Sittings · Document
Safeguarding and promoting financial stability amid economic uncertainties
Committee on Economic and Monetary Affairs
AM_Com_NonLegReport
Amendment 1
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Citation 1 a (new)
Motion for a resolution
Amendment
– having regard to the contribution made by the Chair of the Supervisory Board of the ECB Claudia Buch to the Eurogroup on 12 May 20251a.
_________________
1a Written overview for the exchange of views of the Chair of the Supervisory Board of the ECB with the Eurogroup on 12 May 2025, https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.written_overview250512.en.pdf.
Or. en
Amendment 2
Pasquale Tridico
Motion for a resolution
Citation 2 a (new)
Motion for a resolution
Amendment
– having regard to the European Central Bank (ECB) Financial Stability Review of May 2025,
Or. en
Amendment 3
Pasquale Tridico
Motion for a resolution
Citation 2 b (new)
Motion for a resolution
Amendment
– having regard to the ECB Opinion on proposals for amendments to corporate sustainability reporting and due diligence requirements (CON/2025/10) of 8 May 2025,
Or. en
Amendment 4
Pasquale Tridico
Motion for a resolution
Citation 2 c (new)
Motion for a resolution
Amendment
– having regard to the speech delivered by ECB President Christine Lagarde on 26 May 2025,
Or. en
Amendment 5
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Citation 11 a (new)
Motion for a resolution
Amendment
– having regard the ECB Financial Stability Review of May 2025,
Or. en
Amendment 6
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Citation 13 a (new)
Motion for a resolution
Amendment
– having regard to the FSB Roadmap for Addressing Climate-Related Financial Risks of 7 July 2021,
Or. en
Amendment 7
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Citation 13 b (new)
Motion for a resolution
Amendment
– having regard to EIOPA’s report on the Prudential Treatment of Sustainability Risks of 7 November 2024,
Or. en
Amendment 8
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Citation 14 a (new)
Motion for a resolution
Amendment
– having regard to the Joint Committee of the European Supervisory Agencies’ Report on the implementation and functioning of the Securitisation Regulation of 31 March 2025,
Or. en
Amendment 9
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Recital A
Motion for a resolution
Amendment
A. whereas financial stability remains a cornerstone of economic resilience, requiring vigilance in the face of large economic uncertainties, external shocks and systemic risks;
A. whereas financial stability remains a cornerstone of economic resilience and a pre-requisite for economic growth, requiring vigilance in the face of large economic uncertainties, external shocks and systemic risks;
Or. en
Amendment 10
Dirk Gotink
Motion for a resolution
Recital A
Motion for a resolution
Amendment
A. whereas financial stability remains a cornerstone of economic resilience, requiring vigilance in the face of large economic uncertainties, external shocks and systemic risks;
A. whereas financial stability remains a cornerstone of economic resilience and trust in the financial system among citizens and companies, requiring vigilance in the face of large economic uncertainties, external shocks and systemic risks;
Or. en
Amendment 11
Markus Ferber
Motion for a resolution
Recital A
Motion for a resolution
Amendment
A. whereas financial stability remains a cornerstone of economic resilience, requiring vigilance in the face of large economic uncertainties, external shocks and systemic risks;
A. whereas financial stability remains a cornerstone of economic resilience and prosperity, requiring vigilance in the face of large economic uncertainties, external shocks and systemic risks;
Or. en
Amendment 12
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Recital A a (new)
Motion for a resolution
Amendment
A a. whereas a robust and appropriately demanding regulatory framework in financial services should be recognised as having intrinsic value as the bedrock for a competitive European economy, and the EU should not engage in a race to the bottom;
Or. en
Amendment 13
Sirpa Pietikäinen
Motion for a resolution
Recital A a (new)
Motion for a resolution
Amendment
A a. whereas the escalating climate change, extreme weather conditions and declining biodiversity create increasing financial risks and market instabilities;
Or. en
Amendment 14
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Recital A b (new)
Motion for a resolution
Amendment
A b. whereas crises in the financial sector, and in particular in the banking sector, creates lasting damage to the economy and social fabric, thereby fuelling extremism and societal discord;
Or. en
Amendment 15
Pasquale Tridico
Motion for a resolution
Recital B
Motion for a resolution
Amendment
B. whereas the global financial crisis has demonstrated the risks to advanced economies of financial instabilities that assume global proportions;
B. whereas the global financial crisis has demonstrated the risks to advanced economies of financial instabilities that assume global proportions; whereas the crisis was largely triggered by deregulation and inadequate oversight within the financial system which amplified system risk and obscured underlying asset quality;
Or. en
Amendment 16
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital B a (new)
Motion for a resolution
Amendment
B a. whereas, during and after the global financial crisis, fiscal strain on governments led to a deterioration in the value of sovereign debt held by domestic banks, thereby weakening their balance sheets; whereas, conversely, when banks faced solvency challenges, public bailouts further burdened government finances, thereby exacerbating sovereign risk;
Or. en
Amendment 17
Eero Heinäluoma, Carla Tavares, Francisco Assis
Motion for a resolution
Recital B a (new)
Motion for a resolution
Amendment
B a. whereas large and complex internationally active credit institutions pose greater risks to the stability of the financial system than smaller and less complex institutions which play a central role in financing local economies and SMEs;
Or. en
Amendment 18
Markus Ferber
Motion for a resolution
Recital B a (new)
Motion for a resolution
Amendment
B a. whereas significant progress has been made in addressing the financial stability risks unveiled by the 2008 financial crisis;
Or. en
Amendment 19
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital B b (new)
Motion for a resolution
Amendment
B b. whereas between 2008 and 2017, the European Commission approved state aid to the financial sector amounting to approximately €1.459 trillion in capital support and €3.659 trillion in liquidity measures;1a
_________________
1a European Court of Auditors, Control of State aid to banks, March 2019
Or. en
Amendment 20
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Recital B b (new)
Motion for a resolution
Amendment
B b. whereas the 2008 crisis was largely triggered by deregulation and inadequate oversight of the securitisation market, which amplified systemic risk and obscured underlying asset quality;
Or. en
Amendment 21
Virginijus Sinkevičius
on behalf of the Verts/ALE Group
Motion for a resolution
Recital B c (new)
Motion for a resolution
Amendment
B c. whereas these bailouts, while stabilising the financial system in the short term, significantly increased public debt levels and contributed to the sovereign debt crisis in several Eurozone countries;
Or. en
Amendment 22
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital B d (new)
Motion for a resolution
Amendment
B d. whereas it is necessary to limit the damage caused by failures within the current banking system, structural reforms aimed at reducing a priori systemic risks due to interconnections and complexity, underpinning the “too big to fail problem”, would be much more effective;
Or. en
Amendment 23
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías, Tomáš Kubín
Motion for a resolution
Recital C a (new)
Motion for a resolution
Amendment
C a. whereas imprudent energy policies, such as overreliance on uncontrollable energy sources such as wind and solar energy, as well as disinvestment in and phase-outs of nuclear capacity have led to inflationary pressures and volatility in energy markets;
Or. en
Amendment 24
Dirk Gotink
Motion for a resolution
Recital C a (new)
Motion for a resolution
Amendment
C a. whereas solid capital buffers have supported the resilience of European financial institutions during the COVID-19 crisis and the Russian invasion of Ukraine;
Or. en
Amendment 25
Dirk Gotink
Motion for a resolution
Recital D a (new)
Motion for a resolution
Amendment
D a. whereas the urgent need for EU Member States to increase spending on defence could lead to less sustainable national debt for countries with an already weak fiscal position, adding to the risks to financial stability;
Or. en
Amendment 26
Jonás Fernández
Motion for a resolution
Recital D a (new)
Motion for a resolution
Amendment
D a. whereas the completion of the Banking Union (BU) with the establishment of an European Deposit Insurance Scheme (EDIS) will promote financial stability and foster the trust of the European citizens;
Or. en
Amendment 27
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital D a (new)
Motion for a resolution
Amendment
D a. whereas EBA's Q4 2024 Risk Dashboard reported that EU/EEA banks' sovereign exposures increased by over three percent compared to Q2 2024, reaching €3.64 trillion;
Or. en
Amendment 28
Markus Ferber
Motion for a resolution
Recital E
Motion for a resolution
Amendment
E. whereas a well-integrated capital markets union (CMU) is essential for absorbing shocks and fostering investment within the EU;
E. whereas a well-integrated capital markets union (CMU) is essential for absorbing shocks, fostering investment within the EU and further integrating the Single Market;
Or. en
Amendment 29
Pasquale Tridico
Motion for a resolution
Recital E
Motion for a resolution
Amendment
E. whereas a well-integrated capital markets union (CMU) is essential for absorbing shocks and fostering investment within the EU;
E. whereas a well-integrated and well-regulated capital markets union (CMU) is essential for absorbing shocks and fostering investment within the EU;
Or. en
Amendment 30
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital E a (new)
Motion for a resolution
Amendment
E a. whereas a common EU safe asset would enhance the attractiveness of the euro as a global store of value, facilitating the diversification of foreign exchange reserves away from the US dollar, and contributing to increasing the euro’s share in global reserve holdings;
Or. en
Amendment 31
Fernando Navarrete Rojas
Motion for a resolution
Recital F
Motion for a resolution
Amendment
F. whereas the stability of NBFIs will be even more important if the European Union shifts more of its financing to capital markets;
F. whereas the stability of NBFIs will be even more important if the European Union shifts more of its financing to capital markets; whereas NBFIs are a key source of funding for the EU economy and contribute to diversification within the financial system, thereby enhancing its resilience and reducing concentration risks; whereas NBFIs include very diverse sectors, both regulated and unregulated entities that bring new financial stability challenges;
Or. en
Amendment 32
Ľudovít Ódor, Billy Kelleher
Motion for a resolution
Recital F
Motion for a resolution
Amendment
F. whereas the stability of NBFIs will be even more important if the European Union shifts more of its financing to capital markets;
F. whereas the stability of NBFIs will be even more important if the European Union shifts more of its financing to capital markets, while some current macroprudential instruments over NBFIs are difficult to implement;
Or. en
Amendment 33
Pasquale Tridico
Motion for a resolution
Recital F a (new)
Motion for a resolution
Amendment
F a. whereas the CMU promotes finance-based financing such as bond markets, securitization and repo markets over traditional bank lending and this shift exposes the financial system to new vulnerabilities such as lack of transparency, over-leverage and reliance on short-term funding;
Or. en
Amendment 34
Eero Heinäluoma, Carla Tavares, Francisco Assis, Jonás Fernández
Motion for a resolution
Recital F a (new)
Motion for a resolution
Amendment
F a. whereas well managed insurance and reinsurance undertakings, meeting the appropriately demanding Solvency 2 capital and risk management standards, can play a stabilising role as long-term investors;
Or. en
Amendment 35
Pasquale Tridico
Motion for a resolution
Recital F b (new)
Motion for a resolution
Amendment
F b. whereas without proper safeguards, capital markets can introduce or amplify systemic risks as liquidity crises, asset bubbles and contagion through interconnected financial institutions;
Or. en
Amendment 36
Fernando Navarrete Rojas
Motion for a resolution
Recital G
Motion for a resolution
Amendment
G. whereas NBFIs include very diverse sectors;
deleted
Or. en
Amendment 37
Markus Ferber
Motion for a resolution
Recital G
Motion for a resolution
Amendment
G. whereas NBFIs include very diverse sectors;
G. whereas NBFIs include very diverse sectors including inter alia funds, insurers, investment firms or special purpose vehicles, of which most are already subject to dedicated regulatory regimes;
Or. en
Amendment 38
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Recital G
Motion for a resolution
Amendment
G. whereas NBFIs include very diverse sectors;
G. whereas NBFIs operate across very diverse sectors;
Or. en
Amendment 39
Markus Ferber
Motion for a resolution
Recital G a (new)
Motion for a resolution
Amendment
G a. whereas financial stability risks associated with banks and NBFIs differ markedly;
Or. en
Amendment 40
Irene Tinagli
Motion for a resolution
Recital I a (new)
Motion for a resolution
Amendment
I a. whereas the residential real estate sector plays a pivotal role in financial stability due to its central place in the economy, the significant share of household wealth concentrated in property assets, the key involvement of the financial sector in funding real estate investments, and the crucial function of real estate as collateral in credit markets;
Or. en
Amendment 41
Auke Zijlstra, Jorge Martín Frías
Motion for a resolution
Recital I a (new)
Motion for a resolution
Amendment
I a. whereas ECB policies for the last decades have been geared towards maintaining a low interest rate environment, benefitting highly indebted banks and governments; whereas these policies have led to rapidly raising real estate prices and possible asset bubbles with systemic risks to the European financial system;
Or. en
Amendment 42
Irene Tinagli
Motion for a resolution
Recital I b (new)
Motion for a resolution
Amendment
I b. whereas demand from institutional investors for residential real estate assets influences house price developments in the euro area; whereas increases in institutional investor demand tend to drive up house prices, reflecting a close link between institutional investment activity and housing market dynamics while also introducing new financial stability risks due to potential liquidity mismatches in those funds and market interdependencies1d;
_________________
1d https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf
Or. en
Amendment 43
Fernando Navarrete Rojas
Motion for a resolution
Recital J
Motion for a resolution
Amendment
J. whereas complexity and interconnection among financial sectors has gained importance, with NBFIs being net lenders to banks and the wider economy;
J. whereas complexity and interconnection among financial sectors has gained importance;
Or. en
Amendment 44
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital J a (new)
Motion for a resolution
Amendment
J a. whereas highly leveraged and interconnected NBFI entities pursuing similar investment strategies may simultaneously liquidate similar assets under stress, triggering downward price spirals and “fire sales,” with potential spillovers to the real economy and other parts of the financial system, including the banking sector;
Or. en
Amendment 45
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital J b (new)
Motion for a resolution
Amendment
J b. whereas NBFIs operate across borders, yet their supervision is carried out primarily at national level;
Or. en
Amendment 46
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital J c (new)
Motion for a resolution
Amendment
J c. whereas the European Systemic Risk Board (ESRB) has the authority only to monitor, not to supervise the shadow banking sector, and hence lacks legally binding tools to combat systemic risk;
Or. en
Amendment 47
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital J d (new)
Motion for a resolution
Amendment
J d. whereas many of the largest investment firms operating in the EU are owned by banking groups;
Or. en
Amendment 48
Pasquale Tridico
Motion for a resolution
Recital K a (new)
Motion for a resolution
Amendment
K a. whereas the European repo market remains a lightly regulated source of systemic risk via margin calls and liquidity spirals, systemically interconnected with the sovereign bonds markets;
Or. en
Amendment 49
Pasquale Tridico
Motion for a resolution
Recital K b (new)
Motion for a resolution
Amendment
K b. whereas there is a renewed push for deregulation, such as the European Commission proposal to exempt short term repos from NSFR1a;
_________________
1a https://finance.ec.europa.eu/publications/commission-proposes-maintaining-current-liquidity-rules-strengthen-eu-financial-markets_en.
Or. en
Amendment 50
Fernando Navarrete Rojas
Motion for a resolution
Recital L
Motion for a resolution
Amendment
L. whereas vulnerabilities in EU money market funds remain unaddressed, with the EU lagging behind the United States and the United Kingdom in regulatory reforms;
deleted
Or. en
Amendment 51
Markus Ferber
Motion for a resolution
Recital L
Motion for a resolution
Amendment
L. whereas vulnerabilities in EU money market funds remain unaddressed, with the EU lagging behind the United States and the United Kingdom in regulatory reforms;
deleted
Or. en
Amendment 52
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Recital L
Motion for a resolution
Amendment
L. whereas vulnerabilities in EU money market funds remain unaddressed, with the EU lagging behind the United States and the United Kingdom in regulatory reforms;
L. whereas targeted reforms could potentially enhance the resilience of EU money market funds in line with international standards;
Or. en
Amendment 53
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Recital L a (new)
Motion for a resolution
Amendment
L a. whereas real estate markets are prone to boom-bust cycles and have historically been significant contributors to financial crises;
Or. en
Amendment 54
Irene Tinagli
Motion for a resolution
Recital M a (new)
Motion for a resolution
Amendment
M a. whereas the 2023 banking turmoil underscored the critical importance of timely public liquidity backstops to restore market confidence during and after bank resolutions, as evidenced by the substantial liquidity support provided in the case of Credit Suisse, which was instrumental in stabilizing the financial system and was fully repaid in a short period;
Or. en
Amendment 55
Angelika Winzig
Motion for a resolution
Recital M a (new)
Motion for a resolution
Amendment
M a. whereas increasing financial literacy among citizens is essential to strengthen financial stability, enhance retail investor protection and empower people to make informed economic decisions, particularly in a context of growing complexity in financial markets;
Or. en
Amendment 56
Dirk Gotink
Motion for a resolution
Recital M a (new)
Motion for a resolution
Amendment
M a. whereas crypto-asset and ‘stablecoin’ markets are fast-evolving and increasingly interconnected with the traditional financial system, and could, if insufficiently regulated, represent a potential and concerning source of financial instability;
Or. en
Amendment 57
Pasquale Tridico
Motion for a resolution
Recital M a (new)
Motion for a resolution
Amendment
M a. whereas climate change and nature-related physical impacts contribute to systemic risk, affecting financial stability, including through impacts on asset valuations and creditworthiness;
Or. en
Amendment 58
Jonás Fernández
Motion for a resolution
Recital M a (new)
Motion for a resolution
Amendment
M a. whereas the establishment of a Digital Euro could help in safeguarding the EU's financial strategic independence;
Or. en
Amendment 59
Pasquale Tridico
Motion for a resolution
Recital M b (new)
Motion for a resolution
Amendment
M b. whereas, as emphasised by the ECB1b, the absence of adequate, comparable, and reliable sustainability information could give rise to systemic risks and threaten financial stability; whereas issues with data quality and simplifications that restrict data collection hinder risk management and supervisory activities, thereby posing risks to financial stability;
_________________
1b ECB (CON/2025/10).
Or. en
Amendment 60
Jonás Fernández
Motion for a resolution
Subheading 1
Motion for a resolution
Amendment
CMU: shock absorption and resilience
BU and CMU: shock absorption and resilience
Or. en
Amendment 61
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 1
Motion for a resolution
Amendment
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets, boosted by the Draghi and Letta reports;
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets, boosted by the Draghi and Letta reports; stresses the need for strengthening the EU’s strategic autonomy and its capacity to finance European Public Goods at EU level, including defence, digital innovation and energy interconnections;
Or. en
Amendment 62
Pasquale Tridico
Motion for a resolution
Paragraph 1
Motion for a resolution
Amendment
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets, boosted by the Draghi and Letta reports;
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets and a coordinated large-scale public investment effort, boosted by the Draghi and Letta reports;
Or. en
Amendment 63
Sirpa Pietikäinen
Motion for a resolution
Paragraph 1
Motion for a resolution
Amendment
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets, boosted by the Draghi and Letta reports;
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets and a resource-efficient economy, boosted by the Draghi and Letta reports;
Or. en
Amendment 64
Markus Ferber
Motion for a resolution
Paragraph 1
Motion for a resolution
Amendment
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets, boosted by the Draghi and Letta reports;
1. Welcomes the renewed debate on the need to restore EU productivity and competitiveness, inter alia through better integrated capital markets, boosted by the Draghi and Letta reports;
Or. en
Amendment 65
Ľudovít Ódor, Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 1
Motion for a resolution
Amendment
1. Welcomes the renewed debate on the need to restore EU productivity through better integrated capital markets, boosted by the Draghi and Letta reports;
1. Welcomes the renewed debate on the need to boost EU productivity through better integrated capital markets, as outlined in the Draghi and Letta reports;
Or. en
Amendment 66
Jonás Fernández
Motion for a resolution
Paragraph 1 a (new)
Motion for a resolution
Amendment
1 a. Stresses that the main priority for fostering the efficiency and profitability of the banking industry remains promoting an integrated banking system through removing obstacles to cross-border consolidation and taking decisive steps to complete the BU;
Or. en
Amendment 67
Jonás Fernández
Motion for a resolution
Paragraph 1 b (new)
Motion for a resolution
Amendment
1 b. Welcomes the adoption in April 2024 by the ECON Committee of a proposal on EDIS; Calls on the Commission to consider the completion of the BU a top concrete policy priority and not only a medium-term aspiration; Calls on the Council to restart negotiations towards the completion of the BU and the establishment of its third pillar of European deposit insurance;
Or. en
Amendment 68
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 2
Motion for a resolution
Amendment
2. Calls on the Commission to prioritise a CMU agenda that supports EU competitiveness while not hampering financial stability;
2. Calls on the Commission to prioritise a CMU agenda that supports EU competitiveness while not hampering financial stability; considers, in this context, that several Saving and Investment Union (SIU) proposals raise significant financial stability concerns; highlights, in particular, that securitisation not only reduces regulatory capital requirements but also contributes to increased system-wide leverage by shifting credit exposures towards the non-bank financial sector;
Or. en
Amendment 69
Pasquale Tridico
Motion for a resolution
Paragraph 2
Motion for a resolution
Amendment
2. Calls on the Commission to prioritise a CMU agenda that supports EU competitiveness while not hampering financial stability;
2. Calls on the Commission to prioritise a CMU agenda that supports EU competitiveness while not hampering financial stability and that safeguards citizens and welfare systems, ensuring that the growing need for strategic investments is not financed at the expense of citizens’ savings;
Or. en
Amendment 70
Sirpa Pietikäinen
Motion for a resolution
Paragraph 2
Motion for a resolution
Amendment
2. Calls on the Commission to prioritise a CMU agenda that supports EU competitiveness while not hampering financial stability;
2. Calls on the Commission to prioritise a CMU agenda that supports a new sustainable EU competitiveness while not hampering financial stability;
Or. en
Amendment 71
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 2 a (new)
Motion for a resolution
Amendment
2 a. Stresses that the Capital Markets Union should also contribute to correcting structural imbalances in the EU’s financial system, and the persistence of a tax-induced debt-equity bias; calls for legislative efforts to reduce this bias and to promote more equity-based and market-based financing for European companies, particularly SMEs, scale-ups to boost innovation across sectors in the EU;
Or. en
Amendment 72
Angelika Winzig
Motion for a resolution
Paragraph 2 a (new)
Motion for a resolution
Amendment
2 a. Calls on the EU to become a global leader in digital finance, fostering innovation while ensuring adequate safeguards for financial stability;
Or. en
Amendment 73
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 3
Motion for a resolution
Amendment
3. Notes the challenges stemming from more integrated financial markets, including the trade-off between efficient risk sharing and diversification, on the one hand, and contagion, spillover and amplification risks, on the other hand;
deleted
Or. en
Amendment 74
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 3
Motion for a resolution
Amendment
3. Notes the challenges stemming from more integrated financial markets, including the trade-off between efficient risk sharing and diversification, on the one hand, and contagion, spillover and amplification risks, on the other hand;
3. Notes the challenges stemming from more integrated financial markets in the absence of harmonised supervision, including the trade-off between efficient risk sharing and diversification, on the one hand, and contagion, spillover and amplification risks, on the other hand; considers that an EU system-wide approach to supervision based on a comprehensive oversight across the financial ecosystem would help to mitigate this trade off;
Or. en
Amendment 75
Auke Zijlstra
Motion for a resolution
Paragraph 3
Motion for a resolution
Amendment
3. Notes the challenges stemming from more integrated financial markets, including the trade-off between efficient risk sharing and diversification, on the one hand, and contagion, spillover and amplification risks, on the other hand;
3. Notes the challenges stemming from more integrated financial markets, including the trade-off between efficient risk sharing and diversification, on the one hand, and contagion, spillover and amplification risks, on the other hand; calls on the Commission to always prioritise risk reduction, prudential requirements and contagion;
Or. en
Amendment 76
Pasquale Tridico
Motion for a resolution
Paragraph 3
Motion for a resolution
Amendment
3. Notes the challenges stemming from more integrated financial markets, including the trade-off between efficient risk sharing and diversification, on the one hand, and contagion, spillover and amplification risks, on the other hand;
3. Notes the challenges stemming from more integrated financial markets, including the trade-off between efficient risk sharing and diversification, on the one hand, and liquidity contagion, spillover and amplification risks, on the other hand;
Or. en
Amendment 77
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 3 a (new)
Motion for a resolution
Amendment
3 a. Considers that while cross-border banking consolidation contributes to geographic diversification, facilitates the provision of cross-border financial services within the EU, creates economies of scale, and may help weaken the bank-sovereign nexus, it also reinforces the “too big to fail” problem and may adversely affect the availability of credit to SMEs and local communities;
Or. en
Amendment 78
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 3 a (new)
Motion for a resolution
Amendment
3 a. Calls for stronger supervisory convergence and efficient cross-border enforcement to ensure that deeper capital markets do not translate into greater regulatory fragmentation or arbitrage, but rather increase the EU’s resilience to shocks;
Or. en
Amendment 79
Markus Ferber
Motion for a resolution
Paragraph 3 a (new)
Motion for a resolution
Amendment
3 a. Highlights that well-integrated European capital markets will facilitate private risk sharing thus increasing the overall resilience of the Union;
Or. en
Amendment 80
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 3 b (new)
Motion for a resolution
Amendment
3 b. Underlines that systemic risk may also arise from smaller institutions, as they often exhibit highly correlated balance sheets, similar business models, and funding vulnerabilities, making them susceptible to concurrent failures under stress conditions; stresses that the collapse of a large number of small banks simultaneously could distort capital markets, disrupt credit provision, and have significant spillover effects on the real economy; supports the view that diligent oversight of smaller banks is essential to safeguarding financial stability and ensuring the resilience of the banking sector as a whole;
Or. en
Amendment 81
Angelika Winzig
Motion for a resolution
Paragraph 4
Motion for a resolution
Amendment
4. Stresses the importance of maintaining access to capital while preserving financial stability;
4. Underlines that a well-functioning Capital Markets Union must strike the right balance between improving capital access, especially for SMEs, and safeguarding financial stability, ensuring that growth and resilience go hand in hand;
Or. en
Amendment 82
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 4
Motion for a resolution
Amendment
4. Stresses the importance of maintaining access to capital while preserving financial stability;
4. Stresses the importance of finalising the Savings and Investments Union to facilitate access to capital for companies and support investment opportunities for European citizens while preserving financial stability; Recognises the important role of NBFIs in this agenda;
Or. en
Amendment 83
Ľudovít Ódor, Billy Kelleher
Motion for a resolution
Paragraph 4
Motion for a resolution
Amendment
4. Stresses the importance of maintaining access to capital while preserving financial stability;
4. Stresses the necessity of access to venture capital and its importance for SMEs growth while preserving financial stability;
Or. en
Amendment 84
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 4 a (new)
Motion for a resolution
Amendment
4 a. Underlines that securitisation, which helps create alternative sources of funding for European companies and offers diversification opportunities to investors, can be revived without compromising on financial stability by keeping unchanged the fundamental safeguards put in place after 2008: ban re-securitisation, ban on securitisation without risk retention, strict oversight of credit rating agencies;
Or. en
Amendment 85
Auke Zijlstra, Jorge Martín Frías
Motion for a resolution
Paragraph 4 a (new)
Motion for a resolution
Amendment
4 a. Underlines the damaging role of the ECB's "whatever it takes" philosophy that has underpinned its monetary policy for the last decade, and its detrimental effects on financial stability, banking resilience, and the international competitiveness of European banks and the sustainability of public debt in the euro area member states;
Or. en
Amendment 86
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 4 a (new)
Motion for a resolution
Amendment
4 a. Emphasises the need to mobilise private capital more effectively to close the EU’s investment gap, as identified by the Draghi and Letta reports; underlines that a more integrated and liquid capital market can act as a shock absorber, facilitating cross-border investment flows and despite fiscal constraints in times of stress;
Or. en
Amendment 87
Pasquale Tridico
Motion for a resolution
Paragraph 4 a (new)
Motion for a resolution
Amendment
4 a. Highlights the need to establish a European safe asset to attract global capital, hedge effectively against negative shocks, serve as a stable store of value in times of financial stress, and enable long-term, affordable financing for strategic public investments;
Or. en
Amendment 88
Eero Heinäluoma, Carla Tavares, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 4 a (new)
Motion for a resolution
Amendment
4 a. Highlights the role of well regulated and managed insurers and reinsurers, as well as funded pension systems, as a potential stabilising force as long-term investors and providers of risk capital to growth companies;
Or. en
Amendment 89
Angelika Winzig
Motion for a resolution
Paragraph 4 a (new)
Motion for a resolution
Amendment
4 a. Underlines that the EU must avoid over-concentration in financial markets, ensuring that smaller national financial centers remain competitive;
Or. en
Amendment 90
Markus Ferber
Motion for a resolution
Paragraph 5
Motion for a resolution
Amendment
5. Welcomes the ECB’s efforts to maintain price stability and the key role of the ESRB in contributing to financial stability in the Union;
5. Highlights that central banks play a key role in safeguarding financial stability; welcomes the ECB’s efforts to maintain price stability and the key role of the ESRB in contributing to financial stability in the Union;
Or. en
Amendment 91
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías, Tomáš Kubín
Motion for a resolution
Paragraph 5
Motion for a resolution
Amendment
5. Welcomes the ECB’s efforts to maintain price stability and the key role of the ESRB in contributing to financial stability in the Union;
5. Observes that for the last decade, especially since COVID, the ECB has not delivered on its primary mandate of maintaining price stability;
Or. en
Amendment 92
Markus Ferber
Motion for a resolution
Paragraph 5 a (new)
Motion for a resolution
Amendment
5 a. Underlines that the Eurosystem has been built on the principle of monetary dominance; welcomes that the ECB can determine interest rates and the money supply without being influenced by government borrowing needs or fiscal priorities; underlines that this is a key element of the ECB's independence and thus a factor supporting financial stability;
Or. en
Amendment 93
Angelika Winzig
Motion for a resolution
Paragraph 5 a (new)
Motion for a resolution
Amendment
5 a. Reiterates that the ECB’s primary mandate is price stability and underlines that monetary policy must remain independent, especially in the face of fiscal and geopolitical pressures;
Or. en
Amendment 94
Markus Ferber
Motion for a resolution
Paragraph 5 b (new)
Motion for a resolution
Amendment
5 b. Underlines that certain central bank market interventions come with the risk of market distortions that might affect financial stability; insists that the ECB respects the market neutrality principle in all of its monetary operations at all times;
Or. en
Amendment 95
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 6
Motion for a resolution
Amendment
6. Notes the Union’s exposure to external shocks via strong interlinkages with foreign financial markets and entities, and pressures from rising trade tensions amid geopolitical uncertainty;
deleted
Or. en
Amendment 96
Dirk Gotink
Motion for a resolution
Paragraph 6
Motion for a resolution
Amendment
6. Notes the Union’s exposure to external shocks via strong interlinkages with foreign financial markets and entities, and pressures from rising trade tensions amid geopolitical uncertainty;
6. Notes the Union’s exposure to external shocks via strong interlinkages with foreign financial markets and entities, and pressures from rising trade tensions amid geopolitical uncertainty; emphasises that lower economic growth and trade tensions will increase credit risk for financial institutions;
Or. en
Amendment 97
Dirk Gotink
Motion for a resolution
Paragraph 6 a (new)
Motion for a resolution
Amendment
6 a. Urges the Commission, ESRB and ECB to continuously assess the vulnerabilities and risks to financial stability related to the global trade fragmentation, tariffs and economically uncertain times; stresses that companies, citizens and tax payer money should be protected against shocks to financial stability; emphasises that pension funds and insurers are particularly vulnerable to volatility on financial markets, with people’s pension money being directly affected by market corrections;
Or. en
Amendment 98
Angelika Winzig
Motion for a resolution
Paragraph 6 a (new)
Motion for a resolution
Amendment
6 a. Underlines that safeguarding financial stability in the EU today also means being prepared for new types of threats — from disinformation and hybrid attacks to the economic consequences of geopolitical crises;
Or. en
Amendment 99
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 6 a (new)
Motion for a resolution
Amendment
6 a. Emphasises the importance of robust and demanding international standards as preferable to a damaging race-to-the bottom deregulatory drive;
Or. en
Amendment 100
Irene Tinagli
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
deleted
Or. en
Amendment 101
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus; notes that the issuance of a common EU safe asset could help mitigate this systemic vulnerability by offering banks a diversified and lower-risk alternative benchmark instrument; encourages the Commission to assess the implications of such an instrument for financial stability and for the completion of the Capital Markets Union; notes that in recent years, the EU has demonstrated a high degree of resilience in the face of major shocks; highlights that, in light of rising trade tensions and ongoing geopolitical uncertainty, there is an increased need to create fiscal buffers to address fiscal sustainability challenges to ensure sufficient resources for investment, and to enhance the EU's capacity to respond to potential future shocks and crises;
Or. en
Amendment 102
Pasquale Tridico
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Recognises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus; however notes that these risks can be mitigated when supported by sustained economic growth and credible fiscal frameworks; highlights that sovereign bonds also play a key systemic role in the CMU as safe and liquid assets, are deeply interconnected with repo markets and liquidity dynamics, and are subject to macro-financial stabilisation measures by the ECB, including market maker of last resort facilities such as the Transmission Protection Instrument (TPI);
Or. en
Amendment 103
Markus Ferber
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the risks of high sovereign debt and deficits; notes with concern the high public debt levels that are significantly above the reference values of the Stability and Growth Pact; expects that both the debt-to-GDP ratio as well as public deficits will further rise in the next years due to increased defence spending; highlights the financial stability risk of excessive public debt and public deficits; warns of spillover effects, particularly through the sovereign-bank nexus;
Or. en
Amendment 104
Dirk Gotink
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus; stresses that Member States’ budget deficits and debt levels above the thresholds agreed in the Stability and Growth Pact represent a particular risk to financial stability amid increasing economic uncertainty; encourages the Commission to put debt sustainability at the centre of spending support mechanisms, notably related to defence spending;
Or. en
Amendment 105
Auke Zijlstra
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus; regrets the EU's decision to make the temporary NSFR regime permanent, thereby reinforcing the sovereign-bank nexus; calls on the Commission and the co-legislators to minimise further deviations from the Basel Framework;
Or. en
Amendment 106
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the persistence of the bank-sovereign doom loop and the bidirectional spillovers between fiscal sustainability and financial stability; stresses the need to advance work on the European Deposit Insurance Scheme (EDIS) and to introduce prudential measures, including diversification requirements of sovereign exposures;
Or. en
Amendment 107
Jonás Fernández
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Notes the existence of a sovereign-bank nexus; stresses that a European safe asset could be paramount in reducing such a link;
Or. en
Amendment 108
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the risks of high sovereign debt and deficits; emphasises the risks of interdependencies between banks and Member States, highlights in this light the need to complete the banking union.
Or. en
Amendment 109
Ľudovít Ódor, Billy Kelleher
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus; emphasises, in this context, a lingering presence of home bias;
Or. en
Amendment 110
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 7
Motion for a resolution
Amendment
7. Emphasises the risks of high sovereign debt and deficits, particularly through the sovereign-bank nexus;
7. Recalls the challenge of breaking the link between bank and sovereign risk and emphasises the need to find ways to further diversify banks’ sovereign exposures;
Or. en
Amendment 111
Angelika Winzig
Motion for a resolution
Paragraph 7 a (new)
Motion for a resolution
Amendment
7 a. Stresses the importance of ensuring that national fiscal policies remain credible and sustainable, with clear and enforceable fiscal rules, in order to preserve market trust and avoid burdening future generations;
Or. en
Amendment 112
Markus Ferber
Motion for a resolution
Paragraph 7 a (new)
Motion for a resolution
Amendment
7 a. Calls on the Commission to monitor and enforce the compliance with the EU's economic governance framework;
Or. en
Amendment 113
Markus Ferber
Motion for a resolution
Paragraph 7 b (new)
Motion for a resolution
Amendment
7 b. Recalls that market concerns about sovereign debt sustainability have been one of the main drivers of the last financial crisis;
Or. en
Amendment 114
Angelika Winzig
Motion for a resolution
Paragraph 7 b (new)
Motion for a resolution
Amendment
7 b. Underlines that sound public finances are a prerequisite for the EU’s long-term competitiveness and resilience;
Or. en
Amendment 115
Markus Ferber
Motion for a resolution
Paragraph 7 c (new)
Motion for a resolution
Amendment
7 c. Calls for the introduction of appropriate risk weights for sovereign exposures;
Or. en
Amendment 116
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 8
Motion for a resolution
Amendment
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability;
8. Echoes the Draghi report that the creation of a common EU safe asset, alongside structural reforms, is essential to both completing the CMU and elevating the international role of the euro; highlights that such an asset would not only enhance financial integration by providing a uniform benchmark for pricing and high-quality collateral for cross-border transactions, but would also significantly strengthen the reserve currency function of the euro by providing foreign central banks and institutional investors with a liquid, stable, and low-risk euro-denominated instrument;
Or. en
Amendment 117
Ľudovít Ódor, Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 8
Motion for a resolution
Amendment
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability;
8. Stresses that structural reforms and reduction of market fragmentation could elevate the international role of the euro and bolster financial and monetary stability; notes growing investor caution towards the US dollar, presenting an opportunity for the euro to strengthen its role as a safe and reliable currency;
Or. en
Amendment 118
Pasquale Tridico
Motion for a resolution
Paragraph 8
Motion for a resolution
Amendment
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability;
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability; highlights the digital euro as a key tool to advance this by expanding euro transactions, improving payment systems, reducing dependencies, and limiting reliance on unregulated crypto-assets and stablecoins;
Or. en
Amendment 119
Dirk Gotink
Motion for a resolution
Paragraph 8
Motion for a resolution
Amendment
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability;
8. Notes that structural reforms could elevate the international role of the euro and potentially bolster financial and monetary stability; stresses that any efforts to elevate the international role of the euro should be well-balanced and take into account both financial stability and debt sustainability considerations;
Or. en
Amendment 120
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 8
Motion for a resolution
Amendment
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability;
8. Stresses that structural reforms could elevate the international role of the euro and bolster financial and monetary stability; stresses the importance of European safe assets in the euro area as a way to help stabilise financial markets;
Or. en
Amendment 121
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 8 a (new)
Motion for a resolution
Amendment
8 a. Highlights that enhancing the international role of the euro requires credible and coordinated reforms to strengthen the euro area's financial and institutional architecture; stresses in particular the need to complete the Banking Union, including through the establishment of a European Deposit Insurance Scheme (EDIS), to implement a credible reform of the EU’s fiscal framework, to foster the development of safe euro-denominated assets, and to strengthen the monetary and financial policy tools of the EU to ensure more effective transmission and stability across the Union;
Or. en
Amendment 122
Jonás Fernández
Motion for a resolution
Paragraph 8 a (new)
Motion for a resolution
Amendment
8 a. Welcomes the work being conducted by the ECB to launch a digital euro; stresses the important role a digital euro can play for the EU financial strategic independence;
Or. en
Amendment 123
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 8 a (new)
Motion for a resolution
Amendment
8 a. Recalls the potential financial stability gains of banking structural reform, in which high-risk trading activities are separated from core banking activities;
Or. en
Amendment 124
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 9
Motion for a resolution
Amendment
9. Highlights the potential instability stemming from highly leveraged financial institutions, such as hedge funds, especially during market corrections;
9. Highlights the potential instability stemming from highly leveraged financial institutions, such as hedge funds, especially during market corrections, even if certain leveraged activities contribute to facilitating hedging, enhancing efficiency and supporting liquidity in financial markets;
Or. en
Amendment 125
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 9
Motion for a resolution
Amendment
9. Highlights the potential instability stemming from highly leveraged financial institutions, such as hedge funds, especially during market corrections;
9. Acknowledges that highly leveraged financial institutions can contribute to market volatility under stress conditions; underlines, however, the important role such actors can play in improving market liquidity, price discovery and risk-sharing when operating within appropriate risk management and regulatory frameworks;
Or. en
Amendment 126
Sirpa Pietikäinen
Motion for a resolution
Paragraph 9
Motion for a resolution
Amendment
9. Highlights the potential instability stemming from highly leveraged financial institutions, such as hedge funds, especially during market corrections;
9. Highlights the potential instability stemming from highly leveraged financial institutions, such as hedge funds, especially during market corrections, and warns against loosening regulation on securitisation too swiftly not to risk to swing the markets towards another financial crisis;
Or. en
Amendment 127
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 10
Motion for a resolution
Amendment
10. Stresses the importance of coordination among macroprudential supervisors through systemic risk analysis and oversight;
10. Stresses the importance of coordination among macroprudential supervisors through systemic risk analysis and oversight, and its interaction with microprudential supervision to ensure compatibility of their respective actions;
Or. en
Amendment 128
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 10 a (new)
Motion for a resolution
Amendment
10 a. Highlights that, apart from the ever more frequent manifestation of climate related physical risks, legal and regulatory developments, the emergence of disruptive technologies, and shifting market sentiment are giving rise to growing patterns of transition risks; underlines that the Financial Stability Board has recognised the destabilising effects of these risks on the financial system, including through heightened risk premia and declining asset prices in the relatively short term; deeply regrets that the current prudential framework of financial institutions fails to adequately account for transition risks, thereby contributing to the build-up of systemic risk;
Or. en
Amendment 129
Pasquale Tridico
Motion for a resolution
Paragraph 10 a (new)
Motion for a resolution
Amendment
10 a. Stresses the potential of a well-designed EU-wide Financial Transaction Tax (FTT) to contribute to financial stability by discouraging speculative trading and reducing excessive market volatility; claims that this will also foster a longer-term investment culture thereby enhancing the financial sector’s capacity to absorb shocks and maintain stability during periods of market stress; underlines that an FTT could also provide a stable source of own resources for the EU budget while ensuring that the financial sector contributes fairly to public finances; calls on the Commission to present a legislative proposal for an EU-wide FTT building on past work;
Or. en
Amendment 130
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 10 a (new)
Motion for a resolution
Amendment
10 a. Notes that the May 2025 Financial Stability Review by the ECB, aside from geopolitical risks, highlights several cross-cutting structural issues for financial stability, associated with climate-related risks, both transition and physical; cybersecurity weaknesses and the rise of AI;
Or. en
Amendment 131
Angelika Winzig
Motion for a resolution
Paragraph 10 a (new)
Motion for a resolution
Amendment
10 a. Supports efforts to simplify and clarify the macroprudential framework, ensuring legal certainty and reducing unnecessary complexity;
Or. en
Amendment 132
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 10 b (new)
Motion for a resolution
Amendment
10 b. Acknowledges that the physical risks of climate and nature hazards are materialising at an increasing scale and frequency; underlines that in order to guarantee financial stability, a proper management of these risks and impacts is needed, taking a double materiality perspective; commends the ongoing work of the Basel committee on Banking Supervision on the disclosure of climate-related risks which should be complemented by appropriate risks weights; is concerned about the challenges insurers face from climate-related natural catastrophes, which are of growing macroeconomic and financial stability importance;
Or. en
Amendment 133
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 10 b (new)
Motion for a resolution
Amendment
10 b. Welcomes EIOPA’s recommendation to introduce additional capital charges for fossil fuel-related assets, as this would better align capital requirements with insurers’ actual risk exposures; stresses that the need for transition risk-adjusted capital requirements also applies to other financial institutions, notably banks’ fossil fuel lending and investments; calls for the urgent integration of relevant capital charges into the prudential framework of financial entities;
Or. en
Amendment 134
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 10 c (new)
Motion for a resolution
Amendment
10 c. Cautions for situations in which simplification efforts of sustainability reporting requirements produce poorly analysed carve-outs and overreliance on voluntary reporting, leading to unreliable, incomplete, and low-quality data which would limit the ability of financial market participants to effectively manage sustainability risks, leading to risks to financial stability;
Or. en
Amendment 135
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 10 d (new)
Motion for a resolution
Amendment
10 d. Highlights the stability risks associated with the sustained over-reliance of large parts of the EU financial sector on non-EU service providers in numerous fields including ESG and credit rating activities, handling of payments, handling of derivative contracts, service providers for cyber security risk management and auditing;
Or. en
Amendment 136
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 10 a (new)
Motion for a resolution
Amendment
10 a. Warns of the financial stability risks associated to the current geopolitical shock-prone environment;
Or. en
Amendment 137
Markus Ferber
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need for the implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks; highlights the necessity to also take into consideration the implementation efforts of other jurisdictions and the need for the Union's banking system to remain competitive in an international context; underlines that in some circumstances this may necessitate targeted deviations from the Basel framework; calls on the Commission to monitor developments in third countries thoroughly and draw the appropriate conclusions for the Union's implementation effort;
Or. en
Amendment 138
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Recalls the implementation of the Basel III framework and the entry into force of the relevant EU legislation; underlines the crucial role that this will play in continuing to enhance the resilience of EU banks; underlines the importance of ensuring the global competitiveness of EU banks and ensuring an international level playing field; underlines the continued lack of clarity concerning implementation of the Basel III standards in some other jurisdictions and the risk of international level playing field issues that this could create;
Or. en
Amendment 139
Pasquale Tridico
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks; regrets, however, the recent vote by the European Parliament to amend the Capital Requirements Regulation in a way that makes permanent the exemption for EU banks from the leverage ratio exposure measure on central bank deposits, thereby weakening the integrity and consistency of the Basel framework;
Or. en
Amendment 140
Auke Zijlstra
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks; deplores therefore the decision of the Commission to deviate from the Basel III Framework by making the temporary NSFR regime permanent, which further reinforces the bank-sovereign nexus;
Or. en
Amendment 141
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks; calls for the full and timely implementation of the Basel III output floor, to ensure minimum levels of prudential capital and to safeguard the credibility and comparability of capital buffers across the EU banking sector;
Or. en
Amendment 142
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need for full and timely implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks; deplores attempts to introduce new temporary or permanent deviations from the Basel framework;
Or. en
Amendment 143
Angelika Winzig
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need to strengthen the resilience and global competitiveness of EU banks, while ensuring that regulation remains proportionate and does not overburden smaller and cooperative banks;
Or. en
Amendment 144
Ľudovít Ódor, Billy Kelleher
Motion for a resolution
Paragraph 11
Motion for a resolution
Amendment
11. Emphasises the need for full implementation of the Basel III framework to enhance the resilience and global competitiveness of EU banks;
11. Emphasises the need for full implementation of the Basel III framework, and while closely monitoring the global situation, to enhance the resilience and global competitiveness of EU banks;
Or. en
Amendment 145
Eero Heinäluoma, Carla Tavares, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 11 a (new)
Motion for a resolution
Amendment
11 a. Agrees with the ESRB that while securitisation can deliver substantial economic benefits and support financial stability, it may also carry risks to financial stability, as evidenced by the global financial crisis;
notes that capital optimisation transactions via securitisations could enable banks to lend potentially more to the economy while maintaining the same level of regulatory capital, whilst these strategies can also be used to make payouts to shareholders through dividend payments or share buybacks;
believes that a too flexible reform of the securitisation regime, will benefit mainly a few major European banks as well as some non EU based investors;
agrees with the ESRB that any changes to the STS criteria should be carefully examined from a financial stability perspective to ensure that no sources of systemic risk are introduced;
Or. en
Amendment 146
Virginijus Sinkevičius
on behalf of the Verts/ALE Group
Motion for a resolution
Paragraph 11 a (new)
Motion for a resolution
Amendment
11 a. Emphasises that the growing complexity of credit institutions undermines financial stability by making them harder to supervise and resolve; regrets that current supervisory and resolution frameworks reflect this complexity, operating on the basis of an opaque legal maze that obscures risks, increases compliance costs and produces unintended consequences, often addressed through ad hoc legislative “quick fixes”2a;
_________________
2a Amendments to the banking Capital Requirements Regulation (CRR) in the area of resolution ('daisy chains').
Or. en
Amendment 147
Auke Zijlstra
Motion for a resolution
Paragraph 11 a (new)
Motion for a resolution
Amendment
11 a. Highlights that watering down the Basel III rules does not make European banks more competitive, since financial stability itself is a primary competitive advantage;
Or. en
Amendment 148
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 11 b (new)
Motion for a resolution
Amendment
11 b. Stresses that banking regulation should aim to simplify business models through structural reforms that curb excessive size, risk-taking, and interconnectedness; calls on competent and resolution authorities to make full use of available tools; urges that the structural reform of the EU banking sector be incorporated into the Commission’s ongoing simplification agenda, as a necessary step towards a simpler, more resilient and thereby more competitive banking system;
Or. en
Amendment 149
Dirk Gotink
Motion for a resolution
Paragraph 12
Motion for a resolution
Amendment
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction;
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction; stresses that deregulation of the post-2008 financial crisis reforms or reduction of capital requirements should not be considered if there are no clear and substantiated benefits to the real economy and if there are risks to financial stability; considers it important that banks and other financial institutions remain sufficiently resilient and well-capitalised amid the current economic turmoil, to protect citizens and companies from losses;
Or. en
Amendment 150
Angelika Winzig
Motion for a resolution
Paragraph 12
Motion for a resolution
Amendment
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction;
12. Stresses the need to reduce unnecessary administrative and reporting burdens for financial institutions and market participants, particularly smaller entities; calls on the Commission and supervisory authorities to systematically apply the principles of proportionality, cost-efficiency and digital simplification in the design and implementation of financial regulation;
Or. en
Amendment 151
Markus Ferber
Motion for a resolution
Paragraph 12
Motion for a resolution
Amendment
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction;
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction; highlights that there is room for simplficiation and harmonisation in the design, level and application of macroprudential buffers;
Or. en
Amendment 152
Jonás Fernández
Motion for a resolution
Paragraph 12
Motion for a resolution
Amendment
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction;
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction; stresses that simplification efforts should not translate into deregulation;
Or. en
Amendment 153
Pasquale Tridico
Motion for a resolution
Paragraph 12
Motion for a resolution
Amendment
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction;
12. Highlights the importance of keeping a sound macroprudential framework for banks and systemic shadow banks with a view to simplification, legal clarification and burden reduction;
Or. en
Amendment 154
Aurore Lalucq
Motion for a resolution
Paragraph 12
Motion for a resolution
Amendment
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification, legal clarification and burden reduction;
12. Highlights the importance of keeping a sound macroprudential framework for banks with a view to simplification and legal clarification;
Or. en
Amendment 155
Aurore Lalucq
Motion for a resolution
Paragraph 12 a (new)
Motion for a resolution
Amendment
12 a. Insists that simplification efforts must not come at the expense of financial stability; warns that the lack of clarity in the Commission’s package may weaken banks’ ability to manage and report climate-related risks effectively, and that such regulatory uncertainty poses a risk to financial stability.
Or. en
Amendment 156
Aurore Lalucq
Motion for a resolution
Paragraph 12 a (new)
Motion for a resolution
Amendment
12 a. Recalls that climate and environmental risks constitute a real threat to financial stability and can act as sources of systemic risk;
Or. en
Amendment 157
Aurore Lalucq
Motion for a resolution
Paragraph 12 c (new)
Motion for a resolution
Amendment
12 c. Warns that investments in new fossil fuel projects are increasingly likely to become stranded assets, and that companies highly exposed to fossil fuels often retain inflated credit ratings despite long-term transition risks; calls for the introduction of significantly higher risk weights for both new and existing fossil fuel exposures to better reflect their true financial risks and ensure financial stability;
Or. en
Amendment 158
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 13
Motion for a resolution
Amendment
13. Notes increased vulnerabilities in commercial real estate markets, compounded by rising rates and NBFI exposures;
13. Notes increased vulnerabilities in commercial real estate markets, compounded by rising rates and NBFI exposures; calls for the ESRB to closely monitor the role of NBFIs active in real estate markets and issue relevant recommendations; welcomes the macroprudential measures introduced by the Central Bank of Ireland targeting Irish-domiciled property funds active in the commercial real estate market; urges macroprudential authorities across Member States to conduct similar examinations and, where appropriate, to adopt targeted measures, extending the scope of assessments to all types of funds engaged in real estate activities, including real estate investment trusts (REITs), pension funds, and unit-linked property funds;
Or. en
Amendment 159
Irene Tinagli
Motion for a resolution
Paragraph 13
Motion for a resolution
Amendment
13. Notes increased vulnerabilities in commercial real estate markets, compounded by rising rates and NBFI exposures;
13. Notes increased vulnerabilities in the real estate markets, compounded by rising rates and NBFI exposures; stresses that institutional investors have increasingly shaped the dynamics of the residential real estate market in the euro area, causing significant and persistent fluctuations in house prices that extend beyond traditional economic factors; emphasises that this shift has altered the usual relationship between local economic conditions and housing prices, leading to new patterns of price formation1b;
_________________
1b https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf.
Or. en
Amendment 160
Markus Ferber
Motion for a resolution
Paragraph 13
Motion for a resolution
Amendment
13. Notes increased vulnerabilities in commercial real estate markets, compounded by rising rates and NBFI exposures;
13. Takes note of the ECB's analysis on increased vulnerabilities in commercial real estate markets, compounded by rising rates and NBFI exposures;
Or. en
Amendment 161
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 13
Motion for a resolution
Amendment
13. Notes increased vulnerabilities in commercial real estate markets, compounded by rising rates and NBFI exposures;
13. Notes increased vulnerabilities in some commercial real estate markets, compounded by rising rates and NBFI exposures;
Or. en
Amendment 162
Irene Tinagli
Motion for a resolution
Paragraph 13 a (new)
Motion for a resolution
Amendment
13 a. Is concerned that in regions with a strong presence of institutional investors, the correlation between wage growth and house price weakens, which may result in price developments detached from local economic fundamentals; warns that such detachment increases the risk of real estate overvaluation and the build-up of financial vulnerabilities, especially in the event of a sudden reversal in investor sentiment1c;
_________________
1c https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp3026~8b2199688d.en.pdf
Or. en
Amendment 163
Auke Zijlstra, Pierre Pimpie, Tomáš Kubín
Motion for a resolution
Paragraph 13 a (new)
Motion for a resolution
Amendment
13 a. Acknowledges the beneficial role of NBFIs in the modern market economy, such as risk redistribution, a reduced dependency on the already bank-heavy dependence of the European economy, their capacity to serve underserved and niche markets, such as small businesses, rural populations and low-income individuals, and their role in providing long-term financing, generally crucial for infrastructure and development projects;
Or. en
Amendment 164
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 13 a (new)
Motion for a resolution
Amendment
13 a. Notes that around half of all European stocks held by the NBFI sector come from issuers that rely to a significant extent on both imports from and exports to the USA1a;
_________________
1a ECB, Financial stability review, May 2025, p 69, https://www.ecb.europa.eu/pub/pdf/fsr/ecb.fsr202505~0cde5244f6.en.pdf.
Or. en
Amendment 165
Jonás Fernández
Motion for a resolution
Paragraph 13 a (new)
Motion for a resolution
Amendment
13 a. Calls for an assessment of financial institution's exposure to climate risks;
Or. en
Amendment 166
Irene Tinagli
Motion for a resolution
Paragraph 13 b (new)
Motion for a resolution
Amendment
13 b. Recognises that high levels of household indebtedness, particularly in Member States with overheated housing markets and mortgage portfolios with large shares of variable-rate or interest-only loans, exacerbate vulnerabilities within the financial system; highlights that these risks are amplified in an environment of subdued economic growth;
Or. en
Amendment 167
Markus Ferber
Motion for a resolution
Paragraph 14
Motion for a resolution
Amendment
14. Calls for an assessment of financial institutions’ exposure to geopolitical risks, including indirect effects of sanctions and economic fragmentation;
14. Calls for an assessment of financial institutions’ exposure to geopolitical risks, including indirect effects of sanctions and economic fragmentation as part of the regular Supervisory Review and Evaluation Process;
Or. en
Amendment 168
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 14
Motion for a resolution
Amendment
14. Calls for an assessment of financial institutions’ exposure to geopolitical risks, including indirect effects of sanctions and economic fragmentation;
14. Calls for an assessment of financial institutions’ exposure to geopolitical risks, including indirect effects of sanctions, reliance on non-EU service providers and economic fragmentation;
Or. en
Amendment 169
Ľudovít Ódor, Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 14
Motion for a resolution
Amendment
14. Calls for an assessment of financial institutions’ exposure to geopolitical risks, including indirect effects of sanctions and economic fragmentation;
14. Calls for an assessment of financial institutions’ exposure to geopolitical risks, including indirect effects of sanctions, tariffs and economic fragmentation;
Or. en
Amendment 170
Eero Heinäluoma, Carla Tavares, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 14 a (new)
Motion for a resolution
Amendment
14 a. Shares in this respect concerns expressed by the ECB around possible increased stability risks due to a combination of weaker growth, defence spending needs and other structural challenges which could compound the already strained fiscal positions of some euro area sovereigns;
Or. en
Amendment 171
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías, Tomáš Kubín
Motion for a resolution
Paragraph 14 a (new)
Motion for a resolution
Amendment
14 a. Calls therefore on the Commission to focus on Reindustrialisation, geared at onshoring jobs in key industries, including by repealing significant regulatory burdens on undertakings, such as the Corporate Sustainable Due Diligence Directive and the Green Deal;
Or. en
Amendment 172
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 14 a (new)
Motion for a resolution
Amendment
14 a. Notes the ongoing discussions between European supervisors of the need for an EU-wide stress test of the financial system outside of banks;
Or. en
Amendment 173
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 14 b (new)
Motion for a resolution
Amendment
14 b. Notes that some national authorities have already communicated their intention to carry out this kind of stress test;
Or. en
Amendment 174
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 15
Motion for a resolution
Amendment
15. Acknowledges the growing systemic relevance of NBFIs, which comprise over 40 % of the EU financial sector’s assets; considers that such entities may contribute to financial stability risks when insufficiently regulated;
15. Acknowledges the growing systemic relevance of NBFIs, which comprise over 40 % of the EU financial sector’s assets; considers that such entities may contribute to financial stability risks when insufficiently regulated; this risk is especially important during stressed market conditions when non-banks may have to sell illiquid assets, thereby amplifying liquidity stress; agrees therefore with the ECB that the NBFI policy framework should be strengthened from a macroprudential perspective, as the current framework focusses primarily on investor protection and market integrity rather than on reducing systemic risks1a;
_________________
1a ECB financial stability review, May 2025, p 78, https://www.ecb.europa.eu/pub/pdf/fsr/ecb.fsr202505~0cde5244f6.en.pdf.
Or. en
Amendment 175
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 15
Motion for a resolution
Amendment
15. Acknowledges the growing systemic relevance of NBFIs, which comprise over 40 % of the EU financial sector’s assets; considers that such entities may contribute to financial stability risks when insufficiently regulated;
15. Acknowledges the growing systemic relevance of NBFIs, which comprise over 40 % of the EU financial sector’s assets; considers that such entities may contribute to financial stability risks when regulatory frameworks are not sufficiently tailored, calibrated or enforced in line with the specific business models and risk profiles of different NBFI segments;
Or. en
Amendment 176
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 15
Motion for a resolution
Amendment
15. Acknowledges the growing systemic relevance of NBFIs, which comprise over 40 % of the EU financial sector’s assets; considers that such entities may contribute to financial stability risks when insufficiently regulated;
15. Acknowledges the growing systemic relevance of NBFIs, which comprise over 40 % of the EU financial sector’s assets; considers that despite their useful contribution to the financing of the economy such entities may contribute to financial stability risks when insufficiently regulated;
Or. en
Amendment 177
Markus Ferber
Motion for a resolution
Paragraph 15 a (new)
Motion for a resolution
Amendment
15 a. Highlights that non-bank financial intermediaries pose very different risks than banks and often have less interconnections to the rest of the financial system than banks; concludes that entities that are not prone to bank-style risks need a different mix of oversight, prudential requirements and backstop arrangements than banks;
Or. en
Amendment 178
Markus Ferber
Motion for a resolution
Paragraph 15 b (new)
Motion for a resolution
Amendment
15 b. Stresses that the diversity of NBFIs' business models, including inter alia different kind of investment funds, insurers, investment firms, pension funds or special purpose vehicles, requires bespoke regulatory approaches; highlights that for many sectors, there is already European sectorial regulation in place, such as for hedge funds (AIFMD), money market funds (MMFR), insurance undertakings (Solvency II), investment firms (IFD/IFR) or pension funds (IORP); underlines that most NBFIs do therefore not operate in a regulatory vacuum;
Or. en
Amendment 179
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 16
Motion for a resolution
Amendment
16. Calls for a thorough review of regulatory gaps, including in less regulated areas such as family offices and supply chain finance companies;
16. Calls for a thorough review of regulatory gaps, including in less regulated areas such as family offices and supply chain finance companies; points out that there is currently no clear and comprehensive legal definition of NBFIs at EU level, despite their growing systemic relevance; calls on the ESRB and the Commission to develop macro and microprudential frameworks for the different NBFI segments considering their interlinkages and contribution to financial stability risks;
Or. en
Amendment 180
Irene Tinagli
Motion for a resolution
Paragraph 16 a (new)
Motion for a resolution
Amendment
16 a. Expresses serious concern that leaving the Banking Union incomplete without the establishment of the third pillar— a fully operational European Deposit Insurance Scheme (EDIS)— significantly increases financial stability risks across the Union; warns that the absence of a common deposit insurance framework perpetuates fragmentation, weakens depositor confidence; stresses that failing to finalise this critical component undermines the resilience of the banking sector and poses a grave threat to the overall stability of the European financial system;
Or. en
Amendment 181
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 17
Motion for a resolution
Amendment
17. Calls on the Commission to reform the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
17. Calls on the Commission to reform the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA; in this line, in particular, the Commission should consider reforming MMFR to decouple the automatic activation of liquidity management tools from the breaching of liquidity thresholds;
_________________
_________________
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
Or. en
Amendment 182
Markus Ferber
Motion for a resolution
Paragraph 17
Motion for a resolution
Amendment
17. Calls on the Commission to reform the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
17. Takes note of the Commission's 2023 report on the functioning of money market funds1a; Calls on the Commission to build on that report by reviewing and possibly revising the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
_________________
_________________
1a COM(2023) 452 final
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
Or. en
Amendment 183
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 17
Motion for a resolution
Amendment
17. Calls on the Commission to reform the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
17. Calls on the Commission to take stock of the recent amendments made to the Money Market Funds framework and suggest, where needed, targeted amendments to the Money Market Funds Regulation2 , drawing from recommendations made by the FSB;
_________________
_________________
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
Or. en
Amendment 184
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 17
Motion for a resolution
Amendment
17. Calls on the Commission to reform the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
17. Calls on the Commission to reform the Money Market Funds Regulation2, notably by increasing liquidity buffers requirements and abolish amortised cost accounting for Low Volatility Net Asset Value (LVNAV) MMFs, in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
_________________
_________________
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
Or. en
Amendment 185
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 17
Motion for a resolution
Amendment
17. Calls on the Commission to reform the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
17. Calls on the Commission to come forward urgently with a reform of the Money Market Funds Regulation2 in line with international standards, regulatory progress made in other jurisdictions and the recommendations of the ESRB and ESMA;
_________________
_________________
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
2 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ L 169, 30.6.2017, p. 8, ELI: http://data.europa.eu/eli/reg/2017/1131/oj.
Or. en
Amendment 186
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías
Motion for a resolution
Paragraph 17 a (new)
Motion for a resolution
Amendment
17 a. Warns for the rise of Islamic banking and its potential effects on financial stability, such as shariah compliance risk due to its inherently ad hoc decisions whether certain products are shariah compliant, liquidity risk due to its ban on interest-based instruments, and credit risk due to the excessive use of PLS contracts (e.g. Mudarabah and Musharakah) where returns are linked to the actual performance of the business, as clients might underreport profits and which leads to higher uncertainty of returns; calls therefore on an EU-wide ban on Islamic banking and instructs the Commission to come forward with a legislative initiative;
Or. en
Amendment 187
Irene Tinagli
Motion for a resolution
Paragraph 17 a (new)
Motion for a resolution
Amendment
17 a. Stresses the need to advance work on the establishment of a genuine European safe asset, which could serve to reduce banks’ home bias, foster a more integrated and resilient financial system, and support the completion of the Banking Union; underlines that a well-designed safe asset could help mitigate the fragmentation of sovereign debt markets and act as a stabilising instrument during periods of financial turmoil;
Or. en
Amendment 188
Eero Heinäluoma, Carla Tavares, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 17 a (new)
Motion for a resolution
Amendment
17 a. Notes that ESMA, the ESRB and the Eurosystem recently suggested that the Commission may need to go further to fully implement FSB 2023 recommendations on open-ended funds to ensure a better alignment between the underlying liquidity of assets and liquidity management tools to ensure costs of redemption are born by redeeming investors;
Or. en
Amendment 189
Angelika Winzig
Motion for a resolution
Paragraph 17 a (new)
Motion for a resolution
Amendment
17 a. Stresses that maintaining a reasonable and reliable supply of cash remains an essential element of financial stability and public trust, particularly in times of crisis, and calls on Member States and financial institutions to ensure adequate cash logistics and infrastructure across all regions;
Or. en
Amendment 190
Angelika Winzig
Motion for a resolution
Paragraph 17 b (new)
Motion for a resolution
Amendment
17 b. Encourages Member States to consider setting minimum standards or obligations to ensure sufficient access to automated teller machines (ATMs), especially in rural and underserved areas, in order to guarantee inclusion and cash availability for all citizens;
Or. en
Amendment 191
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 18
Motion for a resolution
Amendment
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress;
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress; recommends the implementation of a countercyclical margining mechanism to address the procyclicality of risk-based margin requirements, by raising margins in periods of growing leverage and low volatility, and lowering them during stressed market conditions;
Or. en
Amendment 192
Markus Ferber
Motion for a resolution
Paragraph 18
Motion for a resolution
Amendment
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress;
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress; highlights ESMA's findings that markets continued to function appropriately during the August 2022 market events characterised by a surge in the price of natural gas futures1a;
_________________
1a ESMA50-524821-2963
Or. en
Amendment 193
Sirpa Pietikäinen
Motion for a resolution
Paragraph 18
Motion for a resolution
Amendment
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress;
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress, emphasising the close connection between non-financial risks and market behaviour, hence also the imminent need to include environmental and social risk assessments for market stability;
Or. en
Amendment 194
Dirk Gotink
Motion for a resolution
Paragraph 18
Motion for a resolution
Amendment
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress;
18. Highlights the fact that margin calls during crises such as COVID-19 and the 2022 energy turmoil drove significant liquidity stress; notes that the capital buffers of financial institutions supported their resilience amid the turmoil and shielded the financial system from further instability;
Or. en
Amendment 195
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 18 a (new)
Motion for a resolution
Amendment
18 a. Calls on the Commission to implement FSB recommendations on liquidity preparedness to ensure market participants can meet margin and collateral calls during stress periods as well as ensure that other policy guidance on margin practices by BCBS-CPMI-IOSCO get effectively implemented;
Or. en
Amendment 196
Pasquale Tridico
Motion for a resolution
Paragraph 19
Motion for a resolution
Amendment
19. Calls for tools to better capture the scale and speed of liquidity outflows resulting from margin calls during systemic events, especially for energy utilities and NBFIs;
19. Calls for tools to better capture the scale and speed of liquidity outflows resulting from margin calls during systemic events, especially for sovereign bonds, energy utilities and NBFIs;
Or. en
Amendment 197
Virginijus Sinkevičius
on behalf of the Verts/ALE Group
Motion for a resolution
Paragraph 19 a (new)
Motion for a resolution
Amendment
19 a. Calls, in particular, for the revision of the UCITS and AIFM Directives to ensure that supervisors are vested with the power to activate micro-prudential liquidity management tools (LMTs), in order to address liquidity mismatches in a timely manner and prevent the build-up of systemic liquidity crises;
Or. en
Amendment 198
Virginijus Sinkevičius
on behalf of the Verts/ALE Group
Motion for a resolution
Paragraph 19 b (new)
Motion for a resolution
Amendment
19 b. Stresses that excessive leverage among NBFI entities, particularly in relation to derivatives exposures, constitutes a significant source of vulnerability that amplifies liquidity risk;
Or. en
Amendment 199
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 19 c (new)
Motion for a resolution
Amendment
19 c. Supports measures aimed at strengthening and aligning existing rules, while also extending requirements to entities currently operating outside the regulatory perimeter; urges, in particular, for the implementation of the FSB’s minimum haircut framework for securities financing transactions, the introduction of mandatory margin requirements for bilaterally cleared transactions and the application of the AIFMD look-through approach to private equity structures;
Or. en
Amendment 200
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 19 d (new)
Motion for a resolution
Amendment
19 d. Stresses the growing interconnectedness between NBFIs and credit institutions, through channels such as corporate and mortgage lending, short-term and contingent funding arrangements, and, not least, common ownership structures; calls for the introduction of binding requirements to limit both individual and aggregate bank exposures to NBFIs; further calls for the implementation of system-wide stress tests to assess cross-sector vulnerabilities and for the extension of the Financial Conglomerates Directive (FiCoD) to ensure that investment firms are captured within its scope;
Or. en
Amendment 201
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 20
Motion for a resolution
Amendment
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties;
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties; takes note of the Commission's decision to extend the equivalence regime for UK-based central counterparties (CCPs); highlights that the EU's excessive dependence on UK CCPs is unsatisfying from a strategic autonomy perspective;
Or. en
Amendment 202
Markus Ferber
Motion for a resolution
Paragraph 20
Motion for a resolution
Amendment
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties;
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties; highlights that the current dependence on 3rd-country central counterparties for the clearing of euro-denominated derivatives is problematic from a financial stability and strategic autonomy perspective;
Or. en
Amendment 203
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 20
Motion for a resolution
Amendment
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties;
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and enhanced supervision of central counterparties, including a more centralised supervision of market infrastructures;
Or. en
Amendment 204
Ľudovít Ódor, Billy Kelleher
Motion for a resolution
Paragraph 20
Motion for a resolution
Amendment
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties;
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks, coordinated supervision of central counterparties and streamlining of data sharing;
Or. en
Amendment 205
Pasquale Tridico
Motion for a resolution
Paragraph 20
Motion for a resolution
Amendment
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties;
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated pan-European supervision of central counterparties;
Or. en
Amendment 206
Jonás Fernández
Motion for a resolution
Paragraph 20
Motion for a resolution
Amendment
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and coordinated supervision of central counterparties;
20. Stresses the need for resilient clearing infrastructure, robust collateral frameworks and European supervision of central counterparties;
Or. en
Amendment 207
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 21
Motion for a resolution
Amendment
21. Supports greater transparency and macroprudential oversight in margining practices, including stress testing and scenario analysis;
21. Supports greater transparency and macroprudential oversight in margining practices, including stress testing and scenario analysis, drawing on the FSB's recent work on liquidity preparedness for margin and collateral calls and the evaluation of the EU framework’s compliance with the FSB report’s final recommendations;
Or. en
Amendment 208
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 22
Motion for a resolution
Amendment
22. Expresses its concern regarding growing interlinkages between crypto-asset and decentralised finance markets and the traditional financial system; supports the FSB, the standard-setting bodies and the ESRB in their efforts to install a regulatory framework and harmonise its classification;
22. Expresses its concern regarding growing interlinkages between crypto-asset and decentralised finance markets and the traditional financial system; notes that existing data gaps may mask the true size of those interlinkages and the exposure to crypto, posing challenges for monitoring systemic risks and vulnerabilities; supports the FSB, the standard-setting bodies and the ESRB in their efforts to install a regulatory framework and harmonise its classification; calls on the Commission to advance its legislative work with a view to close remaining regulatory gaps in the EU regulatory framework for crypto-assets without unnecessary delay;
Or. en
Amendment 209
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 22 a (new)
Motion for a resolution
Amendment
22 a. Calls on the Commission and relevant supervisory authorities to ensure full enforcement of the existing rules on crypto-assets markets to prevent circumvention and ensure a level playing field; recalls in this context that DeFI platforms should be covered by new rules for crypto-assets as long as there are elements of centralisation or effective control, despite claims of full decentralisation;
Or. en
Amendment 210
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 22 b (new)
Motion for a resolution
Amendment
22 b. Highlights that according to recent supervisory estimates exposure of EU households and businesses to crypto is rising and the uptake of crypto and DeFI has reached a critical mass, warranting enhanced monitoring and proper supervisory enforcement to preserve financial stability and investor protection; shares the concerns expressed by supervisors that the crypto market may have a negative wealth distributional effect as retail investors systemically lose out relative to wealthier investors during crypto market downturns;
Or. en
Amendment 211
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 23
Motion for a resolution
Amendment
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets;
23. Stresses that crypto-assets are primarily speculative in nature, with no meaningful contribution to the real economy, and often result in a loss of value for the latter; highlights that such activities pose significant risks to financial stability, particularly in the absence of adequate regulation and oversight; calls upon the Commission to come forward with targeted changes to the MICA framework to strengthen the regulatory and supervisory framework; calls in this respect to give more supervisory and intervention powers to ESMA in the crypto field;
Or. en
Amendment 212
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 23
Motion for a resolution
Amendment
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets;
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets and the recent expansion of the stablecoins market; highlights that, despite the EU having adopted a comprehensive regulatory framework for crypto-assets, global regulation remains fragmented, inconsistent or entirely absent, therefore increasing the risk of regulatory arbitrage and contagion effects from third countries to the EU; expresses concerns that the shift toward a more permissive regulatory and enforcement approach to crypto-assets and stablecoins under the new U.S. administration may create new channels of contagion, vulnerability and systemic risk for the EU;
Or. en
Amendment 213
Dirk Gotink
Motion for a resolution
Paragraph 23
Motion for a resolution
Amendment
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets;
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets; urges the Commission and ESRB to closely follow developments in this field, including the agenda of deregulation of crypto-asset markets in the United States, potential market manipulation and fraud with crypto-assets, and exposure of EU citizens and businesses to crypto-assets;
Or. en
Amendment 214
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 23
Motion for a resolution
Amendment
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets;
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets, and calls on the competent authorities to step up the financial literacy efforts to increase regular awareness in the general population about the inherent risks of crypto-assets and their associated consumer protection status;
Or. en
Amendment 215
Markus Ferber
Motion for a resolution
Paragraph 23
Motion for a resolution
Amendment
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets;
23. Takes note of the FSB's analysis that for the time being, financial stability risks arising from crypto-asset markets appear limited1a; flags, however, the potentially systemic relevance of developments in the markets for crypto-assets if links to the traditional financial sector were to grow;
_________________
1a G20 Crypto-asset Policy Implementation Status report. 22 October 2024. https://www.fsb.org/uploads/P221024-3.pdf
Or. en
Amendment 216
Ľudovít Ódor, Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 23
Motion for a resolution
Amendment
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets;
23. Flags the potentially systemic relevance of developments in the markets for crypto-assets; stresses the need to identify and monitor risks arising from the growing crypto-assets market;
Or. en
Amendment 217
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 23 a (new)
Motion for a resolution
Amendment
23 a. Takes note of the fast growth of the stablecoin market, used now in 80% of all the trades executed on crypto asset trading platforms, up from 45% five years ago; is concerned about this evolution, given they have the similar vulnerabilities as money market funds and given the fact that stablecoin transactions now occupy the majority of all illicit transaction volume, 63% of all illicit transactions1a; underlines that MiCA does not allow any type of third country stablecoin multi issuance and in order to get a MiCA authorisation, entities need to be established in the EU;
takes note of the rather lenient approach of the new US administration towards the crypto market; is concerned about the close links between the new US government and the crypto industry;
_________________
1a https://www.chainalysis.com/blog/2025-crypto-crime-report-introduction/.
Or. en
Amendment 218
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 23 a (new)
Motion for a resolution
Amendment
23 a. Stresses the importance of a timely and consistent implementation of the new regulatory framework for crypto-asset markets (MiCA) across the EU; warns against the risk of regulatory arbitrage and forum shopping arising from divergences in the implementation and enforcement across Member States, including the extensive use of the grandfathering clause; calls on the Commission to explore the possible transfer of supervisory duties to the EU level to ensure consistency and preserve financial stability;
Or. en
Amendment 219
Markus Ferber
Motion for a resolution
Paragraph 23 a (new)
Motion for a resolution
Amendment
23 a. Notes that the use of stablecoins remains largely restricted to the crypto ecosystem and that payment and settlement purposes in the real economy are limited; notes however that the regulatory landscape with regards to stablecoins in major third-country jurisdictions is rapidly changing and that these changes need to be monitored;
Or. en
Amendment 220
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 23 b (new)
Motion for a resolution
Amendment
23 b. Whilst the current risks to financial stability seems still to be limited, shares the concern of the ECB about the fact that the combination of rising crypto assets prices and traditional financial institutions entering the crypto asset market, raises possibilities for substantial contagion channels from crypto to traditional finance 1a;
_________________
1a ECB Finanial stability Review May 2025, p 96 https://www.ecb.europa.eu/pub/pdf/fsr/ecb.fsr202505~0cde5244f6.en.pdf.
Or. en
Amendment 221
Markus Ferber
Motion for a resolution
Paragraph 23 b (new)
Motion for a resolution
Amendment
23 b. Welcomes that the European Union has put in place a robust prudential framework for crypto assets (MiCAR);
Or. en
Amendment 222
Markus Ferber
Motion for a resolution
Paragraph 24
Motion for a resolution
Amendment
24. Encourages investments in cyber-resilience to protect financial infrastructure against external threats;
24. Highlights that the European Union has adopted measures to strengthen the digital resilience of financial entities, most notably through the Digital Operational Resilience Act (DORA); calls for its swift and thorough implementation; encourages further investments in cyber-resilience to protect financial infrastructure against external threats, where appropriate;
Or. en
Amendment 223
Dirk Gotink
Motion for a resolution
Paragraph 24
Motion for a resolution
Amendment
24. Encourages investments in cyber-resilience to protect financial infrastructure against external threats;
24. Encourages investments in cyber-resilience to protect financial infrastructure against external threats; calls on the Commission and ECB to map and address dependencies of European financial institution to third country digital service providers and related vulnerabilities;
Or. en
Amendment 224
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 24
Motion for a resolution
Amendment
24. Encourages investments in cyber-resilience to protect financial infrastructure against external threats;
24. Encourages investments in cyber-resilience to protect financial infrastructure against external threats; calls on the ESRB in collaboration with the relevant competent authorities to conduct system-wide cyber resilience stress tests;
Or. en
Amendment 225
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 24
Motion for a resolution
Amendment
24. Encourages investments in cyber-resilience to protect financial infrastructure against external threats;
24. Underlines the need for urgent and extensive investments in cyber-resilience to protect financial infrastructure against external threats;
Or. en
Amendment 226
Angelika Winzig
Motion for a resolution
Paragraph 24 a (new)
Motion for a resolution
Amendment
24 a. Calls on the Commission and Member States to strengthen efforts in financial education, in particular by supporting national and EU-wide initiatives to promote financial literacy among citizens of all ages; underlines that a better understanding of financial risks and opportunities contributes to individual resilience, more stable financial markets, and increased participation in the Capital Markets Union;
Or. en
Amendment 227
Markus Ferber
Motion for a resolution
Paragraph 24 a (new)
Motion for a resolution
Amendment
24 a. Highlights that the concentration of critical IT service providers and the expansion of cloud-based services expose the financial system to single points of failure; points out that these risks might be further compounded by AI-driven disruptions;
Or. en
Amendment 228
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías, Tomáš Kubín
Motion for a resolution
Paragraph 24 a (new)
Motion for a resolution
Amendment
24 a. Warns that the digital euro will increase the EU's vulnerability to cyberthreats; underlines that the use of cash is re-emerging as a safe payment method, which has been integrated in the EU's preparedness union strategy;
Or. en
Amendment 229
Jonás Fernández
Motion for a resolution
Subheading 5
Motion for a resolution
Amendment
Enhancing supervisory coordination, data capabilities and crisis preparedness
Enhancing supervision, data capabilities and crisis preparedness
Or. en
Amendment 230
Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 25
Motion for a resolution
Amendment
25. Supports a holistic, system-wide and activity-based supervisory approach to dealing with risks and vulnerabilities associated with different types of activity across the financial sector, such as lending, transactions and asset management;
25. Calls for advancing swiftly on ESMA’s direct supervision agenda on cross-border, systemic and post-market infrastructures, pan-European asset managers and crypto-asset service providers, to better deal with risks and vulnerabilities associated with different types of activity across the financial sector, boost market efficiency and facilitate investment flows across Europe;
Or. en
Amendment 231
Ľudovít Ódor, Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 25
Motion for a resolution
Amendment
25. Supports a holistic, system-wide and activity-based supervisory approach to dealing with risks and vulnerabilities associated with different types of activity across the financial sector, such as lending, transactions and asset management;
25. Supports a holistic, system-wide and activity-based supervisory approach to dealing with risks and vulnerabilities associated with different types of activity across the financial sector, such as lending, transactions and asset management; reiterates that the completion of the Banking Union is essential to enhancing the stability of financial markets;
Or. en
Amendment 232
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 25
Motion for a resolution
Amendment
25. Supports a holistic, system-wide and activity-based supervisory approach to dealing with risks and vulnerabilities associated with different types of activity across the financial sector, such as lending, transactions and asset management;
25. Supports a holistic, system-wide and activity-based supervisory approach to identifying and addressing risks and vulnerabilities across the financial sector; stresses the importance of ensuring consistent oversight of similar activities in order to prevent regulatory arbitrage, enhance financial resilience, and ensure proportionate and effective supervision;
Or. en
Amendment 233
Markus Ferber
Motion for a resolution
Paragraph 25 a (new)
Motion for a resolution
Amendment
25 a. Highlights that since the 2008 financial crisis, the European Union has significantly strengthened its financial stability framework through a combination of regulatory reforms, institutional innovations, and enhanced supervisory coordination; highlights that key achievements include the establishment of the Banking Union with common rules for bank supervision and resolution, stricter capital and liquidity requirements under Basel III, and a more robust macroprudential oversight system via the European Systemic Risk Board (ESRB), as well as the establishment of the European System of Financial Supervision; additionally, highlights that the EU has expanded its regulatory perimeter to address emerging risks from non-bank financial institutions and digital finance, introduced crisis-management tools like bail-in regimes, and improved transparency in financial markets; welcomes that these reforms have markedly increased the resilience of the EU financial system to shocks, reduced systemic risk, and enhanced investor and depositor confidence across the Union;
Or. en
Amendment 234
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 25 a (new)
Motion for a resolution
Amendment
25 a. Calls for improved coordination among national competent authorities, particularly with regard to large cross-border NBFI groups, ensuring that measures adopted by one national competent authority apply uniformly to all relevant entities, irrespective of their domicile; further calls for the strengthening of ESMA’s coordinating powers, including the ability to impose EU-wide measures based on ESRB recommendations;
Or. en
Amendment 235
Pasquale Tridico
Motion for a resolution
Paragraph 25 a (new)
Motion for a resolution
Amendment
25 a. Calls for the harmonisation of national capital market regulations and the promotion of supervisory convergence; urges for strengthening ESMA’s mandate to ensure effective oversight of cross-border financial actors and risks;
Or. en
Amendment 236
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 25 a (new)
Motion for a resolution
Amendment
25 a. Calls on the Commission and Member States to ensure more harmonised and unified financial supervision in the EU;
Or. en
Amendment 237
Virginijus Sinkevičius
on behalf of the Greens/EFA Group
Motion for a resolution
Paragraph 25 b (new)
Motion for a resolution
Amendment
25 b. Supports, nonetheless, the establishment of a new financial oversight body that would consolidate all existing European supervisory and monitoring agencies into a single institution, as the optimal supervisory architecture from a financial stability perspective; underlines that such an entity would bring an end to institutionally fragmented financial supervision and promote greater coherence and consistency across all segments of European finance;
Or. en
Amendment 238
Irene Tinagli
Motion for a resolution
Paragraph 26
Motion for a resolution
Amendment
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises; stresses the importance to establish a credible, and adequately funded public liquidity backstop mechanism at the EU level, aligned with international standards, to enhance the effectiveness and credibility of the EU bank resolution framework, particularly for medium-sized banks whose failure could pose systemic risks;
Or. en
Amendment 239
Jonás Fernández
Motion for a resolution
Paragraph 26
Motion for a resolution
Amendment
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises; notes, however, that the EU's Crisis Management Framework has room for improvement; calls on the Parliament's and Council's negotiators to reach an agreement on the CMDI framework conferring the Single Resolution Board with all the necessary tools to conduct its work and protect financial stability;
Or. en
Amendment 240
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 26
Motion for a resolution
Amendment
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises; calls on the Eurosystem to strengthen its emergence liquidity assistance framework, through its mutualisation at the ECB, to stress test its collateral framework to conduct regular dry-runs on collateral availability;
Or. en
Amendment 241
Angelika Winzig
Motion for a resolution
Paragraph 26
Motion for a resolution
Amendment
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
26. Emphasises the importance of a robust and credible crisis management framework; highlights the role of the Single Resolution Mechanism (SRM) and the Single Resolution Board (SRB) in ensuring effective resolution of failing institutions, including through strengthened cross-border coordination and, where necessary, access to adequate backstop resources; underlines the ECB’s role as lender of last resort in safeguarding liquidity and financial stability during crises;
Or. en
Amendment 242
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 26
Motion for a resolution
Amendment
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the need for streamlined, effective and efficient decision making structures that ensure stability within the Banking Union, and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
Or. en
Amendment 243
Auke Zijlstra
Motion for a resolution
Paragraph 26
Motion for a resolution
Amendment
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution and the ECB’s function as lender of last resort to safeguard liquidity and trust during crises;
26. Emphasises the role of the Single Resolution Mechanism (SRM) in ensuring robust crisis resolution;
Or. en
Amendment 244
Markus Ferber
Motion for a resolution
Paragraph 26 a (new)
Motion for a resolution
Amendment
26 a. Highlights that a backstop for the Single Resolution Fund is still missing since not all Member States have ratified the revision of the ESM treaty;
Or. en
Amendment 245
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías, Tomáš Kubín
Motion for a resolution
Paragraph 27
Motion for a resolution
Amendment
27. Supports the ECB, the ESRB and the European supervisory authorities in safeguarding EU financial stability and addressing emerging global financial risks;
27. Underlines the importance of the ECB, the ESRB and the European and national supervisory authorities in safeguarding EU financial stability and addressing emerging global financial risks;
Or. en
Amendment 246
Jonás Fernández
Motion for a resolution
Paragraph 27
Motion for a resolution
Amendment
27. Supports the ECB, the ESRB and the European supervisory authorities in safeguarding EU financial stability and addressing emerging global financial risks;
27. Supports the ECB, the ESRB, the European supervisory authorities and AMLA in safeguarding EU financial stability and addressing emerging global financial risks;
Or. en
Amendment 247
Fernando Navarrete Rojas
Motion for a resolution
Paragraph 27 a (new)
Motion for a resolution
Amendment
27 a. Considers that effective supervision of systemic cross-border NBFIs groups requires enhanced centralised oversight; supports, in the medium term, the establishment of ESMA as the central supervisor for such groups, provided that its governance and funding structures are reformed accordingly; underlines that this must be accompanied by the development of a genuine single rulebook for financial markets to ensure consistent and effective supervision across the Union;
Or. en
Amendment 248
Jonás Fernández
Motion for a resolution
Paragraph 28
Motion for a resolution
Amendment
28. Warns against regulatory arbitrage and underlines the need to address hidden leverage vulnerabilities revealed in past disruptions;
28. Warns against regulatory arbitrage and underlines the need to address hidden leverage vulnerabilities revealed in past disruptions; stresses that the European supervisors are better placed to identify and manage regulatory arbitrage;
Or. en
Amendment 249
Markus Ferber
Motion for a resolution
Paragraph 28 a (new)
Motion for a resolution
Amendment
28 a. Highlights that overregulation and the ensuing rise in complexity of regulation might lead to its own risks, including undermining of market dynamism, innovation and lower growth; stresses the need for prudent impact assessments, thorough cost-benefit analysis and the need to avoid excessive administrative burdens when designing macroprudential policies as well as sectoral financial services legislation;
Or. en
Amendment 250
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 28 a (new)
Motion for a resolution
Amendment
28 a. Calls on the Commission to uphold a high level of ambition in supporting the development of recommendations at the FSB on leverage, including their effective implementation at domestic level;
Or. en
Amendment 251
Angelika Winzig
Motion for a resolution
Paragraph 30
Motion for a resolution
Amendment
30. Calls for enhanced data sharing among national and EU authorities, including in order to support a more comprehensive risk monitoring framework and stress-testing capabilities;
30. Calls for enhanced transparency and data-sharing mechanisms between national and EU authorities in order to enable timely risk assessment and support a more comprehensive risk monitoring framework, including improved stress-testing capabilities;
Or. en
Amendment 252
Eero Heinäluoma, Carla Tavares, Aurore Lalucq, Francisco Assis, Jonás Fernández
Motion for a resolution
Paragraph 30
Motion for a resolution
Amendment
30. Calls for enhanced data sharing among national and EU authorities, including in order to support a more comprehensive risk monitoring framework and stress-testing capabilities;
30. Calls for enhanced data sharing among national and EU authorities, including in order to support a more comprehensive risk monitoring framework and system-wide stress-testing capabilities’;
Or. en
Amendment 253
Auke Zijlstra, Pierre Pimpie, Jorge Martín Frías, Tomáš Kubín
Motion for a resolution
Paragraph 30
Motion for a resolution
Amendment
30. Calls for enhanced data sharing among national and EU authorities, including in order to support a more comprehensive risk monitoring framework and stress-testing capabilities;
30. Calls for enhanced data sharing among national and EU authorities, including in order to support a more comprehensive risk monitoring framework and stress-testing capabilities, with full respect of data protection safeguards;
Or. en
Amendment 254
Irene Tinagli
Motion for a resolution
Paragraph 30 a (new)
Motion for a resolution
Amendment
30 a. Calls on the Commission and the European Systemic Risk Board (ESRB) to strengthen the monitoring of private sector indebtedness and financial vulnerabilities, as well as the complex interactions between private debt, housing prices, and systemic financial risks through the development of harmonised indicators; underlines that such enhanced monitoring is crucial for informing timely, targeted, and effective policy responses to safeguard financial stability and protect vulnerable households;
Or. en
Amendment 255
Angelika Winzig
Motion for a resolution
Paragraph 30 a (new)
Motion for a resolution
Amendment
30 a. Underlines the importance of ensuring that fiscal policies support and do not contradict the European Central Bank’s primary objective of maintaining price stability, in line with the principle of monetary dominance on which the euro area is based;
Or. en
Amendment 256
Irene Tinagli
Motion for a resolution
Paragraph 30 b (new)
Motion for a resolution
Amendment
30 b. Stresses the need for the European Commission to assess and, where appropriate, propose actions to monitor and mitigate the growing impact of investment funds, in particular real estate and alternative investment vehicles, on residential housing markets, including their potential distortive effects on prices, housing affordability, and financial stability; recalls that the Union holds broad competences in the regulation of financial services, consumer protection, financial system stability, and the functioning of the internal market; therefore calls on the Commission to examine, within the framework of the European Semester and upcoming financial regulatory initiatives, potential systemic risks stemming from the increasing financialisation of the real estate sector;
Or. en
Amendment 257
Angelika Winzig
Motion for a resolution
Paragraph 30 b (new)
Motion for a resolution
Amendment
30 b. Highlights the importance of strengthening the resilience of supply chains that support critical financial infrastructure, including the availability of backup systems such as power generators and secured communication networks;
Or. en
Amendment 258
Auke Zijlstra
Motion for a resolution
Paragraph 31
Motion for a resolution
Amendment
31. Calls for strengthened cooperation with international financial institutions, including the IMF and the FSB, to tackle cross-border stability risks;
31. Calls for strengthened cooperation with international financial institutions, including the BCBS and BIS, to tackle cross-border stability risks;
Or. en
Amendment 259
Angelika Winzig
Motion for a resolution
Paragraph 31 a (new)
Motion for a resolution
Amendment
31 a. Encourages investments in quantum-safe cryptography and advanced cybersecurity tools to protect critical financial infrastructure;
Or. en
Amendment 260
Angelika Winzig
Motion for a resolution
Paragraph 31 b (new)
Motion for a resolution
Amendment
31 b. Calls on the Commission and the relevant authorities to strengthen the EU’s financial emergency preparedness by developing stress-tested contingency plans for system-wide disruptions, including energy outages, cyber incidents, and financial market shocks;
Or. en
Amendment 261
Angelika Winzig
Motion for a resolution
Paragraph 31 c (new)
Motion for a resolution
Amendment
31 c. Encourages the use of advanced data analytics and machine learning tools to improve supervisory capacities and crisis detection;
Or. en
Amendment 262
Angelika Winzig
Motion for a resolution
Paragraph 31 d (new)
Motion for a resolution
Amendment
31 d. Underlines that strong governance and accountability frameworks are essential to maintain trust in the EU’s financial architecture;
Or. en
Amendment 263
Angelika Winzig
Motion for a resolution
Paragraph 31 e (new)
Motion for a resolution
Amendment
31 e. Calls on the Commission to assess options to strengthen the role of independent and transparent EU-based credit rating providers, in order to reduce overreliance on a few dominant global actors and foster competition;
Or. en