Sittings · Document
European Central Bank – annual report 2025
4.2.2026 A10-0002/8
Amendment 8
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital C a (new)
Motion for a resolution
Amendment
Ca. whereas in the monetary dialogue with Parliament, the ECB’s president stated that the centralised and sole source the ECB uses for the vital macroeconomic data essential to govern the ECB’s monetary policy, especially regarding inflation data, is Eurostat, which is subordinate to the Commission;
Or. en
4.2.2026 A10-0002/9
Amendment 9
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital C b (new)
Motion for a resolution
Amendment
Cb. whereas a comparison between the compounded annual data provided by Eurostat using longer time series and the net changes calculated specifically between the respective start- and end-points provided from a variety of sources hint at a potentially significant and systematic underestimation of the annual inflation (euro area harmonised indices of consumer prices – HICP) reported by Eurostat and a smaller systematic overestimation of annual economic growth, while such probes in annual time series data are statistically necessary in order to identify potential systematic bias or errors that are invisible in shorter time frames; whereas the official annual data between 2002 and 2024 from Eurostat, using a variety of statistical and definitory artifices, shows a compounded inflation (euro area HICP) of only slightly above 60 %, i.e. the harmonised price level allegedly rose only about 60 % since 2002 according to Eurostat’s yearly inflation data, which strongly contradicts other long-term comparisons; whereas numerous major and influential economic actors, including states, would benefit from an underestimation of inflation, but not the general population;
Or. en
4.2.2026 A10-0002/10
Amendment 10
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital C c (new)
Motion for a resolution
Amendment
Cc. whereas the M3 money supply in the euro area has increased approximately threefold since 2002, with the strong increase over the past decade being fuelled predominantly by the zero-interest policies and the ECB’s asset purchase programmes, especially during the COVID-19 pandemic; whereas economic growth, including the addition of new countries to the euro area, strongly lags behind this threefold increase, which jointly instigates substantial inflationary tendencies;
Or. en
4.2.2026 A10-0002/11
Amendment 11
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital C d (new)
Motion for a resolution
Amendment
Cd. whereas according to the ECB’s president, the ECB does not systematically perform monitoring of inflation data and price stability, which would give it intrinsic means to verify its success at achieving its own primary goal, but rather uses macroeconomic forecast models that have repeatedly resulted in excessive optimism, leading to expansionary monetary policy and subpar performance;
Or. en
4.2.2026 A10-0002/12
Amendment 12
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital E a (new)
Motion for a resolution
Amendment
Ea. whereas the most recent ECB annual report criticised the high inflation of the past years, yet managed to avoid mentioning monetary inflation, i.e. the excessive increase in money supply compared to economic growth in goods and services during the past decade, at least once as a predominant reason for the inflation surge, despite the neutrality of money and the undisputable economic, mathematical and historical evidence for this causality in fiat-money systems;
Or. en
4.2.2026 A10-0002/13
Amendment 13
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital H a (new)
Motion for a resolution
Amendment
Ha. whereas the convergence criteria are mathematical – not political – rules designed to prevent instability in the euro area, support price stability and act as a protector of people’s purchasing power and wealth; whereas the 3 % budget deficit rule is the mathematical upper limit to a sustained deficit so as to at least ensure the mere mathematical possibility of repayment of debt (no-Ponzi scheme condition) without resorting to higher inflation, while this calculated limit was based on the substantially stronger economic growth levels of the 1990s; whereas the breaking of the deficit criterion for various political reasons has become normal and now even institutionalised in the EU, while financial markets will only consider mathematical – not political – reasoning for their price and interest evaluation of sovereign bonds;
Or. en
4.2.2026 A10-0002/14
Amendment 14
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital H b (new)
Motion for a resolution
Amendment
Hb. whereas the average debt-to-GDP ratio in the euro area is substantially above the 60 % threshold as defined by the convergence criteria, and the deficit spending of several Member States, also due to the national escape clause, is equally in serious violation of the 3 % budget deficit rule, which will foreseeably affect Member States’ sovereign bond interest rates;
Or. en
4.2.2026 A10-0002/15
Amendment 15
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital H c (new)
Motion for a resolution
Amendment
Hc. whereas in our monetary system there is a general connection between property prices and excessive growth in the money supply, as property serves as a versatile form of investment for large financial players, since it is suitable collateral for further borrowing;
Or. en
4.2.2026 A10-0002/16
Amendment 16
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital H d (new)
Motion for a resolution
Amendment
Hd. whereas central banks around the world have strongly increased their gold purchases in recent years, suggesting an increasing distrust towards their own fiat money product or towards the main Western reserve currencies, such as the dollar and the euro; whereas the price of gold has approximately doubled over the last five years;
Or. en
4.2.2026 A10-0002/17
Amendment 17
Rada Laykova, Siegbert Frank Droese
on behalf of the ESN Group
Report A10-0002/2026
Johan Van Overtveldt
European Central Bank – annual report 2025
(2025/2182(INI))
Motion for a resolution
Recital H e (new)
Motion for a resolution
Amendment
He. whereas an increasing number of countries around the world are switching to currencies other than the dollar or euro to settle their trade, which reduces international demand for these currencies; whereas an increasing amount of international transactions no longer use SWIFT;
Or. en