European Central Bank – annual report 2025

4.2.2026 A10-0002/28

Amendment 28

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

Paragraph 9

Motion for a resolution

Amendment

9. Welcomes the decline in inflation from the rates of 2022-2023 as well as the recent inflation stabilisation; notes that the ECB has cut the deposit rate by 200 basis points between June 2024 and June 2025; acknowledges the continued risk of a resurgence in inflation; underlines that further steps towards easing monetary policy should be prudent, data-driven and guided by price stability;

9. Welcomes the decline in inflation from the rates of 2022-2023 as well as the recent inflation stabilisation; notes that the ECB has cut the deposit rate by 200 basis points between June 2024 and June 2025; acknowledges the continued risk of a resurgence in inflation; underlines that further steps towards easing monetary policy should be prudent, data-driven and guided by price stability; expresses concern about Member States’ increasing debt levels, their excessive deficit spending and the ensuing predictable effect on interest rates in several Member States, which will lead to renewed demands for ECB intervention with fresh money to lower interest rates via asset purchases, which in turn would result in increased monetary-induced price inflation in the years to come;

Or. en

4.2.2026 A10-0002/29

Amendment 29

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

Paragraph 10 a (new)

Motion for a resolution

Amendment

10a. Highlights that the so-called ‘cost-of-living crisis’ is just another term for the significant decline in the general population’s purchasing power, while monetary inflation and a low-growth environment are generally among the main economic causes of such declines; points out that inflation adjustments often at best only raise wages up to the officially reported level, such that if inflation is systematically under-reported, this would result in a sustained decline in real wages; points to the link between sustained expansionary monetary policy and property prices, and subsequently housing prices, in a fiat money system;

Or. en

4.2.2026 A10-0002/30

Amendment 30

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

Paragraph 12

Motion for a resolution

Amendment

12. Stresses that the ECB’s purchase programmes are unconventional monetary policy tools that have side effects; notes in particular that asset purchase programmes can distort price signals; notes that the ECB started shrinking its balance sheet only very gradually; supports the ECB in further diminishing its direct role in purchasing securities; encourages the ECB to gradually phase out its government bond purchasing programmes; regrets the impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

12. Stresses that the ECB’s purchase programmes are highly questionable monetary policy tools undermining the principle of monetary dominance by indirectly financing excessive government spending via the downward manipulation of bond prices, and thus debt costs, at the expense of future price stability and, consequently, the real wealth and purchasing power of the entire population of the euro area; notes that the ECB started shrinking its balance sheet only very gradually; supports the ECB in further diminishing its direct role in purchasing securities; encourages the ECB to gradually phase out its government bond purchasing programmes; regrets the impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

Or. en

4.2.2026 A10-0002/31

Amendment 31

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

Paragraph 17 a (new)

Motion for a resolution

Amendment

17a. Notes the sharp rise in gold prices, which highlights a potential lack of credibility of the principle of monetary dominance as well as growing mistrust among the world’s central banks towards Western reserve currencies, such as the dollar and the euro;

Or. en

4.2.2026 A10-0002/32

Amendment 32

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

Paragraph 18 a (new)

Motion for a resolution

Amendment

18a. Points out that the protracted period of low and zero interest rates over the last decade has undermined creative destruction and economic evolution, as it prevented inefficient companies from being forced to exit the market, because they were able to stay afloat by taking out very cheap loans, which ultimately contributed to the lack of competitiveness of the EU economy, since this undermined this vital evolutionary economic process and led to material and human resources being tied up by very inefficient companies (‘zombie companies’) that would otherwise have disappeared from the market long ago;

Or. en

4.2.2026 A10-0002/33

Amendment 33

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

Paragraph 19 a (new)

Motion for a resolution

Amendment

19a. Advocates against the ECB’s measures that allow unequal treatment of Member States, in particular measures that show signs of a yield spread control;

Or. en

4.2.2026 A10-0002/34

Amendment 34

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

Paragraph 27 a (new)

Motion for a resolution

Amendment

27a. Emphasises Parliament’s particular importance in upholding the convergence criteria, as the public is its most important stakeholder; recognises in this context that Parliament must admit its own shortcomings in this regard, as compliance with the criteria should often have been demanded more vehemently;

Or. en

4.2.2026 A10-0002/35

Amendment 35

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

Paragraph 28

Motion for a resolution

Amendment

28. Welcomes the Republic of Bulgaria as the 21st member of the euro area, as of 1 January 2026;

28. Welcomes the Republic of Bulgaria as the 21st member of the euro area, as of 1 January 2026; highlights, in this regard as well as in the context of the convergence criteria, a renewed lack of diligence in the European Parliament’s critical assessment of the Maastricht criteria in the convergence report on Bulgaria’s accession to the euro area, given that, just a few months after the decision on Bulgaria’s accession, Bulgaria’s real budget deficit for 2025 revealed itself to be considerably higher than 3 % and Bulgaria’s government collapsed as a result of disputes over the 2026 budget, amid projections of even higher deficits;

Or. en