2024/2054(INI) European Central Bank – annual report 2024
Next event: Indicative plenary sitting date 2025/02/10 more...
Lead committee dossier:
Next event: Indicative plenary sitting date 2025/02/10 more...
- Vote scheduled in committee 2025/01/16
Progress: Awaiting committee decision
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
VAN BRUG Anouk ( RE)
|
FALCONE Marco ( PPE),
REGNER Evelyn ( S&D),
ZIJLSTRA Auke ( PfE),
NESCI Denis ( ECR),
EICKHOUT Bas ( Verts/ALE),
SARAMO Jussi ( GUE/NGL)
|
Lead committee dossier:
Legal Basis:
RoP 55
Legal Basis:
RoP 55Events
2025/02/10
Indicative plenary sitting date
2025/01/16
Vote scheduled in committee
2024/10/22
EP - Committee draft report
Documents
2024/10/10
EP - Committee referral announced in Parliament
2024/09/19
EP - VAN BRUG Anouk (RE) appointed as rapporteur in ECON
| Amendments | Dossier |
| 314 |
2024/2054(INI)
2024/11/13
ECON
314 amendments...
Amendment 1 #
Motion for a resolution Citation 11 a (new) – having regard to the European Pillar of Social Rights,
Amendment 10 #
Motion for a resolution Recital B B. whereas HICP inflation is projected to increase somewhat in the last quarter of 2024, before
Amendment 100 #
Motion for a resolution Paragraph 8 8. Recalls that the Economic and Monetary Union requires solid fiscal
Amendment 101 #
Motion for a resolution Paragraph 8 a (new) 8a. Recalls that in a free market economy, the role of the institutions must be limited strictly to observance of the Treaties, rules and regulations in force, which act as guarantors of observance of the same by the other institutions and economic operators concerned. The introduction of arbitrary criteria and flexibility à la carte, which may affect some countries to the detriment of others, will lead only to a framework of inequality and arbitrariness that affects free economic competition on a level playing field; stresses that compliance with the Stability and Growth Pact by EU Member States, compliance with deficit and public debt targets and compliance with national recovery plans and operational agreements are good examples of this;
Amendment 102 #
Motion for a resolution Paragraph 9 Amendment 103 #
Motion for a resolution Paragraph 9 Amendment 104 #
Motion for a resolution Paragraph 9 9. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low; highlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy and sustainable growth; reiterates that balanced public finances are a key factor for sustainable economic growth, as they foster confidence in economic stability and facilitate the development of an environment conducive to investment and job creation;
Amendment 105 #
Motion for a resolution Paragraph 9 9. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low
Amendment 106 #
Motion for a resolution Paragraph 9 9. Recalls that prudent fiscal policies by the Member States can complement the ECB’s efforts to keep inflation low and thereby to protect incomes; highlights that addressing excessive public deficit and debt levels in a proportional and gradual manner that is appropriate to the situation in each country, is crucial to maintaining a stable economy and sustainable growth;
Amendment 107 #
Motion for a resolution Paragraph 9 9.
Amendment 108 #
Motion for a resolution Paragraph 9 9. Recalls that prudent fiscal policies by the Member States
Amendment 109 #
Motion for a resolution Paragraph 9 9. Recalls that prudent fiscal policies by the Member States
Amendment 11 #
Motion for a resolution Recital B a (new) Ba. whereas, despite this downward trend, the inflation rate continues to be an average of a diversity of situations that vary from between rates of 0% and 4.3% from country to country; whereas this diversity is also seen across the various segments of the HICP;
Amendment 110 #
Motion for a resolution Paragraph 10 Amendment 111 #
Motion for a resolution Paragraph 10 Amendment 112 #
Motion for a resolution Paragraph 10 10.
Amendment 113 #
Motion for a resolution Paragraph 10 10.
Amendment 114 #
Motion for a resolution Paragraph 10 10. Expresses concern about the high levels of government debt and deficits within the Member States and the risks of fiscal dominance that this entails; recalls that high levels of state intervention in the economy through high public spending and high debt accumulation distorts market incentives, discourages private investment and hampers economic growth;
Amendment 115 #
Motion for a resolution Paragraph 10 10. Expresses concern about the high levels of government debt and deficits
Amendment 116 #
Motion for a resolution Paragraph 10 10. Expresses concern about the high levels of government debt and deficits within the Member States and the risks of potential fiscal dominance that this entails;
Amendment 117 #
Motion for a resolution Paragraph 10 10. Expresses concern
Amendment 118 #
Motion for a resolution Paragraph 10 10. Expresses concern about the high levels of government debt and deficits within the Member States and the risks of fiscal dominance that this could entail
Amendment 119 #
Motion for a resolution Paragraph 10 a (new) 10a. Welcomes the ECB’s commitment to establishing a fully fledged European deposit insurance scheme;
Amendment 12 #
Motion for a resolution Recital B a (new) Ba. whereas overall HICP inflation in the euro area stood at 2.9 % in December 2023, which is 6.3 percentage points lower than in December 2022;
Amendment 120 #
Motion for a resolution Paragraph 10 b (new) 10b. Firmly believes that the key economic objectives in the coming years should be high levels of socially, environmentally and economically sustainable growth; a social market economy that brings both competitiveness gains and employment growth; stresses the importance of the European Pillar of Social Rights in upholding the European way of life; emphasises that these objectives will be best achieved in a context of macroeconomic stability;
Amendment 121 #
Motion for a resolution Paragraph 11 11. Strongly welcomes the fact that headline inflation has come down from its peak of 10.6 % in October 2022 to 1.7 % in September 2024; notes that inflation levels vary widely across the euro area, ranging from 4.3% in Belgium to 0% in Ireland;
Amendment 122 #
Motion for a resolution Paragraph 11 11.
Amendment 123 #
Motion for a resolution Paragraph 11 a (new) 11 a. Notes that high inflation levels disproportionally affect lower-income households that spend a higher proportion of their budget on necessities; stresses that bringing down headline and core inflation back to target level is therefore also important for maintaining social cohesion;
Amendment 124 #
Motion for a resolution Paragraph 12 12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024, but expresses its unease at its historically and persistently high level; notes with concern that high core inflation could translate into higher headline inflation numbers;
Amendment 125 #
Motion for a resolution Paragraph 12 12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024
Amendment 126 #
Motion for a resolution Paragraph 12 12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023
Amendment 127 #
Motion for a resolution Paragraph 12 12. Welcomes the decrease in core inflation from its peak of 7.6 % in March 2023 to 2.7 % in September 2024, but expresses its unease at its
Amendment 128 #
Motion for a resolution Paragraph 12 a (new) 12 a. Highlights that the supply- side shock - triggered by the rapid decline in fossil fuel energy imports - is the key driver for the record high inflation; emphasizes that geopolitical tensions have not been resolved which subsequently could cause another supply-side shock; notes, that the new trans-atlantic dynamic might also be a factor for a possible supply-side shock;
Amendment 129 #
Motion for a resolution Paragraph 13 Amendment 13 #
Motion for a resolution Recital C C. whereas the ECB’s primary objective is to maintain price stability, which it has defined as a level of inflation of 2 % over the medium term; whereas the ECB´s secondary mandate requires it, without prejudice to its primary mandate, to support the general economic objectives in the EU;
Amendment 130 #
Motion for a resolution Paragraph 13 Amendment 131 #
Motion for a resolution Paragraph 13 Amendment 132 #
Motion for a resolution Paragraph 13 Amendment 133 #
Motion for a resolution Paragraph 13 Amendment 134 #
Motion for a resolution Paragraph 13 13.
Amendment 135 #
Motion for a resolution Paragraph 13 a (new) 13a. Regrets that the ECB has been guided in its interest rate decisions primarily by the interest burden on Member States and their highly indebted banks rather than by its primary mandate, i.e. price stability; reminds the ECB that maintaining favourable financing conditions is not part of its mandate;
Amendment 136 #
Motion for a resolution Paragraph 14 Amendment 137 #
Motion for a resolution Paragraph 14 Amendment 138 #
Motion for a resolution Paragraph 14 Amendment 139 #
Motion for a resolution Paragraph 14 Amendment 14 #
Motion for a resolution Recital D D. whereas the ECB
Amendment 140 #
Motion for a resolution Paragraph 14 Amendment 141 #
Motion for a resolution Paragraph 14 Amendment 142 #
Motion for a resolution Paragraph 14 14. Stresses that the ECB was late to act when inflation started rising in January 2021 and surpassed the 2 % target level in July 2021;
Amendment 143 #
Motion for a resolution Paragraph 14 14. Stresses that the ECB was late to act when inflation started rising in January 2021 and surpassed the 2 % target level in July 2021; recalls in this regard the ECB’s incorrect assessment that inflation was expected to be only transitory;
Amendment 144 #
Motion for a resolution Paragraph 14 a (new) 14 a. Stresses the importance of diversifying funding instruments in light of the conclusion of reinvestments under the asset purchase programme (APP) and the expected end of reinvestments under the pandemic emergency purchase programme (PEPP). To address this, a revised securitisation framework aimed at enhancing the European market's appeal to originators and investors, along with the introduction of a dual-recourse long- term funding instrument called as European Secured Notes for SME financing, could be pivotal;
Amendment 145 #
Motion for a resolution Paragraph 14 a (new) 14 a. Highlights that since July 2022, the ECB raised its key rate ten consecutive times, indicating the sharpest tightening cycle in the Euro area since the introduction of the common currency;
Amendment 146 #
Motion for a resolution Paragraph 15 Amendment 147 #
Motion for a resolution Paragraph 15 Amendment 148 #
Motion for a resolution Paragraph 15 15. Invites the ECB to fundamentally review and improve its models and their role in its policymaking in light of the subpar performance of the models in recent years, particularly to better distinguish between demand-driven and supply-side sources of inflation; recommends that the ECB adopt a flexible, data-driven approach that aligns with evolving economic conditions and avoids unnecessary strain on sectors sensitive to financing costs, such as manufacturing;
Amendment 149 #
Motion for a resolution Paragraph 15 15.
Amendment 15 #
Motion for a resolution Recital E Amendment 150 #
Motion for a resolution Paragraph 15 15. Invites the ECB to fundamentally review and improve its models to adapt them to new financial market and economic trends both at EU and global level and their role in its policymaking in light of the subpar performance of the models in recent years;
Amendment 151 #
Motion for a resolution Paragraph 15 15. Invites the ECB to
Amendment 152 #
Motion for a resolution Paragraph 15 15. Invites the ECB to fundamentally review and improve its models, communication and their role in its policymaking in light of the
Amendment 153 #
Motion for a resolution Paragraph 15 a (new) 15a. Calls on the ECB, in the context of the next monetary policy strategy review, to incorporate mechanisms to better identify the level of transience of the effects of economic shocks in order to ensure a swift and determined monetary policy response to the latter;
Amendment 154 #
Motion for a resolution Paragraph 15 a (new) 15 a. Welcomes the operational structure of the ECB, including the decision to incorporate secondary objectives and climate change concerns into the planning of its structural refinancing operations and structural portfolios;
Amendment 155 #
Motion for a resolution Paragraph 16 Amendment 156 #
Motion for a resolution Paragraph 16 16.
Amendment 157 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market and decreased levels of inflation; recalls that reducing the purchase of assets helps to reduce the balance sheet, alleviates distortions and gives the market greater autonomy to set prices on the basis of supply;
Amendment 158 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale back its asset purchase programmes, in view of the excess liquidity in the market and decreased levels of inflation; welcomes the fact that the asset portfolio under the ECB’s purchase programmes has been on a downward trend since 2023;
Amendment 159 #
Motion for a resolution Paragraph 16 16.
Amendment 16 #
Motion for a resolution Recital E E. whereas political independence requires the ECB to refrain from taking political
Amendment 160 #
Motion for a resolution Paragraph 16 16. Supports the ECB’s decision to scale
Amendment 161 #
Motion for a resolution Paragraph 16 a (new) 16 a. Notes that the Federal Reserve acknowledged that the ongoing contraction in its balance sheet size will be constrained by the need to ensure the supply of “ample reserves” in the foreseeable future for financial stability purposes and provided estimations of what it considers to be the lowest comfortable level of central bank reserves; underlines that the recent review of the ECB operational framework seems to also endorse an “ample reserves” doctrine; asks the ECB to clarify whether it operates on the basis of a specific estimation or range estimation of what it considers to be the lowest comfortable level of reserves for the euro area;
Amendment 162 #
Motion for a resolution Paragraph 16 b (new) 16 b. Underlines that interest on commercial banks’ holdings of bank reserves resulted only in 2023 in the Eurosystem paying EUR 152 billion interest to credit institutions amounting to 1.13 % of Eurozone GDP; stresses that such interest transfers to commercial banks imply reduction of profit transfers to national governments leading to increases in the budget deficits that may require in the future additional fiscal austerity measures to be addressed; considers this is an exorbitant and unsustainable subsidy to the banking sector that escapes the remit of democratic deliberation and scrutiny; asks the ECB to mitigate this issue and consider imposing non-interest-bearing minimum reserve requirements on part of the bank reserves, while only remunerating the reserves in excess of these minimum requirements;
Amendment 163 #
Motion for a resolution Paragraph 17 Amendment 164 #
Motion for a resolution Paragraph 17 Amendment 165 #
Motion for a resolution Paragraph 17 Amendment 166 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are unconventional policies
Amendment 167 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are unconventional policies
Amendment 168 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are unconventional policies that
Amendment 169 #
Motion for a resolution Paragraph 17 17.
Amendment 17 #
Motion for a resolution Recital F Amendment 170 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are
Amendment 171 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU and lead to excessive interference of the ECB in the functioning of financial markets, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore gradually reduce the size of its balance sheet and to eventually permanently end purchase programmes; invites the ECB to share insights on the impact of the purchase programmes on the functioning of financial markets, including the impact on pension funds and pension insurance cooperations;
Amendment 172 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore to continue gradually reduc
Amendment 173 #
Motion for a resolution Paragraph 17 17. Stresses that the ECB’s purchase programmes are unconventional policies that amount, in economic terms, to monetary financing, which is prohibited under Article 123(1) TFEU, if the ECB does not shrink back its balance sheet; calls on the ECB to therefore gradually reduce the size of its balance sheet to zero;
Amendment 174 #
Motion for a resolution Paragraph 17 a (new) 17a. Points out that the ECB is now by far the largest creditor of the euro area countries; calls on the ECB to put an end to this form of monetary cannibalism;
Amendment 175 #
Motion for a resolution Paragraph 18 Amendment 176 #
Motion for a resolution Paragraph 18 Amendment 177 #
Motion for a resolution Paragraph 18 18.
Amendment 178 #
Motion for a resolution Paragraph 18 18.
Amendment 179 #
Motion for a resolution Paragraph 18 18.
Amendment 18 #
Motion for a resolution Recital F F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the direct monetary financing of governments; whereas the ECB may purchase debt securities on the secondary market if this is necessary to pursue its objectives;
Amendment 180 #
Motion for a resolution Paragraph 18 18.
Amendment 181 #
Motion for a resolution Paragraph 18 18. Regrets the establishment of the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not just the legal prohibition of monetary financing but also its economic meaning; stresses in this regard that selectively purchasing government debt amounts to monetarily financing an EU Member State; Warns that, if activated, TPI would raise significant questions about policy conditionality that could excite financial instability rather than tame it;
Amendment 182 #
Motion for a resolution Paragraph 18 18.
Amendment 183 #
Motion for a resolution Paragraph 18 18.
Amendment 184 #
Motion for a resolution Paragraph 18 18.
Amendment 185 #
Motion for a resolution Paragraph 19 Amendment 186 #
Motion for a resolution Paragraph 19 Amendment 187 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are – in the absence of any serious financial disturbances – generally the result of different risk premia on government bonds;
Amendment 188 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds;
Amendment 189 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds reflecting different approaches to fiscal policy; stresses that purchases under the TPI would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable debt levels;
Amendment 19 #
Motion for a resolution Recital F F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the
Amendment 190 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stresses that purchases under the TPI
Amendment 191 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stresses that purchases under the TPI would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct responsible fiscal policies and ensure sustainable
Amendment 192 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds; stresses that the suitability of purchases under the TPI
Amendment 193 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds;
Amendment 194 #
Motion for a resolution Paragraph 19 19. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds;
Amendment 195 #
Motion for a resolution Paragraph 19 a (new) 19 a. Stresses that the inclusion of owner-occupied housing (OOH) in the Harmonised Index of Consumer Prices (HICP) is desirable for reasons of both representativeness and comparability across countries in the euro area; underlines that according to the ECB, since 2011 the estimated impact of including OOH in HICP annual inflation would have been between -1.2 and +0.4 percentage points; notes, however, that the period of observation is short relative to the length of housing market cycles, and the deviations observed are larger if one looks at the country inflation indices; express concerns that in future housing market cycles the differences between the HICP including and excluding the OOH might be larger;
Amendment 196 #
Motion for a resolution Paragraph 19 a (new) 19a. Calls on the ECB, in continuity with previous investments carried out under its APP - PEPP programmes, to consider securitisation as a means of strengthening the European market for both originators and investors, and suggests experimenting with European secured notes as a new long-term financing instrument for SMEs;
Amendment 197 #
Motion for a resolution Paragraph 19 a (new) 19a. Takes good note of the impact of the ECB's monetary policy on the real economy, namely on loans held by citizens and companies; hopes that the downward trend in and stabilisation of inflation rates will allow a process of monetary policy normalisation to continue, thus alleviating the burden on households;
Amendment 198 #
Motion for a resolution Paragraph 19 b (new) 19 b. Welcome that the Governing Council of the ECB, in its review of the monetary strategy, recognised the appropriateness of including the costs related to owner-occupied housing (OOH) in the HICP as part of a multi-year project and that, in the meantime, it committed to consider both in its monetary policy assessments and decisions also the available inflation measures regarding the quarterly standalone OOH index among the wider set of supplementary inflation indicators that the ECB ordinarily looks at; calls for an acceleration of the roadmap in order to get a rapid inclusion of OOH in the HICP.
Amendment 199 #
Motion for a resolution Paragraph 19 b (new) 19b. Stresses that uniform transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; points out that excessive divergence in sovereign yields makes credit conditions inconsistent with the uniform transmission of monetary policy and makes a reduction of public debt particularly difficult;
Amendment 2 #
Motion for a resolution Citation 13 a (new) – having regard to the CJEU judgement of 11 December 2018, case C- 493/17, Weiss and Others,
Amendment 20 #
Motion for a resolution Recital F a (new) F a. whereas the People’s Bank of China (PBOC) introduced in 2021 a Carbon Emission Reduction Facility (CERF) enabling banks to borrow at a preferential rate of 1.75% for an amount corresponding to 60% of their volume of loans issued to support to the low-carbon transition;
Amendment 200 #
Motion for a resolution Paragraph 19 a (new) 19a. Stresses the absence of an appropriate assessment of the potential impacts of the digital euro on financial stability, on monetary sovereignty in third countries, on the private digital payments ecosystem resulting from the pre- eminence of a public provider, on citizens’ privacy, as well as on the very high economic costs for taxpayers;
Amendment 201 #
Motion for a resolution Paragraph 19 b (new) 19b. Urges the Commission to reassess the costs and benefits of this project through a new impact assessment before further developing it; calls for the Regulatory Scrutiny Board to carefully reassess this new impact analysis; points to the need to reassess its relevance and suitability for the needs of euro area savers and investors; considers it urgent for the Commission to explore alternative ways of promoting, at the level of private providers, a pan-European digital payments solution before moving forward with the digital euro project;
Amendment 202 #
Motion for a resolution Paragraph 20 20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy
Amendment 203 #
Motion for a resolution Paragraph 20 20.
Amendment 204 #
Motion for a resolution Paragraph 20 20.
Amendment 205 #
Motion for a resolution Paragraph 20 20.
Amendment 206 #
Motion for a resolution Paragraph 20 20.
Amendment 207 #
Motion for a resolution Paragraph 20 20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament;
Amendment 208 #
Motion for a resolution Paragraph 20 20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced strategic autonomy, a higher level of competition in the retail payment market, potential to foster innovation in payments and finance, improved financial inclusion and the availability of an offline back-up payment system;
Amendment 209 #
Motion for a resolution Paragraph 20 20.
Amendment 21 #
Motion for a resolution Recital F a (new) F a. whereas the ECB shall promote the general economic policies in the EU, thereby contributing to the achievement of the objectives of the EU as laid down in Article 3 TFEU;
Amendment 210 #
Motion for a resolution Paragraph 20 20. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; highlights the expected benefits, such as enhanced
Amendment 211 #
Motion for a resolution Paragraph 20 a (new) 20 a. Stresses the need that the digital euro becomes universally accessible and not reduced to a simple “payment scheme”; asks therefore, that digital euro services are provided by a broad range of commercial, public and non-profit intermediaries, beyond the traditional remit of commercial banks”;
Amendment 212 #
Motion for a resolution Paragraph 20 a (new) 20 a. Considers that the digital euro will only become a success story if it provides tangible added value for European citizens, that European citizens can understand; notes that, currently many European citizens either have not heard about the digital euro project or remain scecptical;
Amendment 213 #
Motion for a resolution Paragraph 20 a (new) 20 a. Highlights the digital euro as a potential alternative payments system that could foster competition and help lower transaction costs for citizens and firms;
Amendment 214 #
Motion for a resolution Paragraph 20 b (new) 20 b. Considers that the decison whether or not to introduce a digital euro is ultimately a political decision that has to be taken by the Union legislator;
Amendment 215 #
Motion for a resolution Paragraph 21 21.
Amendment 216 #
Motion for a resolution Paragraph 21 21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash entirely and that cash should remain available at all times; in that context, welcomes the proposal for a Regulation on legal tender of euro cash;
Amendment 217 #
Motion for a resolution Paragraph 21 21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash entirely and that cash should remain
Amendment 218 #
Motion for a resolution Paragraph 21 21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash
Amendment 219 #
Motion for a resolution Paragraph 21 21. Reiterates that the digital euro
Amendment 22 #
Motion for a resolution Recital F a (new) F a. whereas the Eurosystem has been built on the principle of monetary dominance;
Amendment 220 #
Motion for a resolution Paragraph 21 21. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash
Amendment 221 #
Motion for a resolution Paragraph 21 21.
Amendment 222 #
Motion for a resolution Paragraph 21 a (new) 21a. Highlights that the digital euro should be designed so as to safeguard ongoing private sector investments in strategic areas, particularly those enhancing instant credit transfers, as stated in the regulation on instant credit transfers (Regulation 886/2024 - DPI), and that, in order to provide assurance on the users of these financial services, it is necessary to avoid market positions of non-European entities as well as extra charges for end users, in view of the need to avoid complexity and excessive costs;
Amendment 223 #
Motion for a resolution Paragraph 22 Amendment 224 #
Motion for a resolution Paragraph 22 Amendment 225 #
Motion for a resolution Paragraph 22 22. Stresses the need for a cost-based compensation model
Amendment 226 #
Motion for a resolution Paragraph 22 22. Stresses th
Amendment 227 #
Motion for a resolution Paragraph 22 a (new) 22a. Doubts the claim by the ECB that it can offer its payment services to merchants more cheaply than private players, especially since the ECB has so far failed to provide any clarity on cost structure; stresses that, although the ECB’s mandate does not provide for a profit motive, the ECB is not a non-profit organisation and any profits are distributed annually to the ECB’s shareholders, namely the national central banks, and therefore charging cheaper fees for digital euro payments will come at the expense of any profits to be distributed to the national central banks; stresses that the ECB only distributes any profits it makes to its shareholders and not in order to subsidise the market prices of its services;
Amendment 228 #
Motion for a resolution Paragraph 22 a (new) 22 a. Reminds of the importance of holding limits for the digital Euros, in order not to create additional risks for the banks' balance sheets, especially for crisis situations.
Amendment 229 #
Motion for a resolution Paragraph 23 23. Calls on the ECB to take due account of essential privacy concerns around the digital euro
Amendment 23 #
Motion for a resolution Recital F b (new) F b. whereas the Bank of Japan launched in 2022 the “Transactions for Climate Response Financing Operations” programme under which Japanese banks were able to borrow at a 0% rate 11,963 billion yen;
Amendment 230 #
Motion for a resolution Paragraph 23 23. Calls on the ECB to
Amendment 231 #
Motion for a resolution Paragraph 23 23. Calls on the ECB to take due account of privacy concerns around the digital euro and stresses that its development should become a gold standard in terms of privacy and anonymity for other financial institutions;
Amendment 232 #
Motion for a resolution Paragraph 23 a (new) 23 a. Shares the ECB’s concern regarding the rise of the shadow banking sector and the risk it may pose to financial stability; calls on the ECB to step up its monitoring of the development of cryptocurrencies and of the related risks and emerging threats in terms of cybersecurity, money laundering, terrorism financing and other criminal activities; stresses the need for adequate regulation in this field;
Amendment 233 #
Motion for a resolution Paragraph 23 a (new) 23a. Demands that any decision to launch the digital euro should not be taken exclusively by the Governing Council of the ECB; stresses that this should be a consensual decision by the Commission, the European Parliament and the Council, given the profound potential impact of this decision on financial policy, going beyond the strict scope of monetary policy;
Amendment 234 #
Motion for a resolution Paragraph 23 a (new) 23a. Recalls that the ECB should hear and respect the European Parliament and its decisions as the representative of EU citizens and be willing to freeze the digital euro project if it does not enjoy sufficient support to begin the implementation stage;
Amendment 235 #
Motion for a resolution Paragraph 23 a (new) 23 a. Calls the ECB to advance the digital euro project determinedly; stresses that the digital euro must be free for use and, as a public good; available through public intermediaries;
Amendment 236 #
Motion for a resolution Paragraph 23 a (new) 23 a. Calls on the ECB to take due account of financial stability concerns and potential changes in the structure of the financial sector resulting from the introduction of the digital euro;
Amendment 237 #
Motion for a resolution Paragraph 23 a (new) 23 a. Invites the ECB, together with the Parliament, to launch a broad information campaign on the digital euro in order to allay citizens´concerns;
Amendment 238 #
Motion for a resolution Paragraph 23 b (new) 23b. Calls on the ECB to refocus its efforts on digital payments so that the EU can take a leading position internationally in the creation of a wholesale digital currency, as a way to incentivise the digitalisation of the economy, improve the efficiency and depth of capital markets and strengthen the international role of the euro;
Amendment 239 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to refrain from taking political
Amendment 24 #
Motion for a resolution Recital G G. whereas the principal payments from maturing securities purchased under the asset purchase programme (APP)
Amendment 240 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to refrain from taking politically motivated decisions and to stick to its mandate of maintaining price stability;
Amendment 241 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to
Amendment 242 #
Motion for a resolution Paragraph 24 24. Calls on the ECB to
Amendment 243 #
Motion for a resolution Paragraph 24 24.
Amendment 244 #
Motion for a resolution Paragraph 24 a (new) 24a. Notes that the ECB in its report states that the competitiveness of the euro area economy is also affected by global decisions on green transition policies; calls on the ECB to point out that the European Union’s green policies are hampering the competitiveness of the euro area economy;
Amendment 245 #
Motion for a resolution Paragraph 24 a (new) 24a. Calls on the ECB, while respecting its independence, to address market failures and ensure the efficient allocation of resources over a long-term horizon, while remaining as apolitical as possible, respecting market neutrality in several instances;
Amendment 246 #
Motion for a resolution Paragraph 24 a (new) 24 a. Deeply regrets that the ECB remains an exception among central banks by not incorporating the pursuit of full employment in its primary mandate; urges the review thereof, in order to ensure that monetary policy is socially- balanced;
Amendment 247 #
Motion for a resolution Paragraph 24 a (new) 24 a. Underlines that the ECB's secondary mandate of supporting economic policies in Member States should only be applicable under the strict condition of having achieved its primary mandate of price stability.
Amendment 248 #
Motion for a resolution Paragraph 24 a (new) 24 a. Emphasizes that, while price stability is the ECB´s primary target, the ECB must take account of environmental, social and economic sustainability goals in line with its secondary mandate;
Amendment 249 #
Motion for a resolution Paragraph 24 a (new) 24 a. Recalls that, without prejudice to the objective of price stability, the TFEU requires the ECB to support the general economic policies of the Union as laid down in Article 3 TEU;
Amendment 25 #
Motion for a resolution Recital G a (new) G a. whereas bank reserves held by credit institutions at the ECB amounted to EUR 4.3 trillion in June 2023;
Amendment 250 #
Motion for a resolution Paragraph 24 b (new) 24b. Recalls that the ECB should not take measures that harm the competitiveness of the euro area in the name of global green policies since the ECB has a mandate to ensure price stability and should not jeopardise it with objectives outside its core mission; reiterates that green policies should be managed by other actors in the EU, and ECB decisions should not interfere with competitiveness, economic growth and market efficiency; calls for competitiveness to be protected in order to ensure a prosperous and free economic environment;
Amendment 251 #
Motion for a resolution Paragraph 24 b (new) 24 b. Welcomes the ECB’s acitivities to further enhance the Eurosystem’s risk assessment tools and capabilities in order to better include climate- and environment-related risks, particularly because climate change and extreme weather phenomena could lead to greater price volatility, especially in the agri-food sector; invites the ECB to continue its work on climate risk stress tests developed to assess the resilience of banks and corporations in the face of climate transition risk;
Amendment 252 #
Motion for a resolution Paragraph 24 b (new) 24b. Stresses that appropriate deposit limits are vital to promote the digital euro and at the same time cap transaction volumes within predetermined time frames and absolute values;
Amendment 253 #
Motion for a resolution Paragraph 25 Amendment 254 #
Motion for a resolution Paragraph 25 Amendment 255 #
Motion for a resolution Paragraph 25 25. Stresses that the ECB’s secondary objectives are best achieved when the free market operates in a stable macroeconomic environment, based on predictable price levels, that encourages investment; therefore underlines the need to reduce our energy dependancy on imported fossil fuels; stress that domestically produced clean energies would reduce the EU economy exposure to energy-related external shocks and overall be conducive to the ECB’s price stability mandate; recognise in this respect that the energy price of domestically generated clean energy is likely to become cheaper and more stable over the medium term
Amendment 256 #
Motion for a resolution Paragraph 25 25. Stresses that the ECB’s secondary objectives are
Amendment 257 #
Motion for a resolution Paragraph 25 a (new) 25 a. Encourages the ECB to pursue measures within its remit that foster a stable macroeconomic environment conducive to sustainable economic growth, employment, and enhanced EU competitiveness, while avoiding interference with Member States’ fiscal policies and respecting the principle of subsidiarity;
Amendment 258 #
Motion for a resolution Paragraph 25 a (new) 25 a. Calls on the ECB to include a specific chapter in its annual report explaining how it has interpreted and implemented its secondary objectives;
Amendment 259 #
Motion for a resolution Paragraph 26 26. Stresses that the ECB should prevent distortions in the signalling function of prices given this function’s role in ensuring an efficient allocation of resources; recalls that studies previously conducted by the ECB have shown that “macroeconomic and financial market disruptions linked to climate change and transition policies could affect the conduct of monetary policy and the ability of the ECB to deliver on its price stability mandate through various channels”; invites the ECB to further assess to what extent climate change affects its ability to maintain price stability;
Amendment 26 #
Motion for a resolution Recital G b (new) G b. whereas the ECB, like major central banks, pays interest on commercial banks’ holdings of bank reserves making under its current policy stance large interest payments to commercial banks; whereas most central banks have only started remunerating commercial banks’ reserves in the last twenty years;
Amendment 260 #
Motion for a resolution Paragraph 26 26. Stresses that the ECB should prevent distortions in the signalling function of prices
Amendment 261 #
Motion for a resolution Paragraph 26 26.
Amendment 262 #
Motion for a resolution Paragraph 26 26.
Amendment 263 #
Motion for a resolution Paragraph 26 a (new) 26 a. Urges the ECB to review its climate-related policies, such as decarbonisation of its corporate bond holdings, to ensure that these measures do not undermine EU competitiveness or depart from the principle of market neutrality; underscores the need to avoid disadvantaging energy-intensive industries that may face disproportionate compliance costs compared to global counterparts;
Amendment 264 #
Motion for a resolution Paragraph 26 a (new) 26 a. Stresses the significance of the European Pillar of Social Rights for socio-economic alignment;
Amendment 265 #
Motion for a resolution Paragraph 27 Amendment 266 #
Motion for a resolution Paragraph 27 Amendment 267 #
Motion for a resolution Paragraph 27 27. Insists that the
Amendment 268 #
Motion for a resolution Paragraph 27 27. Insists that the ECB
Amendment 269 #
Motion for a resolution Paragraph 27 27. Insists that the ECB respect the market neutrality principle in all of its monetary operations; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition; Such actions should in no way jeapardise the primary objective of the ECB;
Amendment 27 #
Motion for a resolution Recital H H. whereas the e
Amendment 270 #
Motion for a resolution Paragraph 27 27. Insists that the ECB respect the market neutrality principle in all of its monetary operations at all times; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition;
Amendment 271 #
Motion for a resolution Paragraph 27 27. Insists that the ECB respect as much as possible the market neutrality principle in all of its monetary operations; re
Amendment 272 #
Motion for a resolution Paragraph 27 27. Insists that the ECB must respect the market neutrality principle in all of its monetary operations; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition;
Amendment 273 #
Motion for a resolution Paragraph 28 Amendment 274 #
Motion for a resolution Paragraph 28 Amendment 275 #
Motion for a resolution Paragraph 28 28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change; encourages the ECB’s to fully deliver on its Climate and nature plan 2024-2025, including on exploring “the case for further climate change considerations in monetary policy instruments and portfolios”
Amendment 276 #
Motion for a resolution Paragraph 28 28. Calls on the ECB to use all its available tools to ensure that banks
Amendment 277 #
Motion for a resolution Paragraph 28 28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change; recalls that this is a secondary principle and should not affect price stability which is the ECB's primary objective;
Amendment 278 #
Motion for a resolution Paragraph 28 28.
Amendment 279 #
Motion for a resolution Paragraph 28 28. Calls on the ECB to use all its available tools to ensure that banks take climate risk
Amendment 28 #
Motion for a resolution Recital H H. whereas the euro is the second most important currency globally
Amendment 280 #
Motion for a resolution Paragraph 28 28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously, in so far as it is properly quantified, in order to mitigate the financial risks resulting from climate change;
Amendment 281 #
Motion for a resolution Paragraph 28 28. Calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change, without compromising its primary objective;
Amendment 282 #
Motion for a resolution Paragraph 28 a (new) 28 a. Notes the record profits in Euro Area's banking sector, resulting from the higher interest rate environment; encourages the use of these profits to build buffers, thus safeguarding the stability of the financial system; notes that the temporary suspension of dividend distribution and share buy back was effective in safeguarding banks’ resilience during the COVID-19 crisis; calls for the introduction of a binding limitation of dividend distribution and buy back in times of crisis;
Amendment 283 #
Motion for a resolution Paragraph 28 a (new) 28 a. Highlights the need for an environmentally sustainable monetary policy in the form of, for example, green TLTRO's, green interest rates or establishing a permanent facility for the purchase of green bonds;
Amendment 284 #
Motion for a resolution Paragraph 28 a (new) 28 a. Considers that maintaining price stability and stable macroeconomic conditions might be conducive to creating the right conditions for the implementation of the EU's gernal economic policy objectives;
Amendment 285 #
Motion for a resolution Paragraph 29 29. Underlines that a strengthened international role of the euro would lead to lower interest rates in the euro area, increased status for the EU on the international stage and enhanced macroeconomic stability; recalls that strengthening the international role of the euro would contribute to enhancing the EU’s strategic autonomy;
Amendment 286 #
Motion for a resolution Paragraph 29 a (new) 29 a. Stresses the need for collaborative efforts to reduce structural and regulatory barriers, including high compliance costs and bureaucratic hurdles, to attract investments, enhance the EU’s global competitiveness, and improve the euro area’s position in international markets;
Amendment 287 #
Motion for a resolution Paragraph 29 b (new) 29 b. Calls the European Central Bank to explore and evaluate alternative tools to traditional mechanisms, like the monetary policy decisions on interest rate, in order to strengthen its capacity to manage inflation while limiting economic disruption;
Amendment 288 #
Motion for a resolution Paragraph 30 30. Calls on the ECB to look into strengthening the international role of the euro with a view to enhancing its attractiveness as a reserve currency
Amendment 289 #
Motion for a resolution Paragraph 30 a (new) 30 a. Recalls President Lagarde´s past statement that the current and persisting geopolitical crisis requires us to progress on EU fiscal integration; welcomes the ECB´s long- standing support for a well- thought out completion of the Economic and Monetary Union, the Banking Union, namely with the establishment of a fully- fledged European Deposit Insurance Scheme, and the Capital Markets Union; recalls that this would contribute to a larger spread of risks within and the enhanched financial stability of the Momentary Union, as well as it would further strengthen the international role of the euro and amplify its attractiveness as a reserve currency;
Amendment 29 #
Motion for a resolution Recital H a (new) Ha. whereas the value of the euro against the dollar has deteriorated considerably since the end of 2020; whereas energy derivatives are traded in dollars and a fall in the euro's exchange rate against the dollar further contributes to inflation;
Amendment 290 #
Motion for a resolution Paragraph 30 a (new) 30a. Notes that the ECB's positions and decisions have been misunderstood by the public on several occasions; considers it important, in this regard, to develop an appropriate communication policy: further believes that the ECB should cooperate with the European institutions, national authorities and civil society to promote financial literacy;
Amendment 291 #
Motion for a resolution Paragraph 30 a (new) 30 a. Ecourages the ECB to support EU initiatives that facilitate SMEs’ access to financial markets through the Capital Markets Union, thereby diversifying funding sources, reducing reliance on bank loans sensitive to interest rate fluctuations, and increasing SMEs’ resilience to monetary adjustments;
Amendment 292 #
Motion for a resolution Paragraph 30 a (new) 30a. Is of the opinion that efforts to create a macroeconomic stabilisation mechanism and an adequate supply of a European safe asset are relevant for strengthening the role of the euro as an international currency;
Amendment 293 #
Motion for a resolution Paragraph 30 b (new) 30 b. Emphasizes the creation of a well- designed European safe asset could facilitate integration and help mitigate negative feedback loops between the sovereign and domestic banking sectors;
Amendment 294 #
Motion for a resolution Paragraph 30 b (new) 30 b. Encourages collaboration with national central banks on financial literacy programs to empower individuals and businesses to make informed financial decisions;
Amendment 295 #
Motion for a resolution Paragraph 31 a (new) 31 a. Calls on the ECB to advocate for the completion of the Banking Union and Capital Markets Union as critical frameworks for enhancing financial stability, supporting economic growth, and creating a more resilient financial system in the euro area;
Amendment 296 #
Motion for a resolution Paragraph 31 a (new) 31 a. Reminds the ECB that cash remains important for the European citizens, including as a fall back option in crisis situations, as a safety measure against negative interest rates, and for educational purposes;
Amendment 297 #
Motion for a resolution Paragraph 31 b (new) 31 b. Encourages the ECB to support the member states in their endeavour to improve the financial literacy of their citizens;
Amendment 298 #
Motion for a resolution Paragraph 32 32.
Amendment 299 #
Motion for a resolution Paragraph 32 32. Welcomes the finalisation of the Basel III framework, as it
Amendment 3 #
Motion for a resolution Citation 13 b (new) – having regard to the CJEU judgement of 16 June 2015, case C-62/14, Peter Gauweiler and Others v Deutscher Bundestag,
Amendment 30 #
Motion for a resolution Recital I I. whereas the ECB
Amendment 300 #
Motion for a resolution Paragraph 32 32. Welcomes the finalisation of the Basel III framework, as it will strengthen the resilience of the banking sector; agrees with the ECB that postponements of Basel III provisions, including the fundamental review of the trading book, are unnecessary while the swift implementation of Basel III rules would not harm the competitiveness of EU banks;
Amendment 301 #
Motion for a resolution Paragraph 32 32.
Amendment 302 #
Motion for a resolution Paragraph 32 32. Welcomes the finalisation of the Basel III framework and its implementation from 1 January 2025, as it will strengthen the resilience of the banking sector;
Amendment 303 #
Motion for a resolution Paragraph 32 32. Welcomes the finalisation of the Basel III framework, as it will strengthen the resilience of the banking sector; calls for its implementation not to be delayed;
Amendment 304 #
Motion for a resolution Paragraph 32 a (new) 32a. Points to the urgent need to complete the Capital Markets Union (referred to by the new European Commission as the Savings and Investment Union) and the Banking Union with the European Deposit Guarantee Scheme (EDIS) to increase the resilience of our banking sector and improve the competitiveness of the euro area; reiterates the need to remove bureaucratic barriers that hinder cross- border investments in the EU, as well as to alleviate the tax burden on companies, simplify legal frameworks to attract capital, encourage SMEs’ entry into financial markets and foster financial literacy among citizens to raise awareness of the benefits of investments; stresses the urgent need to agree on a Retail Investor Strategy with a positive impact, giving retail investors greater protection, transparency and access to diversified investment opportunities, which are essential for their confidence and active participation in the markets; recalls that political will is necessary to advance the completion of the banking union and the capital markets union;
Amendment 305 #
Motion for a resolution Paragraph 32 a (new) 32 a. Recommends that, following the recent interest rate reductions, the ECB continue with further rate cuts as part of a broader strategy to support economic resilience for households and businesses facing financial pressures. Emphasizes that additional reductions should be pursued to meaningfully lower borrowing costs, encourage investment, and enhance access to credit, thereby fostering stability and economic recovery across the Euro area;
Amendment 306 #
Motion for a resolution Paragraph 32 a (new) 32a. Welcomes the ECB’s support for the completion of the Banking Union; encourages the ECB to take all necessary steps to enable cross-border bank mergers that, while ensuring financial stability, help the integration of the European banking market;
Amendment 307 #
Motion for a resolution Paragraph 32 a (new) 32 a. Calls for the further enhancement of the ECB’s internal whistleblowing framework, bringing it in line with the EU Whistleblower Directive;
Amendment 308 #
Motion for a resolution Paragraph 32 b (new) 32 b. Welcomes the finalisation of the Basel III framework, as it will strengthen the resilience of the banking sector. Underlines that, since other jurisdictions have not adopted the framework, it will be fundamental to consider the potential impact on the competitiveness of EU banks, in particular due to the implementation of the FRTB;
Amendment 309 #
Motion for a resolution Paragraph 33 33. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship; reiterates that ECB appointments should be based on objective merit and competence assessment processes and not on quota criteria relating to specific groups;
Amendment 31 #
Motion for a resolution Recital I I. whereas the ECB is accountable to the European Parliament
Amendment 310 #
Motion for a resolution Paragraph 33 a (new) 33 a. Regrets that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender-balanced, with shortlists submitted to Parliament; strongly regrets that instead of providing shortlists of candidates, Member States have recently nominated a number of candidates equal to the number of vacant positions; recalls that Parliament has previously committed not to consider shortlists that do not respect the gender- balance principle, in accordance with its resolution on gender balance in EU economic and monetary affairs nominations; calls on the euro area’s Member States to do their part and fully incorporate the principle of gender equality in their appointment processes;
Amendment 311 #
Motion for a resolution Paragraph 33 a (new) 33 a. Regrets that the Governing Council of the ECB Governing Council consist currently of only 2 female member; urges the euro area Member States to fulfil their obligations and apply the principals of gender equality in their appointment procedures, so that both genders have equal opportunities to serve as governors of their respective national central bank;
Amendment 312 #
Motion for a resolution Paragraph 33 a (new) 33 a. Invites the ECB to continue and strengthen its dialogues with national parliaments; believes that this would strengthen the legitimacy and policies of the ECB:
Amendment 313 #
Motion for a resolution Paragraph 33 a (new) 33 a. Invites the ECB to introduce perfomance based salaries for the upper management levels of the central bank, to incentivise the achievement of a low inflation;
Amendment 314 #
Motion for a resolution Paragraph 34 a (new) 34 a. Notes the current accountability practices between the ECB and Parliament; highligths the ECB’s openness and availability to Parliament; urges the ECB and Parliament to make full use of the accountability and transparency arrangements and further enhance these arrangements;
Amendment 32 #
Motion for a resolution Recital I a (new) Ia. whereas, without prejudice to the primary objective of price stability, the ECB should also support the general economic policies in the Union with a view to contributing to the achievement of the Union’s objectives laid down in Article 3 TEU;
Amendment 33 #
Motion for a resolution Recital I a (new) Ia. whereas the ECB's decisions should be based on economic and financial indicators and projections developed and studied by the institution in order to ensure its decisions are backed by robust solvency;
Amendment 34 #
Motion for a resolution Recital I a (new) I a. whereas the Governing Council of the ECB reflects a gender imbalance; calls on Member States to promote gender balance through equal representation of the respective governors;
Amendment 35 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the
Amendment 36 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area, while also considering the broader economic wellbeing of the EU, including economic growth where compatible with its mandate;
Amendment 37 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding the monetary and financial stability of the euro; supports the ECB's aim to take action where necessary to safeguard stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area;
Amendment 38 #
Motion for a resolution Paragraph 1 1.
Amendment 39 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area and that this stability cannot be affected by secondary objectives;
Amendment 4 #
Motion for a resolution Citation 14 a (new) – having regard to the European Parliament resolution of 19 May 2022 on the social and economic consequences for the EU of the Russian war in Ukraine - reinforcing the EU´s capacity to act (2022/2653(RSP)),
Amendment 40 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding monetary stability, which is a necessary precondition for growth and economic stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area;
Amendment 41 #
Motion for a resolution Paragraph 1 1. Welcomes the role of the ECB in safeguarding monetary stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area in support of stable and predictable economic growth;
Amendment 42 #
Motion for a resolution Paragraph 1 1.
Amendment 43 #
Motion for a resolution Paragraph 1 a (new) 1a. Stresses that price stability is a prerequisite for the ECB to fulfil its mandate of supporting the general economic policies of the Union, such as economic growth, respect for the market economy and free competition, which aim to achieve full employment, economic, social and territorial cohesion, monetary policy coordination and the proper functioning of public finances;
Amendment 44 #
Motion for a resolution Paragraph 1 b (new) 1b. Recalls that price stability is essential for attracting investments, driving economic growth, creating jobs, developing new investment projects and contributing to economic prosperity in the long term;
Amendment 45 #
Motion for a resolution Paragraph 1 c (new) 1c. Calls for the rapid implementation of the resources available under NextGenerationEU to be prioritised among the Union's economic policies, so that they reach the productive fabric, the real economy. This requires collaboration with national, regional and local authorities, in compliance with the Recovery and Resilience Facility regulation, to assess the impact of reforms linked to national recovery plans; calls for administrative mechanisms to be set up to facilitate investment and circumvent bureaucratic hurdles that make access to funds more difficult; ensure transparency and access to data on final recipients and transfers. In short, to implement measures that will change the course followed so far and achieve the economic impact expected when this historic economic stimulus plan was designed;
Amendment 46 #
Motion for a resolution Paragraph 1 d (new) 1d. The ECB, like the other institutions of the European Union, must set as one of its new priorities for action the rapid implementation of all available resources. Faced with a succession of economic crises, along with ongoing transitions and the social consequences, wars and natural and health catastrophes which they entail, citizens need rapid and immediate responses to help alleviate the effects of these serious problems. It is therefore necessary to analyse and evaluate the multitude of existing European programmes, funds and aid, which, far from working in a coordinated manner, lead to administrative bottlenecks and duplication, with the end result being low implementation rates and delays in the arrival of funds. Efficiency in the management of these programmes, effective communication of their content to European citizens and the sectors affected, coordinated work between programmes and administrations with different competencies and the creation of new management tools that make transfers between programmes more flexible, as well as the channelling of resources to the territories or sectors affected, must be economic priorities for the European institutions;
Amendment 47 #
Motion for a resolution Paragraph 2 2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate, which is to maintain price stability in the euro area and thereby contribute to economic growth and job creation;
Amendment 48 #
Motion for a resolution Paragraph 2 2.
Amendment 49 #
Motion for a resolution Paragraph 2 2. Underlines that the statutory independence of the ECB, as laid down in the Treaties
Amendment 5 #
Motion for a resolution Citation 23 a (new) – having regard to the ECB’s Climate and Nature Plan 2024-2025,
Amendment 50 #
Motion for a resolution Paragraph 3 3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisions; stresses that the independence of the ECB is at odds with its secondary mandate, which is to support the general economic policies in the Union with a view to contributing to the achievement of the political objectives set out in Article 3 TEU;
Amendment 51 #
Motion for a resolution Paragraph 3 3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to
Amendment 52 #
Motion for a resolution Paragraph 3 3. Highlights the importance of the ECB’s political independence, which should remain untouched;
Amendment 53 #
Motion for a resolution Paragraph 3 3. Highlights the importance of the ECB’s political independence
Amendment 54 #
Motion for a resolution Paragraph 3 3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisions including climate policies and therefore stick to the principle of market neutrality;
Amendment 55 #
Motion for a resolution Paragraph 3 3.
Amendment 56 #
Motion for a resolution Paragraph 3 3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political decisions outside its mandate;
Amendment 57 #
Motion for a resolution Paragraph 3 a (new) 3 a. Invites the ECB and the European Parliament to make full use of the accountability and transparency arrangements and, where possible, further enhance these arrangements, without prejudice to the ECB’s independence; calls on the ECB to strengthen dialogue with national parliaments;
Amendment 58 #
Motion for a resolution Paragraph 3 a (new) 3 a. stresses that conducting monetary operations in a market neutral way follows logically from the principle of central bank independence; stresses that deviating from this principle implies that the ECB benefits one market participant over the other based on its own preferences;
Amendment 59 #
Motion for a resolution Paragraph 4 a (new) 4 a. Recognises that while a tight monetary policy may be effective when inflation is predominantly stemming from demand factors such as excessive wage growth, consumption or public budgets spending, its impact may be more limited when addressing supply shocks;
Amendment 6 #
Motion for a resolution Citation 26 a (new) – having regard to the Paris Agreement adopted under the UN Framework Convention on Climate Change,
Amendment 60 #
Motion for a resolution Paragraph 4 b (new) 4 b. Underlines that geopolitical tensions and the climate and environmental crisis affect the price formation mechanism by disrupting supply in systemically significant sectors like energy, food, commercial infrastructure; is concerned that as response to more frequent supply shocks, firms coordinate price hikes to protect and even increase profit margins propagating and amplifying sectoral shocks; calls in this respect for a new inflation governance framework that would coordinate a broad range of stakeholders and policy areas including competition, fiscal, monetary policy and statistical authorities to prevent and mitigate such disruptions;
Amendment 61 #
Motion for a resolution Paragraph 5 5.
Amendment 62 #
Motion for a resolution Paragraph 5 5.
Amendment 63 #
Motion for a resolution Paragraph 5 5.
Amendment 64 #
Motion for a resolution Paragraph 5 5. Regrets that inflation levels remain above the ECB’s target of 2 % in some Member States; emphasises that inflation diminishes the purchasing power of fixed incomes, savings and pensions and that it distorts the signalling function of prices that ensures an efficient allocation of resources and has a negative impact on economic stability;
Amendment 65 #
Motion for a resolution Paragraph 5 5.
Amendment 66 #
Motion for a resolution Paragraph 5 5.
Amendment 67 #
Motion for a resolution Paragraph 5 a (new) 5 a. Stresses that both monetary and fiscal policies should work in tandem to help European citizens and households, as well as small businesses most adversely affected by the ongoing geopolitical crisis;
Amendment 68 #
Motion for a resolution Paragraph 5 a (new) 5a. Stresses that high levels of inflation have a disproportionate effect on lower-income households, which spend a higher proportion of their budget on necessities;
Amendment 69 #
Motion for a resolution Paragraph 5 b (new) 5 b. Stresses that inflation triggered a "cost of living crisis" for EU citizens, emphasizes therefore the imperativeness of curbing inflation to its desired core inflation rate of 2%;
Amendment 7 #
Motion for a resolution Recital A A. whereas, according to
Amendment 70 #
Motion for a resolution Paragraph 6 Amendment 71 #
Motion for a resolution Paragraph 6 6. Regrets that core inflation remains high, with only two euro area Member States reporting core inflation rates below 2 % in September 2024; recalls that this situation generates economic uncertainty, discourages savings and increases citizens' living costs, particularly affecting those on fixed and limited incomes, which can lead to inflation expectations, which sustain a cycle of price hikes and undermine economic stability;
Amendment 72 #
Motion for a resolution Paragraph 6 6.
Amendment 73 #
Motion for a resolution Paragraph 6 6. Regrets that core inflation remains high
Amendment 74 #
Motion for a resolution Paragraph 6 6. Regrets that core inflation still remains too high, with only two euro area Member States reporting core inflation rates below 2 % in September 2024;
Amendment 75 #
Motion for a resolution Paragraph 6 6. Re
Amendment 76 #
Motion for a resolution Paragraph 6 a (new) 6 a. Notes the downward trend in Euro Area inflation; expresses, however, concern over high living costs and food and energy prices and the upside risk on prices that stem, for example, from a possible trade war;
Amendment 77 #
Motion for a resolution Paragraph 7 Amendment 78 #
Motion for a resolution Paragraph 7 Amendment 79 #
Motion for a resolution Paragraph 7 7.
Amendment 8 #
Motion for a resolution Recital A a (new) Aa. whereas general inflation in the euro area stood at 2.9 % in September 2023 compared with 9.2 % in December 2022, showing an increasingly generalised decline across the various components and a total of -6.3 percentage points;
Amendment 80 #
Motion for a resolution Paragraph 7 7.
Amendment 81 #
Motion for a resolution Paragraph 7 7. Warns the ECB against the temptation to lower interest rates too quickly, given the risk that inflation levels could start increasing again; highlights the key role that inflation expectations play and that too much volatility in inflation rates might distort inflation expectations; stresses that the ECB itself expects a temporary increase in inflation levels in the last quarter of 2024 as previous sharp falls in energy prices drop out of the annual rates;
Amendment 82 #
Motion for a resolution Paragraph 7 7. Warns the ECB against the temptation to lower interest rates too
Amendment 83 #
Motion for a resolution Paragraph 7 7. Warns the ECB
Amendment 84 #
Motion for a resolution Paragraph 7 7. Warns the ECB against the temptation to lower interest rates too
Amendment 85 #
Motion for a resolution Paragraph 7 7.
Amendment 86 #
Motion for a resolution Paragraph 7 7. Warns the ECB
Amendment 87 #
Motion for a resolution Paragraph 7 a (new) 7 a. Underlines that the impact of higher rates is not homogenous across sectors, as some economic sectors are more sensitive to such increases due to their higher reliance on debt financing costs; is concerned that renewable energy, energy efficiency, storage and grid projects due to high upfront capital costs to build and install the required infrastructure are particularly affected by interest rate increases leading to a slowdown of investments required for the green transition; calls on the ECB to evaluate to what extent higher interest rates have slowed down green investments;
Amendment 88 #
Motion for a resolution Paragraph 7 a (new) 7 a. Emphasizes the importance of lower interest rates that encourages higher investments, which is needed to finance the green and digital transitions, recalling the Draghi report´s demand for investment quantified at 800 billion Euro;
Amendment 89 #
Motion for a resolution Paragraph 7 a (new) 7a. Calls on the ECB to take effective measures to nevertheless support competitiveness and public investment;
Amendment 9 #
Motion for a resolution Recital B B. whereas, according to the September 2024 Eurosystem staff macroeconomic projections for the euro area, HICP inflation is projected to increase somewhat in the last quarter of 2024, before declining to 2.2 % in 2025 and 1.9 % in 20264 ;
Amendment 90 #
Motion for a resolution Paragraph 7 b (new) 7 b. Calls on the ECB to reassess the feasibility of applying differentiated interest rates to support investments clearly geared towards energy efficiency and renewable energies; considers that this approach would enable the ECB to act simultaneously on demand and supply factors by raising rates to reduce aggregate demand, while at the same time lowering the green interest rate to preserve specific supply side factors from undue tightening;
Amendment 91 #
Motion for a resolution Paragraph 8 Amendment 92 #
Motion for a resolution Paragraph 8 Amendment 93 #
Motion for a resolution Paragraph 8 8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States
Amendment 94 #
Motion for a resolution Paragraph 8 8. Recalls that the Economic and Monetary Union requires
Amendment 95 #
Motion for a resolution Paragraph 8 8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks; recalls the need for rigorous implementation of the new fiscal framework to ensure the credibility of fiscal policies at the level of the economic and monetary union ;
Amendment 96 #
Motion for a resolution Paragraph 8 8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks; stresses the importance for Member States to promote fiscal responsibility and control of deficits and public debt to ensure long-term sustainability;
Amendment 97 #
Motion for a resolution Paragraph 8 8. Recalls that the E
Amendment 98 #
Motion for a resolution Paragraph 8 8. Recalls that the Economic and Monetary Union requires solid fiscal policies in the Member States in order to be able to respond to external shocks; Points out that not only through fiscal measures, but also with growth- enhancing reforms, Member States can enhance their resilience to external shocks;
Amendment 99 #
Motion for a resolution Paragraph 8 8.
source: 765.337
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History
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2024-11-05Show (2) Changes
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