15.11.2013 |
EN |
Official Journal of the European Union |
CE 332/150 |
Wednesday 13 June 2012
Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area ***I
P7_TA(2012)0243
Amendments adopted by the European Parliament on 13 June 2012 on the proposal for a regulation of the European Parliament and of the Council on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (COM(2011)0821 – C7-0448/2011– 2011/0386(COD)) (1)
2013/C 332 E/32
(Ordinary legislative procedure: first reading)
TEXT PROPOSED BY THE COMMISSION |
AMENDMENT |
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Amendment 1 |
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Proposal for a regulation Recital 1 a (new) |
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Amendment 2 |
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Proposal for a regulation Recital 2 |
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Amendment 3 |
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Proposal for a regulation Recital 2 a (new) |
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Amendment 4 |
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Proposal for a regulation Recital 3 |
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Amendment 5 |
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Proposal for a regulation Recital 3 a (new) |
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Amendment 6 |
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Proposal for a regulation Recital 3 b (new) |
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Amendment 7 |
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Proposal for a regulation Recital 3 c (new) |
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Amendment 8 |
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Proposal for a regulation Recital 4 |
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Amendment 9 |
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Proposal for a regulation Recital 4 a (new) |
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Amendment 10 |
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Proposal for a regulation Recital 4 b (new) |
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Amendment 11 |
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Proposal for a regulation Recital 5 |
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Amendment 12 |
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Proposal for a regulation Recital 5 a (new) |
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Amendment 13 |
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Proposal for a regulation Recital 6 |
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Amendment 14 |
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Proposal for a regulation Recital 6 a (new) |
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Amendment 15 |
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Proposal for a regulation Recital 6 b (new) |
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Amendment 16 |
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Proposal for a regulation Recital 7 |
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Amendment 17 |
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Proposal for a regulation Recital 7 a (new) |
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Amendment 18 |
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Proposal for a regulation Recital 8 |
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Amendment 20 |
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Proposal for a regulation Recital 9 |
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Amendment 21 |
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Proposal for a regulation Recital 10 |
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Amendment 22 |
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Proposal for a regulation Recital 10 a (new) |
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Amendment 23 |
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Proposal for a regulation Recital 10 b (new) |
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Amendment 24 |
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Proposal for a regulation Recital 10 c (new) |
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Amendment 25 |
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Proposal for a regulation Recital 11 |
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Amendment 26 |
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Proposal for a regulation Recital 12 |
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Amendment 27 |
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Proposal for a regulation Recital 12 a (new) |
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Amendment 28 |
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Proposal for a regulation Recital 12 b (new) |
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Amendment 29 |
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Proposal for a regulation Recital 13 |
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Amendment 30 |
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Proposal for a regulation Recital 13 a (new) |
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Amendment 31 |
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Proposal for a regulation Recital 13 b (new) |
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Amendment 32 |
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Proposal for a regulation Article 1 – paragraph 1 – introductory part |
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1. This Regulation sets out provisions for enhanced monitoring of budgetary policies in the euro area by: |
1. This Regulation sets out provisions for enhanced monitoring of budgetary and economic policies and an enhanced economic policy coordination framework in the euro area by: |
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Amendment 33 |
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Proposal for a regulation Article 1 – paragraph 1 – point a a (new) |
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Amendment 34 |
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Proposal for a regulation Article 1 – paragraph 1 – point c a (new) |
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Amendment 35 |
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Proposal for a regulation Article 1 – paragraph 1 a (new) |
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1a. This Regulation shall be applied in full compliance with Article 152 TFEU and the recommendations adopted under this Regulation shall be applied in a manner fully respecting practices and institutions for wage formation. The application of this Regulation and those recommendations shall take into account Article 28 of the Charter of Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate, conclude or enforce collective agreements and to take collective action in accordance with national law and practices. |
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Amendment 36 |
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Proposal for a regulation Article 2 – paragraph 1 – point 1 |
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Amendment 37 |
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Proposal for a regulation Article 2 – paragraph 1 – point 2 |
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Amendment 38 |
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Proposal for a regulation Article 2 – paragraph 1 – point 5 |
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Amendment 39 |
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Proposal for a regulation Article 2 – paragraph 1 – point 5 a (new) |
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Amendment 40 |
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Proposal for a regulation Article 2 – paragraph 1 – point 5 b (new) |
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Amendment 41 |
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Proposal for a regulation Article 2 – paragraph 2 a (new) |
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2a. The application of this Regulation is without prejudice to Article 9 TFEU. |
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Amendment 42 |
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Proposal for a regulation Chapter I a (new) |
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Chapter Ia Economic policy coordination Article 2a Timeline for the European Semester for economic policy coordination referred to Article 2-a of Regulation (EC) No 1466/97 1. The Member States' budgetary procedure shall be coherent with the framework of the European Semester, in accordance with an annual cycle which includes:
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Amendment 43 |
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Proposal for a regulation Chapter 2 – title |
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Amendment 44 |
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Proposal for a regulation Article 3 – paragraph 1 |
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1. Member States shall make public annually their medium-term fiscal plans in accordance with their medium-term budgetary framework based on independent macroeconomic forecast together with their Stability Programmes, no later than 15 April . |
1. Member States shall , in the context of the European Semester make public , preferably by 15 April but no later than 30 April each year, their national medium-term fiscal plans in accordance with their medium-term budgetary framework , based on credible and independent macroeconomic forecasts . Such plans shall be presented together with the national reform programmes and the stability or convergence programmes and shall be fully consistent with the policy orientations based on the annual growth survey and the annual reports under Article 3 of Regulation (EU) No 1176/2011. |
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Amendment 45 |
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Proposal for a regulation Article 3 – paragraph 3 |
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3. Budget laws for the general government shall be adopted and made public annually no later than 31 December. |
3. Budget laws for the general government shall be adopted and made public annually no later than 31 December. Member States shall have in place reversionary budget procedures to be applied where objectively justified for reasons beyond the control of the Member State's government, the budget is not adopted or agreed and made public by 31 December. |
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Amendment 46 |
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Proposal for a regulation Article 4 – paragraph 1 |
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1. Member States shall have in place numerical fiscal rules on the budget balance that implement in the national budgetary processes their medium-term budgetary objective as defined in Article 2a of Regulation (EC) No 1466/97. Such rules shall cover the general government as a whole and be of binding, preferably constitutional, nature . |
1. Member States shall have in place numerical fiscal rules that implement in the national budgetary processes their medium-term budgetary objective as defined in Article 2a of Regulation (EC) No 1466/97. Those rules shall also include the definition of exceptional circumstances and severe economic downturns which may lead to temporary deviation from the medium-term budgetary objective or the adjustment path towards it, provided that such deviation does not endanger fiscal sustainability in the medium term, as set out in Articles 5 and 6 of Regulation (EC) No 1466/97. Those rules shall include a mechanism, to be triggered in the case of significant deviation from the medium-term budgetary objective or the adjustment path towards it, aiming at ensuring a timely return to the medium-term objective . Such rules shall cover the general government as a whole and shall be binding or otherwise guaranteed to be fully respected and complied with throughout the national budgetary process . |
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Amendment 47 |
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Proposal for a regulation Article 4 – paragraph 2 |
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2. Member States shall have in place an independent fiscal council for monitoring the implementation of national fiscal rules as referred to in paragraph 1. |
2. Member States shall have in place a fiscal council for monitoring both ex ante and ex post the implementation of national fiscal rules which complies with the minimum requirements laid down in Annex I . |
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Amendment 48 |
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Proposal for a regulation Article 5 – paragraph 1 |
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1. Member States shall submit annually to the Commission and the Eurogroup a draft budgetary plan for the forthcoming year no later than 15 October . |
1. Member States shall submit annually to the Commission and the Eurogroup a draft budgetary plan for the forthcoming year no later than 1 October, taking into account the country-specific policy recommendations of the Summer European Council and any recommendations addressed to the Member State in the context of the Stability and Growth Pact or the macroeconomic imbalances procedure as established by Regulations (EU) No 1174/2011 and (EU) 1176/2011 . |
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Amendment 49 |
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Proposal for a regulation Article 5 – paragraph 2 |
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2. The draft budgetary plan shall be made public at the same time . |
2. The draft budgetary plan, as set out in this Article , shall be made public when submitted to the Commission . |
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Amendment 50 |
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Proposal for a regulation Article 5 – paragraph 3 – point b |
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Amendment 51 |
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Proposal for a regulation Article 5 – paragraph 3 – point c a (new) |
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Amendment 52 |
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Proposal for a regulation Article 5 – paragraph 3 – point d |
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Amendment 53 |
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Proposal for a regulation Article 5 – paragraph 3 – point e |
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Amendment 54 |
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Proposal for a regulation Article 5 – paragraph 3 – point f |
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Amendment 55 |
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Proposal for a regulation Article 5 – paragraph 3 – point f a (new) |
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Amendment 56 |
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Proposal for a regulation Article 5 – paragraph 3 – point f b (new) |
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Amendment 57 |
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Proposal for a regulation Article 5 – paragraph 4 |
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4. Where the budgetary targets reported in the draft budgetary plan in accordance with points (a) and (c) of paragraph 3 or the projections at unchanged policies differ from those in the most recent stability programme, the differences shall be duly explained. |
4. Where the budgetary targets reported in the draft budgetary plan in accordance with points (a) and (ca) of paragraph 3 or the projections at unchanged policies differ from those in the most recent stability programme, the differences shall be duly explained. |
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Amendment 58 |
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Proposal for a regulation Article 5 – paragraph 4 a (new) |
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4a. The medium-term fiscal plans shall contain an updated projection of multiannual expenditure as a percentage of GDP for the general government and their main components as well as multiannual targets and commitments on expenditure earmarked to the achievement of the objectives embedded in the Union strategy for growth and jobs. |
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Amendment 59 |
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Proposal for a regulation Article 5 – paragraph 5 |
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5. Where the Commission identifies particularly serious non-compliance with the budgetary policy obligations laid down in the Stability and Growth Pact, it shall, within two weeks from the submission of the draft budgetary plan, request a revised draft budgetary plan from the Member State concerned. This request shall be made public. Paragraphs 2 to 4 shall apply in case of revised draft budgetary plan. |
5. The Commission shall be empowered to adopt delegated acts in accordance with Article -11 specifying the content of the draft budgetary plan referred to in paragraph 1 and the content of the provisions referred to in paragraphs 2 to 4 . |
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Amendment 60 |
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Proposal for a regulation Article 6 – paragraph -1 (new) |
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-1. Where the Commission identifies a particularly serious non-compliance of the draft budgetary plan with the adjustment path towards the medium-term budgetary objective, it may request a revised draft budgetary plan, after adequate consultation of and explanation by the Member State. The request shall be made up to one month from the submission of the draft budgetary plan. Article 5(2) and (4) shall apply to revised draft budgetary plans. |
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Amendment 61 |
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Proposal for a regulation Article 6 – paragraph 1 |
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1. The Commission shall , if necessary, adopt an opinion on the draft budgetary plan by 30 November. |
1. The Commission shall adopt an opinion on the draft budgetary plan of each Member State no later than 15 November. |
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Amendment 62 |
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Proposal for a regulation Article 6 – paragraph 2 |
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2. The Commission opinion shall be made public and , at the request of the Parliament of the Member State concerned, shall be presented by the Commission to the Parliament concerned. |
2. The Commission opinion referred to in paragraph 1 shall be made public and presented to the Eurogroup. At the request of the parliament of the Member State concerned or of the European Parliament, it shall be presented by the Commission to the parliament concerned. |
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Amendment 63 |
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Proposal for a regulation Article 6 – paragraph 3 |
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3. The Commission shall make an overall assessment of the budgetary situation and prospects in the euro area as a whole. The assessment shall be made public. |
3. The Commission shall make an overall assessment of the budgetary situation and prospects in the euro area as a whole. The overall assessment shall include stress tests that provide an indication of the risks to public finance sustainability in the event of adverse financial or budgetary developments. The assessment shall identify on a country-by-country basis potential negative spill-over effects on the sustainability of public finances of the Member States generated by their private sector or by other Member States. The assessment shall be made public and shall be integrated in the forthcoming annual growth survey . The Commission shall annex to the assessment a detailed summary of the Spring and Autumn forecasts for the euro area as a whole. The chosen baseline scenario for the assessment shall be described with reasoning and shall be built on a balanced account of downside and upside risks in order to consider the complete range of possible outcomes. The assessment shall disclose the methodologies, assumptions and relevant parameters that underpin its macroeconomic forecasts and stress tests as well as an ex post evaluation of the previous year baseline scenario. |
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Amendment 64 |
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Proposal for a regulation Article 6 – paragraph 4 |
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4. The Eurogroup shall discuss opinions of the Commission on the national budgetary plans and the budgetary situation and prospects in the euro area as a whole on the basis of the overall assessment made by the Commission in accordance with paragraph 3. The assessment shall be made public. |
4. The Eurogroup and the relevant committee of the European Parliament shall discuss opinions of the Commission on the national budgetary plans and the budgetary situation and prospects in the euro area as a whole on the basis of the overall assessment made by the Commission in accordance with paragraph 3. The outcome of that discussion shall be made public and shall be taken into account in the following European Semester, in particular in the annual growth survey . |
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Amendment 65 |
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Proposal for a regulation Article 6 – paragraph 4 a (new) |
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4a. Following the discussions between the Eurogroup and the relevant committee of the European Parliament, if appropriate the Commission shall update its specific recommendations in the framework of the annual growth survey aiming at reinforcing the common macroeconomic framework of the euro area as well as outlining supportive measures foreseen in case of adverse financial, economic or budgetary developments. |
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Amendment 66 |
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Proposal for a regulation Article 6 a (new) |
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Article 6a Reporting on debt issuance 1. Member States shall report to the Commission and the Eurogroup, ex-ante and in a timely manner, on their national debt issuance plans. 2. The form and content of the reporting referred to in paragraph 1 shall be harmonised and laid down by the Commission in cooperation with the Member States. 3. Issues relating to the annual debt issuance plan of the Member States, such as financial needs, renewal of outstanding debt, shall not be made public. |
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Amendment 67 |
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Proposal for a regulation Chapter III a (new) |
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Chapter IIIa Establishment of a roadmap for enhanced economic policy coordination, a growth facility and a framework for enhanced debt issuance Article 6b Roadmap for enhanced economic policy coordination framework and growth facility 1. By … (6), the Commission shall present a report establishing a roadmap towards euro area stability bonds. It shall also present a proposal for a euro area sustainable growth instrument aiming at mobilising approximately 1 % of GDP per year over a period of ten years, including an increase in the capital of the EIB and project bonds, to be invested in European infrastructure including science and technology. The instrument shall aim at creating the necessary conditions for sustainable growth in order to ensure the proper functioning of economic and monetary union and to safeguard the stability of the euro and thereby the sustainable coordination of Member States' budgetary discipline. 2. The steps set up in Articles 6c and 6d are without prejudice of further steps being implemented before the end of this period. Article 6c Coordination of euro area Member State debt issuance 1. With a view to better coordinating the planning and placement of their national debt issuance, Member States shall report ex ante on their public debt issuance plans to the Commission and to the Council. 2. Member States whose currency is the euro shall seek to improve the financing conditions of their pubic debt by agreeing, following a proposal by the Commission, an annual coordinated public debt issuance framework. 3. Member States cooperating under paragraph 2 may further improve and stabilise their financing conditions on the basis of the prevailing economic fundamentals and market conditions and following a methodology to be established by a regulation of the European Parliament and the Council. Article 6d European redemption fund 1. As an element of the first step of the roadmap referred to in Article 6a, a European redemption fund (ERF) based on joint liability and strict fiscal discipline shall be established with the aim of reducing excessive debt over a period of 25 years to be adjusted according to actual growth figures. Following that period, the ERF shall be wound up. 2. Member States whose currency is the euro and who are not subject to an assistance or adjustment programme shall:
3. The Commission shall ensure the setting up and day-to-day management of the ERF, the details of which should be established in a Regulation from the European Parliament and the Council. 4. Participation in the ERF shall be open to other Member States as from the entry into force of the decision of the Council of the European Union taken in accordance with Article 140(2) TFEU to abrogate their derogation from adopting the euro. 5. Member States shall implement provisions in national law to ensure winding up and terminating the ERF after a maximum of 25 years adjustable according to actual growth figures. |
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Amendment 68 |
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Proposal for a regulation Article -7 (new) |
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Article -7 Economic partnership programmes 1. If the Council, acting under Article 126(6) TFEU, decides that an excessive deficit exists in a Member State, the Member State concerned shall present to the Commission and to the Council an economic partnership programme describing the policy measures and structural reforms that are needed to ensure an effectively durable correction of the excessive deficit, as a detailed development of its national reform programme and its stability programme and fully taking into account the Council recommendations on the implementation of the integrated guidelines for the economic and employment policies of the Member State concerned. 2. The economic partnership programme shall be fully consistent with the policies referred to in Article 1. The economic partnership programme shall identify and select a number of specific budgetary priorities aiming at stabilising the economy in the short term, enhancing long-term sustainable growth and addressing structural weaknesses in the Member State concerned. Those priorities shall be aimed at rebalancing competitiveness according to the creation of European Added Value and shall be consistent with the Union strategy for growth and jobs. The Member State, in close coordination with the Commission, shall prepare a report outlining the selected programmes and projects including an action plan aiming at identifying, frontloading and mobilising financial resources, including EIB credit lines and relevant Union financial instruments. That report shall be updated on an annual basis. 3. In the event of a severe economic downturn as defined in Article 2(2) of Council Regulation (EC) No 1467/97 or of a significant downside correction of forecasts, the Member State concerned shall adopt an updated adjustment path towards the medium-term budgetary objective to be agreed with the Commission taking into proper account pro-cyclical effects of consolidation measures. The application of the debt rule shall be coherently adjusted. 4. The economic partnership programme shall be presented at the same time as the reports provided for in Article 3(4a) and Article 5(1a) of Regulation (EC) No 1467/97. 5. The Council, acting by qualified majority on a proposal from the Commission, shall adopt an opinion on the economic partnership programme. 6. If a corrective action plan exists in accordance with Article 8(1) of Regulation (EU) No 1176/2011, the measures referred to in paragraph 1 shall be included in that plan. 7. The implementation of the programme, and the annual budgetary plans consistent with it, shall be monitored by the Commission and by the Council. 8. The competent committee of the European Parliament may offer the opportunity to the Member State concerned and the Commission to participate to an exchange of views. The competent committee of the European Parliament may invite other committees of the European Parliament to join in that exchange of views. |
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Amendment 69 |
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Proposal for a regulation Article 7 – paragraph 1 |
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1. When the Council decides in accordance with Article 126(6) of the Treaty that an excessive deficit exists in a Member State, the Member State concerned shall be subject to paragraphs 2 to 5 of this Article, until the abrogation of its excessive deficit procedure. |
1. For the purpose of monitoring the partnership programme referred to in Article -7(7), the Member State concerned, on a request from the Commission, shall fulfil the requirements described in paragraphs 2 to 6 of this Article, until the abrogation of its excessive deficit procedure. |
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Amendment 70 |
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Proposal for a regulation Article 7 – paragraph 2 |
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2. The Member State subject to closer monitoring shall without delay carry out a comprehensive assessment of in-year budgetary execution for the general government and its sub-sectors. The financial risks associated to government-owned entities and government contracts shall also be covered by the assessment to the extent that they may contribute to the existence of an excessive deficit. The result of this assessment shall be included in the report submitted in accordance with Article 3(4a) or 5(1a) of Regulation (EC) No 1467/97 on action taken to correct the excessive deficit. |
2. On a request from the Commission, the Member State shall carry out a comprehensive assessment of in-year budgetary execution for the general government and its sub-sectors. The financial risks associated to government-owned entities and contingent liabilities with potentially large impacts on public budgets, as described in Council Directive 2011/85/EU shall also be covered by the assessment to the extent that they may contribute to the existence of an excessive deficit. The result of this assessment shall be included in the report submitted in accordance with Article 3(4a) or 5(1a) of Regulation (EC) No 1467/97 on action taken to correct the excessive deficit. |
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Amendment 71 |
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Proposal for a regulation Article 7 – paragraph 3 |
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3. Member State shall report regularly to the Commission and to the Economic and Financial Committee or any sub-committee it will designate for that purpose , for the general government and its sub-sectors, the in-year budgetary execution, the budgetary impact of discretionary measures taken on both the expenditure and the revenue side, targets for the government expenditure and revenues, as well as information on the measures adopted and the nature of those envisaged to achieve the targets. The report shall be made public. |
3. On a request from the Commission, the Member State shall report regularly to the Commission and to the Economic and Financial Committee, for the general government and its sub-sectors, the in-year budgetary execution, the budgetary impact of discretionary measures taken on both the expenditure and the revenue side, targets for the government expenditure and revenues, as well as information on the measures adopted and the nature of those envisaged to achieve the targets. The report shall be made public. |
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The Commission shall specify the content of the report referred to in this paragraph. |
The Commission shall specify the content of the report referred to in this paragraph. The competent committee of the European Parliament may offer the opportunity to the Member State concerned to participate in an exchange of views. |
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Amendment 72 |
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Proposal for a regulation Article 7 – paragraph 6 – point a |
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Amendment 73 |
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Proposal for a regulation Article 8 – paragraph 2 |
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2. In case of risks of non-compliance with the deadline to correct the excessive deficit, the Commission shall address a recommendation to the Member State concerned for adoption of further measures within a timeframe consistent with the deadline for the correction of its excessive deficit referred to in paragraph 1. The recommendation by the Commission shall be made public , and , at the request of the Parliament of the Member State concerned, shall be presented by the Commission to the Parliament concerned. |
2. Where there is a risk of non-compliance with the deadline to correct the excessive deficit and where those risks are not due to circumstances beyond the control of the Member State concerned, the Commission shall address a recommendation to the Member State concerned for the diligent implementation of the measures provided for in the initial recommendations within a timeframe consistent with the deadline for the correction of its excessive deficit referred to in paragraph 1. The recommendation by the Commission shall be made public, and, at the request of the parliament of the Member State concerned, it shall be presented by the Commission to the parliament concerned. |
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Amendment 74 |
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Proposal for a regulation Article 8 – paragraph 3 |
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3. Within the timeframe set by the Commission recommendation referred to in paragraph 2, the Member State concerned shall report to the Commission on measures adopted in response to this recommendation together with the reports provided for in Article 7(3). The report shall include the budgetary impact of all discretionary measures taken, targets for the government expenditure and revenues, information on the measures adopted and the nature of those envisaged to achieve the targets, as well as information on the other actions being taken in response to the Commission recommendation . The report shall be made public. |
3. Within the timeframe set by the Commission recommendation referred to in paragraph 2, the Member State concerned shall additionally report to the Commission on the measures implemented in response to this recommendation. The report shall be made public. |
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Amendment 75 |
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Proposal for a regulation Article -11 (new) |
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Article -11 Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Article 5(5) shall be conferred on the Commission for a period of three years from the date of entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period. 3. The delegation of powers referred to in Article 5(5) may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 5(5) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council. |
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Amendment 76 |
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Proposal for a regulation Article -11 a (new) |
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Article -11a Economic Dialogue In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committee of the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before the committee to discuss decisions taken pursuant to Article 5(5), Article 6(4), Article 7(5), Article 8(4) and Article 9(3). The competent committee of the European Parliament may offer the opportunity to the Member State concerned by such decisions to participate in an exchange of views. |
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Amendment 77 |
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Proposal for a regulation Article 11 – paragraph 1 – point b a (new) |
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Amendment 78 |
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Proposal for a regulation Article 11 – paragraph 3 a (new) |
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3a. As soon as possible and no later than 31 December 2012, the Commission shall present a report to the European Parliament and to the Council examining the feasibility of options and making proposals for a possible roadmap towards common issuance of public debt instruments, taking account of financial, fiscal and legal conditions. The Commission shall pay particular attention to the feasibility of introducing a redemption fund which combines temporary common issuance of debt and strict rules on fiscal adjustment. |
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Amendment 79 |
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Proposal for a regulation Article 11 a (new) |
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Article 11a Commission report By … (7), the Commission shall put forward a report, and if necessary a proposal, to the European Parliament and to the Council, setting out how coordination and ex ante discussions among Member States of any major economic and fiscal policy reform plans with potential spill-over effects are to operate, what form that coordination and those discussions are to take, what policies are contemplated, and the likely political consequences - to Member States and, in particular, to the national parliaments - of decisions arising from such coordination and ex ante discussions. |
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Amendment 80 |
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Proposal for a regulation Article 11 b (new) |
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Article 11b European debt authority By … (8), the Commission shall put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority, responsible for managing and coordinating all issues relating to the annual debt issuance plan of the Member States, the renewal of Member States' outstanding debt and the assessment of the sustainability of all Member States' government debt. The Commission's report shall also evaluate the possible annual publication of data relating to Member States' public debt, deficit and other macroeconomic indicators. |
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Amendment 81 |
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Proposal for a regulation Annex I (new) |
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Common principles for Independent Fiscal Institutions (IFIs)
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(1) The matter was then referred back to committee pursuant to Rule 57(2), second subparagraph (A7-0173/2012).
(2) OJ L 306, 23.11.2011, p. 12.
(3) OJ L 306, 23.11.2011, p. 33.
(4) OJ L 306, 23.11.2011, p. 1.
(5) OJ L 306, 23.11.2011, p. 25.
(6) OJ please insert date: one month after entry into force of this Regulation.
(7) OJ please insert date: three months after entry into force of this Regulation.
(8) OJ please insert date: three months after entry into force of this Regulation.