments underpinning an extension of the adjusment period comply with the requirements set out in Article 13. The recommendation from the Commission to the Council regarding the extension of the adjustment period should be in line with the assessment of the European Fiscal Board, otherwise, the Commission should explain the deviation using sound economic arguments.

Amendment 280 #

Proposal for a regulation
Recital 27 c (new)

(27 c) The European Fiscal Board should also assess whether objective circumstances allowing the submission of a modified national medium-term fiscal- structural plan exist.

Amendment 281 #

Irene TINAGLI, Jonás FERNÁNDEZ

Proposal for a regulation
Recital 28

(28) When providing an opinion on the draft budgetary plans submitted pursuant to Article 6 of Regulation (EU) No 473/2013 of the European Parliament and of the Council26 , the Commission should assess if the draft budgetary plans are consistent with the net expenditure paths pursuant to this Regulation. _________________ 26 Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (OJ L 140, 27.5.2013, p. 11).deleted

Amendment 282 #

Proposal for a regulation
Recital 28 a (new)

(28 a) Unlike in other major advanced economies, the euro-area aggregate fiscal stance is not based on a single budget voted for by a single parliament, but on the aggregation of twenty national budgets and the EU budget. It is therefore accidental if the sum of country-specific fiscal stances corresponds with the optimal aggregate fiscal stance as recommended by the Council. In the absence of a euro-area instrument for stabilising economic cycles, stronger coordination among the different national fiscal stances is needed. In order to achieve a European fiscal stance consistent with the optimal fiscal stance as recommended by the Council, national medium-term fiscal-structural plans should internalise the effects of national fiscal policies on the euro-area as a whole. Moreover, the European Fiscal Board should be entrusted with the definition of an unconstrained optimal aggregate fiscal stance and its constrained version according to the rules laid down in this Regulation. This exercise should be done for the euro area as a whole and for each euro-area Member State. The Commission should amend its Decision (EU) 2015/1937 accordingly.

Amendment 283 #

Proposal for a regulation
Recital 29

(29) Particular attention should be given to significant risks of divergences of budgetary positions from the net expenditure path set by the Council. Therefore it is appropriate to complement the multilateral surveillance procedure set out in Article 121(3) and (4) TFEU with an early warning system whereby the Commission pursuant to Article 121(4) TFEU alerts a Member State at an early stage about the need to take the necessary budgetary corrective action in order to prevent its government deficit becoming excessive. Moreover, in the event of persistent budgetary slippage the Council should reinforce its recommendation and make it public.deleted

Amendment 284 #

Proposal for a regulation
Recital 30

(30) In case of major shocks tofor the Member State concerned or in the euro area or the Union as a whole, it is necessary to have a general escape clause to be able to deal with a ~~severe~~n economic downturn ~~in the euro area or the Union as a whole by allowing for a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term~~by allowing for a deviation from the reference trajectory.

Amendment 285 #

Proposal for a regulation
Recital 30

(30) In case of major shocks to the euro area or the Union as a whole, it is necessary to have a general escape clause to be able to deal with a severe economic downturn in the euro area or the Union as a whole by allowing for a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term. The European Fiscal Board should submit to the Commission an opinion assessing whether a severe economic downturn on the euro area or the Union as a whole exist and should propose a time-limit for the deviation.

Amendment 286 #

Proposal for a regulation
Recital 31

(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which havereference trajectory in the case of social or ecological circumstances with a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. ~~The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation.~~

Amendment 287 #

Proposal for a regulation
Recital 31

Amendment 288 #

Proposal for a regulation
Recital 31

(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range~~: for example costs of natural disasters~~. The assessment of whether fiscal sustainability is not endangered for the application of both the general and country-specific escape clauses, should be ~~factor~~based ion ~~in budgetary planning within a certain range~~a quantitative analysis by the Commission. . The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation.

Amendment 289 #

Proposal for a regulation
Recital 31

(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. Exceptional circumstances should be qualified as a significant negative GDP shock. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation and an EFB opinion. In case the EFB opinion on the country-specific escape clause is negative, the Council can only recommend a positive decision with a 4/5th majority of Member States in favour, excluding the Member State in question. The Council should specify a time limit and maximum size as measured through the control account for such a deviation.

Amendment 290 #

Billy KELLEHER, Dragoş PÎSLARU, Monica SEMEDO

Proposal for a regulation
Recital 31

(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation. In order to ensure homogeneity of implementation, the European Fiscal Board should submit to the Commission an opinion assessing whether exceptional circumstances outside the control of the Member State exist and whether the deviation endangers fiscal sustainability. The European Fiscal Board should also propose a time-limit for the deviation.

Amendment 291 #

(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. Exceptional circumstances should be considered as a significant negative GDP shock. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation and accompanied by an opinion from the European Fiscal Board .

Amendment 292 #

Proposal for a regulation
Recital 32

(32) This Regulation is part of a package together with Council Directive [XXX amending 2011/85/EU] and Council Regulation [XXX amending Council Regulation (EC) No 1467/97]. Together, they establish a reformed Union economic governance framework that incorporates into Union law the substance of Title III ‘Fiscal Compact’ of the Treaty on Stability, Coordination and Governance (TSCG) in the Economic and Monetary Union27 , in accordance with Article 16 thereof. By building on the experience with the implementation of the TSCG by the Member States, the proposed legislative package retains the Fiscal Compact’s medium-term orientation as a tool to achieve budgetary discipline and growth promotion. The package includes a strengthened country-specific dimension aimed at enhancing national ownership, including by means of a stronger role for Independent Fiscal Institutions, which draws essentially on the Fiscal Compact’s common principles proposed by the Commission28 in accordance with Article 3(2) of the TSCG. The analysis of expenditure net of discretionary revenue measures for the overall assessment of compliance required by the Fiscal Compact is set out in this Regulation. As in the Fiscal Compact, temporary deviations from the medium-term plan are allowed only in exceptional circumstances in this Regulation. In a similar vein to the Fiscal Compact, in case of significant deviations from the medium-term plan, measures should be implemented to correct the deviations over a defined period of time. The package strengthens fiscal surveillance and enforcement procedures to deliver on the commitment of promoting sound and sustainable public finances and sustainable and inclusive growth. The economic governance framework reform, thus, retains the fundamental objectives of budgetary discipline and debt sustainability set out in the TSCG. _________________ 27 Treaty on Stability, Coordination and Governance in the Economic and Monetary Union of 2 March 2012. 28 Communication COM(2012) 342 final of 20 June 2012 from the Commission ‘Common principles on national fiscal correction mechanisms.deleted

Amendment 293 #

Proposal for a regulation
Recital 32

Amendment 294 #

Proposal for a regulation
Recital 32

(32) This Regulation is part of a package together with Council Directive [XXX amending 2011/85/EU] and Council Regulation [XXX amending Council Regulation (EC) No 1467/97]. Together, they establish a reformed Union economic governance framework that incorporates into Union law the substance of Title III ‘Fiscal Compact’ of the Treaty on Stability, Coordination and Governance (TSCG) in the Economic and Monetary Union27 , in accordance with Article 16 thereof. By building on the experience with the implementation of the TSCG by the Member States, the proposed legislative package retains the Fiscal Compact’s medium-term orientation as a tool to achieve budgetary discipline and growth promotion. The package includes a strengthened country- specific dimension aimed at enhancing national ownership, including by means of a stronger role for Independent Fiscal Institutions, which draws essentially on the Fiscal Compact’s common principles proposed by the Commission28 in accordance with Article 3(2) of the TSCG. The analysis of expenditure net of discretionary revenue measures for the overall assessment of compliance required by the Fiscal Compact is set out in this Regulation. As in the Fiscal Compact, temporary deviations from the medium-term plan are allowed only in exceptional circumstances in this Regulation. In a similar vein to the Fiscal Compact, in case of significant deviations from the medium-term plan, measures should be implemented to correct the deviations over a defined period of time. The package strengthens fiscal surveillance and enforcement procedures to deliver on the commitment of promoting sound and sustainable public finances and sustainable and inclusive growth. The economic governance framework reform, thus, retains the fundamental objectives of budgetary discipline and debt sustainability set out in the TSCG. _________________ 27 Treaty on Stability, Coordination and Governance in the Economic and Monetary Union of 2 March 2012. 28 Communication COM(2012) 342 final of 20 June 2012 from the Commission ‘Common principles on national fiscal correction mechanismsMember States being the ones deciding on their fiscal choices and requiring its parliamentary approval.

Amendment 295 #

Proposal for a regulation
Recital 33

~~(33) In order to ensure effective implementation and appropriate monitoring of this Regulation, the power to adopt acts in accordance with Article 290 TFEU should be~~ delegated to the Commission in respect of: the information to be provided by Member States in their medium-term fiscal-structural plans, the information to be provided by Member States in their annual progress reports, the functioning of the control account, the methodology to assess plausibility by the Commission, drawing up of the list of common Union priorities and the assessment framework for the set of reform and investment commitments underpinning an extension of the fiscal adjustment period. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making29 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. _________________ 29 OJ L 123, 12.5.2016, p. 1.

Amendment 296 #

Proposal for a regulation
Recital 33 a (new)

(33 a) A methodology for debt sustainability analysis should be adopted by means of a delegated act no later than 12 months after the entry into force of this Regulation. For the first year in which the Member States have to submit their medium-term fiscal-structural plans, the 2022 Debt Sustainability Monitor should be the basis for the underlying medium- term public debt projection framework.

Amendment 297 #

Proposal for a regulation
Recital 34 a (new)

(34 a) The existence of a common currency area, as the Economic and Monetary Union, requires the establishment of common investment tools at the European level in order to counterbalance the investment gap created by the budgetary requirements applicable to national governments. Building on the successful experience of the Recovery and Resilience Facility (RRF), and in order to ensure sufficient investment is allocated to EU common priorities beyond the implementation timeframe of the RRF, the Commission will integrate an EU investment instrument in its proposal for the new Multiannual Financial Framework (MFF).

Amendment 298 #

Proposal for a regulation
Article 1 – paragraph 1

This Regulation sets out rules ensuring effective coordination of ~~economic~~fiscal policies of the Member States, thereby supporting the achievement of the Union’s objectives for ~~growth and employment~~quality full-employment, the climate goals set in the Paris Agreement and the necessary energy transition, the goals set in the European Pillar of Social Right, and sustainable and inclusive growth.

Amendment 299 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 1 – paragraph 1

This Regulation sets out rules ensuring effective coordination of economic policies ~~of the Member States~~and strategic investments of the Member States under close democratic scrutiny, thereby supporting the ~~achieve~~fullfilment of ~~the Union’s objectives for growth and employment~~citizens' essential needs, a high-level of social protection and well-being for all, reduction of inequalities and ecological planification.

Amendment 300 #

Proposal for a regulation
Article 1 – paragraph 1

Amendment 301 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 1 – paragraph 1

This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for sustainable and inclusive growth and quality employment.

Amendment 302 #

Proposal for a regulation
Article 1 – paragraph 1

Amendment 303 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 1 – paragraph 1

This Regulation sets out rules ensuring effective coordination of economic, budgetary and structural policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth and employment.

Amendment 304 #

Proposal for a regulation
Article 1 – paragraph 1

Amendment 305 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 1 – paragraph 1

Amendment 306 #

Proposal for a regulation
Article 1 – paragraph 1

Amendment 307 #

Proposal for a regulation
Article 1 – paragraph 1

This Regulation sets out rules ensuring effective coordination of economic policies of the Member States and of the European Union as a whole, thereby supporting the achievement of the Union’s objectives for growth and employment.

Amendment 308 #

Proposal for a regulation
Article 1 – paragraph 2

It ~~lays down detailed rules concerning the content, submission, assessment and monitoring of~~provides a framework, with the necessary flexibility, for Member States to present their reference trajectory and correspondent national medium-term fiscal- structural plans as part of multilateral budgetary surveillance by the Council and the Commission so as to promote debt sustainability and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficits, by medium-term planningiming to promote the achievement of the above mentioned goals while guaranteeing public debt sustainability. It lays down rules concerning the content, submission, assessment and monitoring of national medium-term fiscal-structural plans as part of multilateral budgetary to ensure progress towards EU common priorities as defined in Annex VI.

Amendment 309 #

Proposal for a regulation
Article 1 – paragraph 2

It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal-structural plans as part of multilateral budgetary surveillance by the Council and the Commission so as to promote debt sustainability and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficitplans under close democratic scrutiny so as to promote the fulfillment of citizens' essential needs, a high-level of social protection and well-being for all, reduction of inequalities and ecological planification in the Member States, by medium-term planning.

Amendment 310 #

Proposal for a regulation
Article 1 – paragraph 2

It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans, as ~~part of multilateral~~well as on the management of the EU budgets and debt, as part of budgetary surveillance by the Council, the European Parliament and the Commission so as to promote debt sustainability and sustainable and inclusive growth ~~in the Member States and prevent the occurrence of excessive government deficits, by medium-term planning~~to ensure effective and coherent consolidation of the national fiscal policies, in particular in the context of the monetary union.

Amendment 311 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 1 – paragraph 2

It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans in line with the economic, social and sustainability objectives of the EU as part of multilateral budgetary surveillance by the Council and the Commission so as to promote debt sustainability ~~and~~, sustainable and inclusive growth and resilience in the Member States and prevent the occurrence of excessive government deficits, by medium- term planning, while ensuring the necessary investments that bring progress towards EU common priorities, as defined in this article.

Amendment 312 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Article 1 – paragraph 2

It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans as part of multilateral budgetary surveillance by the Council and the Commission ~~so as to promote debt sustainability~~, with involvement of the European Parliament, so as to promote debt sustainability, investments and reforms, common priorities of the Union, and sustainable and inclusive growth and upward social convergence in the Member States and prevent the occurrence of excessive government deficits, by medium- term planning ensuring consistency among the Union, including the euro area.

Amendment 313 #

Proposal for a regulation
Article 1 – paragraph 2

It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans as part of multilateral budgetary surveillance by the Council and the Commission, with involvement of the European Parliament, so as to promote debt sustainability, strategic reforms and investments, and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficits, by medium-term planning.

Amendment 314 #

Proposal for a regulation
Article 1 – paragraph 2 a (new)

The 3% deficit-to-GDP and 60% debt-to- GDP threshold are no longer targets to be reached nor pursued in the framework of the EU economic governance.

Amendment 315 #

Economic growth is not longer an objective of the Union economic governance.

Amendment 316 #

Proposal for a regulation
Article 2 – paragraph 1 – point 1

(1) ~~‘country-specific recommendation’ means the annual guidance by the Council to a Member Stat~~'social and environmental guidelines' means the guidelines issued by the Commission on measures to ensure con ~~economic, budgetary, employment and structural policies in acc~~vergence of the economic, employment, environmental and social perfordmance ~~with Articles 121 and 148 of the Treaty on the Functioning of the European Union (TFEU)~~of the Member States, as set in Article 3 of the present Regulation;

Amendment 317 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 1 – point 2

Amendment 318 #

Paul TANG, Aurore LALUCQ, Joachim SCHUSTER, Pedro SILVA PEREIRA, Evelyn REGNER

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of total tax revenues, interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a);

Amendment 319 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures ~~and other budgetary variables outside the control of the government as set out in Annex II, point (a)~~, expenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on co- financing of programmes funded by the Union, cyclical elements of unemployment benefit expenditure, strategic investments in security and defence, and costs related to the borrowing of funds for the loans related to the national Recovery and Resilience Facility Plans;

Amendment 320 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, national expenditure on co- financing of programmes funded by the Union, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a), and government investment expenditure allocated in line with Article 11(1a) and (1b);

Amendment 321 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of : (a) interest expenditure, (b) discretionary revenue measures ~~and other budgetary variables outsi~~, (c) expenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on investment co-financing of programmes funded by the Union, or aimed at addressing country-specific recommendations, including, where applicable, recommendations issued under the ~~control of the government as set out in Annex II, point (a);~~ Macroeconomic Imbalances Procedure, up to 2% of GDP over the lifetime of their national medium-term fiscal-structural plan, or up to 0.5% of GDP per year; (d) cyclical elements of unemployment benefit expenditure; (e) cost related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility under Regulation (EU) 2021/241. (f) national expenditure incurred in projects related to the loans Recovery and Resilience Facility loans under Regulation (EU) 2021/241.

Amendment 322 #

René REPASI

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures ~~and other budgetary variables outside the control of the government as set out in Annex II, point (a)~~, expenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on co- financing of programmes funded by the Union cap with a limit of 0.5% of GDP, cyclical elements of unemployment benefit expenditure, and costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241;

Amendment 323 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures ~~and other budgetary variables outside the control of the government as set out in Annex II, point (a)~~, expenditure on programmes of the Union fully matched by Union funds revenue, national expenditure on co- financing of programmes funded by the Union capped with a limit of 0.25% of GDP, cyclical elements of unemployment benefit expenditure, and costs related to the borrowing of funds for the loans related to the national Recovery and Resilience Facility Plans;

Amendment 324 #

Erik POULSEN

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘'net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures ~~and other budgetary variables outside the control of the government as set out in Annex II, point (a);~~, expenditure on programmes of the Union fully matched by Union funds revenue and cyclical elements of unemployment benefit expenditure.

Amendment 325 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241, cyclical elements of unemployment benefit expenditure, and other budgetary variables outside the control of the government as set out in Annex II, point (a);

Amendment 326 #

Pascal CANFIN, Gilles BOYER, Stéphanie YON-COURTIN, Valérie HAYER

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, public investments that are growth-enhancing as defined in Annex VIII and other budgetary variables outside the control of the government as set out in Annex II, point (a);

Amendment 327 #

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures and other budgetary variables outside the control of the government as set out in Annex II, point (a). The government expenditure aggregate should be adjusted by averaging the investment expenditure over seven years;

Amendment 328 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means all government expenditure net of interest expenditure, discretionary revenue measures ~~and ot~~cyclical unemployment expenditure and expenditure on EU programmes fully matcherd b~~udgetary variables outside the control of~~y EU funds revenue. Any potential exclusion from the net expenditure definition of certain expenditure on co-financing of programmes funded by the Union and of costs related to the borrowing of funds for the loans related to the national plans in accordance with the gRecover~~nment as set out in Annex II, point (a)~~y and Resilience Facility shall not apply to calculations regarding the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];

Amendment 329 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means, without exception, all government expenditure net of interest expenditure, discretionary revenue measures ~~and other budgetary variables outside the control of the government as set out in Annex II, point (a)~~, cyclical unemployment expenditure and expenditure on EU programmes fully matched by EU funds revenue;

Amendment 330 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means all government expenditure net of interest expenditure, discretionary revenue measures ~~and other budgetary variables outside the control of the government as set out in Annex II, point (a);~~, cyclical unemployment and related social expenditures and expenditure on EU programmes fully matched by EU funds revenue.

Amendment 331 #

Proposal for a regulation
Article 2 – paragraph 1 – point 2

(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures ~~and~~, other budgetary variables outside the control of the government, as ~~set out~~defined in Annex II, point (a);. Costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility shall be included in the calculation of the net expenditure.

Amendment 332 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)

(2a) ‘decoupling investments’ means excluding, when calculating government expenditure, the cost of investments falling under the common priorities of the Union set out in Annex VI and any other priorities identified, on a proposal from the European Commission, by the Council and Parliament;

Amendment 333 #

Proposal for a regulation
Article 2 – paragraph 1 – point 3

(3) ‘technical trajectory’ means the net expenditure trajectory put forward by the Commission to provide guidance to Member States with public debt above the 60% of gross domestic product (GDP) reference value or government deficit above the 3% of GDP reference value when drawing up their national medium- term fiscal-structural plans;deleted

Amendment 334 #

Proposal for a regulation
Article 2 – paragraph 1 – point 3

(3) ‘technical trajectory’ means the net expenditure trajectory put forward by each Member State and subsequently negotiated with the Commission to provide guidance to Member States with public debt above the 60% of gross domestic product (GDP) reference value or government deficit above the 3% of GDP reference value when drawing up their national medium- term fiscal-structural plans;

Amendment 335 #

Proposal for a regulation
Article 2 – paragraph 1 – point 4

~~(4) ‘net expenditure path’ means the multi-annual trajectory for net expenditure of a Member State as set by the Council;~~deleted

Amendment 336 #

Proposal for a regulation
Article 2 – paragraph 1 – point 4

(4) ‘nationally financed net expenditure path’ means the multi-annual trajectory for net expenditure real growth of a Member State as set by the Council;

Amendment 337 #

Proposal for a regulation
Article 2 – paragraph 1 – point 4

(4) ‘net expenditure path’ means the multi-annual trajectory for net expenditure of a Member State as set by the Council; a detailed description of such a trajectory is included in Annex II;

Amendment 338 #

Proposal for a regulation
Article 2 – paragraph 1 – point 4 a (new)

(4 a) 'reference trajectory' means the trajectory for the primary balance each Member State shall present, as set out in Article 5;

Amendment 339 #

Proposal for a regulation
Article 2 – paragraph 1 – point 5

(5) ‘national medium-term fiscal- structural plan’ means the document containing the fiscal, ~~reform~~social convergence, sustainability and investment commitments of a Member State;

Amendment 340 #

Proposal for a regulation
Article 2 – paragraph 1 – point 5

(5) ‘national medium-term fiscal- structural plan’ means the document containing the fiscal, reform, sustainability, social convergence and investment commitments of a Member State;

Amendment 341 #

Proposal for a regulation
Article 2 – paragraph 1 – point 5

(5) ‘national medium-term fiscal- structural plan’ means the document containing the fiscal, structural reform and investment commitments of a Member State;

Amendment 342 #

Proposal for a regulation
Article 2 – paragraph 1 – point 5

(5) ‘national ~~medium-term fiscal- structural~~ plan’ means the document containing the medium term fiscal, reform and investment commitments of a Member State;

Amendment 343 #

Proposal for a regulation
Article 2 – paragraph 1 – point 5 a (new)

(5 a) ‘European medium-term fiscal- structural plan’ means the document containing the Union budgetary commitmments, the evolution of the Union public debt, the guarantees supported by the Union budget, interest expenditure and any liabilities, actual or contingent, of the European Commission;

Amendment 344 #

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the ~~net expenditure path, and of the reforms and investment commitments included~~reference trajectory as well as advancements in achieving social progress and sustainability objectives in its national medium-term fiscal-structural plan;

Amendment 345 #

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path, and of the reforms and investment commitments and advancements in achieving social progress and sustainability objectives included in its national medium-term fiscal-structural plan;

Amendment 346 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path, and of the advancements in achieving the social and sustainable objectives, as well as reforms and investment commitments included in its national medium-term fiscal-structural plan;

Amendment 347 #

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the national medium-term fiscal-structural plan, including the net expenditure path, and of the reforms and investment commitments ~~included in its national medium-term fiscal-structural plan~~;

Amendment 348 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the national medium-term fiscal-structural plan, including the net expenditure path, and ~~of the~~ reforms and investment commitments ~~included in its national medium-term fiscal-structural plan~~;

Amendment 349 #

Proposal for a regulation
Article 2 – paragraph 1 – point 6

(6) ‘national annual progress report’ means the document of a Member State reporting on the implementation of the net expenditure path, and of the reforms and investment commitments included in its national medium-term fiscal-structural plan;

Amendment 350 #

Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)

(6 a) ‘European annual progress report’ means the document of the Commission containing the Union budgetary commitmments, the evolution of the Union public debt, the guaranntees suppoted by the Union budget, interest expenditure, and any liabilities, actual or contingent, of the Commission.

Amendment 351 #

Proposal for a regulation
Article 2 – paragraph 1 – point 7

(7) ‘adjustment period’ means the period of time over which the fiscal adjustment of a Member State takes place, covering a minimum adjustment period ~~of 4 years~~commensurate to the length of the national legislative term and extended by a maximum of 3 years, that corresponds to the planning horizon of the national medium-term fiscal- structural plan ~~and its possible extension~~;

Amendment 352 #

Proposal for a regulation
Article 2 – paragraph 1 – point 7

(7) ‘~~adjustment~~implementation period’ means the period of time over which the fiscal ~~adjustment~~plan of a Member State takes place, covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan and its possible extension;

Amendment 353 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)

(7 a) 'do no significant harm' means not supporting or carrying out economic activities that do significant harm to any environmental objective within the meaning of Article 17 of Regulation (EU)2020/852;

Amendment 354 #

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)

(7 a) ‘planning horizon’ means adjustment period;

Amendment 355 #

Proposal for a regulation
Article 2 – paragraph 1 – point 8

~~(8) ‘control account’ means a record of the cumulated deviations of the actual net expenditure in a Member State from the net expenditure path;~~deleted

Amendment 356 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9

~~(9) ‘structural balance’ means the cyclically adjusted general government balance net of temporary measures;~~deleted

Amendment 357 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9

~~(9) ‘structural balance’ means the cyclically adjusted general government balance net of temporary measures;~~deleted

Amendment 358 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9

(9) ‘structural balance’ means the cyclically adjusted general government balance net of one-off and temporary measures;

Amendment 359 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9 a (new)

(9 a) ‘residual value’ of a public asset is the estimated amount to be currently obtained from disposal of that asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life;

Amendment 360 #

Proposal for a regulation
Article 2 – paragraph 1 – point 9 b (new)

(9 b) ‘useful life’ means the period over which a public asset is expected to be available for use;

Amendment 361 #

Proposal for a regulation
Article 2 – paragraph 1 – point 10

~~(10) ‘structural primary balance’ means the cyclically adjusted general government balance net of temporary measures and net of interest expenditure.~~deleted

Amendment 362 #

Proposal for a regulation
Article 2 – paragraph 1 – point 10

~~(10) ‘structural primary balance’ means the cyclically adjusted general government balance net of temporary measures and net of interest expenditure.~~deleted

Amendment 363 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 2 – paragraph 1 – point 10

(10) ‘structural primary balance’ means the cyclically adjusted general government balance net of one-off, temporary measures and ~~net of~~ interest expenditure.

Amendment 364 #

Proposal for a regulation
Article 2 – paragraph 1 – point 10 a (new)

(10 a) ‘projection period‘ means the adjustment period plus ten years.

Amendment 365 #

Proposal for a regulation
Article 3 – title

The ~~European Semester~~Social and Environmental Guidelines

Amendment 366 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained convergence of the economic, employment, environmental and social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Councilmmission shall issue social and environmental guidelines and evaluate their applicability.

Amendment 367 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained convergence of the economic and social and ecological performance of the Member States, the Council ~~and the~~, Commission ~~shall conduct multilateral surveillance within the European Semester in accordance with the objectives and require~~, and the European Parliaments s~~et out in the TFEU. M~~hall conduct multilateral surveillance ~~shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council~~within the European Semester.

Amendment 368 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained convergence of the economic, and environmental social performance of the Member States and progress towards the achievement of common EU policy priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 369 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic and employment policies and sustaineable upward convergence of the economic and social performance of the Member States in line with Union common priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 370 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained convergence of the economic and social performance of the Member States, the Council, the European Parliament and the Commission shall conduct ~~multilateral~~budgetary surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. ~~Multilateral~~This surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 371 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained convergence of the economic and upward social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 372 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic policies and sustained convergence of the economic ~~and social~~ performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 373 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic and social performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 374 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 3 – paragraph 1

Amendment 375 #

Proposal for a regulation
Article 3 – paragraph 1

Amendment 376 #

Proposal for a regulation
Article 3 – paragraph 1

In order to ensure closer coordination of economic, budgetary and structural policies and sustained convergence of the economic ~~and social~~ performance of the Member States, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.

Amendment 377 #

Proposal for a regulation
Article 3 – paragraph 1 a (new)

The European Semester should favour the collection by Member States and at EU level of additional resources through fair taxation, in particular taxes on the wealthiest and multinational companies, such as taxes on windfall profits; taxes on ecologically harmful products and services; the cancellation of ineffective and unfair tax and social contributions exemptions; the fight against tax dodging and tax evasion of rich individuals and multinational companies.

Amendment 378 #

Proposal for a regulation
Article 3 – paragraph 2 – introductory part

The ~~European Semester shall includ~~guidelines shall detail measures on how to promote:

Amendment 379 #

Proposal for a regulation
Article 3 – paragraph 2 – point a

(a) the ~~formulation, and the surveillance of the implement~~creation, of the broad guidelines for the economic policies of the Member States and of the Union in accordance with Article 121(2) TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro areaquality jobs and traineeships;

Amendment 380 #

Proposal for a regulation
Article 3 – paragraph 2 – point a

(a) the formulation, and the surveillance of the implementation, of the broad guidelines for the economic policies of the Member States and of the Union in accordance with Article 121(2) TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area, including with regard to the achievement of the EU Green Deal;

Amendment 381 #

Proposal for a regulation
Article 3 – paragraph 2 – point a

(a) the formulation, and the surveillance of the implementation, of the broad guidelines for the economic, social and sustainability policies of the Member States and of the Union in accordance with Article 121(2) TFEU and Article 148 TFEU, of country-specific recommendations and of the recommendation on the economic policy of the euro area, including progress toward sustainability objectives;

Amendment 382 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the European Pillar of Social Rights, and of the related country-specific recommenduniversal access to basic public services, such as health, education, housing and transportations;

Amendment 383 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

Amendment 384 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) the formulation, and the surveillance of the implementation, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the surveillance of the implementation of the European Pillar of Social Rights and its headline targets, and of the related country-specific recommendations, related analysis in country reports as well as social convergence reports under the Social Convergence Framework;

Amendment 385 #

Proposal for a regulation
Article 3 – paragraph 2 – point b

(b) the formulation, and the surveillance of the implementation within a social convergence framework, of the employment guidelines that are to be taken into account by Member States in accordance with Article 148(2) TFEU, including the European Pillar of Social Rights, and of the related country-specific recommendations;

Amendment 386 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) the ~~submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, as well as their monitoring via the annual progress reports~~climate goals set in the Paris Agreement and the necessary green energy transition;

Amendment 387 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) the submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, where appropriate, as well as their monitoring via the annual progress reports;

Amendment 388 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) the submission, assessment and endorsement of Member States’ medium- term fiscal-structural plans, where appropriate, as well as their monitoring via the annual progress reports;

Amendment 389 #

Proposal for a regulation
Article 3 – paragraph 2 – point c

(c) the submission, assessment and endorsement of ~~Member States’~~the medium- term fiscal- structural plans, as well as their monitoring via the annual progress reports;

Amendment 390 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 3 – paragraph 2 – point d

(d) ~~the surveillance to prevent and correct macroeconomic imbalances pursuant to Regulation (EU) No 1176/2011;~~a fair tax system, eliminating tax avoidance and evasion practices.

Amendment 391 #

Proposal for a regulation
Article 3 – paragraph 2 – point d a (new)

(d a) the surveillance to detect, prevent and correct challenges identified in the social convergence reports under the Social Convergence Framework;

Amendment 392 #

Proposal for a regulation
Article 3 – paragraph 2 – point d a (new)

(d a) the goals laid out in the European Pillar of Social Rights.

Amendment 393 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

~~(e) other multilateral surveillance procedures established by the European Parliament and the Council pursuant to Article 121(6) TFEU.~~deleted

Amendment 394 #

Proposal for a regulation
Article 3 – paragraph 2 – point e

~~(e) other multilateral surveillance procedures established by the European Parliament and the Council pursuant to Article 121(6) TFEU.~~deleted

Amendment 395 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 3 – paragraph 2 – point e

(e) other multilateral surveillance procedures established by the European Parliament and the Council pursuant to Article 121(6) TFEU and Article 148 TFEU.

Amendment 396 #

Proposal for a regulation
Article 3 – paragraph 2 – point e a (new)

(e a) the formulation and the surveillance of the implementation recommendations on the common priorities listed in Article 12(1), point (ba), in particular past and current investments and each member states investment gaps associated to those priorities.

Amendment 397 #

Niels FUGLSANG

(e a) the assessment of Member States' progress regarding the their individual reduction of greenhouse gas emission in accordance with the European Green Deal.

Amendment 398 #

Proposal for a regulation
Article 3 – paragraph 2 a (new)

The Commission shall make public and submit to the European Parliament the reports pursuant to Article 121(3) TFEU submitted to the Council on monitoring economic developments in each of the Member States and in the Union, and include in these reports: (a) a list of country-specific recommendations for each Member State; (b) the state of implementation of already issued country-specific recommendations for each Member State; (c) recommendations to issue further country-specific recommendations to the Council in case of unsatisfactory implementation of the country-specific recommendations for each Member State; (d) further quantifiable targets that constitute a satisfactory implementation of the country-specific recommendations for each Member State.

Amendment 399 #

Proposal for a regulation
Article 3 – paragraph 2 a (new)

Member States shall incorporate the following EU policy objectives into the design, implementation and evaluation of their national budgetary frameworks: (a) combating climate change; (b) halting and reversing the decline of biodiversity; (c) promoting equality between women and men as well as rights and equal opportunities for all; (d) promoting the digital transition; (e) implementing the United Nations Sustainable Development Goals.

Amendment 400 #

Proposal for a regulation
Article 3 – paragraph 2 b (new)

As part of the European Semester, Member states shall set targets in line with national and EU legal requirements related to the policy objectives under paragraph 1a and report on the performance of their national budgetary frameworks towards these targets. Such reporting shall entail the identification of relevant expenditure and revenue items and rely on output, results and impact indicators. Indicators shall be duly aligned with the ‘do no significant harm’ principle in the meaning of Article 13(2) (iiia) and (iiib) and ‘digital by default’ principle.

Amendment 401 #

Proposal for a regulation
Article 3 – paragraph 2 b (new)

Pursuant to Article 121(6) TFEU, the Commission shall, where appropriate, submit to the European Parliament and the Council a legislative proposal on a comprehensive sanctioning mechanism in case of unsatisfactory implementation of country-specific recommendations by the Member States.

Amendment 402 #

Proposal for a regulation
Article 3 – paragraph 2 c (new)

The Commission shall be empowered to adopt delegated acts pursuant to Article 33 at least every 3 years to specify the indicators for tracking the performance of national budgets towards these EU policy objectives.

Amendment 403 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR, Aurore LALUCQ

Proposal for a regulation
Article 3 a (new)

Article3a Launching the European Semester 1. The European Semester is launched by a decision of the European Parliament and Council, on a proposal by the Commission, based on Article 121(6) of the Treaty on the Functioning of the European Union adopted in accordance with the ordinary legislative procedure. 2. Following the adoption of the decision pursuant to paragraph 1, the European Commission shall adopt a communication on the Annual Sustainability Growth Survey taking due account of the decision referred to in paragraph 1. 3. When drafting the recommendations for the draft broad guidelines of the economic policies of the Member States and the Union pursuant to Article 121(2) of the Treaty on the Functioning of the European Union and when drafting the proposal for the guidelines for employment pursuant to Article 148(2) of the Treaty on the Functioning of the European Union the European Commission shall take due account of Annual Sustainability Growth Survey referred to in paragraph 2.

Amendment 404 #

Proposal for a regulation
Article 4

1. Where necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the socio- economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU and related secondary legislation. 2. Member States shall take due account of the broad guidelines for the economic policies of the Member States, of the employment guidelines and of the recommendations referred to in Article 3, second paragraph, points (a) and (b) before taking key decisions in the development of their economic, employment and budgetary policies. Progress shall be monitored by the Commission. 3. Failure by a Member State to act upon the guidance received may result in: (a) further country-specific recommendations; (b) a warning by the Commission or a recommendation by the Council pursuant to Article 121(4) TFEU; (c) measures under this Regulation, Council Regulation (EC) No 1467/9731 or Regulation (EU) No 1176/2011. _________________ 31 Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (OJ L 209, 2.8.1997, p. 6).Article 4 deleted Implementation of the European Semester

Amendment 405 #

Proposal for a regulation
Article 4 – paragraph 1

1. Where necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the ~~socio-~~ economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU and related secondary legislation.

Amendment 406 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 4 – paragraph 1

1. Whenevere necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the socio- economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU and related relevant secondary legislation.

Amendment 407 #

Proposal for a regulation
Article 4 – paragraph 1

Amendment 408 #

Proposal for a regulation
Article 4 – paragraph 1

Amendment 409 #

Proposal for a regulation
Article 4 – paragraph 1

Amendment 410 #

Proposal for a regulation
Article 4 – paragraph 2

2. Member States shall take due account of the ~~broad guidelines for the economic policies of the Member States, of~~guidance addressed to them in the ~~emp~~develoypment ~~guidelines and of the recommendations referred to in Article 3, second paragraph, points (a) and (b) before taking key decisions in the development of their economic, employment and budgetary policies~~of their economic, employment and budgetary policies before taking key decisions on their national budgets for the succeeding years . Progress shall be monitored by the Commission.

Amendment 411 #

Proposal for a regulation
Article 4 – paragraph 2

2. Member States shall take due account of the broad guidelines for the economic policies of the Member States, of the employment guidelines and of the recommendations referred to in Article 3, second paragraph, points (a) and (b) before taking key decisions in the development of their economic, employment, sustainability and budgetary policies. Progress shall be monitored by the Commission.

Amendment 412 #

Proposal for a regulation
Article 4 – paragraph 3 – introductory part

3. Failure by a Member State to act upon the guidance received ~~may~~pursuant to Article 3(2), points (a) and (b) shall result, in line with the applicable Treaty provisions, in at least one of the following:

Amendment 413 #

Proposal for a regulation
Article 4 – paragraph 3 – point b

(b) ~~a warning by the Commission or~~ a recommendation by the Council pursuant to Article 121(4) TFEU;

Amendment 414 #

Proposal for a regulation
Article 4 – paragraph 3 – point b a (new)

(b a) a recommendation by the Council pursuant to Article 9 or Article 148 TFEU, the implementation of the principles of the European Pillar of Social Rights, or reflecting the outcomes of the Social Convergence Framework;

Amendment 415 #

Proposal for a regulation
Article 4 – paragraph 3 – point b a (new)

(b a) a recommendation by the Council based on a proposal by the Commission pursuant to Article 148(4) TFEU or reflecting the outcomes of the Social Convergence Framework;

Amendment 416 #

Proposal for a regulation
Article 4 – paragraph 3 – point b a (new)

(b a) a warning by the Commission or a recommendation by the Council in accordance with Article 148 TFEU;

Amendment 417 #

Proposal for a regulation
Article 4 – paragraph 3 – point c a (new)

(c a) a public statement by the Council specifying the reasons for a Member State's failure to act upon the guidance received as well as the measures the Council aims to take to remedy the Member State's failure.

Amendment 418 #

Proposal for a regulation
Chapter III – title

III THE ~~TECHNICAL~~REFERENCE TRAJECTORY

Amendment 419 #

Proposal for a regulation
Article 5 – title

~~Technical t~~Reference Trajectory

Amendment 420 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 5 – paragraph 1

~~For e~~1. Each Member State shaving a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustmentll present a reference trajectory for the primary balance net of the expenditures related to: (a) productive public investment to achieve its common priorities as set out in Annex VI and the specific goals as set out in paragraph 2; (b) expenditure deemed as urgent to achieve the climate goals set on the Paris Agreement. 2. Such trajectory shall guarantee that the following goals are achieved: (a) full-employment; (b) the goals set in the Paris Agreement; (c) access to basic public services, including health, social care, housing and education; d) the goals set in the European Pillar of Social Rights; (e) a sustainable level of public debt and of peri~~od of 4 years of the national medium-term fiscal-structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public~~mary deficit. 3. The Member State shall complement the presentation of the primary balance trajectory with a broader set of macroeconomic targets to achieve and the corresponding budgetary plan, including the expected revenues, expenditures, and public debt-to-GDP ratio. 4. The Member State shall make public its analysis of plausibility for debt sustainability and the underlying data, models and assumptions used. Such analysis shall encompass the non- exhaustive list of factors laid down on Annex V.

Amendment 421 #

~~For each~~1. If a Member State ha~~ving~~s a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, th~~e Commission~~at Member State shall put forward~~, in a report to the Economic and Financial Committee,~~ to the Commission, after conducting with it the technical dialogue referred to in Article 10, a proposal for a technical trajectory for net expenditure covering a minimum adjustment period of 46 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 34 years pursuant to Article 13. ~~The Commission shall make the report public~~2. Based on the proposal, the Commission shall set out, in agreement with the Member State and by means of the technical dialogue referred to in Article 10, the technical trajectory and publish the report, without prejudice to the provisions of paragraphs 3 and 4 of this article. 3. The Commission shall forward the report to the Member State before it is published. 4. Before publication, the Commission shall also submit the report to Parliament.

Amendment 422 #

Proposal for a regulation
Article 5 – paragraph 1

For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditurethe Commission, the European Parliament and the Council, shall put forward minimum, country-specific targets for a set of selected indicators on: (a) monetary poverty, inequalities, employment and skills, healthy life expectancy, access to healthcare, education, food, housing; (b) GHG emissions, energy and material resources demand, energy efficiency, transition to renewable energy, environmental protection and biodiversity. The report cover~~ing~~s a minimum adjustment period of 4 years of the national medium- term ~~fiscal-structural~~ plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public.

Amendment 423 #

Proposal for a regulation
Article 5 – paragraph 1

Amendment 424 #

Proposal for a regulation
Article 5 – paragraph 1

For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan~~, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public~~. The technical trajectory shall be set in levels of net expenditure based on the methodology or model of calculation, which is publicly available. The Commission shall make the report public. At the same time as the publication of the report, the Commission shall also make all data, assumptions and calculations underlying the technical trajectory for any Member State public in a way that allows for replication.

Amendment 425 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 5 – paragraph 1

For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission, acting on its own authority and judgment, shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan~~, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the rep~~. The technical trajectory shall be set in levels of net expenditure. The Commission shall make the report public. At the same time as the publication of the report, the Commission shall also make all data, assumptions and calculations underlying the technical trajectorty public in a way that allows for replication.

Amendment 426 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 5 – paragraph 1

Amendment 427 #

Proposal for a regulation
Article 5 – paragraph 1

For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure after the submission of a proposal by the Member State and the dialogue in accordance with the procedure referred to in Article 7. The technical trajectory for net expenditure shall cover~~ing~~ a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public.

Amendment 428 #

Proposal for a regulation
Article 5 – paragraph 1

Amendment 429 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 5 – paragraph 1

Amendment 430 #

Proposal for a regulation
Article 5 – paragraph 1

Amendment 431 #

Proposal for a regulation
Article 5 – paragraph 1

For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, having consulted relevant social partners, a technical trajectory for net expenditure covering a minimum adjustment period of 4 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 3 years pursuant to Article 13. The Commission shall make the report public.

Amendment 432 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 5 – paragraph 1 a (new)

Based on an assessment of the Economic and Financial Committee, the Council shall, within the framework of multilateral surveillance under Article 121 TFEU, examine draft technical trajectories published by the Commission and assess whether the economic assumptions on which draft technical trajectories are based are plausible, and whether the fiscal adjustment effort is appropriate in order to promote the debt sustainability. The Council, on a recommendation from the Commission and after consulting the Economic and Financial Committee, shall adopt/endorse the draft technical trajectories. Expenditure paths adopted/endorsed by the Ecofin should become the basis for the EU fiscal surveillance and enforcement should there be no agreement on a medium-term fiscal- structural plan of a Member State.

Amendment 433 #

Proposal for a regulation
Article 5 – paragraph 1 a (new)

To aid the preparation of the report, the European Commission may consult the relevant Member State and national independent fiscal institution on the proposed technical trajectory. The report mentioned in paragraph 1 shall also be referred to the European Parliament. The European Parliament is entitled to organise a hearing or conduct a written consultation with the relevant Commissioner in order to gather additional information on the proposed technical trajectory in the two weeks following the submission of the report.

Amendment 434 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 6

Requirements for the technical trajectory The technical trajectory shall ensure that: (a) the public debt ratio is put or remains on a plausibly downward path, or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value; (c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period; (d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and (e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan. The technical trajectories shall be differentiated for each Member State. The criteria for setting the technical trajectories are set out in Annex I.Article 6 deleted

Amendment 435 #

Proposal for a regulation
Article 6

Amendment 436 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) by the ~~public~~end of the adjustment period, at the latest, the 10-year debt tra~~tio is put or remain~~jectory in the absence of further budgetary measures is on a plausibly downward path, or, in the Member States with debt levels below 60% of GDP, it stays at prudent levels, i.e. below 60% of GDP;

Amendment 437 #

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) by the ~~public~~end of the adjustment period, at the latest, the 10-year debt tra~~tio is put or remain~~jectory in the absence of further budgetary measures is on a plausibly downward path, or ~~stays at pru~~, in the Member States with denbt levels below 60% of GDP, it stays below 60% of GDP;

Amendment 438 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) ~~the public debt ratio is put or remains on a plausibly downward path, or stays at pru~~by the end of the adjustment period, the public debt ratio is put on an effective downward path, or in the Member States with denbt levels below 60% of GDP, it stays below that level;

Amendment 439 #

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) by the ~~public~~end of the adjustment period, at the latest, the 10-year debt tra~~tio is put or remains on a plausibly downward path,~~jectory in the absence of further budgetary measures is on a plausibly downward path, leading to sustainable debt reduction or stays at prudent levels;

Amendment 440 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) ~~the public~~by the end of the adjustment period, at the latest, the 10-year debt tra~~tio is put or remain~~jectory in the absence of further budgetary measures is on a plausibly downward path, or stays at prudent levels;

Amendment 441 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) the public debt ratio is put or remains on a plausibly downward path towards 60% of GDP, or stays at prudent levels, i.e. below 60% of GDP;

Amendment 442 #

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) the public debt ratio is put or remains on a ~~plausibly downward~~n economically and socially sustainable path, or stays at prudent levels;

Amendment 443 #

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) at the end of the adjustment period, the public debt ratio is put or remains on a plausibly downward path, or ~~stays at prudent~~on sustainable levels;

Amendment 444 #

(a) at the end of the adjustment period, the public debt ratio is put or remains on a plausibly downward path, or stays at prudent levels;

Amendment 445 #

Proposal for a regulation
Article 6 – paragraph 1 – point a

(a) the public debt ratio is put or remains on a plausibly and sustainable downward path, or stays at prudent levels;

Amendment 446 #

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) the government deficit is maintained or brought and maintained sufficiently below ~~the~~ 3% of GDP ~~reference valu~~in the absence of further budgetary measures over the same 10-year period, in order to create a buffer to the 3% reference value that allows to cover for unforeseen costs as well as fluctuations in interest expenditure. The size of the buffer must reflect the financial and fiscal risks of a Member State;

Amendment 447 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) the government deficit is maintained or brought and maintained below ~~the 3% of GDP reference value~~2% of GDP in the absence of further budgetary measures over the same 10-year period, which would create a buffer to the 3% reference value that allows to cover for unforeseen costs and fluctuations in interest expenditure, while striving for a balanced budget;

Amendment 448 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) the government deficit is maintained or brought and maintained well below the 3% of GDP reference value;

Amendment 449 #

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period;

Amendment 450 #

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) at the end of the adjustment period, the government deficit is brought ~~and maintained~~ below the 3% of GDP reference value or is put on a plausibly downward path towards the reference value;

Amendment 451 #

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) at the end of the adjustment period, the government deficit is brought and ~~maintained below the 3% of GDP reference value~~or remains on a plausibly downward path;

Amendment 452 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 6 – paragraph 1 – point b

(b) the government deficit is brought and maintained below, on average, the 3% of GDP reference value;

Amendment 453 #

Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)

(b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the deficit is not close to reference value and is not temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];

Amendment 454 #

Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)

(b a) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm];

Amendment 455 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point b a (new)

Amendment 456 #

Proposal for a regulation
Article 6 – paragraph 1 – point c

~~(c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 457 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 1 – point c

~~(c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 458 #

Proposal for a regulation
Article 6 – paragraph 1 – point c

Amendment 459 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 6 – paragraph 1 – point c

~~(c) the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 460 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) the fiscal adjustment effort over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period; If a Member State plans to implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12, that year will be exempted from this rule, meaning that the year will be taken out of the proportionality calculations;

Amendment 461 #

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) the fiscal adjustment effort is linear over the period of the national medium- term fiscal- structural plan isand at least proportional to ~~the~~ total effort over the entire adjustment period;. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

Amendment 462 #

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) the fiscal adjustment effort over the ~~period~~first four years of the national medium- term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;

Amendment 463 #

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) the ~~fiscal~~ adjustment effort ~~over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entir~~is not postponed towards the final years of the adjustment period;

Amendment 464 #

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) the fiscal adjustment effort over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period; in cases where it is not proportional, detailed plans for compensation of lower than proportional effort should be presented by the member state, in line with Article 11(2);

Amendment 465 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) the adjustment effort is not postponed towards the final years of the adjustment period, that is to say the fiscal adjustment effort over the period of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;

Amendment 466 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point c

Amendment 467 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

~~(d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; an~~deleted

Amendment 468 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

~~(d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; an~~deleted

Amendment 469 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

~~(d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; an~~deleted

Amendment 470 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

~~(d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; an~~deleted

Amendment 471 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio ~~at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and~~is reduced by at least [0,1] p.p of debt to GDP on average over the adjustment period plus 10 years.

Amendment 472 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio ~~at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and~~is reduced by at least 20% of GDP real growth over the adjustment period plus 10 years.

Amendment 473 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ~~ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory~~is reduced annually by 25% of national growth; and

Amendment 474 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio at the end of the planning horizon ~~is below the public debt ratio in the year before the start of the technical trajectory~~stabilises over the adjustment period; and

Amendment 475 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio ~~at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and~~ is reduced by at least 1% of GDP per year on average over the adjustment period until below 60% of GDP; for Member States with debt ratios above 60 % of GDP, the public debt ratio must decline by at least [x] percentage points per year of the national medium-term fiscal-structural plan for Member States with high debt challenge, and by at least [x] percentage points per year for Member States with medium debt challenge. The influence of the cycle on the pace of debt reduction shall be taken into account; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

Amendment 476 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) ~~the public debt ratio at the end of the planning horizon is below~~For countries with deficit level in excess of the reference value, the deviation from public debt ratio where the reference value of 60% at the end of the planning horizon is significantly smaller than the deviation of the public debt ratio in the year before the start of the technical trajectory; and

Amendment 477 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) ~~the public debt ratio at the end of the planning horizon is below~~in countries with the public debt ratio above 60% of GDP in the year before the start of the technical trajectory the public debt ratio at the end of the planning horizon is lower; and

Amendment 478 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory; and

Amendment 479 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory; and

Amendment 480 #

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio at the end of the planning horizon is considerably below the public debt ratio in the year before the start of the technical trajectory; and

Amendment 481 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 6 – paragraph 1 – point d

(d) the public debt ratio at the end of the planning horizon is well below the public debt ratio in the year before the start of the technical trajectory; and

Amendment 482 #

Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)

(d a) the public debt ratio is reduced by at least 0,5% of GDP per year on average over the adjustment period, if the GDP growth is between 0% and 2% per year;

Amendment 483 #

Paul TANG, Aurore LALUCQ, Joachim SCHUSTER, Pedro SILVA PEREIRA, Evelyn REGNER

Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)

(d a) the plan has sufficient investments in climate change mitigation and climate change adaptation;

Amendment 484 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 6 – paragraph 1 – point d b (new)

(d b) the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period, if the GDP growth is at least at 2% of per year;

Amendment 485 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)

(d a) the public debt ratio is reduced by at least 1.5% of GDP per year on average over the adjustment period;

Amendment 486 #

Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)

(d a) the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period;

Amendment 487 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 1 – point d b (new)

(d b) the projected debt reduction ten years after the adjustment period is at least [X]% of the excess of the public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;

Amendment 488 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point d b (new)

Amendment 489 #

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 490 #

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 491 #

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 492 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 493 #

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 494 #

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 495 #

Paul TANG, Aurore LALUCQ, Joachim SCHUSTER, Pedro SILVA PEREIRA, Evelyn REGNER

Proposal for a regulation
Article 6 – paragraph 1 – point e

~~(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~deleted

Amendment 496 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Article 6 – paragraph 1 – point e

(e) national net expenditure growth ~~remains below medium-term output growth, on average, as a rule over the horizon of the plan.~~ shall not exceed potential output growth in any year of the period of the national medium-term fiscal-structural plan. For Member States with substantial public debt challenges and high debt, the minimum difference between net expenditure growth and potential growth is set at 1 percentage point as long as the structural balance remains below [X] percent of GDP;

Amendment 497 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 1 – point e

(e) national net expenditure growth remains below medium-term output growth, on average, as a rule over the horizon of the plan. The growth of net expenditure in relation to medium-term output growth will be commensurate to public debt challenges;

Amendment 498 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 6 – paragraph 1 – point e a (new)

(e a) the government has a fiscal buffer equivalent to X% of the adjustment effort over the adjustment period for the purpose of unforeseeable budgetary measures.

Amendment 499 #

Erik POULSEN

Proposal for a regulation
Article 6 – paragraph 1 – point e a (new)

(e a) the fiscal adjustment necessary to put or keep public debt ratio on a plausibly declining path with debt reductions of 1-1.5% of GDP annually on average over the 4 years following the adjustment period, depending on debt levels and sustainability and the business cycle.

Amendment 500 #

Proposal for a regulation
Article 6 – paragraph 1 – point e a (new)

(ea) the measures contained in the national medium-term fiscal-structural plan are adequate to support strategic public investment in order to reduce the public debt ratio through growth;

Amendment 501 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 1 – point e a (new)

(ea) the measures contained in the national medium-term fiscal-structural plan are capable of ensuring the Member State’s growth and are therefore adequate to support strategic public investment;

Amendment 502 #

Proposal for a regulation
Article 6 – paragraph 1 – point e b (new)

(eb) in the event that medium-term output growth stagnates or declines, the downward path for the public debt ratio is suspended and the fiscal adjustment effort over the period of the national medium- term fiscal-structural plan is revised accordingly;

Amendment 503 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 6 – paragraph 1 a (new)

By way of derogation, point (d) of paragraph 1 shall not apply in the first two years after the entry into force of this Regulation, and in the two years following the expiry of the Council recommendation referred to in Articles 24 and 25.

Amendment 504 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 6 – paragraph 1 a (new)

If a Member States deficit is above 3% while the public debt is below the 60% of GDP reference value, the rules in Article 6(1), points (c) and (d), shall not apply.

Amendment 505 #

Proposal for a regulation
Article 6 – paragraph 1 a (new)

Points (da) and (db) shall not apply if there is a negative GDP growth per year on average over the adjustment period.

Amendment 506 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 6 – paragraph 2

The technical trajectories ~~shall be differentiated for each Member State. The criteria for setting the technical trajectories~~of the Member States shall be agre ~~set out in Annex I~~ed with them.

Amendment 507 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 6 – paragraph 2

~~The technical trajectories shall be differentiated for each Member State.~~ The criteria for setting the technical trajectories of each Member State are set out in Annex I.

Amendment 508 #

Proposal for a regulation
Article 6 – paragraph 2

The technical trajectories shall be differentiated for each Member State. ~~The criteria for setting the technical trajectories are set out in Annex I.~~

Amendment 509 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Erik POULSEN, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 6 – paragraph 2 a (new)

Public debt issued in the form of European Green Bonds according to [the Green Bonds Regulation] shall not be counted in the calculation of the public debt ratio for the purpose of paragraph 1, point (d).

Amendment 510 #

Proposal for a regulation
Article 6 a (new)

Article6a Requirements for setting the technical trajectory When designing the technical trajectory for each Member State, the Commission shall ensure that: (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a credibly downward path or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period; (c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm]; (d) the public debt ratio stabilises over the adjustment period and is reduced over the projection period. The Commission will set out the minimum annual average adjustment figure for each Member State within a range of [x] p.p of debt to GDP and [y] p.p of debt to GDP, depending on that Member State's debt levels and sustainability and the business cycle, for the whole projection period. The technical trajectories shall be differentiated for each Member State.

Amendment 511 #

Proposal for a regulation
Article 7 – title

~~Prior guidance~~Remarks by the Commission

Amendment 512 #

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. ~~By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-~~The Commission may bilaterally provide remarks on possibly betterm fiscal~~-structural plans or, as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:~~ options to achieve the macroeconomic targets chosen by the Member State on the reference trajectory.

Amendment 513 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. By [1 ~~March~~February] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or, as appropriate, ~~within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish~~the Commission shall provide the following information to each Member State:

Amendment 514 #

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or by [1 March] of the final year covered by the ongoing medium-term fiscal-structural plan or, as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:

Amendment 515 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or, by [1 March] of the last year covered by the ongoing medium-term fiscal-structural plan or as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:

Amendment 516 #

Proposal for a regulation
Article 7 – paragraph 1 – introductory part

1. By ~~[1 March]~~the end of November of the previous year of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or, as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:

Amendment 517 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 7 – paragraph 1 – point a

~~(a) the underlying medium-term public debt projection framework and results;~~deleted

Amendment 518 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) ~~the underlying medium-term public debt p~~its macrojec~~tion framework and result~~onomic forecast and assumptions;

Amendment 519 #

Caroline NAGTEGAAL, Engin EROGLU, Nicola BEER, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) the underlying medium-term public debt projection framework and results; based on a specific methodology and results; it shall make all data, calculations and assumptions public that are necessary for a replication of the results;

Amendment 520 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) the underlying medium-term public debt projection framework, based on the debt sustainability analysis methodology, and results;

Amendment 521 #

Proposal for a regulation
Article 7 – paragraph 1 – point a

(a) the country-specific underlying medium-term public debt projection framework and results;

Amendment 522 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 7 – paragraph 1 – point b

~~(b) its macroeconomic forecast and assumptions;~~deleted

Amendment 523 #

Proposal for a regulation
Article 7 – paragraph 1 – point b

(b) ~~its mac~~underlying medium-term public debt projec~~onomic forecast and assumption~~tion framework and results;

Amendment 524 #

Proposal for a regulation
Article 7 – paragraph 1 – point b

(b) its macroeconomic forecast and assumptions, including social and sustainability challenges;

Amendment 525 #

Proposal for a regulation
Article 7 – paragraph 1 – point b

(b) its country-specific macroeconomic forecast and assumptions;

Amendment 526 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 7 – paragraph 1 – point c

~~(c) the technical trajectory, if required under Article 5, and the corresponding structural primary balance.~~deleted

Amendment 527 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

~~(c) the technical trajectory, if required under Article 5, and the corresponding structural primary balance.~~deleted

Amendment 528 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

~~(c) the technical trajectory, if required under Article 5, and the corresponding structural primary balance.~~deleted

Amendment 529 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

~~(c) the technical trajectory, if required under Article 5, and the corresponding structural primary balance.~~deleted

Amendment 530 #

Proposal for a regulation
Article 7 – paragraph 1 – point c

Amendment 531 #

Proposal for a regulation
Article 7 – paragraph 1 a (new)

1a. By [1 March] of the year referred to in paragraph 1, each Member State shall submit its proposal for a technical trajectory to the Commission. That proposal shall take into account the information referred to in paragraph 1. Following the submission of a proposal, the Commission and the Member State shall engage in a dialogue with a view to ensuring that the proposed technical trajectory complies with Articles 5 and 6. The Commission shall provide the technical trajectories to the Council and the European Parliament, including the proposed trajectories put forward by the Member States, data, assumptions and calculations underlying the trajectories in a way that allows for reproduction.

Amendment 532 #

Proposal for a regulation
Article 7 – paragraph 1 a (new)

1 a. By [1 February] of the year [xxxx], the Commission shall prepare its medium- term fiscal-structural plan which shall include: (a) the underlying framework for forecasting EU public debt and any liabilities, actual or contingent, over the medium term and the outturn; (b) its macroeconomic forecasts and assumptions for the EU economy and an assessment of the fiscal stance of the euro area for the current and future years; (c) developments in interest payments.

Amendment 533 #

Proposal for a regulation
Article 7 – paragraph 1 a (new)

1 a. The Commission shall provide the reference trajectories and the information referred to in paragraph 1 to the Council and the European Parliament, after the submission of the national plans, including the proposed trajectories put forward by the Member States, data, assumptions and calculations underlying the trajectories in a way that allows for replication.

Amendment 534 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA

Proposal for a regulation
Article 7 – paragraph 1 b (new)

1 b. Following the negotiations, in case of no agreement between the Member State and the Commission on the reference trajectory, the Council may recommend the Member State concerned that the technical trajectory proposed by the Commission be the net expenditure path of the Member State or request a new proposal.

Amendment 535 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 7 – paragraph 1 c (new)

1 c. In case a Member State does not submit its proposal for a reference trajectory by [1 March] of the same year referred to in paragraph 1, the Commission shall put forward a reference trajectory meeting the requirements set out in Article 6 in its own motion.

Amendment 536 #

Proposal for a regulation
Article 7 – paragraph 2

Amendment 537 #

Proposal for a regulation
Article 7 – paragraph 2

2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information ~~regarding the structural primary balance~~ necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without ~~any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan~~compromising the need to fill the investment gaps for the Member State concerned to achieve the common priorities as set out in Article 1.

Amendment 538 #

Billy KELLEHER, Caroline NAGTEGAAL, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 7 – paragraph 2

2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan. Moreover, for Member States in the monetary union, the technical information shall internalise the effects of national fiscal policies on the euro area as a whole, incorporating additional recommendations, which, while consistent with the deficit and the public debt targets of the Member State, contribute to achieve a Union fiscal stance consistent with the economic cycle.

Amendment 539 #

Proposal for a regulation
Article 7 – paragraph 2

Amendment 540 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 7 – paragraph 2

2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan while taking into account the investment needs of those Member States to deliver on the common European priorities listed in Article 12, point (ba).

Amendment 541 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 7 – paragraph 3

~~3. The Commission shall update the technical trajectories and the quantitative guidance at least once every 4 years in time for the submission of the next cycle of medium-term fiscal-structural plans.~~deleted

Amendment 542 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 7 – paragraph 3

Amendment 543 #

Proposal for a regulation
Article 7 – paragraph 3

3. The Commission shall update the technical trajectories and the quantitative guidance ~~at least once every 4 years~~for every Member State as referred to in Article 5(1) in time for the submission of the next cycle of medium- term fiscal-structural plans.

Amendment 544 #

Proposal for a regulation
Article 7 – paragraph 3

3. ~~The Commission~~Each Member State shall update the technical trajectories and the quantitative guidance at least once every 4 years in time for the submission of the next cycle of medium-term fiscal-structural plans.

Amendment 545 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 7 – paragraph 3

3. The Commission shall update the technical trajectories and the quantitative guidance ~~at least once every 4 years in time~~ in any case before the submission of the next ~~cycle of~~ medium-term fiscal- structural plans.

Amendment 546 #

Proposal for a regulation
Article 7 – paragraph 3 a (new)

3a. In the event of periods of severe economic crisis for the euro area or for the whole Union, or of exceptional events beyond the control of the Member State having a strong impact on its financial position, the Commission shall revise and, where necessary, promptly update, in consultation with the Member States, the technical trajectories and quantitative guidance of the medium-term fiscal- structural plans of the Member States concerned.

Amendment 547 #

Proposal for a regulation
Article 7 a (new)

Article7a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address, among others: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12, in particular, whether the draft plan ensures the delivery of investment and reforms referred to in point (b); (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.

Amendment 548 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 8

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use the methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.Article 8 deleted Assessment of plausibility

Amendment 549 #

Proposal for a regulation
Article 8 – title

Assessment of plausibility and economic and social sustainability

Amendment 550 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 8 – title

Assessment of plausibility and debt sustainability analysis

Amendment 551 #

Proposal for a regulation
Article 8 – title

Assessment of plausibility and debt sustainability

Amendment 552 #

Proposal for a regulation
Article 8 – title

Assessment of plausibility and debt sustainability

Amendment 553 #

Billy KELLEHER, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or ~~remains at a prudent level, t~~at sustainable levels, the Commission shall use a debt sustainability analysis (DSA) applying deterministic scenarios and stochastic analyses on relevant risks. The Commission shall ~~use the~~in its methodology ~~referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data~~: (a) consider relevant factors including the future evolution of sustainable growth, interest rates, the level of inflation, liquidity risks, the composition of the public debt stock; (b) assess the impact of reforms and investments underpinning the national medium-term fiscal-structural plans on debt sustainability duly accounting for the size of fiscal multipliers; (c) determine the existence of contingent liabilities and climate-related fiscal risks and the positive impact of climate mitigation and adaptation expenditure on the debt ratio under medium- and long- term projections; (d) use inputs to growth estimations aligned with full capacity utilisation in the labour market.

Amendment 554 #

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use ~~the methodology referred to in Annex V~~a methodology based on the following conditions: (i) public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework described in the Debt Sustainability Monitor 2022; (ii) the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium-term fiscal-structural plan is sufficiently low. The risk is assessed with the help of the Commission’s stochastic analysis. The Commission shall adopt a delegated act defining the methodology to be used for assessing plausibility, in accordance with the provisions of Article 33. The Commission shall make public its analysis of plausibility and the underlying data.

Amendment 555 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility and sustainability that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use ~~the~~a methodology ~~referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.~~ based on the following conditions: (a) public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework based on the debt sustainability analysis methodology; (b) the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium-term fiscal-structural plan is sufficiently low, according to the Commission's analysis.

Amendment 556 #

Jonás FERNÁNDEZ, Irene TINAGLI

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use ~~the~~a methodology ~~referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data~~based on the following conditions: (a) public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework based on the debt sustainability analysis methodology; (b) the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium-term fiscal-structural plan is sufficiently low, according to the Commission's analysis.

Amendment 557 #

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, and consistent, in the case of the Member States in the monetary union, with the achievement of a fiscal stance in line with the cyclical situation of the economy, the Commission shall use the methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.

Amendment 558 #

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward sustainable path or remains at a prudent level, the Commission shall use the methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.

Amendment 559 #

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use ~~the~~a common methodology ~~referred to in Annex V~~agreed by the Member States. The Commission shall make public its analysis of plausibility and the underlying data.

Amendment 560 #

Proposal for a regulation
Article 8 – paragraph 1

To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use the commonly agreed methodology referred to in Annex V. The Commission shall make public its analysis of plausibility and the underlying data.

Amendment 561 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 8 – paragraph 1 a (new)

For the purpose of the delegated act on debt sustainability analysis, the Commission shall identify the relevant factors to assess the sustainability of debt, taking into consideration, in particular the future evolution of sustainable growth, interest rates, the level of inflation, liquidity risks, the structure of the debt, contingent liabilities, the potential growth impact of the reforms and investments underpinning the implemented national medium-term fiscal-structural plans, as well as social convergence risks and climate risks.

Amendment 562 #

Proposal for a regulation
Article 8 – paragraph 1 a (new)

The Commission shall also assess the economic and social sustainability of the public debt ratio trajectory according to the methodology set out in Annex Va. The Commission shall make public its analysis of the economic and social sustainability and the underlying data.

Amendment 563 #

Proposal for a regulation
Article 8 – paragraph 1 a (new)

The Commission shall be supported by a new dedicated DSA working group composed of experts appointed by the Member States, the European Parliament, the Commission, and the European Fiscal Board.

Amendment 564 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 8 – paragraph 1 a (new)

The Commission shall inform the Council and the European Parliament of its analysis of plausibility and the underlying data, subject to confidentiality arrangements if necessary.

Amendment 565 #

Proposal for a regulation
Article 8 – paragraph 1 b (new)

By … [12 months after the entry into force of this Regulation], the Commission shall adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining the methodology, agreed with the Member States in the relevant working groups, for debt sustainability analysis and the methodology for the assessment of plausibility referred to in paragraph 1. For the purpose of the delegated act on debt sustainability analysis, the Commission shall take into account, in particular, the future evolution of sustainable growth; the public debt ratio; interest rates; the level of inflation; liquidity risks; the structure of the debt; contingent liabilities; the potential growth impact of the reforms and investments underpinning the implemented national medium-term fiscal-structural plans.

Amendment 566 #

Proposal for a regulation
Article 8 – paragraph 1 b (new)

By 12 months after the entry into force of this Regulation, the Commission shall adopt delegated acts in accordance with Article 33 to supplement this Regulation by defining the methodology for debt sustainability analysis and the methodology for the assessment of plausibility as referred to in paragraph 1. Delegated acts shall be sufficiently detailed in the disclosure of models and ranges of variables and assumptions as to enable replicability of the debt sustainability analyses.

Amendment 567 #

Proposal for a regulation
Article 8 – paragraph 1 b (new)

By 12 months after the entry into force of this Regulation, the Commission shall adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining a commonly agreed methodology for the assessment of plausibility as referred to in paragraph 1.

Amendment 568 #

Proposal for a regulation
Article 8 – paragraph 1 c (new)

For the first year in which the Member States have to submit their medium-term fiscal-structural plans, and as long as the delegated act referred to in paragraph 3 is not adopted, the 2022 Debt Sustainability Monitor should be the basis for the underlying medium-term public debt projection framework.

Amendment 569 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 8 – paragraph 1 d (new)

For the purpose of the delegated act on debt sustainability analysis, the Commission shall take into account the future evolution of sustainable growth, interest rates, the level of inflation, liquidity risks, the structure of the debt, contingent liabilities, the potential growth impact of the reforms and investments underpinning the implemented national medium-term fiscal-structural plans, as well as climate challenges.

Amendment 570 #

Proposal for a regulation
Article 8 a (new)

Article8a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12; (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.

Amendment 571 #

Proposal for a regulation
Chapter IV – title

IV ~~NATIONAL~~ MEDIUM-TERM FISCAL- STRUCTURAL PLANS

Amendment 572 #

Proposal for a regulation
Article 9 – title

SApproval and submission of the national medium-term fiscal-structural plans

Amendment 573 #

Proposal for a regulation
Article 9 – title

SApproval and submission of the national medium-term fiscal-structural plans

Amendment 574 #

Proposal for a regulation
Article 9 – paragraph 1

Each Member State shall submit to the ~~Council and to the~~ Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.

Amendment 575 #

Proposal for a regulation
Article 9 – paragraph 1

Each Member State shall submit to the Council, to the European Parliament and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary. The Commission shall submit its medium- term fiscal-structural plan to the Council and to the European Parliament before the end of March following the entry into force of this Regulation. The Member State and the Commission shall make their medium-term fiscal- structural plan public.

Amendment 576 #

Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary. It shall ensure debate of the draft national medium-term fiscal-structural plan in its national parliament before submission, and enable social partners, civil society organisations and other relevant stakeholders opportunities to participate in the preparation of the national medium-term fiscal structural plans. Each Member State shall attach to the submission of such documents to the Commission a summary of the format and outcome of these consultations.

Amendment 577 #

Proposal for a regulation
Article 9 – paragraph 1

Each national medium-term fiscal- structural plan should be presented to and approved by the respective national parliament, in accordance with their constitutional requirements. The national parliaments should also have the opportunity to discuss the Council recommendation on their previous plan and, if relevant, any other Council recommendation or decision, or any Commission warning. Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.

Amendment 578 #

Proposal for a regulation
Article 9 – paragraph 1

Each Member State shall submit to the Council and to the Commission, after approval form its national parliament and due consultation with civil society organizations and social partners, a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.

Amendment 579 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 9 – paragraph 1

Amendment 580 #

Proposal for a regulation
Article 9 – paragraph 1

Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan, accompanied by an opinion of the independent fiscal institutions of the Member State, before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.

Amendment 581 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 9 – paragraph 1

Each Member State shall, without undue delay, submit to the Council and to the Commission a national medium-term fiscal-structural plan before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.

Amendment 582 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 (new)

Before drawing up its national medium- term fiscal-structural plan, each Member State shall set up a structured cooperation mechanism with regional authorities and other relevant stakeholders so that they are fully involved in developing the plan, in accordance with the national legal framework. The plan shall mention whether this cooperation took place.

Amendment 583 #

Proposal for a regulation
Article 9 – paragraph 1 a (new)

Any extension of the deadline shall be reported in writing by the Commission to the European Parliament, including information about the extension and the reasons underlying it, subject to appropriate confidentiality arrangements if they are necessary. Each Member State shall submit to the Council and to the Commission a new national medium-term fiscal-structural plan before end-April of the final year covered by the ongoing medium-term fiscal-structural plan.

Amendment 584 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Csaba MOLNÁR

Proposal for a regulation
Article 9 – paragraph 1 a (new)

Prior to submission, Member States shall discuss its draft national medium-term fiscal-structural plan with its respective parliaments. The Member State shall make its national medium-term fiscal- structural plan public, including all the data and documents related to the negotiations and assumptions used for the reference trajectory.

Amendment 585 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 9 – paragraph 1 a (new)

Each Member State shall submit to the Council and to the Commission a new national medium-term fiscal-structural plan before end-April of the last year covered by the ongoing medium-term fiscal-structural plan.

Amendment 586 #

Proposal for a regulation
Article 9 – paragraph 1 a (new)

Prior to submission, the Member States shall discuss their draft national medium- term fiscal-structural plans with their national parliaments.

Amendment 587 #

Proposal for a regulation
Article 9 – paragraph 2

The Member State shall make its national medium-term fiscal-structural plan public immediately upon its submission to the Council and the Commission.

Amendment 588 #

Proposal for a regulation
Article 9 – paragraph 2 a (new)

The Member States are strongly encouraged to discuss their draft national medium term fiscal structural plans with their parliaments and with civil society, social partners and relevant stakeholders, without prejudice to national legal frameworks. If such discussions result in formal decisions or contributions, the content of such conclusions must be annexed to the proposal.

Amendment 589 #

René REPASI

Proposal for a regulation
Article 9 – paragraph 2 a (new)

Prior to submission Member States shall discuss the draft national medium term fiscal structural plans with respective parliaments. Where possible under the respective constitutional rules, the national parliament shall adopt the respective national medium-term fiscal- structural plan.

Amendment 590 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 9 – paragraph 2 a (new)

Each Member State shall ensure that representatives of workers' associations, civil society organizations and other relevant stakeholders are given early and effective opportunities to participate in the preparation of the national medium-term fiscal structural plans.

Amendment 591 #

Proposal for a regulation
Article 9 – paragraph 2 a (new)

Without prejudice to the rules of the constitutional system of each Member State, prior to the submission of its plan, the Member State shall discuss the content of the medium-term fiscal- structural plan before the national parliament.

Amendment 592 #

Proposal for a regulation
Article 10 – title

~~Technical dialogue~~Approval in the national parliament

Amendment 593 #

Proposal for a regulation
Article 10 – paragraph 1

~~Prior to the submission of its~~The reference trajectory and national medium-term fiscal-structural plan, of the Member State concerned shall ~~hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and 14~~be debated and approved in the national parliament in accordance with national procedures and traditions.

Amendment 594 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 10 – paragraph 1

Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12, 14 and 143, if applicable, as well as ensuring that the opinion of the independent fiscal institutions is duly taken into account.

Amendment 595 #

Proposal for a regulation
Article 10 – paragraph 1

Amendment 596 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 10 – paragraph 1

Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and 14, taking into account the European framework defined by the Commission in its own fiscal-structural plan.

Amendment 597 #

Proposal for a regulation
Article 10 – paragraph 1

Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, for the purpose of defining the technical trajectory in accordance with Article 5 and with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and 14.

Amendment 598 #

Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Max ORVILLE

Proposal for a regulation
Article 10 – paragraph 1

Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12 and 14. The Commission shall ensure equal treatment of Member States.

Amendment 599 #

Proposal for a regulation
Article 10 a (new)

Article10a Consultations with relevant stakeholders Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold a consultation process, conducted in accordance with the national legal framework, of local and regional authorities, social partners, civil society organisations, youth organisations and other relevant stakeholders.

Amendment 600 #

Proposal for a regulation
Article 11 – title

Content of the ~~national~~ medium-term fiscal- structural plan

Amendment 601 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

The national medium-term fiscal-structural plan shall provide the information ~~listed in Annex II. In particular, it shall present a net expenditure trajecto~~on the expenditure, investments and reforms planned by the Member States in order to reach the targets on: (a) monetary cpover~~ing a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural meas~~ty, inequalities, employment and skills, healthy life expectancy, access to healthcare, education, food, housing; (b) GHG emissions, energy and material resources ~~in order to demonstrate compliance with the requirements of Article 12.~~ demand, energy efficiency, transition to renewable energy, environmental protection and biodiversity.

Amendment 602 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

1. The national medium-term fiscal- structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectory covering ~~a period of at least 4 years~~the length of the national legislative a period or in case of extension up to 3 more years in accordance with Article 13, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12. 1a. For the purposes of this Regulation and Regulation (EC) No 1467/97, government expenditure incurred in the acquisition of a public asset less the residual value of that asset shall be allocated over its useful life in the Member State's net expenditure trajectory. 1b. The first paragraph shall apply only on government investment expenditure addressing common Union priorities referred to in Annex VI and national co- financing under EU programmes as well as comply with the criteria under Article 13(2), points (iiia) and (iiib), and Annex VIa. 1c. The Commission shall be empowered to adopt delegated acts pursuant to Article 33 to supplement this Regulation by specifying the methodology of allocating government expenditure under paragraph 1a including useful life estimates for different categories of assets. The Commission shall regularly and at least every five years review this methodology and, where appropriate, amend the delegated acts adopted in accordance with this Regulation in line with scientific and technological developments.

Amendment 603 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectory covering a period of at least 46 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12. The investments defined in Annex VI shall be excluded from the computation of net expenditure contained in the medium- term fiscal-structural plan.

Amendment 604 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a nationally financed net expenditure trajectory covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.

Amendment 605 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a ~~net expenditure trajectory~~fiscal plan covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.

Amendment 606 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

Amendment 607 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1

Amendment 608 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

Amendment 609 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

Amendment 610 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

Amendment 611 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, and the ~~warnings by the Commission, where applicable, or the~~ recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU.

Amendment 612 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, challenges identified in country reports and social convergence reports under the Social Convergence Framework, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU, Article 148 TFEU, and the implementation of the European Pillar of Social Rights and addressing insufficient progress towards achieving targets in line with EU policy objectives under Article 3.

Amendment 613 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

The national medium-term fiscal-structural plan shall also describe the actions of the Member State concerned to address the country-specific recommendations, including those that are relevant for the Macroeconomic Imbalances Procedure, as well as the challenges identified in the social convergence reports under the Social Convergence Framework, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article ~~121(4) TFEU~~9 TFEU, Article 121(4) TFEU, Article 148 TFEU and the implementation of the European Pillar of Social Rights.

Amendment 614 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

Amendment 615 #

Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2

Amendment 616 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 11 – paragraph 2

Amendment 617 #

Proposal for a regulation
Article 11 – paragraph 2

Amendment 618 #

Proposal for a regulation
Article 11 – paragraph 2

Amendment 619 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 11 – paragraph 2

2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic ~~arguments explaining the difference~~projections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to compensate the deviation and return to the technical trajectory issued by the Commission. The explanation and justification need to be accompanied by an independent evaluation of the respective national IFI and the EFB.

Amendment 620 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 11 – paragraph 2

2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic ~~arguments explaining the difference~~projections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to return to the technical trajectory issued by the Commission. The explanation and justification need to be accompanied by an independent evaluation of the respective national IFI and the EFB.

Amendment 621 #

Proposal for a regulation
Article 11 – paragraph 2

2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic ~~arguments explaining the difference~~projections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to return to the technical trajectory issued by the Commission. The explanation and justification need to be accompanied by an independent evaluation of the respective national IFI and the EFB.

Amendment 622 #

Billy KELLEHER, Caroline NAGTEGAAL, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 11 – paragraph 2

2. Where the national-medium-term fiscal-structural plan includes a temporarily higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic ~~arguments explaining the difference~~projections and assessments of the economic and fiscal situation, based on and backed by data, explaining the difference and a credible time path to return to the technical trajectory issued by the Commission.

Amendment 623 #

Proposal for a regulation
Article 11 – paragraph 2

2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the difference. The explanation shall be accompanied by an assessment by the Independent Fiscal Institutions of the Member State of the economic arguments put forward by the Member State.

Amendment 624 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 11 – paragraph 2

Amendment 625 #

Proposal for a regulation
Article 11 – paragraph 2

2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure ~~trajectory~~path than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the difference.

Amendment 626 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 11 – paragraph 2 a (new)

2 a. The medium-term fiscal-structural plan shall provide the information detailed in Annex II. In particular, it shall include a net expenditure path covering a period of at least four years, as well as the underlying macroeconomic assumptions and the structural and budgetary measures envisaged to demonstrate compliance with the legal EU budgetary requirements. In addition, it shall provide an assessment of the evolution of the consolidated fiscal stance of the monetary union, as well as recommendations on the necessary evolution of the fiscal stance to achieve economic consistency with current and future developments in the economic cycle.

Amendment 627 #

Proposal for a regulation
Article 12 – title

Requirements of the national medium- term fiscal-structural plans

Amendment 628 #

Proposal for a regulation
Article 12 – paragraph 1 – point a

(a) ensure the fiscal adjustment necessary to put or keep public debt on a plausibly downward path by the end of the adjustment period at the latest, or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;deleted

Amendment 629 #

Proposal for a regulation
Article 12 – paragraph 1 – point a

(a) e~~nsure the fiscal adjustment necessary to put or keep public debt on a plausibly downward path by the end of the adjustment period at the lat~~xplain how it will ensure the delivery of expenditure, investment and reforms responding to the identified social and ecological challenges and achieving specific pre-agreed targets on: (i) monetary poverty, inequalitiest, ~~or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;~~ employment and skills, healthy life expectancy, access to healthcare, education, food, housing; (ii) GHG emissions, energy and material resources demand, energy efficiency, transition to renewable energy, environmental protection and biodiversity.

Amendment 630 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 12 – paragraph 1 – point a

Amendment 631 #

Proposal for a regulation
Article 12 – paragraph 1 – point a

Amendment 632 #

Proposal for a regulation
Article 12 – paragraph 1 – point a

(a) ensure the fiscal adjustment necessary to put or keep public debt on a plausibly downward path byafter the end of the adjustment period at the latest, or remain at prudent levels, and to ~~bring and maintain the government deficit below the 3% of GDP reference value over the medium term~~ensure that, at the end of the adjustment period, the government deficit is put or remains on a plausibly downward path;

Amendment 633 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point a

(a) ensure the fiscal adjustment necessary to put or keep public debt on a plausibly downward sustainable path by the end of the adjustment period ~~at the latest,~~ or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;

Amendment 634 #

Proposal for a regulation
Article 12 – paragraph 1 – point a

(a) ensure the fiscal adjustment necessary to put or keep public debt on a ~~plaus~~credibly downward path by the end of the adjustment period at the latest, or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;

Amendment 635 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point a

(a) ensure the primary structural fiscal adjustment necessary to put or keep public debt on a plausibly downward path by the end of the adjustment period at the latest, or remain at prudent levels, and to bring and maintain the government deficit below the 3% of GDP reference value over the medium term;

Amendment 636 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)

(a a) ensure that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or plausibly stays at prudent levels;

Amendment 637 #

Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)

(a a) assess the national public and private investment gaps to achieve the common priorities of the Union listed in Article 12;

Amendment 638 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)

(a a) assess the national public and private investment gaps to achieve the common priorities of the Union listed in Article 12;

Amendment 639 #

Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)

(a a) adhere to the requirements for the technical trajectory pursuant to Article 6 and Annex I;

Amendment 640 #

Proposal for a regulation
Article 12 – paragraph 1 – point a b (new)

(a b) ensure that the government deficit is maintained below the 3% of GDP reference value throughout the duration of the plan or that the government deficit is brought swiftly below the 3% of GDP reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;

Amendment 641 #

Proposal for a regulation
Article 12 – paragraph 1 – point a c (new)

(a c) ensure that the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years and that, after the end of the national medium-term fiscal-structural plan, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels;

Amendment 642 #

Proposal for a regulation
Article 12 – paragraph 1 – point a d (new)

(a d) ensure that, if applicable, the fiscal adjustment effort over the first four years of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;

Amendment 643 #

Proposal for a regulation
Article 12 – paragraph 1 – point a e (new)

(a e) ensure that, for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation [on the corrective arm];

Amendment 644 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) ~~explain how it will e~~Ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;the social convergence reports under the Social Convergence Framework and correct, if applicable, the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure, the warnings by the Commission, or the recommendations by the Council, made pursuant to Article 121(4) TFEU.

Amendment 645 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) ~~explain how it will ensure the delivery of~~include investment and reforms responding to the main challenges identified within the European Semester, in the relevant country-specific recommendations, ~~correct the identified m~~including those relevant for the Macroeconomic iImbalances ~~under the Macroeconomic~~Procedure or under the Excessive Imbalances Procedure ~~if applicable~~, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps and the Strategic Compass for Security and Defense;

Amendment 646 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmapsas strategic by the Member State;

Amendment 647 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 648 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment ~~and reforms~~ responding to the main challenges identified within the ~~European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable,~~Social and Environmental Guidelines issued by the Commission and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 649 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmapsincluding those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121(4) TFEU;

Amendment 650 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmapsincluding those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, made pursuant to Article 121 (4) TFEU;

Amendment 651 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Cliincluding those that are relevant for the Macroeconomic Imbalances Procedure, and the warnings by the Commission, where applicable, or the recommendations by the Council, where applicable, matde ~~Plans and the National Digital Decade Roadmaps~~pursuant to Article 121(4) TFEU;

Amendment 652 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmapthe national investment gap as identified in the national fiscal-structural plans;

Amendment 653 #

Billy KELLEHER, Caroline NAGTEGAAL, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 654 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

~~(b)~~ explain how it will ensure the ~~(b)~~ delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 655 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps, as well as detail the targets and the performance of national budgetary frameworks towards EU policy objectives in line with Article 3;

Amendment 656 #

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and the challenges identified in the social convergence reports under the Social Convergence Framework and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights, and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;.

Amendment 657 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point b

(b) explain how it will ensure the delivery of investment and reforms responding to the main challenges identified within the European Semester, in the country-specific recommendations, correct the identified macroeconomic imbalances under the Macroeconomic Imbalances Procedure if applicable, and address the common priorities of the Union referred to in Annex VI of this Regulation, including the European Green Deal, European Pillar of Social Rights and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps; and Important Projects of Common European Interest (IPCEI);

Amendment 658 #

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

(b a) explain the consistency of the plan with the common priorities of the Union, as follows: (a) The European Green Deal, including the objectives of the Regulation 2021/1119 (European Climate Law) and the National Energy and Climate Plans; (b) The European Pillar of Social Rights including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 2030, and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.

Amendment 659 #

Pascal CANFIN

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

Amendment 660 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

(b a) address the following common priorities of the Union: (a) The European Green Deal, including the transition to climate neutrality by 2050 and the translation at national level through the National Energy and Climate Plans; (b) The European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030; (c) The Digital Decade Policy Programme 2030, and reflected at national level through the National Digital Decade Strategic Roadmaps; (d) A Strategic Compass for Security and Defence - For a European Union that protects its citizens, values and interests and contributes to international peace and security.

Amendment 661 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

(b a) explain how it will ensure consistency with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps;

Amendment 662 #

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

(b a) assess the national public and private investment gaps that need to be filled to achieve the common priorities listed in Annex VI;

Amendment 663 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)

(b a) assess the national public investment gaps that need to be filled to achieve the common priorities listed in Annex VI;

Amendment 664 #

Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)

(b b) explain how it will address the common priorities of the Union referred to in Annex VI, including the European Green Deal, European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030, and the Digital Decade while being consistent with the updated National Energy and Climate Plans and the National Digital Decade Roadmaps. In addition, it shall explain how it will ensure consistency with the broad guidelines for the economic policies of the Member States and with the employment guidelines in accordance with Article 121(2) and Article 148(2) TFEU;

Amendment 665 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)

(b b) quantify the current and planned expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level) and explain their consistency with the reduction of the investment gap referred to in point (aa) within the timeframe of the plan;

Amendment 666 #

Pascal CANFIN, Gilles BOYER, Stéphanie YON-COURTIN, Valérie HAYER

Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)

(b b) explain how it will ensure the reduction of the investment gaps referred to in point (ba) within the timeframe of the plan, as well as guarantee universal access to basic public services;

Amendment 667 #

Proposal for a regulation
Article 12 – paragraph 1 – point b b (new)

(b b) disclose the change of public debt net of the sum of the cumulative investment undertaken in support of each common priority of the Union referred to in Article 12, point (ba);

Amendment 668 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 12 – paragraph 1 – point c

(c) if applicable, ~~explain how it will~~ ensure the delivery of a relevant set of reforms and investments referred to in Article 13, underpinning an extension of the Member State’s adjustment period by 3 years at most;

Amendment 669 #

Proposal for a regulation
Article 12 – paragraph 1 – point c

(c) if applicable, explain how it will ensure the delivery of a relevant set of reforms and investments referred to in Article 13, underpinning an extension of the Member State’s adjustment period by 34 years at most;

Amendment 670 #

Proposal for a regulation
Article 12 – paragraph 1 – point c

Amendment 671 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 12 – paragraph 1 – point d

(d) ~~explain how it will ensure consistenc~~Ensure consistency and where appropriate complementarity with the Recovery and Resilience Plan of the Member State concerned during the period of availability of the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241 and with any EU investment instruments that address the EU common priorities or serve the same purpose as the Recovery and Resilience Facility.

Amendment 672 #

Proposal for a regulation
Article 12 – paragraph 1 – point d

(d) ~~explain how it will~~ ensure consistency with the Recovery and Resilience Plan of the Member State concerned during the period of availability of the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241.

Amendment 673 #

Proposal for a regulation
Article 12 – paragraph 1 – point d

(d) if applicable, explain how it will ensure consistency with the Recovery and Resilience Plan of the Member State concerned during the period of availability of the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241.

Amendment 674 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

(d a) for Member States in the monetary union, explain the coherence of their national fiscal policies with the adoption of a consolidated fiscal stance consistent with the position in the cyclical of the economy of the monetary union, taking into account the recommendations of the medium-term fiscal-structural plan established by the Commission;

Amendment 675 #

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

(d a) quantify the current and planned green transition expenditures, in particular for activities listed in Annex VI of Regulation (EU) 2021/241 for sectors listed in NACE Rev.2 (A*64 aggregation level).

Amendment 676 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

Amendment 677 #

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

(da) explain how it will ensure consistency with the expenditure on EU programmes fully matched by EU funds revenue and the relevant national co- financing;

Amendment 678 #

Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Max ORVILLE

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

(d a) foresee that Member States start the annual debt reduction at the latest 2 years after its adoption depending on their economic situation.

Amendment 679 #

Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)

(d a) explain how the consultation process was conducted and how the input of the stakeholders is reflected in the plan.

Amendment 680 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 12 – paragraph 1 – point d b (new)

(d b) ensure progress in addressing national public investment gaps in alignment with each of the priorities of the Union as stated in Article 12 of Regulation (EC) No 1466/97, recognising that these investments play a pivotal role in supporting the fulfilment of Union objectives and ensuring sustainable and inclusive growth, upward social convergence and fiscal stability;

Amendment 681 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 12 – paragraph 1 – point d b (new)

(d b) list the significant investments that support or carry out economic activities that do significant harm to any environmental objective within the meaning of the ‘Do no significant harm’ referred to in Article 17 of Regulation (EU) 2020/852;

Amendment 682 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 12 – paragraph 1 – point d b (new)

(d b) explain how it will ensure consistency and, where appropriate, complementarity the EU funds, namely cohesion policy funds from which the Member State concerned benefits.

Amendment 683 #

Proposal for a regulation
Article 12 – paragraph 1 – point d b (new)

(db) be debated and approved by national parliaments in accordance with national procedures;

Amendment 684 #

Proposal for a regulation
Article 12 – paragraph 1 – point d c (new)

(dc) be drafted after having consulted social partners in a timely and meaningful manner; the reforms proposed must be in line with the social policy goals as defined in the European Pillar of Social Rights and its action plan;

Amendment 685 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 12 – paragraph 1 – point d c (new)

(d c) ensure consistency and, where appropriate, complementarity with the EU funds, namely cohesion policy funds the Member State concerned benefits from;

Amendment 686 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 12 – paragraph 1 – point d d (new)

(d d) ensure consistency with the broad guidelines for the economic policies of the Member States and with the employment guidelines in accordance with Article 121(2) and Article 148(2) TFEU;

Amendment 687 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA

When calculating the budget balance, Member States shall be allowed to use alternative accounting views on public investments replacing gross investment expenditure with depreciation on investments in calculating public deficit. This shall apply particularly for those member states whose budget position exceeds the 3% of deficit/GDP reference value.

Amendment 688 #

Proposal for a regulation
Article 13 – title

Conditions for an extension of the ~~adjustment~~implementation period

Amendment 689 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 13 – paragraph 1

~~1. W~~The adjustment period may be extended by three years at most, when at least one of following conditions applies: a) where the expected economic growth rate at the time of requesting the extension of the adjustment period is lower than the expected growth rate at the beginning of the adjustment period; b) where a Member State commits to 1. a relevant set of reforms and investments in accordance with the criteria set out in paragraph 2~~, the adjustment period may be extended by 3 years at most.~~ .

Amendment 690 #

Proposal for a regulation
Article 13 – paragraph 1

1. Where a Member State commits to a relevant set of reforms and investments in accordance with the criteria set out in paragraph 2, the adjustment period may be extended by 34 years at most.

Amendment 691 #

Proposal for a regulation
Article 13 – paragraph 1

1. Where a Member State commits to a relevant set of ~~reforms and~~ investments in accordance with the criteria set out in paragraph 2, the ~~adjustment~~implementation period may be extended by 3 years at most.

Amendment 692 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 13 – paragraph 1

1. Where a Member State commits to a relevant set of reforms and investments in accordance with the criteria set out in paragraph 2, the adjustment period may be extended by up to 3 years ~~at most.~~

Amendment 693 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with the degree of public debt challenges and challenges to medium-term growth in the Member State concerned.deleted

Amendment 694 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

Amendment 695 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

Amendment 696 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

The set of ~~reform and~~ investment commitments underpinning an extension of the adjustment period, shall be commensurate with ~~the degree of public debt challenges and challenges to medium-term growth in the Member State concerned.~~national investment gaps as identified in the national fiscal-structural plans referred to in Article 12, point (ba), or that promote public debt sustainability

Amendment 697 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with ~~the degree of public debt challenges~~national investment gap as identified in the national fiscal- structural plans referred to in Article 12, point (aa), and challenges to medium- term growth in the Member State concerned.

Amendment 698 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with the degree of public debt challenges ~~and~~, challenges to medium- term growth and the investment gap from achieving the Sustainable Development Goals in the Member State concerned.

Amendment 699 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

Amendment 700 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1

Amendment 701 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – introductory part

~~The set of~~Each of the reforms and investment commitments shall fulfil, ~~taken altogether,~~all of the following criteria:

Amendment 702 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – introductory part

The set of ~~reforms and~~ investment commitments shall fulfil~~, taken altogether,~~ the following criteria:

Amendment 703 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – introductory part

The set of reforms and investment commitments shall fulfil, taken altogether, several of the following criteria:

Amendment 704 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) ~~be growth enhancing~~promote full-employment and reduce poverty;

Amendment 705 #

Pascal CANFIN, Gilles BOYER, Stéphanie YON-COURTIN, Valérie HAYER

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) ~~be growth enhancing~~enhance resilience;

Amendment 706 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) be ~~growth enhancing;~~ sustainable and growth enhancing while respecting the targets set in Regulation (EU) 2021/1119 (European Climate Law);

Amendment 707 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) be growth enhancing and boost resilience and upward social convergence;

Amendment 708 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) be growth enhancing or improve the resilience of the economy;

Amendment 709 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i

(i) be growth and resilience enhancing;

Amendment 710 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i a (new)

(i a) help to achieve the climate goals set in the Paris Agreement and the necessary green energy transition;

Amendment 711 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i b (new)

(i b) promote overall upward social convergence and help to achieve the goals in the European Pillar of Social Rights;

Amendment 712 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii

~~(ii) support fiscal sustainability;~~deleted

Amendment 713 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii

(ii) ~~support fiscal~~promote debt and deficit sustainability;

Amendment 714 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii

(ii) ~~support~~improve fiscal sustainability, where necessary;

Amendment 715 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii

(ii) ~~support~~improve and ensure fiscal sustainability;

Amendment 716 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii

(ii) ~~support~~improve fiscal sustainability;

Amendment 717 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point ii

(ii) ~~support~~improve fiscal sustainability;

Amendment 718 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii

~~(iii) address the common priorities of the Union referred to in Annex VI;~~deleted

Amendment 719 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii

~~(iii) address the common priorities of the Union referred to in Annex VI;~~deleted

Amendment 720 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii

~~(iii) address the common priorities of the Union referred to in Annex VI;~~deleted

Amendment 721 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii

(iii) address the common priorities of the Union referred to in Annex VI or other priorities identified as such by the Member State concerned;

Amendment 722 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

(iii) address at least one of the common priorities of the Union referred to in Annex VI;

Amendment 723 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii

(iii) address ~~the~~ common priorities of the Union referred to in A~~nnex VI~~rticle 12, point (ba);

Amendment 724 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii a (new)

(iii a) not cause significant harm to any of the environmental objectives set out in Article 9 of Regulation (EU) 2020/852 in accordance with Article 17 and the delegated acts adopted pursuant to Article 10(3), 11(3), 12(2), 13(2), 14(2) or 15(2) of that Regulation;

Amendment 725 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii b (new)

(iii b) not relate to economic activities listed in Annex VIa;

Amendment 726 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iii c (new)

(iii c) be sufficiently detailed, front- loaded, time-bound and verifiable.

Amendment 727 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

~~(iv) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure;~~deleted

Amendment 728 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

(iv) address ~~relevant country-specific recommendations addre~~the social and environmental guidelines issued toby the ~~Member State concerned, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure~~Commission as laid down in Article 3;

Amendment 729 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

Amendment 730 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

(iv) address relevant country-specific recommendations addressed to the Member State concerned, under Article 121(4) and Article 148(4) TFEU including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure as well as under the Social Convergence Framework;

Amendment 731 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

(iv) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure and social convergence procedures as referred to in Article 148 TFEU;

Amendment 732 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point iv

(iv) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the Macroeconomic Imbalances Procedure; and Social Convergence Framework under Article 148 TFEU;

Amendment 733 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v

Amendment 734 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v

Amendment 735 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v

Amendment 736 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v

(v) ensure that ~~the overall~~a sufficient level of nationally financed ~~public~~ investment ~~over the lifetime of the national medium-term fiscal-structural plan is higher than the medium-term level before the period of that plan~~addresses pressing investment gaps.

Amendment 737 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v

(v) ensure that the overall level of nationally financed public investment over the lifetime of the national medium-term fiscal-structural plan is higher than the medium-term level before the period of that plan; such elevated level of public investment has to be commensurate to the fulfilment of criteria laid down in points (i) to (iv) of this subparagraph.

Amendment 738 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v a (new)

(v a) be coherent with the fiscal- structural plan drawn up by the Commission.

Amendment 739 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v a (new)

(v a) comply with the do no significant harm principle;

Amendment 740 #

Niels FUGLSANG

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v a (new)

(v a) ensure compliance with the European Green Deal.

Amendment 741 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v b (new)

(v b) guarantee universal access to basic public services;

Amendment 742 #

Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v c (new)

(v c) guarantee added value to the national economic production.

Amendment 743 #

Proposal for a regulation
Article 13 – paragraph 2 a (new)

2 a. The set of reforms and investment shall, taken together: (i) support fiscal sustainability; (ii) address relevant country-specific recommendations addressed to the Member State concerned, including, where applicable, recommendations issued under the macroeconomic imbalances procedure and social convergence framework under Article 148 TFEU;

Amendment 744 #

Proposal for a regulation
Article 13 – paragraph 3

~~3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed, front-loaded, time- bound and verifiable.~~deleted

Amendment 745 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 13 – paragraph 3

3. Each of ~~the reform and~~ investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed, front-loaded, time-bound and verifiable.

Amendment 746 #

Proposal for a regulation
Article 13 – paragraph 3

3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be sufficiently detailed, ~~front-loade~~distributed proportionally throughout the period covered by the plan and at the latest by the end of the adjustment period, time-bound and verifiable.

Amendment 747 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 13 – paragraph 3

Amendment 748 #

Proposal for a regulation
Article 13 – paragraph 3

3. Each of the reform and investment commitments underpinning an extension of the adjustment period shall be ~~sufficiently detailed,~~ front-loaded, time-bound and verifiable.

Amendment 749 #

Proposal for a regulation
Article 13 – paragraph 4

4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned ~~can~~shall not be taken into account for an extension of the adjustment period.

Amendment 750 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 13 – paragraph 4

4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned ~~can be taken into accou~~shall be considered sufficient for an extension of the adjustment period.

Amendment 751 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 13 – paragraph 4

4. DCommitments included in the approved Recovery and Resilience Plan during the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241~~, commitments included in the approved Recovery and Resilience Plan~~ and the Partnership Agreement in Multiannual Financial Framework of the Member State concerned ~~can~~should be taken into account and be consistent with the overall set of reforms an d investments for an extension of the adjustment period.

Amendment 752 #

Proposal for a regulation
Article 13 – paragraph 4

4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned ~~can~~shall be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3 of this Article.

Amendment 753 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 13 – paragraph 4

4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned ~~can~~shall be taken into account for an extension of the adjustment period.

Amendment 754 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 13 – paragraph 4 a (new)

4 a. Commitments included in the Partnership Agreement in Multiannual Financial Framework can also be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3.

Amendment 755 #

Billy KELLEHER, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 13 – paragraph 4 b (new)

4 b. Commitments that are matched by at least 40% private investment may, upon request for approval from the Commission, exceptionally account for this investment evenly until the maturity of the investment, meaning that the credit recorded in the control account may be spread evenly over the lifetime of the investment.

Amendment 756 #

Proposal for a regulation
Article 13 – paragraph 5

5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII.deleted

Amendment 757 #

Proposal for a regulation
Article 13 – paragraph 5

5. The assessment of whether ~~the set of~~ reforms and investment commitments fulfil the criteria set out in paragraph 2 and ~~of whether each of the reform and investment commitment fulfil the conditions set out in paragraph~~ 3 shall be carried out in accordance with the assessment framework set out in Annex VII.

Amendment 758 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 13 – paragraph 5

5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out by the European Fiscal Board in accordance with the assessment framework set out in Annex VII.

Amendment 759 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 13 – paragraph 5

Amendment 760 #

Proposal for a regulation
Article 13 – paragraph 5

Amendment 761 #

Caroline NAGTEGAAL, Engin EROGLU, Nicola BEER, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 13 – paragraph 5

Amendment 762 #

Proposal for a regulation
Article 13 – paragraph 5 a (new)

5 a. The extension of the adjustment period is to be adopted by the Commission in the form of a delegated act.

Amendment 763 #

Proposal for a regulation
Article 14 – title

~~Revis~~Modified national medium-term fiscal- structural plan

Amendment 764 #

Proposal for a regulation
Article 14 – title

Revised ~~national~~ medium-term fiscal- structural plan

Amendment 765 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 14 – paragraph 1

1. A Member State ~~may request to~~shall submit a revised ~~national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances preventing the implementation of the original~~reference trajectory and a revised national medium-term fiscal- structural plan to~~r if~~ the ~~sub~~Commission ~~of a new national medium-term fiscal- structural plan is requested by~~in case a new government takes power.

Amendment 766 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 14 – paragraph 1

1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a ~~new~~revised national medium- term fiscal-structural plan is requested by a new government. The ambition of the reform and investments in the revised plan shall not be lower than the original plan. Inflation, revisions to potential growth estimates, or other circumstances that make it easier for a government to implement the original national medium-term fiscal- structural plan ~~is requested by a new government.~~ cannot be the basis for a request to revise the plan and thus do not constitute objective circumstances. Where the Commission considers that the reasons put forward by the Member State concerned do not justify revision of the national medium-term fiscal-structural plan, it shall reject the request within the period referred to in Article 15 (1), after having given the Member State concerned the possibility to present its observations within one month of the communication of the Commission’s conclusions. Reforms and investments that were implemented satisfactorily according to the plan as originally endorsed by the Council should not be reversed by the Member State concerned.

Amendment 767 #

Proposal for a regulation
Article 14 – paragraph 1

1. 1. A Member State may request no later than 12 months before the end of the current national medium-term fiscal- structural plan to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a ~~new~~revised national medium- term fiscal-structural plan is requested by a new government. The ambition of the reform and investments in the revised plan shall not be lower than the original plan. Inflation, revisions to potential growth estimates, or other circumstances that make it easier for a government to implement the original national medium-term fiscal- structural plan ~~is requested by a new government.~~ cannot be the basis for a request to revise the plan and thus do not constitute objective circumstances. Where the Commission considers that the reasons put forward by the Member State concerned do not justify revision of the national medium-term fiscal-structural plan, it shall reject the request within the period referred to in Article 15 (1), after having given the Member State concerned the possibility to present its observations within one month of the communication of the Commission’s conclusions. Reforms and investments that were implemented satisfactorily according to the plan as originally endorsed by the Council should not be reversed by the Member State concerned.

Amendment 768 #

Proposal for a regulation
Article 14 – paragraph 1

1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances outside the control of the Member State preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a ~~new~~revised national medium-term fiscal- structural plan is requested by a new government. The ambition of the reform and investments in the revised plan shall not be lower than the original plan. Reforms and investments that were implemented satisfactorily according to the plan as originally endorsed by the Council should not be reversed by the Member State.

Amendment 769 #

Proposal for a regulation
Article 14 – paragraph 1

Amendment 770 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 14 – paragraph 1

1. A Member State may request to submit a ~~revis~~modified national medium-term fiscal-structural plan to the Commission before the end of ~~its adjustment period~~the plan if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural ~~plan or if the submission of a new national medium-term fiscal- structural plan is requested by a new government~~. The European Fiscal Board shall assess whether objective circumstances exist, following the guidelines adopted by the Commission.

Amendment 771 #

Proposal for a regulation
Article 14 – paragraph 1

1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the ~~end of its adjustment period~~last year covered by the ongoing medium-term fiscal-structural plan if there are objective circumstances preventing the implementation of the o~~riginal~~ngoing national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal-structural plan is requested by a new government.

Amendment 772 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 14 – paragraph 1

1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission no later than six months before the end of its ~~adjustment period~~planning horizon if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal-structural plan is requested by a new government.

Amendment 773 #

Proposal for a regulation
Article 14 – paragraph 1

Amendment 774 #

Billy KELLEHER, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK

Proposal for a regulation
Article 14 – paragraph 1 a (new)

1 a. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment period if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural plan.

Amendment 775 #

Proposal for a regulation
Article 14 – paragraph 1 a (new)

1 a. A revised national medium-term fiscal-structural plan submitted by a new government shall only reverse or remove investments present in the original plan if their removal does not result in unjustified additional costs for the Member State.

Amendment 776 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 14 – paragraph 1 b (new)

1 b. A revised national medium term fiscal structural plan shall be accompanied by an opinion of the Independent Fiscal Institutions of the Member State on the objective circumstances preventing the implementation of the original plan and, where relevant, the necessity to remove or reverse committed investments.

Amendment 777 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 14 – paragraph 2

2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory.deleted

Amendment 778 #

Proposal for a regulation
Article 14 – paragraph 2

2. Prior to the submission of the revised national medium-term fiscal- structural plan, the ~~Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory~~Member State shall propose a new reference trajectory in accordance with Article 5.

Amendment 779 #

Proposal for a regulation
Article 14 – paragraph 2

2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, athe new technical trajectory as agreed with the Member State.

Amendment 780 #

Proposal for a regulation
Article 14 – paragraph 2

2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the European Parliament and the Economic and Financial Committee, a new technical trajectory.

Amendment 781 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 14 – paragraph 2

2. Prior to the submission of the ~~revis~~modified national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory or new technical information, as applicable. The relevant independent fiscal institution shall give an opinion, as referred to in Article 7a.

Amendment 782 #

Proposal for a regulation
Article 14 – paragraph 2

Amendment 783 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Amendment 784 #

Proposal for a regulation
Article 14 – paragraph 3

3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow backloading of the fiscal adjustment effort and shall not lead to a lower fiscal adjustment efforthe new technical trajectory shall as a rule uphold the ambition of the previous fiscal path.

Amendment 785 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 14 – paragraph 3

3. T~~aking into account the p~~he new technical trajectory shall, ast a~~djustment of the Member State concerned~~ rule, uphold the ambition orf the ~~lack thereof, the new technical trajectory shall~~previous fiscal path, not allow backloading of the fiscal adjustment effort and shall not lead to a lower fiscal adjustment effort.

Amendment 786 #

Proposal for a regulation
Article 14 – paragraph 3

3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow ~~backloading~~the postponement of the fiscal adjustment effort ~~and shall not lead to a lower fiscal~~towards the last years of the adjustment ~~effort~~period.

Amendment 787 #

Proposal for a regulation
Article 14 – paragraph 3

3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow backloading of the fiscal adjustment effort and shall not lead to a lower fiscal adjustment effort, when applicable. The opinion of the independent fiscal institution referred in paragraph 2 shall include an assessment on the potential backloading of the fiscal adjustment effort of the modified medium- term fiscal-structural plan.

Amendment 788 #

Proposal for a regulation
Article 14 – paragraph 4

~~4. Where a revised national medium- term fiscal-structural plan is submitted, Articles 12 and 15 to 19 shall apply.~~deleted

Amendment 789 #

Proposal for a regulation
Article 14 – paragraph 4

4. Where a ~~revis~~modified national medium- term fiscal-structural plan is submitted, Articles 12 and 15 to 19 shall apply.

Amendment 790 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 14 – paragraph 5

5. The Commission shall in particular assess, if applicable, whether any extension of the adjustment period is to continue to apply under the revised national medium-term fiscal-structural plan, taking into account the implementation of the set of reform and investment commitments underpinning the extension under the original plan and the changes in terms of public debt challenges under the revised national medium-term fiscal-structural plan.deleted

Amendment 791 #

Proposal for a regulation
Article 14 – paragraph 5

5. The Commission shall in particular assess, if applicable, whether any extension of the adjustment period is to ~~continue to~~ apply under the revised national medium- term fiscal- structural plan, taking into account ~~the implementation of the~~a revised set of reform and investment commitments underpinning the extension under the original plan and the changes in terms of public debt challenges under the revised national medium-term fiscal- structural plan.

Amendment 792 #

Proposal for a regulation
Article 14 – paragraph 5

5. The Commission shall in particular assess, if applicable, whether any extension of the adjustment period is to continue to apply under the ~~revis~~modified national medium- term fiscal-structural plan,. To this end, the European Fiscal Board shall give an opinion taking into account the implementation of the set of reform and investment commitments underpinning the extension under the original plan and the changes in terms of public debt challenges under the ~~revis~~modified national medium-term fiscal-structural plan.

Amendment 793 #

Proposal for a regulation
Article 14 – paragraph 5 a (new)

5 a. The Commission may review its medium-term fiscal-structural plan before the end of its adjustment period if there are objective circumstances that prevent the implementation of the initial plan or if the request for the review of the national medium-term fiscal-structural plan would have a significant impact on the Commission's plans and forecasts.

Amendment 794 #

Proposal for a regulation
Article 15 – title

Assessment of national medium-term fiscal-structural plans ~~by the Commission~~

Amendment 795 #

Proposal for a regulation
Article 15 – title

Assessment of ~~national~~ medium-term fiscal- structural plans by the Commission

Amendment 796 #

Proposal for a regulation
Article 15 – paragraph 1

1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by ~~a reasonable period if necessary~~one month. In case the Member State and the Commission disagree, the Member State may refer the case to the Economic and Financial Committee.

Amendment 797 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 15 – paragraph 1

1. The Commission shall assess each national medium-term fiscal-structural plan within 2one months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary.

Amendment 798 #

Proposal for a regulation
Article 15 – paragraph 1

1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding one additional month.

Amendment 799 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 15 – paragraph 1

Amendment 800 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 15 – paragraph 1

Amendment 801 #

Proposal for a regulation
Article 15 – paragraph 1

Amendment 802 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ~~ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or stays at prudent levels~~complies with the requirements set out in Article 12;

Amendment 803 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibl~~y downward path by the end of the adjustment period at the latest~~e and economically and socially sustainable path, or stays at prudent levels;

Amendment 804 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly ~~downward path by the end of the adjustment period at the latest, or stays at prudent levels~~sustainable path, starting after the implementation period;

Amendment 805 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or ~~stays at pru~~, in the Member States with denbt levels below 60%, it stays below the reference value;

Amendment 806 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or, in the Member States with debt levels below 60%, it stays at prudent levels;

Amendment 807 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or in the Member States with debt levels below 60%, it stays at prudent levels;

Amendment 808 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path byafter the end of the adjustment period at the latest, or stays at prudent levels;

Amendment 809 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path or on sustainable levels by the end of the adjustment period ~~at the latest, or stays at prudent levels~~;

Amendment 810 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a ~~plaus~~credibly downward path by the end of the adjustment period at the latest, or stays at prudent levels;

Amendment 811 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward sustainable path by the end of the adjustment period ~~at the latest,~~ or stays at prudent levels;

Amendment 812 #

Proposal for a regulation
Article 15 – paragraph 2 – point a

(a) whether the national medium-term fiscal-structural plan ~~ensur~~provides that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or stays at prudent levels;

Amendment 813 #

Proposal for a regulation
Article 15 – paragraph 2 – point a a (new)

(a a) whether the set of reform and investment commitments underpinning an extension of the adjustment period fulfils the conditions set out in Article 13;

Amendment 814 #

Proposal for a regulation
Article 15 – paragraph 2 – point a b (new)

(a b) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, point (b).

Amendment 815 #

Proposal for a regulation
Article 15 – paragraph 2 – point b

(b) whether the government deficit is maintained below the 3% of GDP reference value throughout the duration of the plan or whether the government deficit returns swiftly below the 3% of GDP reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;deleted

Amendment 816 #

Proposal for a regulation
Article 15 – paragraph 2 – point b

(b) whether the ~~government~~primary deficit is ~~maintained below the 3% of GDP reference value throughout the duration of the plan or whether the government deficit returns swiftly below the 3% of GDP reference valu~~put or kept on a plausibly sustainable pat ~~the latest by the end of the adjustment period when the deficit is above this reference value at~~h, starting after the tim~~e of submission of the national medium-term fiscal-structural plan~~plementation period;

Amendment 817 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 15 – paragraph 2 – point b

(b) whether the government deficit is maintained below, on average, the 3% of GDP reference value throughout the duration of the plan or whether the government deficit returns ~~swiftly~~ below the 3% of GDP reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;

Amendment 818 #

Proposal for a regulation
Article 15 – paragraph 2 – point b

(b) whether the government deficit is ~~maintained~~brought below the 3% of GDP reference value ~~throughout the duration of the plan or whether the government deficit returns swiftly below the 3% of GDP~~or is put on a plausibly downward path towards the reference value ~~at the latest~~ by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;

Amendment 819 #

Proposal for a regulation
Article 15 – paragraph 2 – point c

~~(c) whether the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years;~~deleted

Amendment 820 #

Proposal for a regulation
Article 15 – paragraph 2 – point c

~~(c) whether the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years;~~deleted

Amendment 821 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Article 15 – paragraph 2 – point c

(c) whether the government deficit is maintained below ~~the 3~~2% of GDP ~~reference value~~ in the absence of further budgetary measures over a period of 10 years, which would create a buffer to the 3% reference value that allows to cover for unforeseen costs and fluctuations in interest expenditure;

Amendment 822 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 15 – paragraph 2 – point c

(c) whether the government deficit is ~~maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years~~put or remains on a plausibly downward path;

Amendment 823 #

Proposal for a regulation
Article 15 – paragraph 2 – point c

(c) whether the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years after the end of the plan;

Amendment 824 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 15 – paragraph 2 – point d

~~(d) whether the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 825 #

Proposal for a regulation
Article 15 – paragraph 2 – point d

~~(d) whether the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 826 #

Proposal for a regulation
Article 15 – paragraph 2 – point d

~~(d) whether the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 827 #

Proposal for a regulation
Article 15 – paragraph 2 – point d

~~(d) whether the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 828 #

Proposal for a regulation
Article 15 – paragraph 2 – point d

~~(d) whether the fiscal adjustment effort over the period of the national medium-term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period;~~deleted

Amendment 829 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 2 – point d

(d) whether the fiscal adjustment effort ~~over the period of the national medium- term fiscal-structural plan is at least proportional to the total effort over the entir~~is not postponed towards the final years of the adjustment period;

Amendment 830 #

Proposal for a regulation
Article 15 – paragraph 2 – point d

(d) whether the fiscal adjustment effort over the period of the national medium- term fiscal-structural plan is at least proportional to the total effort over the entire adjustment period, provided that the path is economically and socially sustainable;

Amendment 831 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 832 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 833 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 834 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 835 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 836 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 837 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

Amendment 838 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 15 – paragraph 2 – point e

(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; ~~and~~

Amendment 839 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; and

Amendment 840 #

Proposal for a regulation
Article 15 – paragraph 2 – point e

(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; and (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

Amendment 841 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 15 – paragraph 2 – point e

(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; and

Amendment 842 #

~~(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.~~deleted

Amendment 843 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

~~(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.~~deleted

Amendment 844 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

~~(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.~~deleted

Amendment 845 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

~~(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.~~deleted

Amendment 846 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

~~(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.~~deleted

Amendment 847 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ~~ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory~~is reduced annually by 25 % of national growth.

Amendment 848 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio ~~at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory~~is reduced by at least 20% of GDP real growth over the adjustment period plus 10 years.

Amendment 849 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) ~~whether~~ the public debt ratio ~~at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.~~is reduced by at least [0,1] p.p of debt to GDP on average over the adjustment period plus 10 years

Amendment 850 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio ~~at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory~~has stabilised over the adjustment period.

Amendment 851 #

Dragoş PÎSLARU

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory. set on a declining path or maintained at prudent levels; and

Amendment 852 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is ~~below the public debt ratio in the year before the start of the technical trajectory.~~set on a declining path or maintained at prudent levels;

Amendment 853 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) ~~whether the public debt ratio at the end of the planning horizon is below the public debt ratio~~When assessing the national medium-term fiscal-structural plan the Commission shall examine for Member States with the public debt higher than 60% of GDP in the year before the start of the technical trajectory whether the public debt ratio.

Amendment 854 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) for Member States fulfilling the criteria of Article 5(1), whether the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory.

Amendment 855 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is substantially below the public debt ratio in the year before the start of the technical trajectory.;

Amendment 856 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is substantially below the public debt ratio in the year before the start of the technical trajectory.

Amendment 857 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is significantly below the public debt ratio in the year before the start of the technical trajectory.

Amendment 858 #

Proposal for a regulation
Article 15 – paragraph 2 – point f

(f) whether the public debt ratio at the end of the planning horizon is well below the public debt ratio in the year before the start of the technical trajectory.

Amendment 859 #

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) whether representatives of workers' associations , civil society organisations and other relevant stakeholders were consulted and how their opinions have been taken into account.

Amendment 860 #

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) whether the fiscal balances and the projected evolution of the public debt are consistent with the Commission's medium-term fiscal-structural plan.

Amendment 861 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) whether the consultation process was adequately conducted whether the input of the stakeholders is reflected in the plan.

Amendment 862 #

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, point (b).

Amendment 863 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) the public debt ratio is reduced by at least 1.5% of GDP per year on average over the adjustment period;

Amendment 864 #

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) whether the public debt ratio is reduced by at least 1% of GDP per year on average over the adjustment period.

Amendment 865 #

Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)

(f a) whether the projected debt reduction ten years after the adjustment period is at least X% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;

Amendment 866 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

(f b) whether the projected debt reduction ten years after the adjustment period is at least X% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory; and

Amendment 867 #

Proposal for a regulation
Article 15 – paragraph 2 – point f b (new)

(f b) whether the projected debt reduction ten years after the adjustment period is at least x% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;

Amendment 868 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 15 – paragraph 2 – point f c (new)

(f c) whether national net expenditure growth exceeds medium-term potential output growth in any year of the period of the national medium-term fiscal- structural plan. For Member States with substantial public debt challenges high debt, the minimum difference between net expenditure growth and potential growth is set at 1 percentage point as long as the structural balance remains below [xxx] percent of GDP.

Amendment 869 #

Proposal for a regulation
Article 15 – paragraph 3 – introductory part

3. ~~In addition the Commission shall examine for the Member State concerned:~~The European Fiscal Board shall asess whether the set of reform and investment commitments underpinning an extension of the adjustment period fulfil the conditions set out in Article 13.The European Fiscal Board shall elaborate a report and inform the Commission about the result of the assessment not later than one month from the submission of the national medium-term fiscal-structural plan.That report shall be made public. When deciding whether the set of reform and investment commitments underpinning an extension of the adjustment period as referred to in paragraph 2, the Commission shall take into account the report of the European Fiscal Board.

Amendment 870 #

Proposal for a regulation
Article 15 – paragraph 3 – point a

~~(a) whether the set of reform and investment commitments underpinning an extension of the adjustment period fulfil the conditions set out in Article 13;~~deleted

Amendment 871 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 15 – paragraph 3 – point a a (new)

(a a) whether the expenditure benefitting from the treatment under Article 11(1a) meets the eligibility conditions under Article 11(1b);

Amendment 872 #

Proposal for a regulation
Article 15 – paragraph 3 – point b

~~(b) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, letter b.~~deleted

Amendment 873 #

Proposal for a regulation
Article 15 – paragraph 3 – point b

~~(b) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, letter b.~~deleted

Amendment 874 #

Proposal for a regulation
Article 16

Endorsement of the national medium- term fiscal-structural plan by the Council The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. Where the national medium-term fiscal- structural plan serves as the corrective action plan required for the correction of excessive macroeconomic imbalances, as provided for in Article 30, the Council shall also endorse in that recommendation the reforms and investment necessary to correct the imbalances.Article 16 deleted

Amendment 875 #

Proposal for a regulation
Article 16 – title

Endorsement of the national medium-term fiscal-structural plan by the European Parliament and the Council

Amendment 876 #

Proposal for a regulation
Article 16 – title

Endorsement of the national medium-term fiscal-structural plan by the European Parliament and the Council

Amendment 877 #

Proposal for a regulation
Article 16 – title

Endorsement of the ~~national~~ medium-term fiscal- structural plan ~~by the Council~~

Amendment 878 #

Proposal for a regulation
Article 16 – paragraph 1

The European Parliament and the Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule.

Amendment 879 #

Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Max ORVILLE

Proposal for a regulation
Article 16 – paragraph 1

The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The recommendation from the Commission regarding the extension of the adjustment period shall be in line with the assessment of the European Fiscal Board, otherwise, the Commission shall explain the deviation using sound economic arguments.

Amendment 880 #

Proposal for a regulation
Article 16 – paragraph 1

The Council, on a recommendation from the Commission and after consulting the relevant advisory committees identified in Article 26, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan ~~within four~~between six and ten weeks ofrom the adoption of the Commission recommendation as a rule, depending on the reform and investment commitments included in the plan.

Amendment 881 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 16 – paragraph 1

The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.

Amendment 882 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 16 – paragraph 1

The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.

Amendment 883 #

Proposal for a regulation
Article 16 – paragraph 1

The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The Commission recommendation shall be accompanied by an evaluation of the EFB and the national independent fiscal institution regarding the fulfilment of the criteria in Article 15 and the assumptions used in the reference trajectory.

Amendment 884 #

Billy KELLEHER, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO

Proposal for a regulation
Article 16 – paragraph 1

The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period and the allocation of investment expenditure over the life-cycle of incurred assets included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule.

Amendment 885 #

Proposal for a regulation
Article 16 – paragraph 1 a (new)

The Commission recommendation shall be accompanied by a report from the European Fiscal Board assessing the plausibility of the expenditure path, the assumptions underlying the investment commitments if an extensions of the adjustment period is foreseen, and compliance with the criteria laid down in Article 15(2) and (3).

Amendment 886 #

Proposal for a regulation
Article 16 – paragraph 2

Where the national medium-term fiscal- structural plan serves as the corrective action plan required for the correction of excessive macroeconomic imbalances, as provided for in Article 30, the European Parliament and the Council shall also endorse in that recommendation the reforms and investment necessary to correct the imbalances.

Amendment 887 #

Proposal for a regulation
Article 17

Council Recommendation for a revised national medium-term fiscal-structural Where it considers that the plan does not comply with the requirements set out in Article 15 (2) and (3) point (a), the Council shall, on a recommendation from the Commission, recommend that the Member State concerned submits a revised national medium-term fiscal- structuralArticle 17 deleted plan.

Amendment 888 #

Proposal for a regulation
Article 17 – title

~~Council~~ Recommendation for a revised national medium-term fiscal-structural plan

Amendment 889 #

Proposal for a regulation
Article 17 – title

~~Council~~ Recommendation for a revised national medium-term fiscal-structural plan

Amendment 890 #

Proposal for a regulation
Article 17 – paragraph 1

Where it considers that the plan does not comply with the requirements set out in Article 15 (2) and (3) point (a), the Council ~~shall~~may, on a recommendation from the Commission, recommend that the Member State concerned submits a revised national medium-term fiscal-structural plan.

Amendment 891 #

Proposal for a regulation
Article 17 – paragraph 1

Where it considers that the plan does not comply with the requirements set out in Article 15 (2) and (3) point (a), the European Parliament and the Council shall, on a recommendation from the Commission, recommend that the Member State concerned submits a revised national medium-term fiscal-structural plan.

Amendment 892 #

Proposal for a regulation
Article 17 – paragraph 1

Amendment 893 #

Proposal for a regulation
Article 18

The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission be the net expenditure path of the Member State where: (a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within one month of the recommendation by the Council; (b) the Council considers that the revised national medium-term fiscal-structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a); (c) the Member State fails to submit a new national medium-term fiscal-structural plan at the end of the period covered by the previous national medium-term fiscal- structural plan.Article 18 deleted Council Recommendation in case of failure by the Member State

Amendment 894 #

Proposal for a regulation
Article 18 – title

~~Council~~ Recommendation in case of failure by the Member State

Amendment 895 #

Proposal for a regulation
Article 18 – paragraph 1 – introductory part

The Council ~~shall~~may, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission be the net expenditure path of the Member State where:

Amendment 896 #

Proposal for a regulation
Article 18 – paragraph 1 – introductory part

The European Parliament and the Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission be the net expenditure path of the Member State where:

Amendment 897 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 18 – paragraph 1 – introductory part

The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission pursuant to Article 5 be the net expenditure path of the Member State where:

Amendment 898 #

Proposal for a regulation
Article 18 – paragraph 1 – introductory part

The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued ~~by the Commission~~pursuant to Article 5 be the net expenditure path of the Member State where:

Amendment 899 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 18 – paragraph 1 – introductory part

The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission, in accordance with Article 5, be the net expenditure path of the Member State where:

Amendment 900 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 18 – paragraph 1 – point a

(a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within onthree months of the recommendation by the Council;

Amendment 901 #

Proposal for a regulation
Article 18 – paragraph 1 – point a

(a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within ~~one~~3 month of the recommendation by the Council;

Amendment 902 #

Proposal for a regulation
Article 18 – paragraph 1 – point a

(a) the Member State concerned fails to submit a revised national medium-term fiscal-structural plan within ~~one~~two months of the recommendation by the Council;

Amendment 903 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 18 – paragraph 1 – point b

(b) the European Parliament and the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a);

Amendment 904 #

Proposal for a regulation
Article 18 – paragraph 1 – point b

(b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 1~~5(2) and (3), point (a)~~2;

Amendment 905 #

Proposal for a regulation
Article 18 – paragraph 1 – point b

(b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 1~~5(2) and (3), point (a)~~2;

Amendment 906 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 18 – paragraph 1 – point b

(b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a), duly justifying its position;

Amendment 907 #

Proposal for a regulation
Article 18 – paragraph 1 – point c

(c) the Member State fails to submit an initial national medium term fiscal- structural plan or a new national medium- term fiscal-structural plan at the end of the ~~period~~final year covered by the previous national medium-term fiscal- structural plan.

Amendment 908 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 18 – paragraph 1 – point c

(c) the Member State fails to submit a new national medium-term fiscal-structural plan at the end of the ~~period~~last year covered by the previous national medium-term fiscal- structural plan.

Amendment 909 #

Proposal for a regulation
Article 19

satisfactorily comply with its commitments Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitmentsArticle 19 deleted Failure by a Member State to underpinning ~~the~~an extension ~~referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter~~of its adjustment period.

Amendment 910 #

Proposal for a regulation
Article 19 – paragraph 1

Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the European Parliament and the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter adjustment period.

Amendment 911 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 19 – paragraph 1

Where a Member State has been granted an extension of its adjustment period but, according to the annual report published by the independent fiscal institutions as referred to in Article 22, fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter adjustment period.

Amendment 912 #

Proposal for a regulation
Article 19 – paragraph 1

Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend that the Member State concerned submits an amended national medium-term fiscal-structural plan with a revised net expenditure path ~~with~~of a shorter adjustment period.

Amendment 913 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 19 – paragraph 1

Where a Member State has been granted an extension of its adjustment period but fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend that the Member State concerned submits an amended national medium-term fiscal-structural plan with a revised net expenditure path with a shorter adjustment period.

Amendment 914 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 19 a (new)

Article19a Medium-term fiscal-structural plans scoreboard 1. The Commission shall establish a medium-term fiscal-structural plans scoreboard (the “Scoreboard”), which shall display the progress of the implementation of the national medium- term fiscal-structural plans of the Member States in each criteria referred to in Article 13(2) and Article 15 (2), as well as stage of the life-cycle of the plan and country-specific computations and the status of each Member State under the control account. 2. The Commission shall be empowered to adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining the detailed elements of the Scoreboard with a view to displaying the progress of the implementation of the medium-term fiscal-structural plans as referred to in paragraph 1. 3. The Scoreboard shall also display the progress of the implementation of the medium-term fiscal-structural plans in relation to the set of reform and investment commitments referred to in Article 19. 4. The Scoreboard shall be operational by [June] 2024 and shall be updated by the Commission twice a year. The Scoreboard shall be made publicly available on a website or internet portal.

Amendment 915 #

Proposal for a regulation
Article 19 a (new)

Article 19a Medium-term fiscal-structural plans scoreboard 1. The Commission shall establish a medium-term fiscal-structural plans scoreboard (the “Scoreboard”), which shall display the progress of the implementation of the national medium- term fiscal-structural plans of the Member States in each criteria referred to in Article 13(2) and Article 15 (2), as well as stage of the life-cycle of the plan and country-specific computations and the status of each Member State under the control account. 2. The Commission shall be empowered to adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining the detailed elements of the Scoreboard with a view to displaying the progress of the implementation of the medium-term fiscal-structural plans as referred to in paragraph 1. 3. The Scoreboard shall also display the progress of the implementation of the medium-term fiscal-structural plans in relation to the set of reform and investment commitments referred to in Article 19. 4. The Scoreboard shall be operational by [June] 2024 and shall be updated by the Commission twice a year. The Scoreboard shall be made publicly available on a website or internet portal.

Amendment 916 #

Proposal for a regulation
Article 19 a (new)

Article19a Medium-term scoreboard 1. The Commission shall establish a medium-term fiscal-structural plans' scoreboard (the "Scoreboard"), which shall display the contribution of the national medium-term fiscal-structural plans of the Member States in the achievement of the common priorities of the Union as defined in Article 12. 2. The Commission shall be empowered to adopt a delegated act in accordance with Article 33 to supplement this Regulation by defining the detailed elements of the Scoreboard. 3. The Scoreboard shall be operational by [June] 2024 and shall be updated by the Commission twice a year. The Scoreboard shall be made publicly available on a website or internet portal.

Amendment 917 #

Proposal for a regulation
Chapter V – title

V IMPLEMENTATION OF THE ~~NATIONAL~~ MEDIUM-TERM FISCAL- STRUCTURAL PLANS

Amendment 918 #

Proposal for a regulation
Article 20 – paragraph 1

1. Each Member State shall submit to the Commission and to the European Parliament an annual progress report on the implementation of its national medium- term fiscal-structural plan, by 15 April each year at the latest. The Commission shall present to the Parliament and the Council an annual progress report on its medium-term fiscal-structural plan.

Amendment 919 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 20 – paragraph 1

1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, by 1530 April each year at the latest.

Amendment 920 #

Proposal for a regulation
Article 20 – paragraph 1

1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, ~~by 15 April each year at the latest~~each year in April, preferably by mid-April and not later than 30th of April.

Amendment 921 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Martin HLAVÁČEK, Gilles BOYER

Proposal for a regulation
Article 20 – paragraph 1

Amendment 922 #

Proposal for a regulation
Article 20 – paragraph 1

1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, b~~y 15~~efore end of April each year at the latest .

Amendment 923 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 20 – paragraph 2

Amendment 924 #

Amendment 925 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 20 – paragraph 2

Amendment 926 #

Proposal for a regulation
Article 20 – paragraph 2

Amendment 927 #

Proposal for a regulation
Article 20 – paragraph 3 a (new)

3 a. The annual progress report referred to in paragraph 1 shall also contain an assessment of the national public and private investment gaps for the achievement of the common priorities listed in Annex VI.

Amendment 928 #

Proposal for a regulation
Article 20 – paragraph 4

4. Each Member State and the Commission shall make ~~its~~their annual progress report public.

Amendment 929 #

Proposal for a regulation
Article 20 – paragraph 4 a (new)

4a. Member States are strongly encouraged to discuss the progress report in their national parliaments and with civil society, social partners and relevant stakeholders, in full respect of their national legal frameworks.

Amendment 930 #

Proposal for a regulation
Article 21

Monitoring by the Commission The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path. The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path.Article 21 deleted

Amendment 931 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS, Eva-Maria Alexandrova POPTCHEVA

Proposal for a regulation
Article 21 – title

Monitoring byof the ~~Commiss~~structural plans implementation

Amendment 932 #

Proposal for a regulation
Article 21 – paragraph 1

The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, ~~and in particular,~~including the net expenditure path and the reform and investment commitments.

Amendment 933 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 21 – paragraph 1

The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reform and investment commitments.

Amendment 934 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall ~~set up a control account, functioning in accordance with Annex IV~~monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reforms and investments underpinning the adjustment period. The Commission shall set up a control account, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path, since the establishment of the control account, until the Member State has completed its adjustment. The cumulated balance of the control account in a given/selected period is the sum of the yearly debits and credits registered during that period. The Comission shall prepare a report under Artilce 126(3) TFEU, in case the balance of the control account exceeds 0.3% of GDP. The Commission shall inform the European Parliament about its conclusions in the report.

Amendment 935 #

Billy KELLEHER, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall ~~set up a control account, functioning in accordance with Annex IV~~monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reforms and investments underpinning the adjustment period. The Commission shall set up a control account, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path, since the establishment of the control account, until the Member State has completed its adjustment. The cumulated balance of the control account in a given/selected period is the sum of the yearly debits and credits registered during that period. The data on the control account shall be publicly available. The Commission shall prepare a report under Article 126(3) TFEU, in case the balance of the control account exceeds 2% of GDP. The Commission shall inform the European Parliament about its conclusions in the report.

Amendment 936 #

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path. The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member state will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.

Amendment 937 #

Paul TANG, Aurore LALUCQ, Joachim SCHUSTER, Pedro SILVA PEREIRA, Evelyn REGNER

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path. Debt issued in the form of European Green Bonds according to [the Green Bonds Regulation] shall not be counted in the calculation of deviations from the net expenditure path.

Amendment 938 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reforms and investments underpinning the adjustment period. The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path, taking into account the requirements set out under article 25 of this Regulation, when it applies.

Amendment 939 #

Antonio Maria RINALDI, Valentino GRANT, Marco ZANNI

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path. In the control account, upward deviations shall also take into account the ratio of private debt to GDP .

Amendment 940 #

Proposal for a regulation
Article 21 – paragraph 2

The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward and downward deviations of actual net expenditures from the net expenditure path. The European Parliament and the Council will monitor the implementation of the Commission's medium-term fiscal- structural plan.

Amendment 941 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 21 – paragraph 2 a (new)

Deviations of actual net expenditures from the net expenditure path shall not be included in the control account in the following cases: (a) where the Member State implements justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12; (b) where the Member State experiences exceptional circumstances outside its control that lead to a major impact on the public finances; (c) where the Member State’s average primary balance in the reference period is lower than expected but still satisfactory.

Amendment 942 #

Proposal for a regulation
Article 21 – paragraph 2 a (new)

A Member State will be deemed not to be in compliance of its net expenditure path where the cumulated balance of the control account during the adjustment period is higher than [X% of GDP] in the years of positive GDP growth.

Amendment 943 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA

Proposal for a regulation
Article 21 – paragraph 2 a (new)

The years where Member States implement, within a defined timeframe, justifiable and strategically significant investments addressing the common priorities of the Union as outlined in Article 12, with a combined size of at least ]x%] of GDP, that lead to a deviation from the net expenditure path, shall not be recorded as deviation from the control account and shall be included among the relevant factors to be assessed when opening an Excessive Deficit Procedure as specified in the Article 126(3)

Amendment 944 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA

Proposal for a regulation
Article 21 – paragraph 2 b (new)

The same procedure applies for the years where a Member State suffers exceptional circumstances outside its control that lead to a major impact on the public finances of the Member State concerned, as specified in article 25.

Amendment 945 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA

Proposal for a regulation
Article 21 – paragraph 2 c (new)

If the structural primary balance remains above X% during the adjustment period, the Member State would be exempt from the debt-based EDP triggered by deviations on control account.

Amendment 946 #

Proposal for a regulation
Article 22 – title

~~Role of~~Monitoring by independent fiscal institutions

Amendment 947 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the ~~net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path~~reference trajectory. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 948 #

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the ~~budgetary outturns d~~observed net expenditure patah reported in the progress report referred to in Article 20 with the net expenditure path planned in the ongoing national medium-term fiscal-structural plan . Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. Each national independent fiscal institution shall provide, or endorse, estimations of national public and private investment gaps to achieve the priorities of the Union listed in Article 12, point (ba) _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 949 #

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall pro~~vide~~duce an annual report providing an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. The annual report shall also include an assessment on the progress in delivering the investments and reforms referred to in Article 12 paragraphs b) and c). The annual report shall be submitted to the Member State and to the Commission and shall be made public. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 950 #

Billy KELLEHER, Caroline NAGTEGAAL, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. The assessment of compliance with the net expenditure path referred to in this Article shall complement the assessment made by the Commission and the Council. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 951 #

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. The assessment shall be made public and shall be submitted to the Member State and to the Commission. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 952 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path, including of non quantifiable targets and an assessment of the social impact of fiscal adjustment policy choices involving social experts in the process. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 953 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 22 – paragraph 1

Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provide an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path, using only quantifiable targets. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)

Amendment 954 #

Proposal for a regulation
Article 22 – paragraph 1 a (new)

The Commission shall establish the European Advisory Fiscal Board (EFB), an independent expert group, which shall have an advisory role in respect of the Union’s economic policy coordination and shall include economic and social experts. The Commission shall have no voting rights. European social partners should be invited as observer members.

Amendment 955 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 22 – paragraph 1 a (new)

The Commission shall establish the European Advisory Fiscal Board (EFB), an independent expert group, which shall have an advisory role in respect of the Union’s economic policy coordination. The Commission shall have no voting rights. European social partners should be invited as observer members.

Amendment 956 #

Proposal for a regulation
Article 22 – paragraph 1 a (new)

National independent fiscal institutions shall also, as part of their contribution to the report referred to in Article 20, provide an assessment of the national public and private investment gaps that need to be filled to achieve the common priorities listed in Annex VI.

Amendment 957 #

Billy KELLEHER, Dragoş PÎSLARU, Eva-Maria Alexandrova POPTCHEVA, Monica SEMEDO

Proposal for a regulation
Article 22 – paragraph 1 b (new)

The Commission shall establish the European Advisory Fiscal Board (EFB) as an independent expert group, with the aim to provide advisory role for the purpose of the Union’s economic policy coordination.

Amendment 958 #

Proposal for a regulation
Article 22 a (new)

Article22a European Fiscal Board 1. The European Fiscal Board (EFB) is established. It shall have legal personality and it shall have its seat in Brussels, Belgium. 2. The EFB shall act within the powers conferred by this Regulation and it shall be functionally autonomous from the EU institutions. 3. The EFB shall be responsible to provide independent assessments and advice on the application by the European Commission and the Council of the EU economic governance framework, and any other tasks that conferred to it in this regulation and those that may be conferred in the future. 4. The EFB shall carry out the following tasks: (a) determine and/or collect and analyse all the relevant and necessary information, for the purposes of achieving the objectives described in paragraph 3; (b) monitor and assess the application by the European Commission and the Council of the EU economic governance framework pursuant to paragraph 3; (c) provide advice to the European Parliament, the European Commission, the Council, the Eurogroup upon request; (d) collect and assess public information provided by independent fiscal institutions as referred to in Council Directive (2011/85/EU) on requirements for budgetary frameworks of the Member States; (e) support, facilitate, strengthen cooperation and exchange information among independent fiscal institutions as referred to in Council Directive (2011/85/EU) [on requirements for budgetary frameworks of the Member States]; (f) undertake any other specific tasks needed to achieve the objectives described in paragraph 3. 5. The EFB shall have full access to all relevant information collected by the European Commission from Member States in order to fulfil its objective pursuant to paragraph 2 and perform its task pursued to paragraph 3. 6. The EFB shall report once a year on its activities to the European Parliament and the Council. 7. The European Parliament and its competent committee may invite the Chair of the Board to participate in an exchange of views. 8. The EFB shall have a General Board, including a Chair, a Secretariat, and an Advisory Scientific Committee. The General Board shall take the decisions necessary to ensure the performance of the tasks entrusted to the EFB. The Secretariat shall be responsible for the day-to-day business of the EFB. It shall provide high-quality analytical, statistical, administrative and logistical support to the EFB under the direction of the Chair. The Advisory Scientific Committee shall provide advice and assistance on issues relevant to the work of the EFB. The Chair shall preside at the meetings of the General Board and the Advisory Scientific Committee and the General Board shall establish the internal rules of procedure. 9. The Chair and the Members of the General Board shall be nominated for a five years period with a possible renewal for an additional five years. They shall be appointed by the Commission following approval of the European Parliament and the Council. The Advisory Scientific Committee shall be composed of the Chair and six experts representing a wide range of relevant skills and experiences approved by the General Board for a four-year, renewable mandate. 10. The General board and the Advisory Scientific Committee shall be appointed on the basis of their experience and competence in public finances, debt sustainability assessments, macro- economic developments and forecasts. 11. When participating in the activities of the General Board and of the Advisory Scientific Committee or when conducting any other activity relating to the EFB, the members of the EFB shall perform their duties impartially and solely in the interest of the Union as a whole. They shall not seek nor take instructions from the Member States, the Union institutions or any other public or private body. No member of the General Board shall have a function in any other public institutions or in the private sector. 12. Neither the Member States, the Union institutions nor any other public or private body shall seek to influence the members of the EFB in the performance of the tasks set out in this Regulation or any future tasks that may be conferred to it.

Amendment 959 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER

Proposal for a regulation
Article 22 a (new)

Article22a The European Advisory Fiscal Board 1. The European Advisory Fiscal Board (EFB) is established. It shall have its seat in Brussels, Belgium. 2. The EFB shall act within the powers conferred by this Regulation and it shall be functionally autonomous from the EU institutions. 3. The EFB shall be responsible to provide independent assessments and advice on the application by the European Commission and the Council of the EU economic governance framework. 4. The EFB shall carry out the following tasks: (a) determine and/or collect and analyse all the relevant and necessary information, for the purposes of achieving the objectives described in paragraph 3; (b) monitor and assess the application by the European Commission and the Council of the EU economic governance framework pursuant to paragraph 3; (c) provide advice to the European Parliament, the European Commission, the Council, the Eurogroup upon request; (d) collect and assess public information provided by independent fiscal institutions as referred to in Council Directive (2011/85/EU) on requirements for budgetary frameworks of the Member States; (e) support, facilitate and strengthen cooperation and exchange of information among independent fiscal institutions as referred to in Council Directive (2011/85/EU) [on requirements for budgetary frameworks of the Member States]; (f) undertake any other specific tasks needed to achieve the objectives described in paragraph 3. 5. The EFB shall have full access to all relevant information collected by the European Commission from Member States in order to fulfil its objective pursuant to paragraph 2 and perform its task pursued to paragraph 3. 6. The EFB shall report twice a year on its activities to the European Parliament and the Council. 7. The European Parliament and its competent committee may invite the Chair of the advisory Authority to participate in an exchange of views. 8. The EFB shall have a General Board, including a Chair, a Secretariat, and an Advisory Scientific Committee. The General Board shall take the decisions necessary to ensure the performance of the tasks entrusted to the EFB. The Secretariat shall be responsible for the day-to-day business of the EFB. It shall provide high-quality analytical, statistical, administrative and logistical support to the EFB under the direction of the Chair. The Advisory Scientific Committee shall provide advice and assistance on issues relevant to the work of the EFB. The Chair shall preside at the meetings of the General Board and the Advisory Scientific Committee and the General Board shall establish rules of procedure for the EFB. 9. The Chair and the Members of Board shall be nominated for a five years period with a possible of a renewal for an addition five years. They shall be appointed by the Commission following approval of the European Parliament and the Council. The Advisory Scientific Committee shall be composed of the Chair and six experts representing a wide range of relevant skills and experiences approved by the General Board for a four- year, renewable mandate. 10. The steering board and the scientific support group shall be appointed on the basis of their experience and competence in public finances, debt sustainability assessments, macro-economic developments and forecasts, and means of transparent procedures. 11. When participating in the activities of the General Board and of the Advisory Scientific Committee or when conducting any other activity relating to the EFB, the members of the EFB shall perform their duties impartially and solely in the interest of the Union as a whole. They shall not seek nor take instructions from the Member States, the Union institutions or any other public or private body. No member of the General Board shall have a function in the financial industry. Neither the Member States, the Union institutions nor any other public or private body shall seek to influence the members of the EFB in the performance of the tasks set out in this Regulation.

Amendment 960 #

Proposal for a regulation
Article 23

recommendation for policy measures 1. In the event of a significant risk of deviation from the net expenditure path or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU. 2. On the basis of a Commission recommendation, the Council shall, within one month of the Commission warning referred to in paragraph 1, adopt a recommendation to the Member State concerned for the necessary policy measures, in accordance with Article 121(4) TFEU.Article 23 deleted Commission warning and Council

Amendment 961 #

Proposal for a regulation
Article 23 – title

~~Commission warning and~~ Council recommendation for policy measures

Amendment 962 #

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant risk of deviation from the net expenditure path or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.deleted

Amendment 963 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant and/or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU. In case the value of the control account is higher than 0.3% of GDP, the Member State shall be deemed not to be in compliance with its net expenditure path. In case the Member State has to follow a corrective net expenditure path, this path should ensure that the value of the control account is brought to zero within the deadline set in the Council recommendation.

Amendment 964 #

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant or sustained risk of deviation from the net expenditure path as monitored by the control account or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU. In case the value of the control account is higher than 2% of GDP and is not expected to fall below this level within one year, the Member State shall be deemed not to be in compliance of its net expenditure path.

Amendment 965 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 23 – paragraph 1

Amendment 966 #

Proposal for a regulation
Article 23 – paragraph 1

Amendment 967 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant risk of deviation from the net expenditure path ~~or a risk that the government deficit may exceed the 3% of GDP reference value~~, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.

Amendment 968 #

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant ~~risk of~~ deviation from the net expenditure path or ~~a risk that the government deficit may~~ exceeding the 3% of GDP reference value of government deficit, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.

Amendment 969 #

Billy KELLEHER, Stéphanie YON-COURTIN, Dragoş PÎSLARU, Monica SEMEDO, Gilles BOYER

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant risk of deviation from the net expenditure path due to which the public debt ratio of the Member State may fail to be on a downward path (or may fail to remain at a prudent level) or a risk that the government deficit may exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.

Amendment 970 #

Proposal for a regulation
Article 23 – paragraph 1

1. In the event of a significant risk of deviation from the net expenditure path or a risk that the government deficit may significantly exceed the 3% of GDP reference value, the Commission may address a warning to the Member State concerned in accordance with Article 121(4) TFEU.

Amendment 971 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Olivier CHASTEL, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 23 – paragraph 2

2. On the basis of a Commission recommendation, the Council shall, within one month of the Commission warning referred to in paragraph 1, adopt a recommendation to the Member State concerned for the necessary policy measures, in accordance with Article 121(4) TFEU.deleted

Amendment 972 #

Proposal for a regulation
Article 23 – paragraph 2

2. On the basis of a Commission recommendation, the Council shall~~, within one month of the Commission warning referred to in paragraph 1,~~ adopt a recommendation to the Member State concerned for the necessary policy measures, in accordance with Article 121(4) TFEU.

Amendment 973 #

Jonás FERNÁNDEZ, Pedro MARQUES, René REPASI, Irene TINAGLI, Costas MAVRIDES, Evelyn REGNER, Pedro SILVA PEREIRA, Csaba MOLNÁR

Proposal for a regulation
Article 23 – paragraph 2 a (new)

2 a. The Commission shall orally inform the Chair and Vice-Chairs of the competent committee of the European Parliament of the progress made in the preparation of the draft Commission recommendation referred to in paragraph 2. That information shall be treated as confidential.

Amendment 974 #

Proposal for a regulation
Article 24 – title

~~Severe e~~Economic downturn in the ~~euro area or the Union as a whol~~Member State

Amendment 975 #

Proposal for a regulation
Article 24 – paragraph 1

~~On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path~~The Member State concerned can deviate from its reference trajectory, in the event of a ~~severe~~n economic downturn on a national level or in the euro area or the Union as a whole~~, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviation~~. An extension can be taken more than once.

Amendment 976 #

Proposal for a regulation
Article 24 – paragraph 1

~~On a recommendation from the Commission, the Council may adopt a recommendation~~The Commission may recommend that the Council allow~~ing~~s Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, ~~provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviat~~specifying a time limit for such deviation. The deviation shall not endanger fiscal sustainability in the medium term. The Commission recommendation shall be deemed to be adopted unless the Council decides by qualified majority to reject the recommendation within 10 days from the adoption of such a recommendation by the Commission.

Amendment 977 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 24 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the eEuro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such deviat~~as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability. Conditions set out in Article 23, paragraph 1, are not affected by this decision.

Amendment 978 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 24 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States, for a limited and pre-defined period of time, to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such deviation~~as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability.

Amendment 979 #

Proposal for a regulation
Article 24 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such deviation~~limit as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability.

Amendment 980 #

Proposal for a regulation
Article 24 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such deviation.~~as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability;

Amendment 981 #

Billy KELLEHER, Caroline NAGTEGAAL, Dragoş PÎSLARU, Olivier CHASTEL, Monica SEMEDO

Proposal for a regulation
Article 24 – paragraph 1

On a recommendation from the Commission, complemented by an independent assessment carried out by the European Fiscal Board, the Council may adopt a recommendation allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviation.

Amendment 982 #

Proposal for a regulation
Article 24 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation, accompanied by an opinion from the European Fiscal Board, allowing Member States to deviate from their net expenditure path, in the event of a severe economic downturn in the euro area or the Union as a whole, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such deviation.

Amendment 983 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 24 – paragraph 1 a (new)

Before drafting the recommendation, the European Fiscal Board shall submit an opinion to the Commission assessing whether a severe economic downturn on the euro area or the Union as a whole exist and shall propose a time-limit for the deviation. The opinion shall be made available to the Council and shall be made public.

Amendment 984 #

Proposal for a regulation
Article 24 – paragraph 2

As long as the severe economic downturn in the euro area or the Union as a whole persists, the Commission shall continue to monitor debt sustainability, compatibility of policies and investments with the common objectives listed in Article 12, in particular the transition to climate neutrality by 2050 and ensure policy coordination and a consistent policy mix that takes into account the euro area and the Union dimension.

Amendment 985 #

Proposal for a regulation
Article 24 – paragraph 2

As long as the severe economic downturn in the euro area or the Union as a whole persists, the Commission shall continue to monitor debt sustainability and ensure policy coordination and a consistent policy mix that takes into account the euro area and the Union dimension. The existence of the severe economic downturn referred to in this article will be subject to regular reviews carried out at least once a year.

Amendment 986 #

Proposal for a regulation
Article 24 – paragraph 3

Amendment 987 #

Proposal for a regulation
Article 24 – paragraph 3

The Council, on a recommendation from the Commission, may extend the period during which Member States may deviate from the net expenditure paths, provided that the severe economic downturn in the euro area or the Union as a whole persists. ~~An extension may be granted more than once. However, each extension shall be for an additional period of one year at most~~The Commission recommendation under this paragraph shall be deemed to be adopted unless the Council decides by qualified majority to reject the recommendation within 7 days from the adoption of such a recommendation by the Commission. An extension may be granted more than once.

Amendment 988 #

Proposal for a regulation
Article 24 – paragraph 3

The Council, on a recommendation from the Commission, complemented by an assessment carried out by the European Fiscal Board, may extend the period during which Member States may deviate from the net expenditure paths, provided that the severe economic downturn in the euro area or the Union as a whole persists. An extension may be granted more than once. However, each extension shall be for an additional period of one year at most.

Amendment 989 #

Proposal for a regulation
Article 24 – paragraph 3 a (new)

Before an extension of the period is recommended, the Commission shall gather the opinion of the European Fiscal Board. The opinion shall be made available to the Council and shall be made public.

Amendment 990 #

Proposal for a regulation
Article 25 – title

~~Exceptional circumstances outside the control of the Member State~~Social or ecological circumstances leading to a ~~major~~significant impact on the public finances of the Member State concerned

Amendment 991 #

Proposal for a regulation
Article 25 – title

Exceptional circumstances ~~outside the control of the Member State leading to a major~~and cyclical conditions adversely impact oning the public finances of the Member State concerned

Amendment 992 #

On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviationThe Member State is allow to deviate from its reference trajectory where social or ecological circumstances with a significant impact on the public finances of the Member State concerned occur. An extension can be taken more than once.

Amendment 993 #

Isabel BENJUMEA BENJUMEA, José Manuel GARCÍA-MARGALLO Y MARFIL, Massimiliano SALINI

Proposal for a regulation
Article 25 – paragraph 1

~~On a recommendation from the Commission, the Council may adopt a recommendation~~The Commission may recommend that the Council allow~~ing~~s a Member State to deviate from its net expenditure path where exceptional circumstances o~~utside the control of the Member State lead to a major~~r cyclical conditions adversely impact on the public finances of the Member State concerned, ~~provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviat~~specifying a time limit for such deviation. The deviation shall not endanger fiscal sustainability in the medium term. The Commission recommendation shall be deemed to be adopted unless the Council decides by qualified majority to reject the recommendation within 10 days from the adoption of such a recommendation by the Commission.

Amendment 994 #

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, along with an independent evaluation of the respective national IFI and the EFB, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such a deviation~~as well as a maximum to the size of the deviation per Member States which would not lead to a breach of medium-term fiscal sustainability.

Amendment 995 #

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such a deviat~~as well as a maximum to the size of the deviation per Member States which would not lead to a breach of medium-term fiscal sustainability. Conditions set out in Article 23 paragraph 1, are not affected by this decision.

Amendment 996 #

Jessica POLFJÄRD, Markus FERBER, Monika HOHLMEIER, Ralf SEEKATZ, Stefan BERGER, Frances FITZGERALD

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State, for a limited and pre-defined period of time, to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such a deviation~~as well as a maximum to the size of the deviation per Member State which would not lead to a breach of medium-term fiscal sustainability.

Amendment 997 #

Stéphanie YON-COURTIN, Gilles BOYER, Pascal CANFIN, Valérie HAYER, Georgios KYRTSOS

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a major impact on the public finances of the Member State concerned, provided it does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit ~~for such a deviation~~as well as a maximum to the size of the deviation per Member States which would not lead to a breach of medium-term fiscal sustainability.

Amendment 998 #

Proposal for a regulation
Article 25 – paragraph 1

On a recommendation from the Commission, the Council may adopt a recommendation allowing a Member State to deviate from its net expenditure path where exceptional circumstances outside the control of the Member State lead to a ~~major~~significant impact on the public finances of the Member State concerned, provided it continuously supports European common objectives listed in Article 12 and in particular a transition to climate neutrality by 2050 and does not endanger fiscal sustainability in the medium term. The Council shall specify a time-limit for such a deviation.

Amendment 999 #