2017/2124(INI)

European Central Bank annual report for 2016

Procedure completed

2017/2124(INI) European Central Bank annual report for 2016
RoleCommitteeRapporteurShadows
Lead ECON FERNÁNDEZ Jonás (S&D) MUREŞAN Siegfried (EPP), LOONES Sander (ECR), TORVALDS Nils (ALDE), PAPADIMOULIS Dimitrios (GUE/NGL), SCOTT CATO Molly (Verts/ALE), VALLI Marco (EFD), ANNEMANS Gerolf (ENF)
Lead committee dossier: ECON/8/09546
Legal Basis Rules of Procedure EP 52
Subjects
Links

Activites

  • 2018/02/06 Results of vote in Parliament
    • Results of vote in Parliament
    • T8-0025/2018 summary
  • 2018/02/05 Debate in Parliament
  • 2017/11/28 Committee report tabled for plenary, single reading
    • A8-0383/2017 summary
  • 2017/11/21 Vote in committee, 1st reading/single reading
  • 2017/07/06 Committee referral announced in Parliament, 1st reading/single reading

Documents

Votes

A8-0383/2017 - Jonás Fernández - § 2

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 474 62 3 0 0 1 1 196 166 45 0
Against 161 1 66 24 34 20 13 0 3 0 0
Abstain 47 3 0 18 0 25 0 0 0 1 0

A8-0383/2017 - Jonás Fernández - Am 13

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 68 2 5 21 28 1 11 0 0 0 0
Against 581 64 61 1 5 37 1 196 170 46 0
Abstain 30 0 3 20 0 6 1 0 0 0 0

A8-0383/2017 - Jonás Fernández - Am 7

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 143 0 1 20 21 46 9 1 1 44 0
Against 513 64 68 2 13 0 3 194 169 0 0
Abstain 24 1 0 20 0 0 1 0 0 2 0

A8-0383/2017 - Jonás Fernández - Am 8

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 102 0 1 22 22 45 9 0 2 1 0
Against 559 66 68 2 12 0 4 194 169 44 0
Abstain 20 0 0 18 0 1 1 0 0 0 0

A8-0383/2017 - Jonás Fernández - Am 14

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 90 1 8 39 30 2 9 1 0 0 0
Against 566 65 57 0 0 36 4 193 171 40 0
Abstain 23 0 4 3 4 8 0 0 0 4 0

A8-0383/2017 - Jonás Fernández - Am 9

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 145 1 2 39 0 46 9 0 3 45 0
Against 514 65 67 2 12 0 3 196 168 1 0
Abstain 25 0 0 1 22 0 2 0 0 0 0

A8-0383/2017 - Jonás Fernández - Am 15

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 93 1 1 41 34 7 9 0 0 0 0
Against 520 65 6 0 0 38 2 192 171 46 0
Abstain 65 0 61 1 0 1 2 0 0 0 0

A8-0383/2017 - Jonás Fernández - § 18/1

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 524 65 66 19 8 1 3 194 167 1 0
Against 153 1 2 21 26 45 9 2 2 45 0
Abstain 5 0 0 2 0 0 2 0 1 0 0

A8-0383/2017 - Jonás Fernández - § 18/2

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 527 60 55 5 5 1 1 196 163 41 0
Against 145 6 14 37 29 45 12 0 2 0 0
Abstain 9 0 0 0 0 0 1 0 4 4 0

A8-0383/2017 - Jonás Fernández - Am 10

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 141 1 3 20 21 43 5 0 4 44 0
Against 510 65 66 4 11 0 6 195 163 0 0
Abstain 33 0 0 18 2 3 3 2 4 1 0

A8-0383/2017 - Jonás Fernández - Am 16

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 90 1 0 39 30 8 10 0 2 0 0
Against 576 65 67 2 0 33 3 193 168 45 0
Abstain 10 0 0 1 4 5 0 0 0 0 0

A8-0383/2017 - Jonás Fernández - § 26/1

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 628 66 67 26 10 40 6 197 170 46 0
Against 15 0 2 0 6 1 6 0 0 0 0
Abstain 40 0 0 16 18 4 2 0 0 0 0

A8-0383/2017 - Jonás Fernández - Am 3

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 157 3 5 21 8 45 4 7 19 45 0
Against 500 61 64 4 25 0 10 189 147 0 0
Abstain 22 2 0 17 0 0 0 1 1 1 0

A8-0383/2017 - Jonás Fernández - § 27/2

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 576 65 67 26 4 3 3 197 165 46 0
Against 56 0 1 0 12 35 7 0 1 0 0
Abstain 44 0 0 16 18 8 2 0 0 0 0

A8-0383/2017 - Jonás Fernández - Am 11

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 208 0 68 40 21 46 10 2 21 0 0
Against 465 63 1 0 9 0 2 195 149 46 0
Abstain 12 3 0 2 4 0 2 0 1 0 0

A8-0383/2017 - Jonás Fernández - § 31

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 549 65 68 3 3 1 2 196 170 41 0
Against 127 1 1 38 31 44 11 0 1 0 0
Abstain 7 0 0 1 0 1 0 0 0 5 0

A8-0383/2017 - Jonás Fernández - § 32/2

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 565 54 55 17 0 27 4 194 169 45 0
Against 70 6 14 24 10 8 8 0 0 0 0
Abstain 42 5 0 1 22 11 2 1 0 0 0

A8-0383/2017 - Jonás Fernández - § 35/2

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 595 64 66 20 0 34 5 191 172 43 0
Against 51 2 2 22 14 3 8 0 0 0 0
Abstain 35 0 0 0 20 9 0 6 0 0 0

A8-0383/2017 - Jonás Fernández - § 38/1

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 549 63 2 18 16 32 4 196 172 46 0
Against 125 2 67 22 18 6 10 0 0 0 0
Abstain 10 1 0 1 0 8 0 0 0 0 0

A8-0383/2017 - Jonás Fernández - § 38/2

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 543 60 3 21 16 31 2 195 169 46 0
Against 121 5 65 20 17 0 11 0 3 0 0
Abstain 16 1 0 0 0 15 0 0 0 0 0

A8-0383/2017 - Jonás Fernández - Am 17

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 101 1 12 39 34 0 8 3 4 0 0
Against 519 65 5 2 0 39 3 193 167 45 0
Abstain 63 0 52 1 0 7 2 0 0 1 0

A8-0383/2017 - Jonás Fernández - § 40

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 480 56 12 3 0 1 2 194 168 44 0
Against 142 7 55 37 18 11 11 1 1 1 0
Abstain 60 3 2 2 16 34 0 0 3 0 0

A8-0383/2017 - Jonás Fernández - Am 12

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 432 65 49 20 20 0 3 195 80 0 0
Against 162 1 19 20 14 45 10 2 7 44 0
Abstain 89 0 1 1 0 1 1 0 84 1 0

A8-0383/2017 - Jonás Fernández - Résolution

2018/02/06
Position Total ALDE ECR EFDD ENF GUE/NGL NI PPE S&D Verts/ALE correctional
For 479 63 2 1 0 1 1 196 169 46 0
Against 126 3 13 40 33 26 11 0 0 0 0
Abstain 78 0 54 1 1 19 2 1 0 0 0
AmendmentsDossier
515 2017/2124(INI) European Central Bank annual report for 2016
2017/09/18 ECON 515 amendments...
source: PE-610.647

History

(these mark the time of scraping, not the official date of the change)

2018-09-12
activities/2/docs added
  • url
    http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2017-0383&language=EN
    text
    • The Committee on Economic and Monetary Affairs adopted the own-initiative report by Jonás FERNÁNDEZ (S&D, ES) on the European Central Bank Annual Report for 2016.

      Members acknowledged the federal nature of the ECB, which enables it to act decisively in various matters such as addressing the crisis. They also noted the contribution of the ECB’s accommodative monetary policy in the period 2012-2016 (including its low interest rates and assets purchase programme) to cyclical economic recovery and employment creation, also by preventing deflation. Members were, however, concerned at the consequences of the unconventional monetary policy measures for individual savers and the financial equilibrium of pension and insurance schemes as well as the build-up of asset bubbles, which the ECB should carefully monitor. They also remained concerned at the still significant levels of non-marketable assets and asset-backed securities put forward as collateral to the Eurosystem in the framework of its refinancing operations.

      Price stability: Members recalled that, according to Eurostat, average inflation in the euro area was 0.2 % in 2016, (0.9 % excluding energy prices) and that inflation in the euro area is expected to remain below 2 % until at least 2020, which suggests that the euro area economy is not operating at full capacity, despite the very accommodative monetary policy followed by the ECB.  The ECB must ensure that price stability (an inflation rate of close to but below 2 %) but should nonetheless carefully assess the benefits and side effects of its policy, in particular as regards intended action to combat deflation in the future. It should focus on a clear and concise communication of its monetary policy measures.

      Economic growth and employment: the report noted that GDP growth in the euro area has been stable but modest, and observed that the Commission’s Autumn 2017 Economic Forecast predicts GDP growth rates of 2.2 % in 2017 and 2.3 % in 2018. However, the ECB’s monetary policy efforts have not yet left a tangible impact on the investment side of the EU economy.

      Members considered that monetary policy is not sufficient to sustain economic recovery, nor can it contribute to solving the structural problems of the European economy, unless it is complemented by socially balanced and fair long-term growth- and competitiveness-enhancing policies at Member State level, in combination with sound fiscal policy and within the Stability and Growth Pact.

      Many euro area countries continue to suffer from a high level of unemployment, and aggregate demand in the euro area remains subdued. Members called, therefore, for implementing policies that are geared to increasing productivity, with a focus on skills that facilitate further creation of quality jobs, as well as wage increases.

      Credit supply and banking supervision: the committee considered that the effect of monetary policy is limited owing to subdued credit demand, the persistence of structural problems in the banking systems of some Member States, and lack of trust among financial institutions themselves. It encouraged further improvement of SMEs' access to credit.

      The report welcomed the fact that since 2015, rates for very small loans have continued to fall at a faster pace than those for large loans, contributing to a further narrowing of the spread between loans.

      Members acknowledged that while the current policy of low interest rates has a temporarily positive effect on the level of nonperforming loans (NPLs), the high risks related to NPLs should be tackled effectively in a structural fashion. They called for robust stress tests and recommended careful monitoring of developments on the real estate markets. Any additional measures should ensure full respect for the prerogatives of the European Parliament.

      Corporate sector purchase programme (CSPP): Members welcomed the improvements made by the ECB in disclosing the list of securities held by the Eurosystem under the ECB’s CSPP, but noted that this programme directly benefits mostly large corporations.

      The ECB was asked to continue ensuring full transparency over disclosing the volumes of the purchases made under CSPP and to publish all CSPP data in a single, user-friendly spreadsheet that can facilitate the programme’s public accountability.

      Members called for the step-by-step, timely and full completion and implementation of the capital markets union (CMU). They also that the establishment of a European deposit insurance scheme (EDIS) as the third pillar of the banking union, could further help enhance and safeguard financial stability.

      Physical money and digital currencies: the report agreed with the ECB on the importance of physical money as legal tender, and reminded all euro area Member States that the acceptance of euro coins and banknotes should be the rule in retail transactions. It encouraged the Commission and the ECB to study ways to improve public access to payment systems, alongside physical money, as well as the potential challenges entailed for the ECB’s monopoly of issuing money. Progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash.

      Accountability and transparency: Members considered that the ECB’s independence, and thus its degree of accountability, must be commensurate with its importance. Parliament should be able to perform its institutional role in the appointment of the President, Vice-President and other executive board members of the ECB. Members asked the ECB to ensure the independence of the members of its internal Audit Committee and to publish declarations of financial interests for its Governing Council members, in order to prevent conflicts of interest.

      Members also called on the ECB, in cooperation with the ESAs, to assess all the consequences of the UK’s withdrawal from the EU and to stand ready to prepare for the relocation of banks and their activities in the euro area. They considered the strengthening of oversight for euro clearing outside the euro area to be of the utmost importance, in order to avoid supervisory gaps and financial stability issues.

    type
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    title
    A8-0383/2017
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date
2018-02-05
docs
  • url
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Debate in Parliament
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2018-01-16
New
2018-02-06
activities/4/docs added
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    Results of vote in Parliament
    title
    Results of vote in Parliament
  • url
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    text
    • The European Parliament adopted by 479 votes to 126, with 78 abstentions, a resolution on the European Central Bank (ECB) Annual Report for 2016.

      Members acknowledged the federal nature of the ECB, which enables it to act decisively in various matters such as addressing the crisis. They also noted the contribution of the ECB’s accommodative monetary policy in the period 2012-2016 (including its low interest rates and assets purchase programme) to cyclical economic recovery and employment creation, also by preventing deflation.

      Parliament is, however, concerned at the consequences of the unconventional monetary policy measures for individual savers and the financial equilibrium of pension and insurance schemes as well as the build-up of asset bubbles, which the ECB should carefully monitor. It also remained concerned at the still significant levels of non-marketable assets and asset-backed securities put forward as collateral to the Eurosystem in the framework of its refinancing operations.

      Price stability: Members recalled that, according to Eurostat, average inflation in the euro area was 0.2 % in 2016, (0.9 % excluding energy prices) and that inflation in the euro area is expected to remain below 2 % until at least 2020, which suggests that the euro area economy is not operating at full capacity, despite the very accommodative monetary policy followed by the ECB. The ECB must ensure that price stability (an inflation rate of close to but below 2 %) but should nonetheless carefully assess the benefits and side effects of its policy, in particular as regards intended action to combat deflation in the future. It should focus on a clear and concise communication of its monetary policy measures.

      Economic growth and employment: GDP growth in the euro area has been stable but modest, and observed that the Commission’s Autumn 2017 Economic Forecast predicts GDP growth rates of 2.2 % in 2017 and 2.3 % in 2018. However, the ECB’s monetary policy efforts have not yet left a tangible impact on the investment side of the EU economy.

      Members considered that monetary policy is not sufficient to sustain economic recovery, nor can it contribute to solving the structural problems of the European economy, unless it is complemented by socially balanced and fair long-term growth- and competitiveness-enhancing policies at Member State level, in combination with sound fiscal policy and within the Stability and Growth Pact.

      Many euro area countries continue to suffer from a high level of unemployment, and aggregate demand in the euro area remains subdued. Members called, therefore, for implementing policies that are geared to increasing productivity, with a focus on skills that facilitate further creation of quality jobs, as well as wage increases.

      Credit supply and banking supervision: Members considered that the effect of monetary policy is limited owing to subdued credit demand, the persistence of structural problems in the banking systems of some Member States, and lack of trust among financial institutions themselves. It encouraged further improvement of SMEs' access to credit.

      The resolution welcomed the fact that since 2015, rates for very small loans have continued to fall at a faster pace than those for large loans, contributing to a further narrowing of the spread between loans.

      Members acknowledged that while the current policy of low interest rates has a temporarily positive effect on the level of nonperforming loans (NPLs), the high risks related to NPLs should be tackled effectively in a structural fashion. They called for robust stress tests and recommended careful monitoring of developments on the real estate markets. Any additional measures should ensure full respect for the prerogatives of the European Parliament.

      Other challenges: Parliament called for the step-by-step, timely and full completion and implementation of the Capital Markets Union (CMU). It also pointed out that the European deposit insurance scheme (EDIS), as the third pillar of the banking union, could help strengthen and safeguard financial stability.

      In addition, it stressed that progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash.

      In the area of ​​accountability and transparency, Parliament called on the ECB to:

      • continue providing the necessary support to Greece, and to any other Member State, in the review of the completion of the financial assistance programme;
      • assess, in cooperation with the ESAs, the consequences of the UK’s withdrawal from the EU and to stand ready to prepare for the relocation of banks and their activities in the euro area. The strengthening of oversight for euroclearing outside the euro area should be of the utmost importance, in order to avoid supervisory gaps and financial stability issues;
      • be transparent to the general public and be more accountable to Parliament. The latter should be able to exercise its institutional role in the appointment of the President, Vice-President and other members of the executive board of the ECB;
      • ensure the independence of the members of its internal audit committee;
      • adopt a clear and public policy on whistleblowers.
    type
    Decision by Parliament, 1st reading/single reading
    title
    T8-0025/2018
activities/4/type changed
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Indicative plenary sitting date, 1st reading/single reading
New
Results of vote in Parliament
procedure/legal_basis/0 changed
Old
Rules of Procedure of the European Parliament EP 052
New
Rules of Procedure EP 52
procedure/stage_reached changed
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Procedure completed
2017-11-30
2017-11-23
2017-09-29
2017-09-27
2017-09-06
2017-09-01
2017-07-15
2017-07-12
2017-07-08

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