P6_TA(2005)0233

Excessive deficit procedure *

European Parliament legislative resolution on the proposal for a Council regulation amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure (COM(2005)0155 — C6-0120/2005 — 2005/0061(CNS))

(Consultation procedure)

The European Parliament,

- having regard to the Commission proposal to the Council (COM(2005)0155) [1],

- having regard to Article 104(14), second subparagraph of the EC Treaty, pursuant to which the Council consulted Parliament (C6-0120/2005),

- having regard to Rule 51 of its Rules of Procedure,

- having regard to the report of the Committee on Economic and Monetary Affairs (A6-0158/2005),

1. Approves the Commission proposal as amended;

2. Calls on the Commission to alter its proposal accordingly, pursuant to Article 250(2) of the EC Treaty;

3. Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

4. Asks the Council to consult Parliament again if it intends to amend the Commission proposal substantially;

5. Instructs its President to forward its position to the Council and Commission.

Amendment 1

Recital 5 a (new)

(5a) It is necessary to define the concept of an exceptional and temporary excess over the reference value as referred to in Article 104(2)(a).

Amendment 2

Recital 5 b (new)

(5b) The Council should in this context, inter alia, use the multiannual budgetary forecasts and the common external assumptions provided by the Commission.

Amendment 4

Recital 12

(12) The current overall maximum period of 10 months from the reporting dates established in Article 4(2) and (3) of Regulation (EC) No 3605/93 until the decision to impose sanctions would be inconsistent with the amended deadlines in each step of the procedure and the possibility to issue revised recommendations under Article 104(7) or revised notices under Article 104(9). The overall maximum period should therefore be adjusted in accordance with these amendments.

(12) The current overall maximum period of 10 months from the reporting dates established in Article 4(2) and (3) of Regulation (EC) No 3605/93 until the decision to impose sanctions would be inconsistent with the amended deadlines in each step of the procedure and the possibility to issue revised recommendations under Article 104(7) or revised notices under Article 104(9). The overall maximum period should therefore be adjusted in accordance with these amendments but should not exceed three years from the occurrence of the excessive deficit.

Amendment 5

Article 1, point 1

Article 2, paragraph 2 (Regulation (EC) No 1467/97)

2. The Commission and the Council, when assessing and deciding upon the existence of an excessive deficit according to paragraphs 3 to 6 of Article 104 of the Treaty, may consider an excess over the reference value resulting from a severe economic downturn as exceptional in the sense of the second indent of Article 104(2)(a) if the excess over the reference value results from a negative growth rate or an accumulated loss of output during a protracted period of very low growth relative to potential growth.

2. The Commission and the Council, when assessing and deciding upon the existence of an excessive deficit according to paragraphs 3 to 6 of Article 104 of the Treaty, may, after comparing the figures submitted to the Commission by the Member States with the reports submitted by the national central banks to the ECB, consider an excess over the reference value resulting from a severe economic downturn as exceptional in the sense of the second indent of Article 104(2)(a) if the excess over the reference value results from a negative growth rate or an accumulated loss of output during a protracted period of very low growth relative to potential growth.

Amendment 6

Article 1, point 1

Article 2, paragraph 3 (Regulation (EC) No 1467/97)

3. The Commission, when preparing a report under Article 104(3) shall take into account all other relevant factors. The report shall, in particular, appropriately reflect developments in the medium-term economic and budgetary position. The Commission shall also give due consideration to factors which the Member State has put forward publicly and to the Commission within one month of the reporting dates established in Article 4(2) and (3) of Regulation (EC) No 3605/93.

3. The Commission, when preparing a report under Article 104(3) shall take into account all other relevant factors which must be clearly set out in an agreed list of relevant factors to be taken into account. The report shall, in particular, appropriately reflect developments in the medium-term economic and budgetary position. The Commission shall also give due consideration to factors which the Member State has put forward publicly and to the Commission within one month of the reporting dates established in Article 4(2) and (3) of Regulation (EC) No 3605/93 The European Parliament shall be informed regularly about the existence of an excessive deficit and the monitoring process.

Amendment 7

Article 1, point 2, point (b)

Article 3, paragraph 4 (Regulation (EC) No 1467/97)

4. The Council recommendation made in accordance with Article 104(7) shall establish a deadline of six months at the most for effective action to be taken by the Member State concerned. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstances. In the recommendation, the Council shall request that the Member State achieves a minimum annual improvement in the cyclically-adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.

4. The Council recommendation made in accordance with Article 104(7) shall establish a deadline of six months at the most for effective action to be taken by the Member State concerned. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstances, in which case, the excessive deficit must be corrected within three years after its occurrence. In the recommendation, the Council shall request that the Member State achieves a minimum annual improvement in the cyclically-adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.

[1] Not yet published in OJ.

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