Sittings · Document
Report (2024/2054(INI)) 2025-02-05
European Central Bank – annual report 2024
5.2.2025 A10-0003/33
Amendment 33
Sarah Knafo
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Welcomes the role of the ECB in safeguarding monetary and financial stability, which is a necessary precondition for growth and economic stability; underlines that the ECB is the institution responsible for maintaining price stability in the euro area in this regard; notes that, ‘without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union’ as laid down in Article 127 TFEU; | 1. Regrets the high inflation within the EU that the ECB seems to have accepted or even normalised, as well as the internal monetary depreciation of the euro since its creation in 1999; also regrets the trend in the loss of value of the euro against the dollar; |
Or. en
5.2.2025 A10-0003/34
Amendment 34
Christine Anderson, René Aust
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 3
| Motion for a resolution | Amendment |
| 3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political actions; welcomes the institutional cooperation, thereby stressing the importance of the corresponding level of accountability to Parliament; | 3. Highlights the importance of the ECB’s political independence, which should remain untouched; stresses that this independence requires the ECB to in turn refrain from taking political actions; welcomes the institutional cooperation, thereby stressing the importance of the corresponding level of accountability to Parliament; expresses concern about the joint op-ed by ECB President Christine Lagarde and Commission President Ursula von der Leyen in the Financial Times of 31 January 2025, as it signals that excessive proximity between the Commission and the ECB may be jeopardising the ECB’s political independence; |
Or. en
5.2.2025 A10-0003/35
Amendment 35
Rada Laykova, Christine Anderson
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 6
| Motion for a resolution | Amendment |
| 6. Stresses that both the ECB’s monetary policy, delivering on its mandate, and fiscal policies, should work in tandem to help European citizens and households, as well as small businesses; | 6. Stresses that both the ECB’s monetary policy, delivering on its mandate, and fiscal policies, should work in tandem to help European citizens and households, as well as small businesses; expresses surprise and concern that the ECB does not also carry out intrinsic monitoring and surveillance of current euro area inflation data, but instead, relies entirely and exclusively on data from Eurostat, which is subordinated to the Commission, and despite repeated indications that inflation figures are systematically under-reported; emphasises the great danger of this one-source approach, as this data has far-reaching consequences and is sometimes subject to conflicting interests between citizens and the finance industry; |
Or. en
5.2.2025 A10-0003/36
Amendment 36
Rada Laykova, Christine Anderson
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Stresses that supply shocks, primarily originating from external sources, were among the key drivers of the inflation surges; recognises that monetary policy has a more direct effect on inflation levels when it stems primarily from demand factors rather than supply factors; | 18. Stresses that supply shocks, primarily originating from external sources, were among the key drivers of the inflation surges; recognises that monetary policy has a more direct effect on inflation levels when it stems primarily from demand factors rather than supply factors; highlights the key aspect of monetary inflation – the neutrality of money – and the fact that M3 money supply in the euro area has more than tripled since 2002, while at the same time economic growth in the euro area, including the addition of new economies to the euro area, is substantially smaller than M3 money growth; emphasises that in a fiat money system the summed economic output of a currency area is the most important implicit backing of that currency; |
Or. en
5.2.2025 A10-0003/37
Amendment 37
Rada Laykova
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 19
| Motion for a resolution | Amendment |
| 19. Welcomes the ECB’s efforts to regularly update its models; invites the ECB to continue reviewing and improving its models and their role in its policymaking in light of the subpar performance of the models in recent years, in order to learn from previous crises, particularly to better distinguish between demand-driven and supply-side sources of inflation; stresses that economic supply shocks can arise from many sources, among others geopolitical events, climate-related or natural disasters and cyberattacks; | 19. Notes the ECB’s efforts to regularly update its models; invites the ECB to continue reviewing and improving its models and their role in its policymaking in light of the subpar performance of the models in recent years, expresses surprise that while the ECB does not undertake any systematic intrinsic review of the validity of current and past inflation data, it does have internal departments that manage future inflation by means of forecasts and predictions based on repeatedly inaccurate macroeconomic models as part of its ‘macroeconomic projection’; expresses concern that this management via forecast models, despite their subpar performance in the past, is to be given even more weight in the ECB’s future decision-making; |
Or. en
5.2.2025 A10-0003/38
Amendment 38
Rada Laykova, Christine Anderson
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the ECB’s decision to scale back its asset purchase programmes, so as to balance market liquidity conditions and inflation levels, in view of the excess liquidity in the market and decreased levels of inflation; welcomes the fact that the asset portfolio under the ECB’s purchasing programmes has been on a downward trend since 2023; | 21. Supports the ECB’s decision to scale back its asset purchase programmes, so as to balance market liquidity conditions and inflation levels, in view of the excess liquidity in the market and decreased levels of inflation; welcomes the fact that the asset portfolio under the ECB’s purchasing programmes has been on a downward trend since 2023; refers to the historical and economic evidence that continuous financing of deficit government spending through the creation of new money, whether directly or indirectly, reduces the real wealth of citizens overall, as in the medium and long term the definitive negative effect on real income due to the associated currency devaluation outweighs the merely potentially positive effects of any economic stimuli derived from the increased government spending; |
Or. en
5.2.2025 A10-0003/39
Amendment 39
Rada Laykova, Christine Anderson, René Aust
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 23
| Motion for a resolution | Amendment |
| 23. Stresses that the ECB’s purchase programmes are unconventional policies applicable only during crisis periods that, if not carefully implemented, risk contravening the prohibition on monetary financing under Article 123(1) TFEU; invites the ECB to continue monitoring the gradual reduction of its balance sheet, to limit prolonged potential destabilising effects in the euro area, while monitoring the growth and competitiveness of the EU’s economy; invites the ECB to share insights on the impact of the purchasing programmes on the functioning of financial markets, including the impact on pension funds and pension insurance cooperation; | 23. Regrets the establishment of the transmission protection instrument (TPI) in July 2022; calls on the ECB to respect not just the legal prohibition on monetary financing but also its economic meaning; stresses in this regard that selectively purchasing national government debt amounts to monetarily financing an EU Member State; |
Or. en
5.2.2025 A10-0003/40
Amendment 40
Rada Laykova, Christine Anderson, René Aust
on behalf of the ESN Group
Report A10-0003/2025
Anouk Van Brug
European Central Bank – annual report 2024
(2024/2054(INI))
Motion for a resolution
Paragraph 26
| Motion for a resolution | Amendment |
| 26. Welcomes the ECB’s progress on the digital euro project and its ongoing dialogue with Parliament; underscores that the digital euro should deliver clear added value to European citizens, including enhanced strategic autonomy in payments, a higher level of competition in the retail payment market, potential to foster innovation in payments and finance, improved financial inclusion and a reliable offline backup payment system; calls on the ECB to clearly communicate these benefits in order to foster public trust and awareness; notes that the EU co-legislators will need to strike the right balance, among others, on holding limits, privacy concerns, competition with private payment solutions and usability in a business context; | 26. Rejects the ECB’s digital euro project; underscores that central banks have failed to provide a proper and convincing justification for central bank digital currency, and that it will, however, open the door for excessive surveillance of and privacy interference with citizens; |
Or. en