2010/0821(NLE)
Treaty on the Functioning of the EU (TFEU): stability mechanism for Member States whose currency is the euro (amend. Article 136 TFEU)
| AFCO | BUDG | ECON | |
| Lead Rapporteur |
BROK Elmar (EPP),
GUALTIERI Roberto (S&D) |
||
| Opinion Rapporteur(s) |
GAUZÈS Jean-Paul (EPP),
SCICLUNA Edward (S&D) |
Legal basis: Treaty on European Union TEU 048-p6-a2
Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | AFCO | BROK Elmar (EPP), GUALTIERI Roberto (S&D) | DUFF Andrew (ALDE), HÄFNER Gerald (Verts/ALE), FOX Ashley (ECR), SØNDERGAARD Søren Bo (GUE/NGL), MESSERSCHMIDT Morten (EFD) |
| Opinion | BUDG | ||
| Opinion | ECON | GAUZÈS Jean-Paul (EPP), SCICLUNA Edward (S&D) |
Legal Basis Treaty on European Union TEU 048-p6-a2
- 2.50.10 Financial supervision
- 5.10.01 Convergence of economic policies, public deficit, interest rates
- 5.20.01 Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU)
- 5.20.02 Single currency, euro
- 8.10 Revision of the Treaties, intergovernmental conferences
Activites
- 2011/04/06 Final act published in Official Journal
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2011/03/25
Act adopted by Council after consultation of Parliament
- #3079
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2011/03/25
Council Meeting
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2011/03/25
End of procedure in Parliament
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2011/03/23
Text adopted by Parliament, 1st reading/single reading
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T7-0103/2011
summary
The European Parliament adopted by 494 votes to 100 with 9 abstentions a resolution on the draft European Council decision amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the euro. Parliament considers that the draft European Council decision, if adopted, might lead to the constitution of a mechanism completely outside the Union's sphere, without any role being assigned to the Union institutions as such. It feels that all possibilities should be explored with a view to bringing the European stability mechanism fully into the institutional framework of the Union and providing for the involvement in it of those Member States whose currency is not the euro. In this regard, Members consider that the Commission must be a member of the board of this mechanism, and not simply an observer. Moreover the Commission should be entitled to take the appropriate initiatives in order to achieve, with the consent of the Member States concerned, the objectives of the European stability mechanism. The resolution stresses that the establishment and functioning of the permanent stability mechanism must fully respect the core principles of democratic decision-making such as transparency, parliamentary scrutiny and democratic accountability. It emphasises that the European stability mechanism should closely involve the Union institutions and bodies responsible for monetary issues - the European Commission, the European Central Bank (ECB) and the European Investment Bank. Members acknowledge the positive signals perceived in the letters from the Presidents of the European Council and of the Euro Group and the Commissioner responsible for monetary policy. They take note that: the policy conditionality established under an enhanced surveillance or a macroeconomic adjustment programme will be defined by a regulation to be proposed by the Commission; access to financial assistance under the European stability mechanism will be provided on the basis of a rigorous analysis of public-debt sustainability conducted by the Commission together with the IMF in liaison with the ECB; on the basis of the assessment provided by the Commission together with the IMF and in liaison with the ECB of the financial needs of the beneficiary Member State, the Board of Governors of the European stability mechanism will mandate the Commission to negotiate a macro-economic adjustment programme with the Member State concerned, together with the IMF and in liaison with the ECB; the Commission will propose to the Council a decision endorsing the macro-economic programme and, once that decision is adopted, will sign a Memorandum of Understanding on behalf of the Member States whose currency is the euro; financial assistance will be activated on request by a Member State, after an assessment by the Commission, in liaison with the ECB, of the existence of a risk to the financial stability of the euro area as a whole; the Commission, together with the IMF and in liaison with the ECB, will be responsible for monitoring compliance with the policy conditionality and will report to the Council and to the Board of Directors; after discussion in the Board of Governors, the Council decision to implement post-programme surveillance will be taken on a proposal put forward by the Commission; Parliament will be regularly informed by the Council and the Commission about the establishment and the operations of the European stability mechanism and will thus be in a position to properly scrutinise its activities. Parliament endorses the draft European Council decision, notwithstanding its reservation that it would have been preferable to place the mechanism within a Union framework. It calls on the European Council to ensure that: the regulation addressing the policy conditionality is adopted in accordance with the ordinary legislative procedure of the Union; every Member State whose currency is the euro and which has contributed to the permanent stability mechanism will have access to it independently of its size. Lastly, Members call on the Commission to look for other mechanisms to ensure the financial stability and sustainable and adequate economic growth of the euro area, and to make the necessary legislative proposals. They underline the need for the European stability mechanism to include measures used to reduce risks to financial, economic and social stability, including (i) effective regulation of financial markets; (ii) revision of the SGP and better economic coordination; (iii) the introduction of instruments for the reduction of macroeconomic imbalances inside the euro area and (iv) measures directed at ecological reconstruction.
- Results of vote in Parliament
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T7-0103/2011
summary
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2011/03/17
European Central Bank: opinion, guideline, report
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CON/2011/0024
summary
OPINION OF THE EUROPEAN CENTRAL BANK on a draft European Council Decision amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the euro. In a monetary union, strengthened fiscal and macroeconomic surveillance is the appropriate instrument to minimise risks of sovereign debt crises of the magnitude and severity that the European Union has experienced in the recent past. To this end, the ECB has called for a 'quantum leap' in the economic governance of economic and monetary union (EMU), which should lead towards a deeper economic union that is commensurate with the degree of economic integration and interdependency already achieved by the Member States whose currency is the euro. Reiterating its call for the further strengthening of fiscal and macroeconomic surveillance, the ECB welcomes the draft decision. Following approval by all Member States of the draft decision a new Article 136(3) will feature in the Treaty on the Functioning of the European Union (TFEU). In accordance with it, Member States whose currency is the euro are expected to establish a permanent mechanism, known as European Stability Mechanism (ESM). ESM effectiveness: the necessary preparations are under way. There are four features that would enhance the effectiveness and facilitate the functioning of the ESM: it should be established by means of a Treaty subject to international public law approved by the Member States whose currency is the euro so that national laws have to be made compatible with the provisions of the Treaty; the rules for decision-making in the ESM should favour efficiency, for instance by providing for the activation of the ESM by mutual agreement of the Member States whose currency is the euro; in full compliance with the Treaties, the ESM should be granted the capacity to employ an appropriate range of instruments in order to be able to effectively fight against contagion in situations of acute market instability; and the ESM has to observe the principles of cautious and sound financial management and be subject to auditing by external and internal auditors. Moral hazard: the ECB considers that there is a fundamental need for the ESM to be safeguarded against the moral hazard inherent in any crisis management mechanism. Safeguards such as IMF involvement in debt sustainability analysis, programme negotiations and financing, non-concessional terms consistent with IMF practice and regular and strict surveillance on compliance by the assisted Member States with the programme of fiscal and macroeconomic adjustment on which financial assistance is conditional, are indispensable for providing strong and lasting incentives for sound fiscal and economic policies in the Member States whose currency is the euro. Furthermore, such safeguards support the effectiveness of the abovementioned strengthened fiscal and macroeconomic surveillance framework of the Union. Intergovernmental mechanism: the draft decision is that it provides for an intergovernmental mechanism instead of a Union mechanism. The ECB supports recourse to the Union method and would welcome that, with the benefit of the experience gained, the ESM would become a Union mechanism at an appropriate point in time. In the meantime, the ECB encourages that regarding the assessment of circumstances leading to the activation of the ESM and regarding conditions on financial assistance, Union institutions are granted a prominent role given their expertise and their focus on the collective Union interest. Role of the ECB and the Eurosystem: the ECB recalls that while the ECB may act as fiscal agent for the ESM pursuant to the Statute of the ESCB, in the same way as under the Union's Medium-Term Financial Assistance Facility, the EFSM and the EFSF, Article 123 TFEU would not allow the ESM to become a counterparty of the Eurosystem under the Statute of the ESCB. In this latter element, the ECB recalls that the monetary financing prohibition in the TFEU is one of the basic pillars of the legal architecture of EMU both for reasons of fiscal discipline of the Member States and in order to preserve the integrity of the single monetary policy as well as the independence of the ECB and the Eurosystem. The ECB encourages Member States to approve the draft decision promptly in order for it to enter into force at the date provided in it, which is 1 January 2013.
- OJ C 140 11.05.2011, p. 0008
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CON/2011/0024
summary
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2011/03/09
Debate in Parliament
- 2011/03/07 Committee report tabled for plenary, 1st reading/single reading
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2011/03/02
Deadline Amendments
- 2011/02/24 Committee draft report
- 2011/01/18 Committee referral announced in Parliament, 1st reading/single reading
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2010/12/20
Legislative proposal
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00033/2010
summary
PURPOSE: to establish a permanent crisis mechanism to safeguard the financial stability of the euro area and amending Article 136 of the Treaty on the Functioning of the European Union PROPOSED ACT: European Council Decision. BACKGROUND: at the meeting of the European Council of 28 and 29 October 2010, the Heads of State or Government agreed on the need for Member States to establish a permanent crisis mechanism to safeguard the financial stability of the euro area as a whole and invited the President of the European Council to undertake consultations with the members of the European Council on a limited treaty change required to that effect. On 16 December 2010, the Belgian Government submitted, in accordance with Article 48(6) a proposal for revising Article 136 of the TFEU by adding a paragraph under which the Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole and stating that the granting of any required financial assistance under the mechanism will be made subject to strict conditionality. At the same time, the European Council adopted conclusions about the future stability mechanism LEGAL BASIS: Article 48(6) of the Treaty on the Functioning of the European Union (TFEU). This Article allows the European Council, acting by unanimity after consulting the European Parliament, the Commission and, in certain cases, the European Central Bank, to adopt a decision amending all or part of the provisions of Part Three of the TFEU. Such a decision may not increase the competences conferred on the Union in the Treaties and its entry into force is conditional upon its subsequent approval by the Member States in accordance with their respective constitutional requirements. CONTENT: the draft decision states that a paragraph shall be added to Article 136 TFEU. This provides that Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality. Member States must notify the Secretary-General of the Council without delay of the completion of the procedures for the approval of this Decision in accordance with their respective constitutional requirements. The Decision will enter into force on 1 January 2013, provided that all relevant notifications have been received, or, failing that, on the first day of the month following receipt of the last of the notifications. Lastly, the recitals to the draft Decision state that the stability mechanism will provide the necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itself. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes.
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00033/2010
summary
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2010/12/20
EP officialisation
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2010/12/20
Legislative proposal published
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00033/2010
summary
PURPOSE: to establish a permanent crisis mechanism to safeguard the financial stability of the euro area and amending Article 136 of the Treaty on the Functioning of the European Union PROPOSED ACT: European Council Decision. BACKGROUND: at the meeting of the European Council of 28 and 29 October 2010, the Heads of State or Government agreed on the need for Member States to establish a permanent crisis mechanism to safeguard the financial stability of the euro area as a whole and invited the President of the European Council to undertake consultations with the members of the European Council on a limited treaty change required to that effect. On 16 December 2010, the Belgian Government submitted, in accordance with Article 48(6) a proposal for revising Article 136 of the TFEU by adding a paragraph under which the Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole and stating that the granting of any required financial assistance under the mechanism will be made subject to strict conditionality. At the same time, the European Council adopted conclusions about the future stability mechanism LEGAL BASIS: Article 48(6) of the Treaty on the Functioning of the European Union (TFEU). This Article allows the European Council, acting by unanimity after consulting the European Parliament, the Commission and, in certain cases, the European Central Bank, to adopt a decision amending all or part of the provisions of Part Three of the TFEU. Such a decision may not increase the competences conferred on the Union in the Treaties and its entry into force is conditional upon its subsequent approval by the Member States in accordance with their respective constitutional requirements. CONTENT: the draft decision states that a paragraph shall be added to Article 136 TFEU. This provides that Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality. Member States must notify the Secretary-General of the Council without delay of the completion of the procedures for the approval of this Decision in accordance with their respective constitutional requirements. The Decision will enter into force on 1 January 2013, provided that all relevant notifications have been received, or, failing that, on the first day of the month following receipt of the last of the notifications. Lastly, the recitals to the draft Decision state that the stability mechanism will provide the necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itself. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes.
- DG Secretariat General, BARROSO José Manuel
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00033/2010
summary
Documents
- Legislative proposal: 00033/2010
- Legislative proposal published: 00033/2010
- Committee draft report: PE458.618
- Committee report tabled for plenary, 1st reading/single reading: A7-0052/2011
- European Central Bank: opinion, guideline, report: CON/2011/0024
- European Central Bank: opinion, guideline, report: OJ C 140 11.05.2011, p. 0008
- Decision by Parliament, 1st reading/single reading: T7-0103/2011
- Results of vote in Parliament: Results of vote in Parliament
- : Decision 2011/199
- : OJ L 091 06.04.2011, p. 0001
Votes
A7-0052/2011 - Elmar Brok and Roberto Gualtieri - Compromise Ams 38-40
| Position | Total | ALDE | ECR | EFD | GUE/NGL | NI | PPE | S&D | Verts/ALE | correctional |
| For | 509 | 72 | 0 | 4 | 0 | 5 | 225 | 159 | 44 | 1 |
| Against | 66 | 0 | 38 | 10 | 4 | 13 | 1 | 0 | 0 | 0 |
| Abstain | 41 | 1 | 0 | 7 | 25 | 3 | 0 | 0 | 5 | 2 |
A7-0052/2011 - Elmar Brok and Roberto Gualtieri - Am 34
| Position | Total | ALDE | ECR | EFD | GUE/NGL | NI | PPE | S&D | Verts/ALE | correctional |
| For | 85 | 0 | 37 | 3 | 25 | 12 | 4 | 2 | 2 | 0 |
| Against | 515 | 72 | 1 | 9 | 1 | 6 | 225 | 157 | 44 | 0 |
| Abstain | 18 | 0 | 0 | 9 | 3 | 3 | 0 | 0 | 0 | 0 |
A7-0052/2011 - Elmar Brok and Roberto Gualtieri - Am 35
| Position | Total | ALDE | ECR | EFD | GUE/NGL | NI | PPE | S&D | Verts/ALE | correctional |
| For | 55 | 0 | 0 | 6 | 27 | 13 | 3 | 2 | 4 | 0 |
| Against | 494 | 70 | 37 | 7 | 0 | 4 | 226 | 148 | 2 | 1 |
| Abstain | 69 | 2 | 1 | 8 | 2 | 4 | 0 | 10 | 42 | 0 |
A7-0052/2011 - Elmar Brok and Roberto Gualtieri - Am 36
| Position | Total | ALDE | ECR | EFD | GUE/NGL | NI | PPE | S&D | Verts/ALE | correctional |
| For | 105 | 0 | 38 | 19 | 29 | 15 | 1 | 0 | 3 | 0 |
| Against | 505 | 71 | 0 | 2 | 0 | 5 | 228 | 159 | 40 | 0 |
| Abstain | 8 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
A7-0052/2011 - Elmar Brok and Roberto Gualtieri - Compromise Am 37
| Position | Total | ALDE | ECR | EFD | GUE/NGL | NI | PPE | S&D | Verts/ALE | correctional |
| For | 554 | 70 | 38 | 10 | 0 | 3 | 227 | 161 | 45 | 0 |
| Against | 24 | 0 | 0 | 8 | 4 | 12 | 0 | 0 | 0 | 0 |
| Abstain | 38 | 0 | 0 | 3 | 24 | 6 | 1 | 0 | 0 | 0 |
A7-0052/2011 - Elmar Brok and Roberto Gualtieri - Resolution
| Position | Total | ALDE | ECR | EFD | GUE/NGL | NI | PPE | S&D | Verts/ALE | correctional |
| For | 494 | 66 | 1 | 2 | 0 | 3 | 219 | 160 | 43 | 2 |
| Against | 100 | 0 | 35 | 17 | 29 | 16 | 1 | 0 | 2 | 0 |
| Abstain | 9 | 0 | 2 | 2 | 0 | 1 | 0 | 0 | 4 | 0 |
| Amendments | Dossier |
| 154 |
2010/0821(NLE) Treaty on the Functioning of the EU (TFEU): stability mechanism for Member States whose currency is the euro (amend. Article 136 TFEU)
2011/03/03
AFCO
130 amendments...
Amendment 1 #
Motion for a resolution Citation -1 (new) – having regard to Article 48(2) of the Treaty on European Union (TEU),
Amendment 2 #
Motion for a resolution Recital A a (new) Aa. whereas the United Kingdom has opted out of the single currency;
Amendment 3 #
Motion for a resolution Recital B B. whereas under Article 3(1) TFEU the "monetary policy for the Member States whose currency is the euro" is a
Amendment 4 #
Motion for a resolution Recital D Amendment 5 #
Motion for a resolution Recital E Amendment 6 #
Motion for a resolution Recital E E. whereas
Amendment 7 #
Motion for a resolution Recital F F. whereas all possibilities should be explored
Amendment 8 #
Motion for a resolution Recital F F. whereas all possibilities should be explored with a view to bringing the mechanism fully into the institutional framework of the Union
Amendment 9 #
Motion for a resolution Recital F F. whereas all possibilities should be explored with a view to bringing the mechanism fully into the institutional framework of the Union in future and providing for
Amendment 10 #
Motion for a resolution Recital G Amendment 11 #
Motion for a resolution Recital G G. whereas the rules governing the stability mechanism should preferably be
Amendment 12 #
Motion for a resolution Recital G G. whereas the rules governing the stability mechanism should
Amendment 13 #
Motion for a resolution Recital G a (new) Ga. whereas the rules governing the stability mechanism should ensure appropriate audit, accountability and transparency arrangements;
Amendment 14 #
Motion for a resolution Recital I I. whereas, as a complement to the stability mechanism, the Union should
Amendment 15 #
Motion for a resolution Recital I a (new) Ia. whereas the future structure of economic governance in the Union and further economic coordination measures should be subject of a European Economic Governance Conference to be organised according to the convention model, with the participation of the European Parliament, national parliaments, the Council and the Commission so as to ensure a high level of participation and democratic legitimacy;
Amendment 16 #
Motion for a resolution Recital J Amendment 17 #
Motion for a resolution Recital J J. whereas the Commission should present
Amendment 18 #
Motion for a resolution Recital K Amendment 19 #
Motion for a resolution Recital K Amendment 20 #
Motion for a resolution Recital K K. whereas the
Amendment 21 #
Motion for a resolution Recital L Amendment 22 #
Motion for a resolution Recital L Amendment 23 #
Motion for a resolution Recital L Amendment 24 #
Motion for a resolution Recital M Amendment 25 #
Motion for a resolution Recital M Amendment 26 #
Motion for a resolution Recital M Amendment 27 #
Motion for a resolution Recital M M. whereas in the history of European integration intergovernmental instruments have functioned as "avant-garde" solutions which have paved the way for full integration at a given moment; whereas, therefore, such instruments were expressly designed with a view to their subsequent in
Amendment 28 #
Motion for a resolution Recital N N. whereas Article 48(6) TEU allows the European Council, after consulting Parliament, to adopt a decision amending all or part of the provisions of Part Three of the TFEU without affecting the balance of competences between the Union and its Member States;
Amendment 29 #
Motion for a resolution Recital O Amendment 30 #
Motion for a resolution Recital O Amendment 31 #
Motion for a resolution Recital O O. whereas any increase or decrease
Amendment 32 #
Motion for a resolution Recital P Amendment 33 #
Motion for a resolution Recital P Amendment 34 #
Motion for a resolution Recital P P. whereas in any fu
Amendment 35 #
Motion for a resolution Recital P P. whereas any
Amendment 36 #
Motion for a resolution Recital P P. whereas any further revision of the TFEU should be conducted under the
Amendment 37 #
Motion for a resolution Recital P a (new) Pa. whereas one such future Treaty revision could concern the seat of the European Parliament; whereas there is significant expense involved in conducting the parliamentary business of the European Parliament in two separate locations, and whereas the European institutions should set an example in the prudent use of public money;
Amendment 38 #
Motion for a resolution Recital R (new) R. whereas, pending the completion of the revision procedure, the stability of the euro might be affected by a long period of uncertainty as to the actual establishment of a European stability mechanism and by possible adverse reactions in any of the Member States;
Amendment 39 #
Motion for a resolution Paragraph 1 1. Emphasises that
Amendment 40 #
Motion for a resolution Paragraph 1 1. Emphasises that the monetary policy is a
Amendment 41 #
Motion for a resolution Paragraph 1 1.
Amendment 42 #
Motion for a resolution Paragraph 2 2. Stresses the importance of the euro for the European political and economic project, and
Amendment 43 #
Motion for a resolution Paragraph 2 2. Stresses the importance of the euro for
Amendment 44 #
Motion for a resolution Paragraph 3 3. Stresses that the European stability mechanism constitutes an integral part of a global package of measures which are designed to define a new framework, reinforcing
Amendment 45 #
Motion for a resolution Paragraph 3 3. Stresses that the European stability mechanism constitutes an i
Amendment 46 #
Motion for a resolution Paragraph 3 3. Stresses that the European stability mechanism constitutes an integral part of a global package of measures which are designed to define a new framework, reinforcing budgetary discipline and coordination of economic and financial policies of the Member States and promoting a joint European response to debt and growth challenges, concomitantly overcoming economic and social imbalances and improving competitivity;
Amendment 47 #
Motion for a resolution Paragraph 4 a (new) 4a. Stresses that it is the responsibility of all Member States to exercise budgetary discipline and that a fully accountable and transparent Union framework can contribute to sounder public finances and a stronger ability to counter future crises;
Amendment 48 #
Motion for a resolution Paragraph 5 Amendment 49 #
Motion for a resolution Paragraph 5 5. Considers that it is essential to go beyond the temporary measures aiming at stabilising the euro area, and that the Union should build up its economic governance, including by means of policies and instruments designed to promote sustainable growth in Member States; takes the view that the reinforcement of the SGP, the European semester, the EU 2020 strategy and the amendment of Article136 TF
Amendment 50 #
Motion for a resolution Paragraph 5 a (new) 5a. Stresses that the European stability mechanism, and the strict conditionality incorporated therein, involves all Member States whose currency is the euro, even the small ones whose economy may be seen as not "indispensable" for the purposes of safeguarding the euro area as a whole;
Amendment 51 #
Motion for a resolution Paragraph 6 Amendment 52 #
Motion for a resolution Paragraph 6 Amendment 53 #
Motion for a resolution Paragraph 6 6. Is deeply concerned by the intention of Heads of State
Amendment 54 #
Motion for a resolution Paragraph 6 6.
Amendment 55 #
Motion for a resolution Paragraph 6 6.
Amendment 56 #
Motion for a resolution Paragraph 6 a (new) 6a. Stresses that the establishment and functioning of the permanent stability mechanism must fully respect the core principles of democratic decision-making such as transparency, parliamentary scrutiny and democratic accountability; emphasises that it should not give rise to a new model of European governance which falls short of the level of democratic standards achieved in the Union;
Amendment 57 #
Motion for a resolution Paragraph 6 a (new) 6a. Considers that, in so far as the European stability mechanism is intended to perpetuate the existing arrangements for the European Financial Stability Facility, it will be necessary to cooperate closely with the Union institutions and bodies responsible for monetary issues – the European Commission, European Central Bank and European Investment Bank – in granting and administering financial assistance and laying down conditions under the European stability mechanism; stresses in this context that a legal instrument concerning the European stability mechanism which did not form part of European law would constitute a legally ineffective attempt to circumvent European law;
Amendment 58 #
Motion for a resolution Paragraph 7 Amendment 59 #
Motion for a resolution Paragraph 7 Amendment 60 #
Motion for a resolution Paragraph 7 Amendment 61 #
Motion for a resolution Paragraph 7 7. Regrets that the
Amendment 62 #
Motion for a resolution Paragraph 7 a (new) 7a. Calls on the Commission to look for other mechanisms to ensure the financial stability and sustainable and adequate economic growth of the euro area, and to make the necessary legislative proposals; underlines the need for the stability mechanism to include measures used to reduce risks to financial, economic and social stability, including effective regulation of financial markets, revision of the SGP and better economic coordination, the introduction of instruments for the reduction of macroeconomic imbalances inside the euro area and measures directed at ecological reconstruction;
Amendment 63 #
Motion for a resolution Paragraph 8 8. Considers that
Amendment 64 #
Motion for a resolution Paragraph 8 8. Considers moreover that the setting-up and functioning of the permanent stability mechanism should be brought as close as possible to the European Union framework
Amendment 65 #
Motion for a resolution Paragraph 8 8. Considers that the setting-up and functioning of the permanent stability mechanism should be brought as close as possible to the European Union framework, also making use, by analogy, of the institutional patterns of an enhanced cooperation
Amendment 66 #
Motion for a resolution Paragraph 8 8. Considers that the setting-up and functioning of the permanent stability mechanism should be brought as close as possible to the European Union framework, also making use, by analogy, of the institutional patterns of enhanced cooperation under Article 20 TEU as a means of involving the Union institutions at a preliminary stage and reassuring those Member States whose currency is not yet the euro or those Member States which have no legal obligation to adopt the euro; stresses that such a mechanism must take into account fully the needs both of the Member States in the euro area and of those Member States which have not yet adopted the euro or which have no plans to adopt it as their currency;
Amendment 67 #
Motion for a resolution Paragraph 8 8. Considers that the setting-up and functioning of the permanent stability mechanism should be brought
Amendment 68 #
Motion for a resolution Paragraph 9 – introductory wording Amendment 69 #
Motion for a resolution Paragraph 9 – introductory wording 9.
Amendment 70 #
Motion for a resolution Paragraph 9 – introductory wording 9.
Amendment 71 #
Motion for a resolution Paragraph 9 – introductory wording 9.
Amendment 72 #
Motion for a resolution Paragraph 9 – introductory wording 9. States that, in order for the proposed draft European Council decision to be properly scrutinised, supplementary information is needed, notably concerning the envisaged design of the stability mechanism and the relations which it is intended to have with the Union institutions, with the proposed European Monetary Fund and with the International Monetary Fund; accordingly,
Amendment 73 #
Motion for a resolution Paragraph 9 – introductory wording 9. States that, in order for the proposed draft European Council decision to be properly scrutinised, supplementary information is needed, notably concerning the envisaged design of the stability mechanism and the relations which it is intended to have with the Union institutions, with the proposed European Monetary Fund and with the International Monetary Fund;
Amendment 74 #
Motion for a resolution Paragraph 9 – point a Amendment 75 #
Motion for a resolution Paragraph 9 – point a Amendment 76 #
Motion for a resolution Paragraph 9 – point a (a) a redrafting of the European Council draft decision as
Amendment 77 #
Motion for a resolution Paragraph 9 – point a (a) a redrafting of the European Council draft decision as proposed in the amendments annexed hereto
Amendment 78 #
Motion for a resolution Paragraph 9 – point a (a) a redrafting of the European Council draft decision as proposed in the amendments annexed hereto
Amendment 79 #
Motion for a resolution Paragraph 9 – point a (a) a redrafting of the European Council draft decision as proposed in the
Amendment 81 #
Motion for a resolution Paragraph 9 – word separating points a and b Amendment 84 #
Motion for a resolution Paragraph 9 – point b – introductory wording Amendment 85 #
Motion for a resolution Paragraph 9 – point b – introductory wording Amendment 86 #
Motion for a resolution Paragraph 9 – point b – introductory wording (b) a clear
Amendment 87 #
Motion for a resolution Paragraph 9 – point b – indent 1 Amendment 88 #
Motion for a resolution Paragraph 9 – point b – indent 1 Amendment 89 #
Motion for a resolution Paragraph 9 – point b – indent 1 Amendment 90 #
Motion for a resolution Paragraph 9 – point b – indent 1 – the operational features of the permanent stability mechanism and the conditionality measures
Amendment 91 #
Motion for a resolution Paragraph 9 – point b – indent 2 Amendment 92 #
Motion for a resolution Paragraph 9 – point b – indent 2 Amendment 93 #
Motion for a resolution Paragraph 9 – point b – indent 2 Amendment 94 #
Motion for a resolution Paragraph 9 – point b – indent 2 – the European Commission will carry out all the necessary tasks in implementing and monitoring the permanent mechanism and in assessing the financial situation of all the Member States whose currency is the euro, regularly reporting back to the European Parliament;
Amendment 95 #
Motion for a resolution Paragraph 9 – point b – indent 3 Amendment 96 #
Motion for a resolution Paragraph 9 – point b – indent 3 Amendment 97 #
Motion for a resolution Paragraph 9 – point b – indent 3 Amendment 98 #
Motion for a resolution Paragraph 9 – point b– indent 3 – the financial assistance under the mechanism will be subject to rigorous analysis and to a programme of economic and financial recovery; those Member States whose currency is the euro and those representing Member States participating in and contributing to the permanent stability mechanism will act, when deciding to grant financial assistance, on the basis of an evaluation provided by the Commission, the European Central Bank and, in so far as it may be involved, the International Monetary Fund; and
Amendment 99 #
Motion for a resolution Paragraph 9 – point b – indent 3 – the financial assistance under the mechanism will be subject to rigorous analysis and to a programme of economic and financial recovery; those Member States whose currency is the euro will act, when deciding to grant financial assistance, on the basis of an evaluation provided by the Commission, the European Central Bank and, in so far as it may be involved, the International Monetary Fund; with regard to the analysis and the conditions for financial and economic recovery, the Commission will report back to Parliament; and
Amendment 100 #
Motion for a resolution Paragraph 9 – point b – indent 3 a (new) – no Member State whose currency is the euro and which has contributed to the permanent stability mechanism should be excluded from accessing it on the grounds of its size;
Amendment 101 #
Motion for a resolution Paragraph 9 – point b – indent 4 Amendment 102 #
Motion for a resolution Paragraph 9 – point b – indent 4 Amendment 103 #
Motion for a resolution Paragraph 9 – point b – indent 4 Amendment 104 #
Motion for a resolution Paragraph 9 a (new) 9a. Points out that the strict conditionality for granting financial assistance under the European Stability Mechanism gives Member States whose currency is the euro the power to take competences from the Member States of the Union in the field of economic, financial and social policy, which essentially means an extension of the competences conferred on the Union; consequently, does not agree that the simplified Treaty revision procedure should be used and calls, in accordance with Article 48(2) TEU, for the ordinary Treaty revision procedure to be used;
Amendment 105 #
Motion for a resolution Paragraph 9 b (new) 9b. Insists on a broader debate concerning any Treaty change, involving all persons affected by future integration, through the convening of a convention, as a persuasive democratic option designed to address growing scepticism about the European Union within the 27 Member States;
Amendment 106 #
Motion for a resolution Paragraph 10 Amendment 107 #
Motion for a resolution Paragraph 10 10. Recalls that the future stability mechanism should
Amendment 108 #
Motion for a resolution Paragraph 10 10. Recalls that the future stability mechanism should as far as possible make use of the Union institutions, for example as regards the carrying-out of administrative tasks, since this would avoid the setting-up of double structures
Amendment 109 #
Motion for a resolution Paragraph 10 10. Recalls that the future permanent stability mechanism should as far as possible make use of the Union institutions, for example as regards the carrying-out of administrative tasks, since this would avoid the setting-up of double structures which in the long term would prove detrimental to European integration;
Amendment 110 #
Motion for a resolution Paragraph 10 a (new) 10a. Demands that the lending conditions to be applied for the repayment of funds to the permanent stability mechanism in the event of its being activated be similar to those applied to the Balance-of- Payments Facility (BoP) and Macro- financial Assistance (MFA) instruments used by the European Commission, i.e. strictly back-to-back without a margin over borrowing costs; furthermore considers that the interest rates to be used by the permanent stability mechanism should be offered on favourable terms;
Amendment 111 #
Motion for a resolution Paragraph 10 b (new) 10b. States that the permanent stability mechanism needs to have a range of financial instruments at its disposal, including the ability to purchase the bonds of a Member State facing severe debt problems on both the primary and secondary markets in order to facilitate that Member State's access to financial markets;
Amendment 112 #
Motion for a resolution Paragraph 11 11. Insists that compliance by Member States with the economic guidelines set up by the Commission and with the conditions imposed by the stability mechanism needs to be scrutinised by Parliament,
Amendment 113 #
Motion for a resolution Paragraph 11 11. Insists that compliance by Member States with the economic guidelines set up by the Commission and with the conditions imposed by the stability mechanism needs to be
Amendment 114 #
Motion for a resolution Paragraph 12 Amendment 115 #
Motion for a resolution Paragraph 13 13. Underlines that the draft European Council decision as amended would not increase the competences of the Union and would therefore remain within the scope of the simplified Treaty revision procedure;
Amendment 116 #
Motion for a resolution Paragraph 13 a (new) 13a. Reiterates that Parliament is prepared to support the draft European Council decision only if condition (a) or at least condition (b) set out in paragraph 9 above is fulfilled; does not support a break with the Community method and its democratic principles;
Amendment 117 #
Motion for a resolution Paragraph 13 a (new) 13a. Underlines that any future Treaty changes must be adopted in accordance with the ordinary Treaty revision procedure;
Amendment 118 #
Motion for a resolution Paragraph 13 a (new) 13a. Reaffirms that the use of Article 48(6) TEU is an exceptional procedure, and recalls Parliament's right pursuant to Article 48(3) TEU to call for a Convention in order to reshape the institutions, procedures and policies that make up the economic governance of the Union;
Amendment 119 #
Motion for a resolution Paragraph 13 a (new) 13a. Is confident that, should the European Council depart in its decision from Parliament’s opinion, it will state its reasons for so doing;
Amendment 120 #
Motion for a resolution Paragraph 13 a (new) 13a. Calls on the Council to examine as a matter of urgency the question of giving the European Parliament the power to decide where its seat should be based;
Amendment 121 #
Motion for a resolution Paragraph 13 a (new) 13b. Calls on the Member States to allow referenda in all 27 Member States on proposals for Treaty change;
Amendment 122 #
Motion for a resolution Annex to the motion for a resolution Amendment 123 #
Motion for a resolution Annex to the motion for a resolution Amendment 124 #
Draft Decision Article 1 The following subparagraph
Amendment 125 #
Draft decision Article 1 The following subparagraph
Amendment 126 #
Draft decision Article 1 The following p
Amendment 127 #
Draft decision Article 1 a (new) Amendment 128 #
Motion for a resolution Annex to the motion for a resolution Amendment to the draft European Council decision Article 1
Amendment 129 #
Amendment 130 #
source: PE-460.672
2011/04/02
ECON
24 amendments...
Amendment 7 #
Draft decision Recital 1 (1) Article 48(6) of the Treaty on European Union (TEU) allows the European Council, acting by unanimity after consulting the European Parliament, the Commission and, in certain cases, the European Central Bank, to adopt a decision amending all or part of the provisions of Part Three of the Treaty on the Functioning of the European Union (TFEU). Such a decision may not increase the competences conferred on the Union in the Treaties and its entry into force is conditional upon its subsequent approval by
Amendment 8 #
Draft decision Recital 3 a (new) (3a) At its meeting on 16 December 2010 the European Council also agreed that Member States whose currency is not the euro may decide to participate in operations conducted by the mechanism on an ad hoc basis.
Amendment 9 #
Draft decision Recital 4 (4) The stability mechanism will provide
Amendment 10 #
Draft decision Recital 4 (4) The stability mechanism will provide
Amendment 11 #
Draft decision Recital 4 (4) The stability mechanism will provide
Amendment 12 #
Draft decision Recital 4 (4) The stability mechanism will provide the necessary tool for dealing with such cases of risk to the financial stability of the euro area as a whole as have been experienced in 2010, and hence help preserve the economic and financial stability of the Union itself. The mechanism can be financed by, inter alia, innovative financing tools. At its meeting of 16 December 2010, the European Council agreed that, as this mechanism is designed to safeguard the financial stability of the euro area as whole, Article 122(2) of the TFEU will no longer be needed for such purposes. The Heads of State or Government therefore agreed that it should not be used for such purposes.
Amendment 13 #
Draft decision Recital 4 a (new) (4a) The Commission should draw up as a proposal for adoption under the ordinary legislative procedure a detailed set of rules laying down the way in which the stability mechanism will be governed and operated, and should specify which instruments are to be used within its remit.
Amendment 14 #
Draft decision Recital 4 b (new) (4b) The Commission should also look at other mechanisms to ensure the financial stability and sustainable and adequate economic growth of the euro area, and should make the necessary legislative proposals.
Amendment 15 #
Draft decision Recital 4 c (new) (4c) To safeguard the financial stability of the Union, the stability mechanism should incorporate the requisite tools to take precautionary measures for crisis prevention and crisis mitigation, such as giving Member States with robust economic policies access to flexible credit lines.
Amendment 16 #
Draft decision Recital 4 d (new) (4d) The stability mechanism will supplement additional measures used to reduce risks to financial, economic and social stability, including effective regulation of financial markets, revision of the Stability and Growth Pact, better economic coordination and the introduction of instruments for the reduction of macroeconomic imbalances inside the euro area.
Amendment 17 #
Draft decision Recital 4 e (new) (4e) The Member States, particularly those whose currency is the euro, need to work together in a spirit of solidarity to tackle problems relating to macroeconomic imbalances between Member States and divergences in competitiveness inside the euro area.
Amendment 18 #
Draft decision Recital 4 f (new) (4f) In order to safeguard the stability of the euro area as a whole, the Commission should make recommendations or proposals under Articles 136, 121 and 126 TFEU to those Member States whose currency is the euro. Those recommendations or proposals should be deemed to have been adopted unless the Council objects to them by a qualified majority.
Amendment 19 #
Draft decision Recital 4 g (new) (4g) The Commission should investigate the potential of a future system of eurobonds, as an additional mechanism for preserving the stability of the euro area, and in particular should look into the conditions under which such a system would be beneficial to all participating Member States and to the euro area as a whole.
Amendment 20 #
Draft decision Recital 4 h (new) (4h) The crisis has highlighted the need to speed up a balanced, sustainable and fully fledged economic convergence process and policy coordination going beyond the current framework and thus contributing to the strengthening of the Union method. Accordingly, any further revision of the Treaty under the normal procedure should contain proposals aimed at ensuring that provisions relating to the establishment and functioning of any stability mechanism are integrated and implemented under the Union method.
Amendment 21 #
Draft decision Recital 4 i (new) (4i) The European Union derives its legitimacy from the democratic values it projects, the aims it pursues and the powers and instruments it possesses. Deepening European economic integration and insuring the stability of the euro area, and of the Union as a whole, will require further changes regarding the external representation of the euro area, qualified majority voting on issues concerning corporate tax and the combating of tax evasion, mutual issuance of sovereign debt and euro bonds, the EU's borrowing capacity, better equilibrium between economic and social policies, own resources for the EU budget, and the role of national parliaments and of the European Parliament. Besides the Treaty changes relating to the stability mechanism, these connecting items should be dealt with by means of a Convention as provided for by Article 48(3) of the Treaty on European Union.
Amendment 22 #
Draft decision Recital 4 j (new) (4j) Member States should also undertake the requisite structural reforms aimed at restoring fiscal equilibrium and reducing debt.
Amendment 23 #
Draft decision Article 1 The following p
Amendment 24 #
Draft decision Article 1 The following p
Amendment 25 #
Draft decision Article 1 The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a stability mechanism to
Amendment 26 #
Draft decision Article 1 The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a permanent stability mechanism to
Amendment 27 #
Draft decision Article 1 The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a stability mechanism to
Amendment 28 #
Draft decision Article 1 The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. Member States whose currency is not the euro may decide to participate in the mechanism. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.".
Amendment 29 #
Draft decision Article 1 The following paragraph shall be added to Article 136 of the Treaty on the Functioning of the European Union: "3. The Member States whose currency is the euro may establish a stability mechanism to
Amendment 30 #
Draft decision Article 2 – paragraph 1 All EU Member States shall notify the Secretary-
source: PE-458.473
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